Does your child save any of their money?
What money should he or she be saving and how much?
A child should have a savings account that they cannot use until they are 18 which means that they arent going to spend it on toys and sweets.
They should be saving atleast 60% of there birthday money, if they get pocket money atleast 50% of that aswell and if they have a job depend on how much the earn the should be saving atleast 10% if they earn under $50 but over that they should be saving 50% of everything.
When i was Younger i didnt get pocket money but i did have a paper route which i got between $15 - $30 a week and 95% of that went into my savings by the time i was 15 i had $1,300 in savings. Then i got a job a McDonalds and i worked between 15 -20 hours a week earn up to $250 a week. I was told by my parents to save atleast 50% but i though what do they know, its not like i dont know what i am doing and as i didnt go out much i saved 80% of all money that i earn and by the time i was 17 and a half i had $6,000 in savings. At the time i was getting over $240 interest a year or $20 a month which i thought was awsome.
Wednesday, December 23, 2009
Wednesday, June 18, 2008
Financial Goal Idea #7
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.
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.
Tuesday, April 29, 2008
Welcome
This blog is about how to make money and there are lots of ways.
Who knows you could become the next Bill Gate's , he had one great idea and that has made him billion yes im talking about Microsoft. So fell free to try out some of my ideas thought they may be wacky and all will be legal.
P.S.
please take into account when making financial decision that i am not a financial adviser and all ideas may not work.
sorry guys and girls always want to do that
Who knows you could become the next Bill Gate's , he had one great idea and that has made him billion yes im talking about Microsoft. So fell free to try out some of my ideas thought they may be wacky and all will be legal.
P.S.
please take into account when making financial decision that i am not a financial adviser and all ideas may not work.
sorry guys and girls always want to do that
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