With inflation now being felt by everyone, do you have any money lessons you’ve learned lately? Or maybe something you’ve always known but is now just more timely?
Perhaps it’s something simple like prioritizing saving money or that just because you’ve had a raise in income doesn’t mean you have to also raise your lifestyle. It could even be trading-related!
Don’t try to keep up with inflation, strive to stay ahead of it.
Saving is an illusion.
You said it best my friend. Old timers especially tend to give this advice. Even if it used to work, it’s most certainly outdated advice nowadays. Having your money work for you is the way to live.
Compound interest is truly the eighth wonder of the world! I only started to understand that recently.
I like to play around with a compound interest calculator for fun while torturing myself with the pain of regret.
I would be a millionaire by now just by putting money in an index fund if had started it when I was younger.
If I had an initial investment of $10,000 and kept adding $10,000 annually with a typical 10% annual rate of return from an index fund, I would hit a million in about 24 years.
For any math enthusiasts out there, you might like playing around with the compound interest calculator here:
Compound Interest Calculator - Daily, Monthly, Yearly Compounding (thecalculatorsite.com)
Behold the wonders of compound interest!
You might or might not be comfortable asking for a discount (and cash discounts are not so common now) but always ask for an upgrade. You might get it free but even if you pay it might be a lovely deal.
No matter what you do, build a cash flow system.