Can a simple calculator really transform your financial future? Caitriona believes so based on her personal experience with it. Watch this short vlog and hear what it is and how you can use it to transform your financial future.
There are many reasons why we chose not to bother with our financial wellness.
We feel we have left it too late.
We are too old.
We are not savvy enough.
We don’t earn enough.
We don’t feel that we can figure it out to really make a difference.
We have too many other pressing priorities.
The list of reasons/excuses is infinite.
And trust me, I had a VERY long list too of reasons why there was no point. BUT when I tapped into why I should bother, then my inspiration was my kids and the world I was creating with the mission I have, to leave the world a better place than when I arrived by empowering women to master their money stuff, which often as primary carers means this ripples down to future generations.
I found it eye opening to see how you can influence these 3 key components (time, contribution & return) to this formula. There isn’t much you can do on the time from with the exception of starting asap.
It helps you see if you can increase your contribution by a few extra £/€/$, the impact this can have on your money is significant. You’ll be pleasantly surprised that forgoing that regular coffee/snack/Amazon purchase etc could have a sizable impact on your financial future.
You will also see that the better the return you can get will also make a sizable impact on your returns. So seeking out a slightly better return is better, assuming costs are same.
Have a play on the Money Chimp calculator and see what revelations you have.
http://www.moneychimp.com/calculator/compound_interest_calculator.htm
To Your Financial Wellness,
Caitriona
