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Some Home Truths About Money

Notes of my most interesting discoveries and thoughts about money

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Some Home Truths About Money | My Home Vitality

If your household took home £25,000 per annum, for 40 years, your total household income over those 40 years would be £1 million. The UK’s average wage is £569 per week or £29,588 per year (April 2018) – Resource

If you took home the UK’s average wage (569 per week or £29,588 per year), you would take home around £23,656 after tax and national insurance (UK tax laws 2019-20). If you earned that much for 40 years you would take home £946,227 – Resource

If you start with 1p and double it every day for 31 days, you would accumulate £10,737,418.24.

If you borrow money to purchase something, it’s highly unlikely that you own it.

Poor financial health is spending more money than you accumulate, poor physical health is accumulating more calories than you expend.

Money itself is worthless, it is just a number on a screen or a printed piece of paper. Historically, notes were I.O.U’s provided by banks/governments that promised a certain amount of gold or silver in return for the note. Once bankers realised that hardly anyone asked for their gold, especially all at once, they circulated more I.O.U’s than the amount of precious metal held. This is why, when there is a “run on the banks,” they cannot repay.

Money is effectively debt. We have got to a point where there has to be debt in the system for our economy to work… It keeps borrowers working and lenders lending, which results in a global merry-go-round of production. You have to work to repay debt. All of the interest on debt circulating within the world can never be repaid because it never entered the system as a coin or note from a central bank in the first place. It is made up for banks to profit.

World Debt | My Home Vitality

The more money in the world, the less valuable money is, unless the volume of production and trade grows by the same amount. This means more “stuff” has to be produced for sale in order to keep up with the amount of money in circulation; otherwise, prices will rise per product/service (inflation), decreasing the overall value of money. Luckily, services, especially e-services are growing but if we have to rely on physical resources to maintain the monetary system, we are in for a big shock!

Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist | Kenneth E. Boulding Quote | My Home Vitality

Over 1.9 billion people (26.2%) of the world’s population, were living on less than $3.20 (around £2.08) per day in 2015 – Resource

Close to 46% of the world’s population (around 3.3 billion) were living on less than $5.50 (around £3.58) per day in 2015 – Resource

Please feel free to add your own truths and perspectives to this list, using the thought box below.

If your truths are supported by facts, add a link to a reliable source.

I hope these truths serve you as much as they serve me.

Shaun.

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