Savings rate – Increase income or save more money?

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Why is savings rate important?

When you are steering towards Financial Freedom it’s fun and satisfying to look at your income raising from month to month. However, income is only a part of the equation. Expenses are just as important. Still, a lot of people choose to neglect this area. Why? It’s obvious… It means cutting down on all the things you’re used to buy for short term pleasure! Who want’s to cut down on fun? We all want to be rich to spend lots of money, right?

Raise your awareness

The thing is, every small purchase will postpone the day you will be able to retire as a financially free human being. Every unnecessary purchase means more working years. Is it really worth it? You don’t necessarily have to be a fanatic about money and sit on your wallet like a cheap scotchman during a finanial crisis. But if you start being aware and ask yourself if you really need the thing you’re about to buy, you’re doing yourself a huge favor. More often than not, you will be able to postpone the purchase. Maybe you will even forget that you wanted it in the first place.

To make it easier to save, I tell myself: I’m not denying myself this treat. I’m going to get it… LATER. I’m just postponing the purchase a few years. I’m going to buy it when I’m rich – when I’m financially free! Continue reading “Savings rate – Increase income or save more money?”

Visiting Bondora’s office in Tallinn

Last week I traveled to Tallinn, Estonia to visit Bondora. I brought my mom who also invested in Bondora. Visiting a company always gives a better impression of your investment decision. Most of my questions had already been answered on email beforehand but we got a chance to meet and greet the people working there which I highly appreciate.

We traveled with airBaltic from Denmark, through Riga to Tallinn. During the visit we were staying at the TALLINK Spa & Conference Hotel, located in the old town of Tallinn. It’s a nice hotel with a very good breakfast buffet and a wonderful Spa area.

TALLINK Spa & Conference Hotel

Continue reading “Visiting Bondora’s office in Tallinn”

I’m switching from Twino to Mintos

Twino vs. Mintos

Twino vs. Mintos

Twino has been serving me well over the past 1½ years. I have been able to get a 13.58% Return (XIRR) since I started. About 6 months ago the interest rates started dropping from 13-14% to 12% and now 10-11%. On top of that, the 11% loan availability has been relatively low. If you only use the Auto-Invest setting, often the funds will not be reinvested for several days. I have not been overly happy with that, given the large amount invested. Continue reading “I’m switching from Twino to Mintos”

Investing for financial freedom

Money tree - Financially freeFinancial freedom – What would it mean to you?

What would your life be like, if you never had to worry about money again and only had to work if you wanted to? What kind of work would you do, if you weren’t doing it for the money? I know this might sound like a dream scenario that would only possible for a few selected people that come from a rich family, but I’m here to tell you something else. You can do it too! I’m even going to show you how to do it, by doing it myself. Continue reading “Investing for financial freedom”