Savings rate is up, but not enough.

The Commerce Department reported Tuesday that the personal savings rate — the amount of each paycheck that goes unspent — jumped to 6.4 percent in June, the highest rate since June 2009.

Well that’s much better than when the savings rate was closer to 1%, but it’s still way too little.

I recommend saving 15% of your take home pay for financial independence.

Here is an interesting article from Charlie Farrell.

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