Healthy Wealth

04: A Few Concepts

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EPISODE HIGHLIGHTS:
  • 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:

  1. Money is dangerous because when you spend it in the wrong way, it can become a double-edged sword. 

  2. Even though you may love and cherish your family, make sure you are always aware of your financial situation. 

  3. Be vigilant and maintain your credit and income flow, for the future is a dangerously random path. 
TWEETABLE QUOTES:

  • “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 

RESOURCES MENTIONED:
  • Schedule a time to talk with Erik 
  • Find Erik on Instagram and Facebook
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Healthy WealthBy Erik Smith
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