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Learning to Save
Can You Really Get Rich Taking Surveys? (a mind snack for your brain)
Savings Corner
Most financial institutions have free financial calculators available online.
Check them out wherever you bank and see how much you need to save to meet your goals.
Then go for it!
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Have a mortgage?
Did you know that an extra $100/month to the principal of...
$200,000
30 year mortgage 6.5% annual interest
could save you over $55,000
and pay it off almost 5 years early?
WOW!
(check it out on your local bank's online financial calculators!)
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The Difference a Few Dollars Can Make
Some people wonder if taking surveys online is really worth the effort. After all, if you are already meeting your needs, why should you bother? Here are a few "did you know's" that may make you reconsider:
Hint: Pay close attention to #3
Did you know?
Question: What does saving $100/month give you at the end of just over 30 years, at 5.5% annual rate of return and an inflation rate of 3.1% ?
1. Businesses use market research to determine pricing. If you are participating in survey panels, you help determine at what price products are be sold at. This means you can either help save yourself some money, or inadvertently end up paying more by default. One person's opinion of product value may not match yours. Don't you want a say when it effects your pocketbook?
2. You have a choice. Occasionally people sign up for research panels and get a little disappointed. There are an abundance of surveys in the $1 area, that require 15 minutes or more of your time. You don't have to respond! This is why I always mention it is great extra income. It should not be considered a full-time job. Thinking you will make big bucks consistently will inevitably leave you bitter and disappointed -- and not the ideal candidate these panels are looking for. Occasionally, however, if you have the time, you may want to take the surveys anyway. Both for reason #1 and reason #3 below.
3. Economics. Ok, this one gets a little deep so pay close attention. The economy tends to be cyclical. Good for a few years, bad for a few years... blah blah blah. Anyway, I want you to fully understand how saving of a few dollars a week can compound into a substantial nest egg over time.
Ever dream of being a millionaire? Check this post from my blog out... How Paid Surveys Can Make You Rich
or just look at this one simple example:
Answer: $100,000
$100,000! for effortless work at your convenience. What if you could save even more? What if you managed an even higher return over time?
Sound good? Let me tell you what that means.
First, we have to assume some variables are constant, such as a 3.1% average inflation rate, and that you are getting an average of 5.5% interest on your money (it is eventually likely you will need to invest in both high and low risk investments over time to average this rate. You can't just stick it in a bank for that rate right now... but I am not a financial advisor, so find one when you're ready -- see learning to save for more)
This means that if you do a few surveys a week and average $100 per month, you can have $100,000 for your retirement, with very little effort.
Perhaps you are young enough to think your going to be rich anyway, or maybe you think you are too old to start. It is never too late.
Things will happen in your life that come unexpectedly. Whether it is a failing economy, job loss, health, or just bad decisions you have to learn from, if you ever doubted how taking a few surveys can be worth your time, you may want to take another look.
*Check out the motivational tips in the side bar
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