So basically, this is just a light-hearted discussion about some of the great and the best money-saving and making ideas that you have come across and perhaps even implement. And yes, I know the obvious one is about having a job, haha but I'm talking about make money on the side legally of course as well as great ways to save. Now, recently, I have been reading through loads of guides on a site called Moneysavingsexpert which was founded by a British guy called Martin Lewis.
Now, while this is a British site and several of the guides may just be applicable to the UK there are also guides that are applicable to multiple nations as well tips, tricks, and skills that are transferrable anyway. I will list some of these guides and highlight the ones that I think are applicable to multiple nations and/or transferrable.
There's just a few. Over to you.
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The idea is the following. Take your current age, and then take the typical retirement age, 65. Take 1 dollar and apply a very optimistic (but realistic) index fund interest rate to it (say, 8%), and then calculate what one invested dollar will grow into by the time you are 65. This is the "true worth" of each dollar you are spending today - meaning that if, instead of spending it, you invested it, then by the time you are 65 this is how much you would have on your bank account.
In my case, for example, investing $1 today would result in having roughly $15 by the time I am 65. Now, I can use it to evaluate the true value of things I buy. For example, suppose I want to buy a bottle of Coca-Cola for $2; I know it is bad for me, but I really like Coca-Cola. Now, I multiple $2 by 15 and get $30 - this means that this bottle of Coca-Cola will set me back by $30. Is a bottle of Coca-Cola worth $30? Probably not. Knowing how expensive it really is, I now really do not want to buy it. I will instead drink water and have a couple of great meals at a restaurant for the same money in 36 years instead.
Be careful with this though: once you have internalised this principle, you may become a really-really frugal person, which is not for everyone! A less extreme version of this principle is described in the book "The Latte Factor", where the author explains how even small saving decisions daily can avalanche into a fortune decades later.
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