I have a confession to make, I love vampire movies.
As a child, I was afraid of the blood-sucking vampires (especially the pale white pig-tailed Chinese version of hopping vampires) but as I grow older, I find myself drawn to the western vampire i.e. Dracula, Interview with the Vampire, Buffy, Twilight (omg the writing is atrocious) and most recently, The Invitation.
People who are drawn to the sexualization of and obsession of vampires are known as Teratophilia. It is more accurately described as sexual attraction to either monsters or to deformed people. However, after Hollywood put its midas touch to the vampires, we can all agree that every vampire has been amped up physically and of course, portrayed to possess all the wealth!
It is presumed that over the years they’ve managed to store away money so that they can have a comfortable lifestyle, plenty of security so nobody comes in and stakes them in their sleep, and their lavish wardrobe. Not to mention real estate which is commonly thought of as a great opportunity because of its ability to increase in great value over time.
While some vampires certainly look like spoiled brats without an occupation, others may be living a gentleman’s life and manage to be financially enterprising. Generally, it is justified that the vampire is hundreds of years old, and thus has had plenty of time to accrue his wealth (and invest it via Compound Interest). Being technically dead also saves several bills, as there’s no need to buy food, water or health insurance.
Understanding compound interest as building a snowball
When it comes to explaining compound interest let us use the analogy of a snowball. When you first make a snowball, it starts as a small snowball and if you threw it at someone it wouldn’t have a great deal of impact. Instead you decide to roll the snowball down the mountain so that as it turns and turns it actually picks up more snow, making a bigger snowball. This is known as the concept of interest on interest.
How to start using compound interest
Start saving a small sum that you can afford at least once a month. It may seem small at first but as it earns interest, the amount will grow. So, the younger you start saving, the longer your money has to grow.
You may use any compounding calculator to see how much you need to save or invest monthly to achieve your financial independence/ retire early number.
Many young people think they don’t earn enough to invest money but going to a professional financial adviser in the early days means you can strategize and are able to take advantage of tax breaks. Financial advice is not expensive and cultivating good money habits will set you up ahead of your peers who did not do so.
So what’s your favourite vampire movie?
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