{"id":46894,"date":"2020-11-30T14:21:19","date_gmt":"2020-11-30T12:21:19","guid":{"rendered":"https:\/\/www.bondora.com\/blog\/?p=46894"},"modified":"2020-11-30T14:21:19","modified_gmt":"2020-11-30T12:21:19","slug":"a-recap-of-our-videos-in-november-2020","status":"publish","type":"post","link":"https:\/\/goandgrow.eu\/en\/blog\/a-recap-of-our-videos-in-november-2020\/","title":{"rendered":"A recap of our videos in November 2020"},"content":{"rendered":"\n

The month of November was big on finance tips. We talked about whether savings can make you rich or not, emergency funds, investment mistakes by beginners and the mother of sales \u2013 Black Friday. Jump in below for the full gist.<\/p>\n\n\n\n

Can a savings account make you rich? – Bondora<\/strong><\/h2>\n\n\n\n

Getting rich is a financial goal for almost everyone. But will your bank savings account help you achieve it?<\/p>\n\n\n\n

Chances are you\u2019ve had a bank savings account at some point in your life. It\u2019s convenient to open, easy to deposit money into, and you can withdraw your money whenever you like. But the downside of a bank savings account is the low-interest rate. Currently, you\u2019ll be lucky if you get a return rate of more than 1.5%.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

So although the convenience of a bank account is nice, the price you pay is having your money grow very slowly. And if you take the rate of inflation into account, your money won\u2019t grow, it will simply remain the same \u2013 which won\u2019t make you rich.<\/p>\n\n\n\n

Luckily, there are other ways to make more money. By investing in assets that will pay you more, you can let your money work for you effectively.<\/p>\n\n\n\n

So if your goal is getting rich, then search for investment options that provide higher earnings for you. Read more about this topic in our blog post<\/a>.<\/p>\n\n\n\n

The top 3 things you need to know about emergency funds – Bondora<\/strong><\/h2>\n\n\n\n

If 2020 has taught us anything, it\u2019s that you should always have an emergency fund. Here are our top 3 things you need to know about emergency funds:<\/p>\n\n\n\n

1. It really is necessary<\/strong><\/h3>\n\n\n\n

No matter what your financial situation is, it\u2019s essential that you put some money away for emergencies. By having an emergency fund, you\u2019ll have less financial stress during difficult situations. Whether it\u2019s taking your car in for a service, paying for medical bills, or having enough money to use if you\u2019re looking for a new job.<\/p>\n\n\n\n

2. How much should you save?<\/strong><\/h3>\n\n\n\n

How much you save is really your own decision. But we recommend you save enough money to cover up to 3-6 months\u2019 worth of expenses. That way, you\u2019ll be better prepared for almost any emergency.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

3.<\/strong> It\u2019s easier than you think<\/strong><\/h3>\n\n\n\n

When you make a priority of it, it\u2019s much easier than you think. There\u2019s this saying \u2018pay yourself first\u2019 and that\u2019s the secret to success here. Once you receive your monthly income, immediately put money aside into your emergency fund. Then you know it\u2019s done and you won\u2019t accidentally spend it. Plus, it\u2019s super rewarding to see your fund growing. TIP: With Go & Grow, you can set your goal amount and see how each payment and return gets you closer to your emergency fund goal!<\/p>\n\n\n\n

6 beginner investment mistakes you can avoid – Bondora<\/strong><\/h2>\n\n\n\n

When you\u2019re new to investing, it\u2019s understandable that you might fall into some traps and make some mistakes. But we\u2019re here to help! We listed 6 investment mistakes beginners make so you don\u2019t have to make them.<\/p>\n\n\n\n

1. They put all their eggs into one basket.\u00a0<\/strong>You should always diversify your portfolio to help manage risks<\/p>\n\n\n\n

2. They invest everything they have.\u00a0<\/strong>Rather be cautious while you\u2019re learning how investing works. It might not be fun, but it\u2019s better than losing everything.<\/p>\n\n\n\n

3. They have no plan.\u00a0<\/strong>You need to know what you want to achieve with your investment in order to work towards that goal.<\/p>\n\n\n\n

<\/p>\n\n\n\n

4. You invest into something that\u2019s too good to be true.\u00a0<\/strong>Do your research! If something is too good to be true, it usually is.<\/p>\n\n\n\n

5. They think they\u2019ll get rich quick.<\/strong>\u00a0Investing is a patient, long-term game and most people won\u2019t become a millionaire overnight.<\/p>\n\n\n\n

6. They make rushed decisions.\u00a0<\/strong>It\u2019s easy to want to withdraw all your money when things get rough (remember March 2020?) But you\u2019ll end up harming your investment more in the long run. Don\u2019t rush and remember, you\u2019re investing for the long term.<\/p>\n\n\n\n

Now you know the 6 most common mistakes beginner investors make and how to avoid them. We hope you can use these tips to better your chances at building wealth.<\/p>\n\n\n\n

Black Friday is almost here – Bondora<\/strong><\/h2>\n\n\n\n

So, it\u2019s that time of year again. Black Friday is just days away, and we know you\u2019re scouting out all the best deals and sales. But is it really a bargain if you buy something you don\u2019t need?<\/p>\n\n\n\n

Sales are designed to trigger us into buying things we don\u2019t always need. And Black Friday is the mother of all sales. And listen, if you\u2019ve been waiting to get the latest gadget and you can get it at a 75% discount on Black Friday, that\u2019s great.<\/p>\n\n\n\n

But before you buy that new hairdryer, or a kitchen appliance you\u2019ll never use, or the latest home entertainment system just because it\u2019s on sale<\/strong>, then think twice before clicking \u2018Add to cart\u2019.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

Rather use that money you would have spent on something that will gather dust in your cupboard and invest it. Not only can you get returns on your investment, but you\u2019ll also feel great about yourself for not buying things you don\u2019t need.<\/p>\n\n\n\n

Just ask yourself:<\/h3>\n\n\n\n