Lyon Brave

4 years ago · 2 min. reading time · visibility 0 ·

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How to Double Your Money Risk Free

How to Double Your Money Risk Free

Doubling your money is actually pretty easy. It's called multiplication. 

2 x 2 = 4 $

4 x 2 = 8 $

8 x 2 = 16 $

16 x 2 = 32 $

32 x 2 = 64 $

If you want to double your money with  zero risk, you have to save. Saving is one the best ways to utilize your income. A lot of financial gurus will tell you that saving is a fruitless effort and the only way to make money is to spend money. Though we agree  investments are something everyone should look into at some point on their journey to becoming financially secure. We believe saving is mandatory and therefore a priority over investing. 

Unfortunately, most people don't save and it's not because they are poor. It's because they are consumers. Until you have a good chunk of change in your savings account, you might want to postpone shopping sprees, eating out with friends, fancy drinks, road trips and getting you hair done. 

Which leads me to some devastating news for the ladies, women are terrible saviors compared to men and we think it's because they have too many shoes and makeup is really expensive. I told my mother I usually wore my shoes until they started talking, which took about 6 months to a year. She told me that was ridiculous and I needed more shoes, but doesn't it make sense to hold off on buying new shows until I actually need them. 

Currently, I have three pairs of shoes in my closet. Boots, sneakers and dress shoes with a slight heel for work. However my aunt and sisters are guilty of owning over 30 pairs of shoes a piece. Ladies, is hoarding footwear really more important than financial security?

However, though statistically women save less money than men. American's as a country is pretty bad at saving their money and living dangerously close to the edge. 

"Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account, according to a new survey of more than 5,000 adults conducted this month by Google Consumer Survey for personal finance website “It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” says Cameron Huddleston, a personal finance analyst for the site. 
Market Watch

A savings account is the beginning of financial security. The more money you have in savings, the safer you are. Cash is King. I have never seen a pair of shoes at a pawn shop. Shoes are just not good things to own in bulk. Jewelry is another story. 

Now some people are lucky and they can depend on their friends and family in times of need. Some people are not so lucky, which means you can break both your legs falling down a flight of stairs and be completely screwed. For people who have nobody to depend on financially, even in the worse of times, we recommend you have 6 months worth of living expenses in the bank before you begin investing because investing does not guarantee an increase in money. Investing could mean a loss of money.  Consider this, there are probably far more investment scams out there than sure things.

Before you make excuses for why you can't save, consider it paying a bill to yourself. Put money in your savings account before you do anything else.  Also remember to set a budget to see where your money is going. 

  For instance, on an income of $3,000 per month, we might budget as follows:

  • Housing/utilities: $1,000

    Student loans: $300

    Food: $500

    Internet: $70

    Gasoline: $150

    Savings: $500

    Misc.: $200

    Luxuries: $280

 For high achievers, the method for quadrupling your money follows:

2 x 2= 4 

4 x 4 = 16

16 x 16 = 256

Happy Savings

p.s. Happy cat is one of my first piggy banks bought in China.

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