181–190 of 195 posts
YNAB is a paid SaaS whereas Gnucash is free, libre and has a nice mobile client to accompany it. Mobile also uploads to cloud storage, from where you can auto-import on desktop client startup.
GnuCash, definitely. Habit of my lifetime is to enter all expenses and incomes on a daily basis. It makes you accountable, and once a month I can sit down and check on financial plannings, where we are and where we ought to be. YNAB is a paid SaaS whereas Gnucash is free, libre and has a nice mobile client to accompany it. Mobile also uploads to cloud storage, from where you can auto-import on desktop client startup.
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Look at the interest rate. Now look at inflation (not "core" inflation, the one you pay). Saving, money in bank, is not a good investment atm. Or put differently, it's at best as good as gold bars under the bed.
So yes, you not only have to save the money. You need to invest it. I was not going into explicit detail, but pontificating on the idea of saving as opposed to spending. With that said, one of my banks offered me a 3.00% APY on a CD the other day. Still not really enough for me. I would prefer to throw the money in index funds and wait longer.
Btw: where do you get 3% APY ?
For me the simplest solution is to have a second bank account I never take money from. Then every time I get my salary a certain amount gets moved to the savings account. I do not miss money I never really had. Additionally some days before my salary all my money above a certain threshold gets also moved to the savings account, so that I have the same money every month, even when I spent less. Also I have my I am poo…
Invest on health - buy an exercise bike, bench/squat rack instead of gym. Saves a lot of time and money.
Property investment - dont know need to learn.
For me the simplest solution is to have a second bank account I never take money from. Then every time I get my salary a certain amount gets moved to the savings account. I do not miss money I never really had. Additionally some days before my salary all my money above a certain threshold gets also moved to the savings account, so that I have the same money every month, even when I spent less. Also I have my I am poo…
My father always says : "saving money is the beginning of being poor". So I always try to save money by thinking how can I make more. These days money = time is a strong equation, so just don't loose your time and use it in a way to make money. Stop thinking about saving money and spend your thoughts on revenue stream. That's why I rarely use services like that and don't count the pennies ( I'm neither rich nor bragg…
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Investing is also not as easy as saving. How does someone goes from no-invesment-knowledge to not-loosing-money in investment (and possibly "decent income off of compound interest")? Just trusting the bank guy?
Rule 1: Never trust the bank guy. With the exception of perhaps private banking (though fees are high there), if those people really knew how to make money, they wouldn't be working at a (consumer) bank. They'd raise a $10-20-50m fund and make a killing for their clients and themselves. It's that simple. Either you go with low fee index funds (i.e. Vanguard S&P500, which tracks the market and will require the least a…
i like macro-economics and treat it as a hobby.
others that may have little interest in the subject could take a simple route.
25% gold/silver 25% blue chip dividend or index fund 25% property or rental 25% in your business or hobby, if you spend/invest in what you know and like will usually do well same with work do what you have passion and ability=success
if #3 and 4 dont apply just put 20% gold/silver and 80% in 10 different good dividend paying blue chip. why gold and silver?? because inflation protection against fiat currency. another note now not the time to by stocks, now is time to sell. buy after next correction.
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With all due respect to your father but that is seriously very bad advice. It's almost impossible to fill a container leaking all the time. Also make note a lot of people have gotten rich by saving and investing than have people who went into doing start ups or 'revenue stream' or such.
It's good advice, but it can be misinterpreted. You either spend 3 hours cutting coupons every few days or you can spend three hours learning new tech or gaining a qualification or going to meetups. Spending some money on books/taxi's etc to do so. The best payoff is spending the money. However there is a "poverty" mentality where people would be scared of spending that money. You need to avoid that. On the other han…