Real money comes and goes; more important is how you manage your finances. It’s been a long time since I’ve known how money works; the rule of 72 is an eye opener. The rule of 72 is a simple way to determine how long it will take your funds to double; it is based on an annual interest rate divided by 72 equal to the number of years it takes to see some real growth in overtime. As an example let’s say an investment of 1K with an annual return of 1.0% more than your bank currently pays; it will take 72 years to double your funds. (72/1 = 72 years). The money will grow by just 2k over a 72 year period.
Now, take the same 1K invested right in the financial markets at the rate of 10% which is historically average, it will take 7.2 years to double your funds. As such, in a 72 -year period there is a 10 doubling period or $ 955,594 just under 1 million dollars; not bad at 1K. Have you ever wondered why local and national banks have so many atmospheres and marble floors to walk on? We need to know how to manage our finances; budgeting, spending, and saving; all about the wise responsible steward.
Over the years, many of us have made mistakes with our money; whether through exaggerated credit, poor financial management, buried in debt or by tearing up various financial advisors or scam artists. In order to know our finances, it takes discipline to do the right thing and avoid pointless bad behavior. Over the past several weeks of this Corona virus disease, I’ve seen people spend their hard work making money foolishly; buying more than what he normally needs on any given day. The world is not over. Spread your funds on the table and get what you need to make a living. It doesn’t take a crisis to get the attention of our finances, it does take a year to process how to manage money properly.
It’s at times like these that it gets our attention to slow down and think things through before we act on motivation. Likewise, it is another way to get God’s attention; for those of us who believe that He is the true and living God. He is in complete control of this situation and has the whole world in his hands. The purpose of each person if he knows how to manage their finances, should include but not be limited to: the purchase of life and health products, there are legitimate sources of income streams by -vary of many assets, home and land ownership, have a basic understanding of how to buy short and sell high or not low though; or profit from any business activity you may be involved in. Last but not least, the advice of trusted respected renowned financial advisors is to ‘help manage multiple financial portfolios’.
The true backer of money knows how to manage it properly and live in accordance with our income and peace of mind, soul and spirit. We need to learn from our mistakes and mistakes and be a blessing to others who may lack both finances and the knowledge of how to have more than enough Share your education with others to help them cope. or their thinking away from the poverty -minded mentality to help increase their wealth accordingly. It’s time to let your money start working for you; instead of working for money!