Welcome to a different community. Are things happening to you or are you making things happen? Follow these 3 Little known reasons to be DIFFerent.
Think you don't make enough money to save some of it? Think again!
If you earn 12,500 euros a year for 40 years, you will have earned 500.000 euros ! Earn 20,000 euros for 40 years, and you've earned 800.000 euros. And if you earn 25,000 for 40 years, you'd have made 1 million euros!
Pay yourself first and you can get ahead in the savings game. Here's what can happen when you save just 100 euros a month for 40 years:
At zero percent interest, you'd have about 48,000 euros
That's the power of paying yourself first! After all, it's not what you earn - it's what you keep!
Want to save 1 million euros by age 67? You'd better get started soon.
The longer you wait, the more you'll have to put away each month to reach your retirement goals. Before the crisis of 2008 it would be normal to use a 9% rate of return compounded monthly. This is no longer possible because of the financial repression imposed by Central Banks.
So, the sooner you start saving, the more you can save the fewer euros you'll have to put away each month to reach your retirement goals. Don't count on social security, don´t wait. Start now!
The Rule of 72 is an easy way to calculate just how long it's going to take for your money to double.
Just take the number 72 and divide it by the interest rate you hope to earn. That number gives you the approximate number of years it will take for your investment to double.
A 10,000 euros will double in 24 years at 3%, but the same 10.000 euros will take just 6 years to double at 12 percent return.
With interest rates now negative following the rule of 72 is paramount to keep track on your investments.
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