MoNEY TALkS........?

Question

I'm planning to save for my future but there are many distractions like......Buying loads for my celphone which has 2 sim cards.PLEASE Give me your best advise so that I can concentrate on my savings...IF I DON'T SAVE WHAT WOULD HAPPEN TO ME???THANKS FOR YOUR ADVISES WHETHER NICE OR HARSH,I'LL ACCEPT IT as long as this would help me decide on THIS ISSUE.GOD BLESS!!!!!!

Answer 1

Plan what you want after, say 5 years, 10 years, etc. and save accordingly. This depends on your age (how much time to retirement) and your income. Try to save a minimum of 10% (you can do more if you consciously avoid unnecessary expenses).

Its not enough if you just 'don't spend' the money you have set aside. You need to look for avenues to make it earn for you. Get hold of a book and read up. You have a few options. You will need some liquid funds which you would require at very short notice - keep those in savings accounts. Some others which you wouldn't require immediately but need after a short period - you could probably put these in bonds. Put the long term funds in equities (you could consider mutual funds). Depending on your country, you may have many more avenues. You could look at tax implications of your investments and the return they give you. The above are just pointers. You would need to do a fair amount of research before you decide. There are numerous websites where you can get this information!
Hope this helps!

Answer 2

Would you like to be a millionaire? Would you like to take nice vacations? You can do it if you save money. Let's say that you save just $3 a day, and just on weekdays. At the end of a year, you'd have $750. You could take a nice vacation somewhere for that money. $3 is just a cup of latte at Starbucks. There's also The Rule of 72, which you should look up. It says that money doubles at the rate of interest divided into the number 72. So, if you make 9% interest, in eight years you have double the money. So, if you can save $7,500 by the time you're 22, and invest it at 12%, you'll retire with a million dollars. If you don't save, then you end up old and poor, and in the meantime you're always working and never have anything because you blow the money on little things like sim cards and loads, and never take nice vacations or own anything nice.

Answer 3

I have a friend who gave up his cell phone, well his gf called too much and so did his boss who would make him come to work so he gave it up. Now he is saving $50.00 a month. What he did is get one of those free voicemail off the internet, you can pick an area code too. What is great about it is he is in control of his money, and who & when to respond. We have lived without cellphones before, emailing and IMs are free. Good Luck!

Answer 4

I am in the same boat....I have made up in my mind that the future is more important than the present. I want to be able to retire at the retirement age ( which has raised to 70) and live long after that. Its hard sometimes but we have to remember that good things come with a pain.....God is good!!!!!!!