If there is a secret to financial freedom, don't you want to hear about it? Ted Benna, who's called the "father of 401(k)," said a secured financial future has more to do with your spending habits than how much money you make.
Don't get him wrong. If you can choose, making more money is always better than the alternative. But income is only one side of equation. If your have a poor spending habit and you can keep the money your make, you don't have financial freedom.
Ted recommends anyone who struggles to become a better saving start tracking discretionary spending for a week. “That gets you to thinking: Maybe I could set these dollars aside instead of spending them.” Ted leads by example. He admits that he has a hard time to justify spending more than $4 for a cup of coffee.
So the secret to financial freedom? Start saving now.