The retirement system of Switzerland is a system with three pillars. Each pillar is paid differently and will cover different needs. The first pillar is the state pension.
If you are working in Switzerland, it is essential to know these three pillars. Even if you do not plan to retire in Switzerland, it is essential to understand how they work. It will help you plan your retirement.
In this post, I am going to talk in detail about the first pillar. This post should contain everything you need to know about the first pillar to be able to retire in Switzerland. I am also going to provide an overview of the three pillars system.
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I cannot believe that 2019 is already over! It flew by us! December 2019 was no exception. It went by really fast. And before I forget, Happy New Year to you all!
This article will be the last monthly update for 2019! December 2019 was a quiet month for us. As it is usual at this time of the year, we had many parties with friends and families. But nothing out of the ordinary happened this month (which is good!).
From a financial point of view, it was a good month. We had a few unexpected expenses, but nothing catastrophic. We managed to save 57% of our income this month.
Let’s see in detail what happened to use in December 2019.
Continue reading “December 2019 – Quiet month”
The world of investing is complex and extensive. There are tons of concepts such as stocks, bonds, leverage, bear markets, and such.
Today, I want to provide you with a glossary of all these investing terms. This glossary has been requested several times by some of my readers. Hopefully, this will help you navigate the investing world easily.
If you think I should include some other terms in the glossary, let me know in the comments below.
As a preface, it is important to remind you that Investing involves risks of losses. Make sure you are aware of that before you start investing.
Continue reading “The Little Glossary of Investing: Every term you need to know”
TransferWise and Revolut offer services that are quite similar. They are both offering cheap money transfers in many different currencies. How can you decide between both services?
I have both cards. But, I am mostly using my Revolut card. So, many of my readers asked me why I was mainly using my Revolut card, where I could have only used my TransferWise card. Today, I am going to answer the question: Which is better between TransferWise and Revolut?
Both companies will help you save money on foreign currency exchanges. However, they are still different in their fees and their offers. They both have some pros and cons. And that is precisely what we are going to go over in this post.
When I started using Revolut, there was no way to top it up for free from my bank account since they did not have a Swiss bank account. Therefore, I was using a TransferWise card as an intermediary between my bank account and my Revolut account. Now, Revolut has a Swiss IBAN, and I do not have to use my TransferWise card anymore. Let’s see why I am using Revolut more than TransferWise.
For this comparison, I am only going to go over the personal accounts, not the business accounts. Both TransferWise and Revolut offer accounts for businesses. But this is out of scope for this article. So, let’s compare TransferWise vs Revolut.
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I think Swiss investors will agree that the biggest problem with Revolut was that they did not have a Swiss IBAN. Some good news just arrived for us!
Revolut now includes a Swiss IBAN when you want to top it up! It means you can now top up your Revolut account for free directly from your bank account. It is great since that was missing from the start on the Revolut account.
And probably even bigger news for Revolut: they got a European Specialised Bank License! It is a big deal for the company. Revolut is now officially a bank and will soon start offering new services. But for us, it will not change much soon.
I have been using Revolut for about six months now, and I like it. During that time, I have saved a lot of money by using their free currency exchange services. I am interested to see how they are going to implement this banking license in the future. I would like to have a cheap and good bank account in the future. In the meantime, Neon is an excellent bank account.
In this post, we are going to see what do these changes mean for other Revolut customers and me! If you do not know about Revolut, stay tuned!
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Last month, I started my new interview series: Frugal Living in Switzerland. The first interview with Janet was very well received by my readers. In this series, I am interviewing people that manage to live frugally in Switzerland, one of the most expensive countries in the world.
Today, I am going to interview another frugal person living in Switzerland, Mr. Road To Fire. He is a young manager, saving more than 55% of his income! It is another great example of how you can live very frugally in Switzerland.
Without further ado, here are the answers of Mr. Road To Fire to my questions!
Continue reading “Frugal Living in Switzerland Interview 2 – Mr. Road To Fire”
One big problem with most credit cards is that they charge hefty fees for transactions in foreign currencies. If your base currency is Swiss Francs and you are paying something in dollars, you will have to pay a percentage of the transaction as a fee. It is not uncommon for credit card companies to charge more than 2% fees on such transactions. That is where the Revolut travel card comes into play!
As we are going to see, Revolut can help you save a lot of money on foreign transaction fees. Moreover, where banks are generally giving bad exchange rates between currencies, Revolut is usually giving you the best exchange rates available. If you purchase things in other currencies, or even from other countries, such a travel card is essential to saving you money!
I already tried to find the best credit card in Switzerland. When I compare all my options, I found out that foreign exchange fees were costing me more than the annual fee of the credit card. So, a travel card such as the Revolut credit card will save you a lot of money!
In my first review of my options for Switzerland, I already took a look at Revolut. At that time, I did not delve too deep into it. It is now time to fill this void in my credit card strategy. I finally decided to order a Revolut credit card! And I found out a process to top up a Revolut card for free in Switzerland!
Continue reading “Never pay any currency exchange fee again with the Revolut Credit Card!”
For a lot of people, having a strict routine will help remember essential things. It is the case for me. I like routines. Each month, I am following the same personal finance routine for my budget. You can see most of the results in my monthly finance reports. In this post, I am going to describe the steps I am doing every month.
I think it is great to have a routine. It helps you get more efficient, and like this, you do not forget to do everything. And once you start doing it routinely, it becomes automatic, and you will save time.
Of course, you do not need to follow the same steps as me. You should probably not have the same steps. Every people can have different things to do based on the way they are investing or based on their situation.
But I would encourage you to define your at least a monthly routine clearly. You can use mine as a base template if you want. And why not even a weekly routine?
So, here are the 13 steps of my monthly personal finance routine.
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In Switzerland, you have to have some insurance for your car. But, the system is quite complicated, with many options. And the insurance dealers will not make car insurance easy for you.
There are several different levels of insurance for your car. And only one level is mandatory. And there are even some options that are useless. But insurance dealers will always try to make you take as many options as possible.
In this post, I am going to cover the details of the car insurance system in Switzerland. We are going to see the different levels of insurance and which one you should use. By the end of this article, you will know exactly what you need to pay for your car insurance.
And hopefully, you will be able to reduce your car insurance bills!
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There are many personal finance myths out there. And many people believe in these myths very strongly. Basing your decisions on myths can do a lot of damage to your finances.
For instance, many people believe only the rich can invest in the stock market. It is just a myth. Anybody can invest in the stock market. And many personal finance myths like this are being propagated.
Many of these personal finance myths can be detrimental to your finances. Some will not make significant impacts. But some could ruin your retirement plans.
Without further ado, here are ten personal finance myths that you should learn to ignore.
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