Please, Please Pray for China's billions .... Welcome to the Go-ers Website Click this Link Daily and thereby donate free Bibles

Click to return to homepage

Currency and Saving information


 
To enable You to GO we have put together some helpful 'Savings'Tips.
(Written for Australians, but useful for all who want to 'GO')

  • Immediately invest in a good creditcard that you can use worldwide. We suggest the 'Westpac Altitude Visa/Amex combination Card'. Use it everywhere, every day to pay for things and COLLECT [Qantas] FrequentFlyer Points! (1 point per dollar or 2 points with the Amex addon card) Shop with Altitude Bonus Partners for double [or more!] points. Alternatively, you may prefer the American Express 'Maximizer' Card where you get 1.5 points for every dollar spent. ALSO, get 'Supplementary Cards' for spouse/family member to accellerate Your points. Don't forget.......settle Your account when You get the bill OR [we do this] AutoPay the Card account every month!! This is vital! BEFORE YOU GO on your Trip, bring your card account into Credit for the amount you expect to use on your Trip. This saves further interest!!


  • Next, contact QANTAS (13 11 65) and join their 'Frequent Flyer Plan'. It's worth it and we have already been to China many times.....FREE, using my accumulated F.F.points. Obviously, fly QANTAS whenever you can. They are reliable and safe and generally fair priced. Be sure to book your flights as early as possible and watch for 'specials'. Better still, be in touch with us as we watch fare prices closely. IF you do not want to do any of these suggestions then let us organize and buy your trip fare so WE can get the benefits of points instead. (somebody might as well get them!!)


  • Contact TELSTRA and get a FREE 'International Telecard'. Phonecalls are premium rates. This is SO handy and peace of mind for when You travel anywhere. For mobile phones it is best to buy local SIM Cards.


  • Open a 'target saver account'. We highly recommend 'CITIBANK ONLINE CASH MANAGEMENT ACCOUNT'where You will get around 5.5% interest calculated daily and credited monthly!
    Alternatively, try for the best rates at Your bank or whatever. BUT ... start saving.....regularly.....religiously!
    Remember, these savings are 'set aside for a High Purpose' and not to be 'dipped into' for any other reasons!
    BE DISCIPLINED or get a friend to bank weekly for you.
    (Use the calculators below to help You plan wisely. [IE browsers only - sorry)


  • Do not settle for 'small goals' or be complacent. Always look for ways to increase Your savings (and F.F points.)


  • Please contact us re. Travel arrangements. We have travel experience and may be able to help SAVE You LOTS OF MONEY on travel and insurance. (eg. we can get travel insurance for less than 50%)
    DO NOT get a Travel Visa here. We get them much cheaper in Hong Kong!


  • Don't forget to consider all options for 'extra income'. Reconsider this frequently and act on it. See also this page for more info


  • We utilize all of the above methods to help us GO and Sow in China!
    'Determination and Innovation' go hand in hand. The Lord blesses commitment to His Kingdom.


  • Return to top of page


    CLICK HERE to open the
    Universal Currency Converter Tool




    "The power of compound interest!"
    (Check out the 'Annuities' Section below. Sorry, you need to use MS Internet Explorer for this to work.)

    Most of us would like to have a million dollars cash at some point in our life.  Most of us also work 40+ hours a week at our job (or jobs, whatever the case may be).  What little amount we save can and will accumulate over the years, but the odds of reaching the $1 million mark is relatively small.

    However, if we take the power of compound interest, then we can begin to realize our $1 million goal:

    For instance, let's say you decide to invest $100.00 per month in an investment that yields 6% interest compounded monthly, for the next 30 years.  In 30 years, you would have $100,451.50!  That's not too bad, considering you made $64,451.50 in interest (money you didn't have to begin with).  Now, let's say you kept that up another 10 years.  You would then have $199,149.06.  In 10 years, you almost double the value of your investment.

    I find that teachers don't emphasize this enough in school.  If they illustrated this concept, then we may have more millionaires at 60 than we do now.  Think about it.  You're 18 years old.  You decide to invest $67.00 per month in an annuity (ex: a mutual fund) that yields 12% compounded monthly.  You would have $1 million by the time you are 60.  Imagine retiring at 60 with $1 million in cash!  Even better.  Let's say you continued with the plan for just 5 more years.  Incredibly, you'd have $1,822,097.00!  In 5 years, you almost make another million!

    I was recently on a quest to find certain formulas that would solve for the different variables in investments.  This discussion gets a little technical.  You'll need to have some advanced Algebra skills to fully comprehend the formulas:

    First, the variables:

      FV = future value
      A = one-time investment (not for annuities)
      p = investment per compound period
      i = interest rate
      c = # of compound periods per year
      n = # of compound periods

    To get p, I simply take the amount I want to invest per month, multiply it by 12 to get a yearly investment amount, then divide by c to get the investment per compound period.  To get n, I take the number of years I wish to invest and multiply it by c to get the number of compound periods.

    First, let's deal with simple compound interest with one-time investments.  Here's the formula that will let us know the future value (FV) of our investment after n years if we invest A at i interest compounded c times per year:

    FV = A (1 + i/c)(n)

    OK, now let's say we want to find out what we have to invest today (A) to have FV in the future if we get i interest compounded c times per year for n years:

               FV
    A = -----------
           (1 + i/c)n

    Finally, I want to find out how long it will take me (n) to have FV in the future if I invest A initially at i interest compounded c times per year:

           ln(FV) - ln(A)
    n = ------------------
           ln(c + i) - ln(c)

    NOTE: ln is the natural logarithm function.

    Now, let's put this into practice.  The forms below allow you to input your own amounts:

    Finding the future value of a one-time investment

    Investment:
    Interest rate:
    # of times compounded each year:
    # of years:
    answer:

    Finding the one-time investment needed
    to reach a desired future value


    Desired future value:
    Interest rate:
    # of times compounded each year:
    # of years:
    answer:

    Finding the # of years it will take to
    reach a desired future value


    Desired future value:
    Investment:
    Interest rate:
    # of times compounded each year:
    answer:


    ANNUITIES

    Now, let's go on to annuities.  Annuities are similar to one-time investments in all respects, except that you invest at regular intervals instead of just a one-time sum of money.  For instance, investing $150.00 per month in a mutual fund.

    Here's the formula that tells us how much we will have (FV) after n years if we invest p per compound period at i interest compounded c times per year:

             p [(1 + i/c)n - 1]
    FV = --------------------
                      (i/c)

    Wouldn't it be interesting to find out how much we need to invest per month (p) to reach $1 million (FV) at i interest compounded c times per year for n years?

                  FVi
    p = -------------------
          c [(1 + i/c)n - 1]

    And finally, I think it would be great to figure out how long it would take me (n) to reach $1 million (FV) if I make p monthly investments at i interest compounded c times per year:

          ln(FVi + cp) - ln(cp)
    n = -------------------------
              ln(c + i) - ln(c)

    NOTE: ln is the natural logarithm function.

    I designed some forms for annuities as well:

    Finding the future value of an annuity

    Investment per month:
    Interest rate:
    # of times compounded each year:
    # of years:
    answer:

    Finding the investment per month needed in an
    annuity to reach a desired future value


    Desired future value:
    Interest rate:
    # of times compounded each year:
    # of years:
    answer:

    Finding the # of years it will take to reach
    a desired future value in an annuity


    Desired future value:
    Investment per month:
    Interest rate:
    # of times compounded each year:
    answer:



    We gratefully acknowledge 'Niksun' for these helpful articles and calculator tools.

    Return to top of page

      © 2005 Go-ers.org - All rights reserved.