Ever dreamed of becoming rich? Who would not want to be financially independent, not have to worry about job security, enjoy a couple of millions in the bank, and simply live a life free of any financial constraints? It is ever more surprising, however, that only very few make decisions that would accelerate their journey to financial independence.
“Money in reach is money that you are likely to spend.”
I apply a very simple principle to the above that has served me well: If I want to spend money on holidays, gadgets, a night out, or any other daily expenses, it has to be paid from my monthly income. Money in other accounts is untouchable: it is my crew of financial sailors that works hard to earn more money. Making it available for daily life’s spending would be like killing off my workforce and reducing its productivity.
When was the last time you consciously thought about your way back from work? A journey you take almost every day. Do you have to reflect where to go right and on which corner to turn left? Chances are, if you have already driven the same route a number of times it requires no concentration on your part. You simply do it and free up cognitive space for other tasks.
How much do people have in savings? If you trust some newspaper reports, there appear to be some with billions and others with no savings at all. I am a curious person and maybe too skeptical, but I don't want to believe in the “only the rich are getting richer ...” stuff.
Across the European Union and the USA we are faced and struggling with ridiculously low interest rates. The argument by central bankers and politicians alike is that it forces banks to lend more money to businesses and deposit less money with the central banks. Their arguments hold true: business lending is at a very low point with many small and mid-sized companies finding themselves in dire need for bank loans.
Have you ever wondered What is money? Money is such an influential and substantial part of our lives. Whether you want to buy food, pay rent, pay off your mortgage, go on holiday, go for drinks with friends, buy new clothes or latest smart phone, money is the key that will allow you to pay your dues and realize your dreams.
French banks use a very old-fashioned system when rewarding your savings with interest. Here is a guide on how to save in France and make the most of your money.
Wouldn't it be awesome to know within one second how long it will take to double your money? Here is a simple trick that allows you to do just that.
The higher your interest, the quicker you will double your wealth. This is why it is crucial to choose the right level of interest rate.
The easiest way to remember when your money doubles is by memorizing the following mnemonic trick:
7 – 11 and 11 – 7
How much money will you be able to enjoy if you put $/€/£ 10,000 into your savings account, leave it for 7 years, and come back to it in 2022?
You might be twice as rich and look at a nice $/€/£ 20,000 without ever having done any extra work or without any additional money added to the original stash.
But you might also only look at $/€/£ 700 extra, just enough money to pay for a week’s holiday in a holiday resort. Not bad either, but certainly not good enough considering you spared the money for a whole 7 years.
