Learn to control money but do not allow it to control you

savingwannabe

Great news, i might get this book too.

Firewalker

Savingwannabe, might well be worth reading it - there are stories about people coquering serious illness (or at least coping much better with it) using this stuff. And as I said - scientific scepticisms is all too well, but what is there to lose?

Hope you are keeping well and managing to rest.

Firewalker

Firewalker

Today...where did today go? We did the shopping but the house is really messy and nothing was done by any of us about it. OH, little boy and I, however, went to the cinema and saw the new version of the Karate Kid. I do like little Jaden Smith – he is so good...

There is a Russian bard called Bulat Okudzava and I finally found his songs on YouTube. Among other of my competences and skills I know Russian so translated (clumsily) one of his songs. It is called Prayer and the link is http://www.youtube.com/watch?v=xoRjh-pf5C0&feature=related

The first part of the song goes like that:

While Earth still goes around
While the World is still bright
God, give everyone
What they don’t have.
The clever give a head
The fearful give a horse
Give the happy money
And don’t forget about me.

While Earth still goes around
God your power
Give the one who wants power to be sated with power
Give advantage to the generous
Give Cain redemption
And don’t forgive about me.

I know you can do anything
I believe in your wisdom
Like the fallen soldier believes that he will go to heaven...

And so on. It is a work of beauty – just feel sorry my translation does not do it justice.

Good night.

Firewalker

scrooge2008

Hi Firewalker, what a lovely poem. I love your quotes and the personal philosophy you are developing. I read this quote and thought of you. You are in good company.

"The most beautiful and most profound experience is the sensation of the mystical. It is the sower of all true science. He to whom this emotion is a stranger, who can no longer wonder and stand rapt in awe, is as good as dead. To know that what is impenetrable to us really exists, manifesting itself as the highest wisdom and the most radiant beauty which our dull faculties can comprehend only in their primitive forms - this knowledge, this feeling is at the center of true religiousness".
( Albert Einstein - The Merging of Spirit and Science)

Firewalker

scrooge2008 wrote: »

"The most beautiful and most profound experience is the sensation of the mystical. It is the sower of all true science. He to whom this emotion is a stranger, who can no longer wonder and stand rapt in awe, is as good as dead. To know that what is impenetrable to us really exists, manifesting itself as the highest wisdom and the most radiant beauty which our dull faculties can comprehend only in their primitive forms - this knowledge, this feeling is at the center of true religiousness".
( Albert Einstein - The Merging of Spirit and Science)

Scrooge, I love this quote - and thank you.

Firewalker

Firewalker

OK, tonight I am going to try and solve a riddle – can’t guarantee success, though. In one of the books on financial health I have been reading, someone said that putting aside £1.85 a day is enough to make one a millionaire. Now this sounds very interesting, I think. Because putting aside £1.85 a day is roughly £56 a month, and this in turn is £672 per year. It does not sound much and it does not sound likely to produce a million or more either; in fact the whole thing sounds rather laughable. Particularly if one is thinking of putting this in a savings account at miserly interest.

I have been trying for weeks now to figure out how could this work. And I still don’t know the details but tonight I did a calculation that shows that this is far from impossible. A compounding calculation is a very difficult thing to do (particularly for people like me who have more humanities leanings) so for simplicity I am assuming that for the first year nothing happens and the amount is just a simple sum of the daily contribution of £1.85. Furthermore, I have assumed that over a calendar year each pound makes an average of ten (1:10); that putting on the side £1.85 continues throughout; and that nothing is taken out. Under these assumptions:

Year 1 - £672
Year 2 - £6,720
Year 3 - £73,920
Year 4 - £745,920
Year 5 - £7,465,920

Allowing for ups and downs and relaxing the assumption of 1:10 return only means that within five years putting aside £1.85 per day is not going to make £7.5 million but a million starts looking easy.

Having seen that it is possible there is the technical problem of figuring out how to make £10 for every £1 invested. My feeling is that at early stages it will have to be high risk/high return strategy. At some point when sufficient amount has been made investments will have to be diversified and an increasingly larger proportion invested in safer things – like property, gold etc.

Any concrete ideas welcome – of course if investment savvy people don’t mind sharing. But again there is the £100 to £10,000 thread where people are trying to do it and share. Does anyone have the link to the thread?

And if anyone is interested in a book called ‘Think and Grow Rich’ by Napoleon Hill (this the precursor of The Secret) it can be downloaded free from the internet
(http://www.soilandhealth.org/03sov/0304spiritpsych/030413.hill.think.and.grow.rich.pdf). Talking free, I am printing it now and praying to the Universe that hubby doesn’t find out – it probably will work out more expensive than buying it.

And the saying for tonight is:

“Some guy hit my fender, and I told him ‘Be fruitful and multiply’, but not in those words.” – Woody Allen

Firewalker

Poosmate

Hmmm wouldn't that be nice!

Buffythedebtslayer

Bear with me as I am not good at maths at all.

So for every one £1 you have to make £10

and you have to do that 672 times for one year, and what ever you make, each one of those pounds has to make £10 too?

Buffythedebtslayer

I think this is the thread? one of them any way - I thought there was a more "relaxed" one?

https://forums.moneysavingexpert.com/discussion/2234791

Firewalker

Buffythedebtslayer wrote: »

Bear with me as I am not good at maths at all.

So for every one £1 you have to make £10

and you have to do that 672 times for one year, and what ever you make, each one of those pounds has to make £10 too?

Hi Buffythedebtslayer,

every pound has to make ten over a year - this is correct. But don;t have to do it for each separately - buying or making something that you can sell for ten times the cost (once or a number of times would do the trick). Take a cake: costs about £3 to make (excluding your labour) and can sell in pieces for £30 (well, hypothetically speaking). Or material for evening dresses - if one can make really desirable dresses.

Should not forget that a pair of trainers costs about 7p. to make and I feel really lucky if I can get it for £60.

Firewalker