“Robert Reich, once observed ‘most minimum wage workers aren’t poor.’ He is right.” - Johny Isakson, U.S Senator (Robert Reich is former U.S department of Labor Secretary) Minimum wage earners keep complaining about their salary. They say they cannot retire rich. Most of them just go through their work and retire relying only on their small pension and the little retirement that their company will be giving them. For most minimum wage earners, becoming a millionaire when they retire is quite an impossible dream. They contend that they can only be a millionaire if they receive a hefty sum of retirement money from their company. Is it really possible to achieve millionaire status by your own efforts alone ? (Humanly speaking) Let us consider this actually scenario. In the Philippines, Central Visayas Region, the current minimum wage is P 241.00. Multiply it by 26 days of work you get P 6,266.00. Let’s just say that you are 30 years old and you faithfully saved that P … [Read more...]
The Magic of the Rule of 72
“The most powerful force in the universe is compound interest” – Albert Einstein. Albert Einstein’s greatest discovery was not the theory of relativity, it was the Rule of 72. (Although some people say that the rule existed long before he was born, most would agree however that he has popularized it) What has the Rule of 72 have to do with investing? Basically knowledge of the Rule of 72 is the basic building block of learning that each budding investor should have. Simply stated the Rule of 72 helps you determine the following: 1.) What interest rate you should avail of in order for your money to double quickly. 2.) How many years does it take for your money to double. In a nutshell the Rule of 72 is stated as follows: 72 divided by interest rate return = No. of years it takes for your money to double. So, if you put P 100,000.00 in a bank account, it will take 72 years for your money to become P 200,000.00 since the bank only … [Read more...]
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