By Joan Baker
A truly useful, ordinary advisor to funding making plans written particularly for ladies.
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Extra resources for A Man Is Not a Financial Plan: Investing for wealth and independence
If you are young enough, this strategy alone is probably sufficient to make you financially free over your working life because of the power of compounding and the fact that you have enough time for it to work. 44 A man Financial Plan PGS 2/7/07 11:09 AM Page 45 Creating wealth through investment It is hard to overstate the importance of compounding (and I am going to mention it several times). Time is the best friend of the investor. If you invested $100 for fifty years with an annual interest rate of 10%, your investment after fifty years would only be worth $600—your $100 stake plus the fifty interest payments of $10 you received each year (50 ϫ $10 = $500) and spent.
All that really matters is that there is a surplus that can be used to grow your wealth. So you will need to choose a consumption amount that allows enough surplus for investment so that you can create enough wealth in the time frame you have chosen. 36 A man Financial Plan PGS 2/7/07 11:09 AM Page 37 Creating wealth through investment Clients often ask what they should be aiming for when doing their budget. It all depends on your circumstances. This allows 10% for saving and up to 10% for the indulgent and unexpected events in your life, such as house repairs, or urgent dental work.
However it can take a lot of determination to change some of your habits so that this money ends up invested rather than spent! Consuming every dollar of income is much easier than finding the motivation to put it aside for investment. Learning to say ‘no’ to others (such as children who are demanding treats) so that you can follow your plan to invest takes lots of determination. Many women think that finance and investment are all about difficult technical terms and advanced mathematics. Not so—you learned all of the maths you will need at primary school.