Do you feel financially lost? Or unsure?
Do you know how much money you spend every month?
Are you saving any money for retirement?
If you are unsure about this information or any of these questions are stressful for you, I have a tool for you.
After years of researching various common financial questions, I have finally combined my wealth of knowledge together into a magical app.
The app is simple to use:
Add your income information, expenses, debt, and current account balances.
The app instantly calculates how much money you need to save & how long it will take to save in order to live with your current expenses without working at all.
“Compound interest is the eighth wonder of the world. He who understands it, earns it…he who doesn't…pays it.” ― Einstein...probably
Becoming a millionaire is not about winning the lottery or require earning large yearly sums of money.
You can become a millionaire by following these rules:
- Invest money, consistently.
- If you don't have enough money to invest, spend less.
- If you cannot spend less, make more money.
So, let's break those down a bit.
Invest money, consistently
Start investing as soon as possible. If you haven't started yet, start today. This blog post is not about How to Invest, although if readers are interested in learning more about that, just leave a comment.
Keeping your savings in an common savings account is useless for growing your wealth. It is not uncommon to make a 120 times larger rate of return by using mutual funds instead.
When investing, instead of trying to time the market, just keep contributing a consistent amount of money to your account every time you get paid.
George makes $1000/week. He invests $100 every week into a mutual fund making an average of 12%. In a little over 27 years, George has 1 million dollars in his investment account.
If you don't have enough money to invest, spend less.
Here is where a budget comes into play. If you do don't know how much money in coming in, and how much money is being spent, how will you be able to organize your finances and make a plan to save? The answer is, you wont.
Use the app to list out your expenses by week, monthly, or yearly, whatever makes sense for each. Be sure not to confuse debts with expenses. Debt's should fall off after some time, expenses normally will not.
Once you have your expenses listed out. Do some thinking: "Can I get rid of any of these expenses?". You can even remove them just to see how much more you could save each month.
Remember: save now, play later.
If you cannot spend less, make more money.
Yeah... that might sound a bit harsh. But money doesn't grow on trees people.
Better yourself. Learn a new skill. Always keep a realistic goal!
The jobs are out there just waiting for you. In almost all cases, they will not fall into your lap. Finding a good paying job require a lot of time and effort!
Good luck on your journey,
I hope the app helps.