Too much admin for a Sunday.
- Pack up boxes before movers come on Friday – 95% done
- Take inventory – Not done
- Power of attorney. Last will and final testament. Reassessing retirement performance against goals – #%$^@#! This takes so much time to understand. Not done!
- Open an investment fund account – Done
- Pay credit card bill – Done
- Updating the Living in South Africa page – Done
- Dale Carnegie’s “How to make friends and influence people” – Done! Finished the book
- Understand the difference between mutual funds & electronically traded funds (ETF) – Done
Two articles I’d like to recommend after 6 hours on the web:
“If today is your 20th birthday and you begin a system of saving $263.67 every month—that’s $3,164.04 per year—for 45 years, never pay any taxes or investment fees on it and earn 7% a year, you will have $1 million in the bank when you hit age 65.”
7% annual return is the average return of US indices like Standard and Poor’s (S&P)… which means we need to create appropriate investment vehicles to park our cash. If you were me from yesterday (without today’s all-day research), this probably makes no sense to you.
I feel your pain. I really do.
In the next few days, I’ll translate ‘super scary and gibberish financial talk’ to regular people speak. Starting tomorrow, I’ll start investigating appropriate ETFs with lowest management fee , zero transaction costs, and efficient tax vehicle.
My goal is to park excess cash into an ETF by 10 May.