A million pounds. It is one of those figures that you hear thrown around when buying a lottery ticket or when reading the Forbes Rich List (most probably much more than just a million in those cases but I think we would all settle for that humble 7-figure). So over at QuidCycle HQ, we have been wondering - “How could we be millionaires?”. Now the answer is much simpler than you would have thought! Our excel wizard, Max, has been crunching numbers and has come up with a wallet-filling formula that we can all follow.
That’s right we’re leaping with excitement here at QuidCycle...ok ok enough of the bad puns. But with a bonus day to make the most of (and if you are an hourly worker, a bonus pay day too) what are you planning to do with it? Proposing? Ladies it’s tradition for you to get down on one knee on Feb 29th. Or if it’s your birthday, are you having an extra special celebration?
So it was only just last week that the Financial Times declared that 20-somethings need to start putting away £800 a month to build a large enough fund to be comfortable in retirement. (Have a look at our article about investing as little as £259 a month into QuidCycle instead to be retirement ready here). The Daily Mail released an article which has made those saving prospects even more daunting - “Savings rates are now so low that savers are building up their nest eggs by leaving cash in their current accounts.” Saving in current accounts? What is this tomfoolery?
I am a 24-year old that lives in London. I still live at home but have high hopes of moving out to gain that all-expected holy grail of independence. However, I will just repeat, I am a 24-year old that lives in LONDON. The Guardian released an article in October revealing that average rent prices in London hit £816 per month! Now that is a hefty chunk out of my paycheck in itself.