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NanaYaw

I want to help others learn about how to handle thier finances and i need ideas

Posted by NanaYaw • 2/25/09 • Subscribe to this Discussion [RSS] • Report This Topic
Topics: finance, getting out of dept, investing, savings

Dear Friends
i am searching for a way to help people handle their finances in two main ways:
1 - for people in debt = Some people are always swimming in debt, if they follow a plan of living on 70% of their income, saving and investing 10% of it and using 20% to repay loans and credits, they would be able to pay off their debts as well as have savings for the future.

2 - for those who are not in debt- if they save and invest at least 10% of what they earn each month, they could be able to retire a whole 10 to 15 years before 65 years of age.

why do i need your help? well, i want to find the best possible means (medium ,media etc) that will inspire people to follow this plan. I have a group on Facebook and my own blog, but i feel there should be better means of reaching and helping other people. Do you have any idea that could be of help?

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User Comments

  1. Epicharis
    2/25/09
    Epicharis
    I think you might need to revise your theory...I doubt that the reason most people are struggling financially is because it hadn't occurred to them to save a bit of their money... Spending only 70% of what you earn isn't always viable...that's why people are in debt in the first place...they need more money than they earn!
    [reply]
  2. NanaYaw
    2/25/09
    NanaYaw
    My dear friend, i hope i can call you Siuil? Indeed you do have a valid point. However, the problem with most people is spending beyond what they earn and usually theses extra spending are usually not on needs but wants. Imagine what happens when people continue to spend against a future unearned income? they end up going deeper and deeper into debt. If they could discipline themselves to spend within their earnings (which calls for forfeiting certain desires) they would be able to start building a small egg nest and if that is invested wisely, could help them to satisfy some of their wants in the future. usually what gets us into debt is our innate desire to have what we can't afford.
    [reply]

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