What will happen to you if your income suddenly stops?
How long can your “saving” last?
If you save 10% of your income every month and invest the money in an investment that earns you 8% interest annually.
One year without income you will spend all the money that you have saved in the last 7.37 years.
Let’s look at the following example:
Monthly income: $3,000.00 (Annual income: $36,000.00)
Monthly saving: $300.00 (10%)
You invest $300.00 per month in an investment that earns an average of 8% interest annually.
It takes 7.37 years or 88.46 months to accumulate $36,000.00 in your investment account based on 8% interest annually.
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