Everyone should set a financial goal as this helps you stay on target to retire and still have and income.
Every week i save $40 and put it into a savings account (that i never touch EVER) till I retire at the moment the average interest rate for a savings account in Australia is 7.25% and I would be working 50 weeks a year so I contributing $2000 a year to my savings account.
After 45 years of work (age 20 to 65) I would have $662,129 in savings (before taxes). From that year on I would be able to earn just under $50,000 a year on interest alone(before taxes).
This is also not using bond or any other saving techniques which may yield a higher return making the amount of money that you would have may be larger there for changing these figures. This is one of the slow ways to make money but one of the easiest.
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1 comment:
This just shows us what 40 bucks can contribute to your life.
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