The Secret of Saving

The Magic Of Compounding Interest

According to Albert Einstein

 

“The most powerful force in the universe is compound interest”

What is compound interest?
From Wikipedia?

Compound interest arises when interest is added to the principal, so that from that moment on, the interest that has been added also itself earns interest. This addition of interest to the principal is called compounding. A bank account, for example, may have its interest compounded every year: in this case, an account with $1000 initial principal and 20% interest per year would have a balance of $1200 at the end of the first year, $1440 at the end of the second year, and so on.

Better in picture:....

Change RM to your own currency.

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Why You must save

I remember a saying, rich people plan for third generation, other plan for Saturday night....

Well, here i list out why you need to save...

1. FOR EMERGENCY...
You can never know when emergency come to you, so you better prepare an umbrella before raining struck.

There are more reasons why you and I must save....

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Money quotes that you must know

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Some money quotes that you must know

These from MOTILAL OSWAL

Managing money requires more skill than making it.

Risk in the market comes from what you don't know.

Man’s most powerful discovery- “Compound Interest” It is never your thinking that makes big money, it is sitting.

When you combine ignorance and borrowed money, the consequences can be disastrous.

Money is made more due to understanding rather than information.

It is better to have a hen tomorrow, than an egg today.

The probability of outsized returns goes up, as the size of portfolio goes down.

Concentrate investments in a few great stocks and have fortitude to hold through price
fluctuations. Never leverage your focused portfolio.

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Simple Steps on Personal Finance

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It's not hard. You do know that the hardest in starting anything is that first step? The only thing require is to start that first steps. Here are the steps you can take to learn about personal finance....towards your financial freedom

First Step : Do Budgeting

Just do it your way

Just used this trick, as I know it can be troublesome to do budget. The key idea is just to state what come in and what come out, as details as possible. After you comfortable, you can move to more complicated budgetting.

Second Step..
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Pay Yourself First

Definition:

To save.....

Pay Yourself First Means to put aside a sum of money of your earning to another account as a saving or better to a profitable channel, especially towards the investment.
Yes, to save. It is important and you must put as your must to do list. Here I will tell you why.

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Why You have to learn personal Finance?

Personal Finance is about our own way of handling money. It is personal and not many people want to openly talk about it. I know I won't. But you and I realized that money is very important. And usually, because of money, people end up in a big mess. Well, that's why people says that money is the root of evil. But it don't have to be that way. Like any other things, money need to be learn and practices. It is what the school is lacking, no formal education of how to handling money. Therefore it is very important for we to learn about it. Money is about rich and being poor. Being and becoming rich is not all about a lot of money we making, but it is more about how we handling more. This is what personal finance is teaches us.

But you have to remember this....

Managing money requires more skill than making it

and ....
      Money is made more due to understanding rather than information.
                                 Quote from Motilal Oswal

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Let's Learn personal Finance... Start From here

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