04: A Few Concepts
Release Date: 08/30/2019
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- The "Rule of 72" is a concept that Einstein called the 8th wonder of the world.
- Considering how this concept explains interest.
- Erik explains the compound interest rates and how it works money against you.
- How credit cards can be a trap, but in certain cases can be useful.
- Example of a situation that can be dangerous for your financial health.
- When helping others in your family, make sure you are careful with your own wellbeing.
- Financial situations can be dangerous when dealing with debt.
- Explaining the worrying spiral of negative financial events.
- Erik talks about the loss of pensions and the horrifying reality of life without social security.
3 KEY POINTS:
Money is dangerous because when you spend it in the wrong way, it can become a double-edged sword.
Even though you may love and cherish your family, make sure you are always aware of your financial situation.
- Be vigilant and maintain your credit and income flow, for the future is a dangerously random path.
“It is being on an airplane, you need to put on your mask before you help someone else.” -Erik
“We are on a track to be worse off than our parents financially.” - Erik