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Why? With the fashionable knowledge gained, I realized that there are quite a few of disloyal beliefs that I had been holding with regard to money management. Just let me share a few false beliefs that I used to have and you judge for yourself whether financial literacy is important.
Firstly, I used to think that a dollar today is always equivalent apt a USD numerous annuals down the road. I simply have no mind above that amount of money can alteration over period.
Next, I used to think that 1 percent difference in interest rate or return rate does not make much of a difference to amplify the value of my money. Thus, I do not really perturb to consume time moving my money or investment around. But when I have academic about compounding interest, I realize that it make a vast lot of difference principally over a long period of time.
Similarly, if the regional money depreciates against a diplomatic currency, it manner that $1 of regional currency can interchange for fewer foreign currency. Less alien currency means that I can afford to buys less things from that foreign nation since the value of local currency has decreased.
Assuming that the bank only disburse a 1 percent interest rate for my saving of $100 today, that means I will merely have $101 next year in my bank list. But the value of $101 is less than the value of $102. In other words, my money will lose value if I have deposited my money into a bank that pays only 1 percent interest rate.
er reading the Rich Dad sequence, I concluded that I ambition no be proficient to accumulate excellent wealth without monetary literacy as the foundation Without fiscal literacy, I ambition no be able to judge if someone is value investing. Thus, I enrolled for a few courses on private financial intending to meat up my learning in personal financial matters. It took me approximately 2 years of chapter time study to complete all the courses. And I have learned a lot of entities and some of them are actually bad news to me.
For example, if I put a deposit of $1000 into a bank that pays 1 percentage amuse rate annually over a duration of 30 years, the ultimate value of money that I will obtain is $1,347.85. The interest gained at the end of 30 years is $347.85. If I put into a bank that pays 2 percents interest rate, the final value of money that I will get at end of 30 years is $1,811.36. There is a distinction in interest gained among 1 and 2 percents interest rate is $463.51. What if the interest rate is 3 percent? The final amount of money that I will get at the end of 30 years is $2,[link widoczny dla zalogowanych],427.26. The difference in interest gained between 2 and 3 percents interest rate is $615.9 that is virtually 1.32 times of $463.51. For e
In fact, the value of money changes almost every single day! Everyday, I will listen the news that the local currency both obliged or depreciate against foreign currencies. If the local currency appreciates against a foreign currency, it means that $1 of local currency can exchange for more foreign currency. More foreign currency means that I can afford to buy more things from that foreign country since the value of local currency has increased.
For example, I was able buy a bowl of noodles for fifty cents during my infancy time. Now which is about twenty years later, if I attempt to purchase a bowl of noodles, it will spend me nigh two dollars. In other words, the 2 dollars today is almost equivalent to fifty cents during my infancy time. Thus, 1 dollar today may not be equivalent to one dollar in the hereafter because they have another purchasing power.
If $1 today can buy extra things than $1 in the future because they have different purchasing power,[link widoczny dla zalogowanych], then there is inflation. Inflation rate is a calculation of inflation. If the inflation rate is 2 percent per annum, then the value of $100 today can buy the same amount of thing that is equivalent to the value of $102 next year.
Secondly, I used to think that at putting my money in the bank is a agreeable adoption. I felt that my money was growing in value by earning interest. To my horror, I accomplished that this is not always true. My money perhaps losing in value instead!