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| Source: http://jakoszczedzacpieniadze.pl |
6 months ago I did not think about personal finances. I spent what I earned. Some time ago I heard about one guy whose name is Michał Szafrański. Michał worked for an IT department. Then he founded a blog “Jak oszczędzać pieniądze”. On this blog you can find many articles about finances. In 2013 he won the competition - “Blog Roku 2013”. Three years later he wrote a book that I have just read. Interestingly you cannot purchase this book at any store. Michał published it himself. He sold almost 12000 books in the pre-order. Within the first month he earned over 400 thousand PLN.
The book is divided into 10 chapters. Each of these chapters changed something in my life. You can find information about the household budget, loans, financial intermediaries, motivation, investing etc.
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| Source: http://finansowyninja.pl/ |
The book gave me an incredible kick into action. After reading the chapter on household spending I could write a small home budget for the next month. The bride asked me to do it long time before :)
I learned the contents of the mortgage. I know that interest rates always changi
On the other hand,
many people do not think about saving at all. It's terrifying. Michał
writes on his blog that about 20 million Poles do not have any
savings. What if such a person loses his job or has a
car accident? What about savings for
retirement? I do not know how such people may think that ZUS will pay
them enough money to survive. When I am
I would like to get about 3,000 PLN per
month. It
will let me pay all the bills, go
shopping and even I could go on holiday
once a year. I cannot imagine living for 800 zł per month, so I try
to save money :)
Savings should be invested or deposited in a savings account. You can read about it in one of the chapters. As it turns out this is necessary because of inflation. Unfortunately, the deposits have relatively low interest rates.
You can read more about this book at http://finansowyninja.pl/
Do you save money?
What do you think about compound interest?
How do you see yourself in retirement?
Savings should be invested or deposited in a savings account. You can read about it in one of the chapters. As it turns out this is necessary because of inflation. Unfortunately, the deposits have relatively low interest rates.
You can read more about this book at http://finansowyninja.pl/
Do you save money?
What do you think about compound interest?
How do you see yourself in retirement?
You touched a very important topic. Many young people do not think about saving, about the future retirement. I also started to think about it until a few months ago. I try not to spend money without thinking and look for cheaper options before any expensive investment. Unfortunately, in the future, we can not count on help from our government, so we must take care of our retirement. According to me (and that's my plan) a good method is to invest in property. During these years we work and we have the ability to credit, it is worth to invest in apartments, even if it means that we have to take the credit. In the future, we can rent these apartments and have the money for life.
ReplyDeleteMichał also invests in real estate. He wrote about it in one of his posts :)
Deletehttp://jakoszczedzacpieniadze.pl/jak-kupic-10-mieszkan-na-wynajem-na-kredyt-hipoteczny
I recommend to read about it ;)
I know many people who do not save and do not think about the future. I think that they make a big mistake, because they don't worry about monet because they have a job, but tomorrow may already be unemployed. We can not predict what will happen the next day, we may need more money eg. Washing machine broke down. So how do we get the money, if we do not have any money saved?
ReplyDeleteSaving is very important because it gives us a sense of stability and security.
When it comes to ZUS, I agree with the fact that we should not rely on the funds gathered there.
You should put monthly in advance established amount or simply investing. Interest earned on the account, we also invest up. Future Retired not want to worry about another day, because I lay down on the monthly amount fixed for a long time.
Unfortunately, this is not good if you have a lot of money in your account. In the 90s, inflation was nearly 1400% (source http://www.bankier.pl/wiadomosc/20-lat-temu-inflacja-w-Polsce-osiegnela-rekordowy-poziom-1395-proc-2107735.html)
DeleteIt seems to me that the surplus should be invested :)
1. I try to save money every month, but it's not always possible. I think it's good to have some savings as it enables you to cope with unpredictable expenses and feel more secure in life.
ReplyDelete2. It makes all the difference in deciding between saving and borrowing money. Realizing that borrowed money comes at a price is the key to being financially conscious and responsible.
3. It's still a long way, I'm not sure I'll even still be around by then. Maybe in a beach house with lots of sun, or maybe I'll never decide to retire.
Are you going to save for retirement? :)
DeleteThis comment has been removed by the author.
ReplyDeleteDo you save money?
ReplyDeleteI decided about state costs and then I will try won't spend money for stupidly things and save some money per month.
As happened for over the years, the best way of save money is invest into gold, antiques or other things with unchangeable currency.
What do you think about compound interest?
Borrowed money and compund form them it can be tricky for everybody.
Borrowed money for instance: treathing for family would be like nightmare but the best way is pay double instalment of debt (if we have capacity) to quickly repay the loan.
How do you see yourself in retirement?
I would like to have some saving and possible chance to choise way which I want to live in my own flat or build with capacity to live quietly and calm.
I also would like to have some savings on retirement :)
DeleteDo you save money?
ReplyDeleteYes I'm trying to save some money for future, cause I don't believe in states promises. They spend money rather then save it.
What do you think about compound interest?
Investing interests you've gained from your savings is a good choice to save more money.
How do you see yourself in retirement?
I'd like to have a proper sum on my account to live simple life without any stress and problems. Maybe invest them in some kind of bussiness giving a steady profit.
"I don't believe in states promises. They spend money rather then save it." - I fully agree with you. Some time ago I heard about the employment office in Wroclaw, which spend 13 times more money on employees than for people in need
DeleteYes, I am trying save a money, but I do not have spectacular achievement. I can save money if I have specific goal (in example new computer).
ReplyDeleteBorrowed money is hard problem for everyone. Many people not have a limit with spend a borrowed money. This is dangerous. We have to be careful with this money and have a payment plan (with backup plan).
I would like have a safe future. I will have a money for foreign travels and hardcore hobby (flying) I would like have a backup money for my children (in example paid studies)
"Many people not have a limit with spend a borrowed money" - Especially on credit cards. In my opinion You should resign from your credit card as fast as possible :)
Delete1. Do you save money?
ReplyDeleteI'm trying, but it's not the easiest thing in Poland :) So sometimes my attempts are successful, sometimes neither.
2. What do you think about compound interest?
It's good, because you have more profits from your money. I don't see any reason for giving more money for banks, so I'm happy that there is possibility to gain some extra earnings from interest.
3. How do you see yourself in retirement?
Currently? Not very clearly :P Again - we live in Poland, country which isn't too friendly for old people. Just look for our grandparents etc. They spend all their money for medicines. And at the same time, their peers from Germany are traveling over the world...
We need to find some good way for saving money (and to not lose it in future due to government figments) or/and migrate to other country...
I understand you. It is hard to save money especially now, because everyone buying gifts
Delete1.Do you save money?
ReplyDeleteUnfortunately I do not save any many recently, Honestly I do not know how to do it ;) I know this blog, and there was a time when I was counting every penny that I spend and I was writing down every bill in to Excel, but It was very time consuming, so I give up, because I did not saw any profits.
2. What do you think about compound interest?
If I'll be rich I would invest my money rather than spending all the money for pleasures, compound interest could be a good choice for locate some money, but I think I had large amount of money I would invest in stock.
3. How do you see yourself in retirement?
I hope I will be healthy and happy in my own self-sufficient house with a garden near the forest, where I would have my robots doing all the cleaning, cooking and all the stuff that I would need to survive ;) So maybe I would not need any pension on my retirement ;)
1. Maybe you should pay by card. Then you can see where you spend most of your money. You can also collect receipts :)
DeleteDo you save money?
ReplyDeleteYes. It's very important thing. When I heard Michał for the first time I was impresed like You.
I asked myself about few simple questions. The answears were completely unsatisfactory. After that
I stared to save money.
What do you think about compound interest?
As Albert Einstain said I think "Compound interest is the greatest invention the world has ever produced".
How do you see yourself in retirement?
Very very well :D But seriously I stared saving money for this future time.
I've hope my standard of life will stay the same.
"I've hope my standard of life will stay the same." - I also hope :)
Delete1. I do save money. Actually I have just started heavy saving mode. Once my fiancé went to the USA for job assignment I moved back to my family house. The purpose is – to save as much money as it’s possible. We have a plan to buy an apartment after she comes back (which will take place in about 2 years…) and take as little credit as possible. Ideally – none. So I think twice before spending each 1 PLN :)
ReplyDelete2. Mortgages are very tricky. We have seen their power especially during times of economic crisis in Europe. They key to understand their magic it is to revel the mystery of compound interest equation. There are many factors influencing the final installment we have to pay. Even choosing loan in polish zloty is not preventing us from suffering hurt in case of currency crisis. I’d say that base assumption should be that you need to be capable of paying much higher installments than the ones you’re actually willing to pay. The history of interest rate shows us that during 30 years many things can happen. We cannot even predict half of them. That’s why if there’s no REAL need to take mortgage, we shouldn’t use it. In the end it’s beneficial not for us but for financial institutions.
3. Working. As I’m not doing physical job I think I will have the same level of capability at least till 70s. Still, I think I would be able to do some minor projects letting me to keep proper financial flow. And besides that… It must be boring not work at all!
Do you save money?
ReplyDeleteI am trying to do this. Last time were very hard for me. I did not have opportunity to save money, changing jobs is one of the reason why. Every month I am trying to put some money into a savings account.
What do you think about compound interest?
Everyone should be aware of them and should read very carefully every i.e. loan agreements. Lender need to earn something and this is obvious. Sometimes they may seem small and after accumulate in bigger sum. Also the interest may be low for people like me who are starting a professional career,
How do you see yourself in retirement?
I not thought about it, but I would then have a peaceful and joyful life in the countryside, where I would like to build my own house on the lake.
Do you save money?
ReplyDeleteWhat do you think about compound interest?
How do you see yourself in retirement?
I like your presentation! I like this topic. It's touch everyone. I have save money, I have few ways to doing that. First I measure where I spend money. TThen I group them into categories. I create budgets for some categories per month. This can give me option to save money, and have some savings. Then I use this money to spend it in 'things' that can work without my integration like bank investment or stock in market. I use this money for security of my retirement. I can trust gouverment and I try to save my money now.
Moreover I have hope to start my own bussines which will give me some money without touch it.
Do you save money?
ReplyDeleteI try to save some % of my income everymonth, but in general yes I do. I try to avoid loans and I try to buy less things i do not really need.
What do you think about compound interest?
I try to avoid loans as I've said earlier, but I think it's great if you're routinely saving money, but it can be cruel if you're borrowing money.
How do you see yourself in retirement?
I think I will have my own buissnes in few years and I will be able to save more money for retirement. I think using ZUS and trusting in it is not a safe way for a good retirement
Do you save money?
ReplyDeleteIf I have possibility- Yes I do, but I have part time job and not always I can to do that.
What do you think about compound interest?
Loan can help and hurt us. If we pay according to the time payment with our loans- everything will be ok, but sometimes is not. We should try to get less loan. Many people lost their money in Poland, because they didn't pay their installments on time.
How do you see yourself in retirement?
I try to don't think about. The time of my studies including to my retirement. In other hand, I am a graphic designer and I also work on contracts of work- so the best solution for me is starting to create our own company and drain ZUS.
Do you save money?
ReplyDeleteI'm saving money for dreamed trips and things. Unfortunately haven't started long-term saving yet (e.g. retirement).
What do you think about compound interest?
Only responsible people should take loans, thereby reed an agreement profoundly to avoid unpleasant consequences and become prepared for any surprises. It could help but for those who are lost and desperately looking for money might provide to messy situation.
How do you see yourself in retirement?
It's hard to even imagine it. I hope that I'll lead a peaceful life with a lot of money saved to spend. Not only for medicaments but also pleasures.