In all probability, if you’re reading this, it’s because you’ve either realised your past attempts at accumulating savings have proved futile and are looking for another saving strategy or, alternatively, you’ve managed to save some money and are looking to diversify your savings plan.
Maybe there’s information here that can help you.
But, before you read further, let’s make it clear. There’s no financial advice given here – everyone’s personal financial situation is different and there’s no ‘one cure fixes all’ solution..
This website has no agenda, it isn’t trying to sell you anything or influence your financial decisions in any way.
All you’ll find here is information and discussion to help you make your own common sense decisions about what might be right for you.
Do your own research to determine whether anything you read on the web site has any relevance to your own personal situation.
If you’re unsure about making any financial decision it might benefit you to seek the services of a professional financial adviser.
It’s your money – do with it whatever you want to, even if that’s nothing.
This web site will help explain why trying to ‘save’ money in accounts that pay little or no interest, (which is taxed), combined with the effect of inflation is an exercise in futility.
a year interest
PLUS other fees
for late payment.
What isn’t so obvious is that, once people begin to realise that trying to save money in savings accounts usually doesn’t achieve much, they tend to ignore them and seek ‘easier’ looking wealth-creating options. For example they might head off to a lender to get an investment loan, thinking that borrowing will be more efficient at creating profit than saving.
And, these days, in our ‘live now, pay later’ society, it’s so easy for people to get into debt to acquire things they can’t afford by using credit cards, or, in extreme situations, getting into bigger debt using personal loans from friendly lenders who just about fall over themselves to lend money to people who ‘qualify’.
‘Qualify’ generally means the person they’re lending money to has the ability and inclination to repay them and the interest they charge.
a year interest
depending on the
term of the loan.
Ask just about anyone who borrows money and almost invariably they’ll tell you their intention is to pay the cards or loan off as soon as they can.
The reality is usually somewhat different – it mostly doesn’t happen.
In fact what tends to happen is, once the friendly lender sees the person actually has the capacity to pay them back, the friendly lender sends offers to people to take on even more debt until they reach an amount they can’t afford to repay in full, but can in installments.
And that debt is ‘rolled over’ into the next billing periods to be paid ‘later’ – with interest on the interest.
When that happens, people might come to realise that ‘pay later’ usually equates to ‘pay forever’ – and that they’ve been lured into the ‘credit-trap’ where, often, there’s no way out.
And also consider if, one day, your financial situation ever changes adversely.
If you fall behind on those payments those once-friendly lenders, who were once so keen to give you credit to spend, suddenly turn into creditors who absolutely intend to be repaid in full – with interest – no matter what they have to do to get their money back.
If this identifies you, then it means the interest you pay on the debt you accumulate, combined with inflation, pretty much guarantees your future financial future is no longer in your control as you’ve committed to a life of paying interest to lenders – usually using after-tax money, (i.e. money that’s left over from your income after you’ve paid tax on it).
If you fall into the credit-trap, once you’re in, it’s almost impossible to get out of.
The reality is, until you pay off your credit card debt, there’s not much information on this web-site that will be of any real value to you.
Hopefully, the information on this web site will help you avoid the credit trap entirely.
It will give you a ‘heads-up’ on an alternative option for saving long term which doesn’t require borrowings of any sort and avoids annual tax and account management fees and which is literally secure as houses.
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