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RE: Sharing Your Personal Finance Advice; (Advising a Financial Dummy)

in Project HOPE5 years ago

Cheers @futurekr.

I have heard a lot of people say save 50% of your income, invest 10%, 10% for needs and 10% for wants and the remaining 20 for debt until you are out of debt.

These models cannot always be applicable in any country. It all depends on the national economy and social circumstances.

I make this statement thinking about the social and economic situation of Venezuelans. It would be impossible for an average Venezuelan to save 50% of his income.
The Venezuelan reality is that 100% of what you receive as income will only cover the minimum necessary to survive. Thus the possibility of saving or investment is almost nil.

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Thanks for the comment..

Hearing that it will be impossibly for an average Venezuelan to save 50% of their income means it will be difficult to climb the ladder of wealth and claiming financial freedom in about 15 years.

 5 years ago 

Sadly.