Money Moves

🛎 Don’t miss the date ⁣
(November 30th in most cases) to communicate any changes you would like to make for next year!⁣
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𝐇𝐞𝐚𝐥𝐭𝐡 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐩𝐫𝐞𝐦𝐢𝐮𝐦𝐬 𝐰𝐢𝐥𝐥 𝐫𝐢𝐬𝐞 𝐛𝐲 𝐚𝐧 𝐚𝐯𝐞𝐫𝐚𝐠𝐞 𝐨𝐟 𝟔 𝐩𝐞𝐫𝐜𝐞𝐧𝐭 𝐢𝐧 𝟐𝟎𝟐𝟓.⁣
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The benefits of compulsory basic health insurance are defined by the Health Insurance Act (KVG) and are the same for all providers. ⁣
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The situation is different when it comes to premiums.⁣
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These can vary a lot depending on the health insurance company. ⁣
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𝐓𝐨 𝐨𝐩𝐭𝐢𝐦𝐢𝐳𝐞 𝐲𝐨𝐮𝐫 𝐩𝐫𝐞𝐦𝐢𝐮𝐦𝐬, 𝐡𝐞𝐫𝐞’𝐬 𝐰𝐡𝐚𝐭 𝐲𝐨𝐮 𝐜𝐚𝐧 𝐝𝐨:⁣
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1. 𝐄𝐯𝐚𝐥𝐮𝐚𝐭𝐞 𝐲𝐨𝐮𝐫 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐲𝐞𝐚𝐫 𝐦𝐞𝐝𝐢𝐜𝐚𝐥 𝐜𝐨𝐬𝐭𝐬 ⁣
to see if your insurance cover has been sufficient or if you are expecting your needs to change next year.⁣
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𝟐. 𝐂𝐡𝐨𝐨𝐬𝐞 𝐭𝐡𝐞 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐦𝐨𝐝𝐞𝐥 𝐟𝐨𝐫 𝐲𝐨𝐮𝐫 𝐧𝐞𝐞𝐝𝐬 ⁣
Free choice of doctors, Family Doctor, Telemedicine, Health Network Model or a Flexi mix.⁣
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𝟑. 𝐂𝐡𝐨𝐨𝐬𝐞 𝐭𝐡𝐞 𝐚𝐧𝐧𝐮𝐚𝐥 𝐝𝐞𝐝𝐮𝐜𝐭𝐢𝐛𝐥𝐞. ⁣
Remember, the higher the deductible, lower the premium.⁣
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🔥 If you are in good health and do not anticipate any medical treatment choose a higher deductible to lower your costs.⁣
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Otherwise, choose the lowest.⁣
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🛎️ If you decide to make any changes to your current contract, communicate those to the insurance company before November 30th!⁣
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P.S: Sign up for my weekly email to get money tips, financial strategies, exclusive access to free online masterclasses & money musings from my own life.⁣
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http://eepurl.com/hG8wir ⁣
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😎 Just tracking your money,⁣
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spending less than you earn,⁣
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and investing what you save⁣
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can build more wealth for you than people who may be earning more than you.⁣
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I see people who earn CHF 400K a year and spend CHF 400K a year.⁣
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📊 The graphic helps you see that you can’t build wealth if you keep resetting yourself back to zero by spending everything you earn.⁣⁣
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📌 Even if you don’t have much left right now,⁣
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it’s important to figure out a way to either reduce your expenses ⁣
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or increase your income so that you can save and invest.⁣⁣
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💰 The more you are able to invest, the faster you can build wealth ⁣
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and have enough money for your future needs.⁣⁣
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⁣Let’s hear it for our average investors 🙌🙌⁣
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Here’s an opportunity for my Geneva community to learn to save and grow your money to live the life you want:⁣
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𝗪𝐡𝐚𝐭?⁣
A 6 week program: Where Did The Money Go?⁣
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𝗪𝐡𝐞𝐧?⁣
Starting January 18th⁣
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𝗪𝐡𝐞𝐫𝐞?⁣
Le Grand Saconnex, Geneva⁣
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𝘚𝘪𝘨𝘯 𝘶𝘱 𝘰𝘯 𝘵𝘩𝘪𝘴 𝘭𝘪𝘯𝘬 𝘵𝘰 𝘨𝘦𝘵 𝘮𝘰𝘳𝘦 𝘥𝘦𝘵𝘢𝘪𝘭𝘴 𝘢𝘯𝘥 𝘳𝘦𝘨𝘪𝘴ter 👇🏼⁣⁣
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https://forms.gle/1LpULHPB6eLXXhRF9⁣⁣
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Multiple streams of income can:⁣
💰 give you financial stability⁣
💰 get you closer to your financial goals.⁣
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Start with ways which have the lowest barrier to entry.⁣
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The easiest streams of income, other than your current full-time job are things like⁣
🌟 investing⁣
🌟 and side hustles.⁣
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Learn how you can best create this income in a sustained way.⁣
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It's important to do your research in advance.⁣
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Be patient and give each stream time to grow.⁣
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For you who are based in Geneva here are 2 programs that can help you can enhance your skills, knowledge and confidence on this path.⁣
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𝐌𝐚𝐤𝐞 𝐌𝐨𝐫𝐞 𝐌𝐨𝐧𝐞𝐲⁣⁣
𝘉𝘶𝘪𝘭𝘥 𝘢 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘧𝘳𝘰𝘮 𝘱𝘢𝘴𝘴𝘪𝘰𝘯 𝘵𝘰 𝘱𝘳𝘰𝘧𝘪𝘵⁣⁣
This program is about taking concrete steps to turn a passion or skill into a source of income or a business.⁣⁣
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You’ll get practical and actionable steps to help you fine tune your idea and set solid foundations to grow your business.⁣⁣
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14 weeks, 75 minutes between November 13, 2023 to June 3, 2024⁣⁣
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𝗪𝐡𝐞𝐫𝐞 𝐃𝐢𝐝 𝐓𝐡𝐞 𝐌𝐨𝐧𝐞𝐲 𝐆𝐨?⁣⁣
𝘓𝘦𝘢𝘳𝘯 𝘵𝘰 𝘴𝘢𝘷𝘦 𝘢𝘯𝘥 𝘨𝘳𝘰𝘸 𝘺𝘰𝘶𝘳 𝘮𝘰𝘯𝘦𝘺 𝘵𝘰 𝘭𝘪𝘷𝘦 𝘵𝘩𝘦 𝘭𝘪𝘧𝘦 𝘺𝘰𝘶 𝘸𝘢𝘯𝘵⁣⁣
This program will help you set meaningful life and financial goals and understand your financial position.⁣⁣
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Learn to use tools like expense tracking, budgeting, saving and debt repayment to walk away with a personal plan to achieve your goals.⁣⁣
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6 weeks, 75 minutes between January 18, 2024 and February 29, 2024⁣⁣
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Get more information here: ⁣
https://forms.gle/1LpULHPB6eLXXhRF9⁣
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Are you ready to take action?⁣
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I’m all about investing towards your goals. But where should you put money you’re going to need before that?⁣
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🔥 Enter: Savings Account⁣
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𝗪𝐡𝐚𝐭 𝐢𝐬 𝐚 𝐒𝐚𝐯𝐢𝐧𝐠𝐬 𝐀𝐜𝐜𝐨𝐮𝐧𝐭?⁣
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Savings Accounts are bank accounts designed for parking money aside. ⁣
These accounts can earn you a higher interest than private accounts though they have restrictions on withdrawals and transfers.⁣
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𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐨𝐟 𝐚 𝐬𝐚𝐯𝐢𝐧𝐠𝐬 𝐀𝐜𝐜𝐨𝐮𝐧𝐭⁣
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✔️ They’re safe.⁣
These are insured upto a limit.
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✔️ They pay interest. That rate keeps changing as the central bank rate changes, which is good when the rates are rising. ⁣
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✔️ They’re liquid. You can take your money out at any time you want (some restrictions apply)⁣
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✔️ They’re accessible. Most banks offer them with no fees or minimum balance requirements.⁣

💃🏻 You are likely to live a lot longer than you realize.

Obviously, you will need money to do so.

🧐 Our understanding of how many years we will live in retirement is very poor.

On average, men who make it to age 65 can expect to live to 84, while women even upto 87.

😟 The ‘risk’ in longevity is that you will outlive your cash.

How can you plan your finances for a longer lifespan?

This article in Reuters suggests these 3 layers:

📌 Hold stocks well into retirement

This is against the old advice that after retirement you should be invested mainly in ‘safer’ asset classes like bonds or cash.

📌 Consider guaranteed income products which provide some sort of lifetime income.

📌 Delay the start of your pension benefits as long as you can. Your monthly check will be much bigger for the rest of your life.

Do you have any other ideas?

How to save for a longer lifespan If you have reached age 65 and are reading this, you are likely going to live a lot longer than you realize.

💥 It’s not just how much you earn, ⁣
but 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘥𝘰 𝘸𝘪𝘵𝘩 𝘺𝘰𝘶𝘳 𝘮𝘰𝘯𝘦𝘺 ⁣
that determines your financial health.⁣⁣
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Here is a 3-step plan to start taking control of your money:⁣⁣
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✅ 𝐄𝐯𝐞𝐫𝐲𝐝𝐚𝐲: Learn a little bit each day. Read a few pages of a financial book, follow a financial blog or podcast, or watch a related video.⁣⁣
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✅ 𝐄𝐯𝐞𝐫𝐲 𝐰𝐞𝐞𝐤: We are surrounded by resources beyond the digital search engine - our coworkers, family members or friends offer a range of opinions and experiences which can be invaluable.⁣⁣
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✅ 𝐄𝐯𝐞𝐫𝐲 𝐦𝐨𝐧𝐭𝐡: It doesn’t have to be a huge amount, but set aside some money each month towards your saving goals. Setting up automatic transfers to a savings account can be a simple way to start.⁣⁣
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Would you like my recommendation for books, podcasts or other resources? Just leave a comment below ⬇️⁣
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🤑Did you ever buy something to make yourself feel happier? ⁣
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𝘋𝘪𝘥 𝘪𝘵 𝘸𝘰𝘳𝘬?⁣
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Or did it perhaps leave your wallet emptier and your life more cluttered? ⁣
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Perhaps you believed that more was better?⁣
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Here’s a way to look at your relationship between money and happiness.⁣
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📈 This fulfillment curve was originally shared in the book Your Money or Your Life, by Joe Dominguez and Vicki Robin.⁠⁣
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⁠This curve shows the correlation between you and how you feel (fulfillment) vs. what you spend (money). ⁣
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You can use this tool to look at how spending more can impact your level of fulfillment, and also the tipping point at which spending more starts to make you less happy. ⁠⁣
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It can be applied to everything we spend money on throughout our lives.⁠⁣
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⁠The fulfillment curve will be different for each of us; what is ‘enough’ for me may not be the same as ‘enough’ for you.⁣
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The point here is just to encourage you to take a step back when you find yourself wanting more and think about where that desire is based.⁣
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Understanding this can be incredibly liberating and preventative, as awareness enables you to stop sacrificing time to pursue financial gain.⁣
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Have you read this book?⁣
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😅 Do you feel that you are working so hard, have a good income, yet struggle to save money at the end of the month?⁣
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𝘎𝘦𝘵𝘵𝘪𝘯𝘨 𝘮𝘰𝘯𝘦𝘺 𝘢𝘯𝘥 𝘣𝘦𝘪𝘯𝘨 𝘢𝘣𝘭𝘦 𝘵𝘰 𝘬𝘦𝘦𝘱 𝘵𝘩𝘢𝘵 𝘮𝘰𝘯𝘦𝘺 𝘢𝘳𝘦 𝘥𝘪𝘧𝘧𝘦𝘳𝘦𝘯𝘵 𝘴𝘬𝘪𝘭𝘭𝘴.⁣
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𝐆𝐞𝐭𝐭𝐢𝐧𝐠 𝐦𝐨𝐧𝐞𝐲 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐬:⁣
⬆️ Action⁣
⬆️ Taking Risks⁣
⬆️ Being Positive⁣
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𝐊𝐞𝐞𝐩𝐢𝐧𝐠 𝐦𝐨𝐧𝐞𝐲 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐬 𝐣𝐮𝐬𝐭 𝐭𝐡𝐞 𝐨𝐩𝐩𝐨𝐬𝐢𝐭𝐞 𝐬𝐤𝐢𝐥𝐥𝐬:⁣
⬇️ Playing Safe⁣
⬇️ Being Fearful⁣
⬇️ Inaction⁣
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Doing well with money has a little to do with how smart you are and a lot to do with how you behave.⁣
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𝘈𝘯𝘥 𝘣𝘦𝘩𝘢𝘷𝘪𝘰𝘳 𝘪𝘴 𝘩𝘢𝘳𝘥 𝘵𝘰 𝘵𝘦𝘢𝘤𝘩, 𝘦𝘷𝘦𝘯 𝘵𝘰 𝘳𝘦𝘢𝘭𝘭𝘺 𝘴𝘮𝘢𝘳𝘵 𝘱𝘦𝘰𝘱𝘭𝘦.⁣
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Are you developing your skills to keep and grow your money?⁣
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P.S: You can read more about it in The Psychology Of Money, By �Morgan Housel⁣

🧐 What can we, as ordinary investors, learn from the recent bank failures?⁣
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𝘛𝘪𝘮𝘦𝘴 𝘭𝘪𝘬𝘦 𝘵𝘩𝘪𝘴 𝘮𝘢𝘬𝘦 𝘶𝘴 𝘤𝘳𝘢𝘷𝘦 𝘴𝘢𝘧𝘦𝘵𝘺, 𝘱𝘳𝘰𝘵𝘦𝘤𝘵𝘪𝘰𝘯, 𝘢𝘯𝘥 𝘤𝘦𝘳𝘵𝘢𝘪𝘯𝘵𝘺. ⁣
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You start to wonder - should I leave my money in the bank? Put it into gold? Bury it in the backyard?⁣
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Before making any knee-jerk decisions, it helps to remind yourself of the advantages of asset diversification.⁣
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𝗪𝐡𝐚𝐭 𝐢𝐭 𝐢𝐬?⁣
Diversification is spreading out your money in different investments, so that you're not too exposed to any one investment.⁣
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𝐇𝐨𝐰 𝐭𝐨 𝐝𝐨 𝐢𝐭?⁣
Here are some ways you can diversify:⁣
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1. 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐀𝐬𝐬𝐞𝐭 𝐂𝐥𝐚𝐬𝐬𝐞𝐬⁣
Different types of classes of assets have different performances during the same economic event. So, different classes of assets such as stocks, fixed-income investments, commodities, real estate, cash, etc. can be included in a portfolio for lowering the overall risk.⁣
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2. 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐈𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬⁣
Different individual companies perform differently in the market according to the different factors. ⁣
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3. 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬⁣
Some events are industry-specific. If that event occurs, the value of only investments in those industry instruments will decrease. ⁣
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4. 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐆𝐞𝐨𝐠𝐫𝐚𝐩𝐡𝐢𝐞𝐬⁣
Most of us have biases towards investments in our home countries. It is beneficial to diversify the portfolio internationally because an event that is negative for one country might have no effect on other countries or might have a positive effect on other countries. ⁣
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𝗪𝐡𝐚𝐭 𝐞𝐥𝐬𝐞?⁣
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𝘔𝘢𝘪𝘯𝘵𝘢𝘪𝘯 𝘉𝘢𝘯𝘬 𝘈𝘤𝘤𝘰𝘶𝘯𝘵 𝘣𝘢𝘭𝘢𝘯𝘤𝘦𝘴 𝘣𝘦𝘭𝘰𝘸 𝘵𝘩𝘦 𝘪𝘯𝘴𝘶𝘳𝘦𝘥 𝘵𝘩𝘳𝘦𝘴𝘩𝘰𝘭𝘥. ⁣
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📌 For example, In Switzerland, deposits are protected up to a maximum of CHF 100,000 per individual and per bank or securities firm.⁣
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These events serve as a reminder to re-examine our investment choices.⁣
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🔥 Claiming tax deductions is an easy was to save money.⁣⁣
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𝘈𝘳𝘦 𝘺𝘰𝘶 𝘤𝘭𝘢𝘪𝘮𝘪𝘯𝘨 𝘢𝘭𝘭 𝘵𝘩𝘦 𝘥𝘦𝘥𝘶𝘤𝘵𝘪𝘰𝘯𝘴 𝘺𝘰𝘶 𝘢𝘳𝘦 𝘦𝘯𝘵𝘪𝘵𝘭𝘦𝘥 𝘵𝘰?⁣⁣
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Here is a list of 𝟏𝟎 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐝𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬 you'll need to declare your taxes and claim your deductions easily:⁣⁣
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𝐅𝐨𝐫 𝐝𝐞𝐜𝐥𝐚𝐫𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 𝐢𝐧𝐜𝐨𝐦𝐞 𝐚𝐧𝐝 𝐚𝐬𝐬𝐞𝐭𝐬:⁣⁣
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1. Salary certificate(s) (if you are an employee)⁣⁣
2. Accounts (if you are self-employed)⁣⁣
3. Bank or post office account statements⁣⁣
4. Statements relating to investments⁣⁣
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𝐅𝐨𝐫 𝐦𝐚𝐤𝐢𝐧𝐠 𝐝𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬:⁣⁣
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5. Certificates for contributions made to pillar 2 and 3a pension funds⁣⁣
6. Health insurance costs and medical expenses⁣⁣
7. Job-related expenses⁣⁣
8. Costs of professional education and training courses⁣⁣
9. Receipts for donations to charities⁣⁣
10. For homeowners: documents relating to property tax, mortgage interest, bills for maintenance and repairs, running and administrative costs, etc. ⁣⁣
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😎 Be well prepared and save your time and money!⁣⁣