Monday, December 14, 2009

make your money work for you

As a follow up on my last blog here, I'm commenting on the phrase "Let your money work for you". This came to mid from the promotional speech the sunlife rep made to a gathering of us doctors in a seminar.

If you have enough money in a bank or in stocks or whatever, you literally can make you money work for you. The concept is simple. You work hard and save up enough money. Place/invest it in the interest earning thingie of your choice then just live off the interest. Thats it. Of course its easier said than done. And you have to factor in inflation and whether or not you can cash out or liquidate your investment readily.

Say you have 1 million pesos and you earn interest (minus inflation) of 1%  a month or 10,000 a month, then if you can make the 10k last one month, you've made it and can retire.

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