I have written extensively on the Rule of 72. I firmly believe that knowing this rule is important because it is the foundation of all financial planning. In order to further understand what the Rule of 72 is all about watch this short youtube video clip on the Rule of 72. Knowing what vehicle of investment to use to get a higher interest rate in order to quickly double your money will be the subject of other posts. If have made a special highlight of this rule in my blog and subjected it to outdoor lighting so to speak. If you would like to know more about the Rule of 72 and it's application read my previous posts on the subject: Want to get wealthy ? Think like the bank The Magic of the Rule of 72 … [Read more...]
Money saving tips
"The best way to save money is not to lose it." --Les Williams Let’s take a break from our stock market series and talk about money saving tips. A lot of websites and blog now offers money saving tips and this blog may be probably one among the thousands. Its one thing to talk about how to save money it is another thing to actually do it. Taking action may probably be the hardest between both. I do not claim to be the best when it comes to saving money, but I do have some trick up my sleeves. Here is some money saving tips that I have personally experienced and applied throughout the years, hope this will be a blessing to you: 1.) Be electric consumption conscious – Simply monitoring your electricity could save you a lot of money. This involves turning of appliances and lights that are not in use. Shifting to energy saving light bulbs will definitely help. We turn off our electric water dispenser and our refrigerator during the night time. (The coldness already stored in … [Read more...]
What happened to your Christmas gifts and bonuses?
Last Christmas, we probably received cash as gifts from some of our wealthier or purportedly wealthy relatives. Some have received a substantial amount, while others may have received a relatively small amount of money. Others may have received big bonuses or Christmas incentives. So what happened to the money that you received? Did you spend all of it already? Are you still keeping it under your mattress? Are you planning to buy some gifts with your Christmas bonuses ? Here are some ideas ways on what to do with that money. 1.) Put your money in the bank – Contrary to what most people think, banks are not only a place where you could keep your money safe. Banks offer several ways wherein you can make your money grow. Savings account only offers small interest rates. Time deposits on the other hand offer a higher interest rate. Time deposits however are sort “long term investments” since you cannot withdraw your money for a long period of time. This will however give you a … [Read more...]