The Limitless App is built on the belief that everyone deserves financial wellbeing and that the best way to empower people to take action is through financial literacy. Limitless embraces modern media content, with clear calls to action, including matching users with relevant industry contacts participating on a subscription basis.
Limitless is operating in Singapore with industry-leading partners such as Prudential, StashAway, Syfe, and Redbrick Mortgages. Our aim is to empower Singaporeans to take charge of their financial destiny by learning and educating themselves through our expertly written content and taking action.
The app contains a wide range of financial wellbeing topics. From CPF to Emergency Funds, we aim to help increase the financial knowledge of citizens young and old.
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The Seven Dollar Millionaire
Although the original Seven Dollar Millionaire had worked in finance for more than 20 years, selling billion-dollar deals and managing the assets of some of the world’s smartest investors, the concept was born when his teenage daughter asked him a question he didn’t know the answer to: what’s the smallest amount of money you can save and invest every day to become a millionaire in your lifetime?
He was genuinely surprised by the answer he calculated, and re-did the calculations over and over again to check: you only need to save $7 a day, and invest them for 7% returns, to become a millionaire through a 50-year career.
A previously magical number, a million dollars, that we all assume would require jackpot or game show winnings, was actually within reach of up to half the people on the planet.
He checked with everyone he knew, Googled it, and nobody else seemed to know the answer. This seemed strange for what would appear to be such a simple answer to a universal question. Why didn’t more people know this?
More people didn’t know this because so few people are financially literate. This is not our fault. We just aren’t taught it. Considering how important money is to our lives, a pitiful proportion of our education is spent learning even the basic concepts or building the habits that might make more of us successful with money.
Millions of people flee from poor countries every year to find work in richer countries, but due to lack of financial knowledge, they are scammed, they fail to save and invest, and most return home with little to show for the time they have spent away from their families.
In those very same rich countries, up to half the population might live one crisis away from absolute poverty, from borrowing at rates that will guarantee they can’t escape. In late 2019, 59% of Americans didn’t have $1,000 in funds in case of emergency. In 2020, that emergency came.
You may visit his website here.