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Before this becomes a name popularity contest, let us clarify that HENRY and MIRIAM are both acronyms.<\/p>\n
<\/p>\n
HENRY stands for \u201cHigh Earner Not Rich Yet\u201d and is used to describe millennials making $100k+ per year, but still living paycheck to paycheck. MIRIAM on the other hand is a Raiz created acronym (patent pending \ud83d\ude06) and stands for \u201cModest Income Regularly Invests And Motivated.\u201d So are you a Henry or a Miriam?<\/p>\n
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It comes down to money in and money out. Sure, Henry has a great income, but is young and has disproportionately high spending habits, meaning the best part of 100% of income coming in is going out as monthly expenditure. This goes against the grain of paying yourself first and spending later.<\/p>\n
A good rule of thumb is to put aside 20% of your pay when you receive it to save and invest regularly, then pay for fixed costs like rent, utilities and staples, and spend what you have left over after that.<\/p>\n
Many of us like to shop, have fun, eat out, but it is not financially wise to burn through any sized paycheck without having a plan for what you want in the future, versus what you want right now.<\/p>\n
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It doesn\u2019t matter if Miriam is on minimum wage or a modest income, Miriam understands the benefit of allocating a regular portion of her pay to investing for her future, whether it\u2019s by rounding up the spare change from her coffee or setting aside $5 a week to start building her investments. And because Miriam invests often, if the markets move up or down, Miriam is achieving a Dollar Cost Average<\/a><\/span> approach to investing.<\/p>\n <\/p>\n Henry is living in the moment but is not reflecting on what will be important in 10, 20 or 30-years time. Henry\u2019s lifestyle may change over time. Perhaps there will be a pet, a family, a house. There may unfortunately even be an unforeseen event that requires a rainy-day fund sitting by and at the ready. This again could be solved if Henry decided to plan, work out how to get to that plan, and invest regularly, little by little, to make that plan happen.<\/p>\n <\/p>\n Miriam knows that life can change either by choice or by chance, and that investing regularly can both set Miriam up for the future, as well as help to create a rainy-day fund should it ever be needed.<\/p>\n Miriam takes advantage of programs that help her invest when making everyday purchases (Raiz Rewards<\/a><\/span> is one of these types of programs \ud83d\ude09) and makes one off deposits when her monthly budget leaves her with more left over than normal.<\/p>\n Miriam still treats herself as well, and is able to withdraw when it suits her, and deposits to invest when it suits her as well, all the while having her long-term plan front of mind.<\/p>\n <\/p>\n Henry relies on a high income to fund his lavish lifestyle. Given the way things are in the global economy, there is no guarantee that the high income will be there forever. Henry should look to spend with his means, have a goal looking forward, and invest regularly to enable Henry to reach this goal.<\/p>\n Miriam is taking the slow and steady approach, still enjoying life and spending where appropriate, but also saving and investing where possible. Miriam is showing the responsible approach when it comes to not investing everything at once, but investing often and over time, with a purpose in mind to help stay motivated.<\/p>\n To some, Miriam may sound a bit dull, but to others, Miriam has the right balance of fun now and investing for later. Which one are you, and which would you like to be?<\/p>\n <\/p>\n <\/p>\n Download it for free in the App store or the Webapp below:<\/p>\n <\/figure>\n Important Information<\/em><\/strong><\/p>\n If you have read all or any part of our email, website, or communication then you need to know that this is factual information and general advice only. This means it does not consider any person\u2019s particular financial objectives, financial situation, or financial needs. If you are an investor, you should consult a licensed adviser before acting on any information to fully understand the benefits and risk associated with the product. This is your call but that is what you should do.<\/em><\/p>\n You may be surprised to learn that RAIZ Invest Australia Limited (ABN 26 604 402 815) (Raiz), an authorised representative AFSL 434776 prepared this information.<\/em><\/p>\n We are not allowed, and have not prepared this information to offer financial product advice or a recommendation in relation to any investments or securities. If we did give you personal advice, which we did not, then the use of the Raiz App would be a lot more expensive than the current pricing \u2013 sorry but true. You therefore should not rely on this information to make investment decisions, because it was not about you for once, and unfortunately, we cannot advise you on who or what you can rely on \u2013 again sorry.<\/em><\/p>\n A Product Disclosure Statement (PDS) for Raiz Invest and\/or Raiz Invest Super is available on the Raiz Invest website and App. A person must read and consider the PDS before deciding whether, or not, to acquire and\/or continue to hold interests in the financial product. We know and ASIC research shows that you probably won\u2019t, but we want you to, and we encourage you to read the PDS so you know exactly what the product does, its risks and costs. If you don\u2019t read the PDS, it\u2019s a bit like flying blind. Probably not a good idea.<\/em><\/p>\n The risks and fees for investing are fully set out in the PDS and include the risks that would ordinarily apply to investing. You should note, as illustrated by the global financial crisis of 2008, that sometimes\u00a0 not even professionals in the financial services sector understand the ordinary risks of investing \u2013 because by their nature many risks are unknown \u2013 but you still need to give it a go and try to understand the risks set out in the PDS.<\/em><\/p>\n Any returns shown or implied are not forecasts and are not reliable guides or predictors of future performance. Those of you who cannot afford financial advice may be considering ignoring this statement, but please don\u2019t, it is so true.<\/em><\/p>\n Under no circumstance is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.<\/em><\/p>\n This information may be based on assumptions or market conditions which change without notice and have not been independently verified. Basically, this says nothing stays the same for long in financial markets (or even in life for that matter) and we are sorry. We try, but we can\u2019t promise that the information is accurate, or stays accurate.<\/em><\/p>\n Any opinions or information expressed are subject to change without notice; that\u2019s just the way we roll.<\/em><\/p>\n The bundll and superbundll products are provided by FlexiCards Australia Pty Ltd ABN 31 099 651 877 Australian credit licence number 247415. Bundll, snooze and superbundll are trademarks of Flexirent Capital Pty Ltd, a subsidiary of FlexiGroup Limited. Lots of names, which basically you aren\u2019t allowed to reproduce without their permission and we need to include here.<\/em><\/p>\n Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.<\/em><\/p>\n Home loans are subject to approval from the lending institution and Raiz Home Ownership makes no warranties as to the success of an application until all relevant information has been provided.<\/em><\/p>\n Raiz Home Ownership Pty Ltd (ABN 14 645 876 937), an Australian Credit Representative number 528594 under Australian Credit Licence number 387025. Raiz Home Ownership Pty Ltd is 100% owned by Raiz Invest Australia Limited (ABN 26 604 402 815).<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Before this becomes a name popularity contest, let us clarify that HENRY and MIRIAM are both acronyms.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1],"tags":[],"yst_prominent_words":[3804,3803,3798,3801,3796,3805,3807,3800,3795,3802,3797,4192,3808,3806,3799,125,122,120,3794,3787]}Henry wants it all, but also doesn\u2019t know what he wants.<\/h3>\n
Miriam understands the need to set goals and stay focused.<\/h3>\n
What\u2019s the moral of this acronym story?<\/h3>\n
\nDon\u2019t have the Raiz App?<\/strong><\/h3>\n
![\"download-raiz-app\"](\"https:\/\/raizinvest.com.au\/investors\/wp-content\/uploads\/2018\/08\/download-app.png\")
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