Monday, January 18, 2010
Sunday, January 17, 2010
Topic of the day: Personal finance advices
Normally I don't read these type of articles. There are tons of "Top 10 things you should avoid to save money" articles flying around. Usually the no.1 has to do with not buying coffee from American's favourite coffee shop and make your own at the office instead (I don't even drink coffee myself. I just own their stock)
And I have just read the worst ever this morning, a Top 6 this time. Two of them are just plain obvious: avoid withdrawing from ATM that would charge you a fee and cancel your credit card that charges you annual fee. Come on! Who doesn't know that? Another "advice" is not ordering soda when eating out with your family. Assuming a family of 4, that amounts to $624 per year and I quote:
If your investment returns 9% a year every year, why bother about the cost of soda?
And I have just read the worst ever this morning, a Top 6 this time. Two of them are just plain obvious: avoid withdrawing from ATM that would charge you a fee and cancel your credit card that charges you annual fee. Come on! Who doesn't know that? Another "advice" is not ordering soda when eating out with your family. Assuming a family of 4, that amounts to $624 per year and I quote:
If you invest $624 at the market average of 9% a year every year, you would have almost $32,000 at the end of 20 years.
If your investment returns 9% a year every year, why bother about the cost of soda?
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