Living on interest
- Thread starter Starmix
- Start date
Of course before you be able to live on interest, you will be making some amount of money in the first place. That is how it actually works.
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Of course before you be able to live on interest, you will be making some amount of money in the first place. That is how it actually works.
- Thread starter
- #85
Living on interest means you will live all throughout in your life thru the interest of your savings in the bank,. mutual fund or insurance. There's no need for you to work hard for the money especially during old age.
I think before a person can be able to achieve that they must have worked very hard consistently. Living on interest is actually very good and enjoyable.
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- #87
It's good to work hard and apply the 50 30 20 rule. This rule would force you to save at least 20 % of your total earnings. That's synonymous to financial literacy and the Rule 72 of Albert Einstein.
Saviing 20% of your earnings is quite commendable but it is somehow difficult in the present economic situation.
My father is retired from a government job and he gets more than enough pension to feed himself. Moreover, he doesn't have to spend money on his health issues, it is taken care of by the government. Yes, some people have lots of savings and they are dependent on the interest they get on their savings. But thats, not the way to live. They face financial problems because the interest they get is too little.
I don't even know much about the rule of 72 of Albert Einstein. I think I would have to read more on that. Of course in everything hard work is needed.
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- #91
Try to read Rule 72 to guide you. You will know when your money doubles. Your age is part of this Rule 72. You are still young, and it is very possible that 15 years after you will become a millionaire. Rule 72 teaches you how money works for you.
To estimate how long it takes for your money to double, simply divide 72 by the interest rate. The result is how many years it will take for your money to double at that rate
that is actually a very good one from the world's favourite genius. I will probably try it out.
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- #93
It will be better for you to reads about Riule 72 to guide you on what to do to become a millionaire. You will be stunned and you will pledge to yourself that you have to follow Rile 72 because it is proven true that one will become a millionaire at a certain time and age.
I am glad that you have let me know about the book. I will try to download it online to read.
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- #95
I am not so sure if there is a book about Rule 72, but you can download important information and what to do to let your money double. Try to read about it while you are still young so at a certain age, you will become millionaire.
Well in my country for example you can not live on the interest that the bank gives you because inflation is very high and the returns provided by the bank are lower than the level of inflation, so you have to look for other sources of passive income.
Well there are other ways to make money passively little by little, you can choose to invest in companies with dividends, cryptocurrency staking, affiliate marketing, try to grow a Youtube channel to get returns even when you do not upload videos blogs etc.
Okay, I'll probably do that in order to be able to improve my financial status. It will be much better now that I am young.