Why we do this . .

I chanced on something recently that highlighted why we built Hugo.

My father set up a savings account for me when I was a little boy so I could learn about saving and the “value of money”. This is little passbook let you start with $2 and still get interest. And the terms and conditions could be understood by anyone. Simple and convenient and it taught you about money.

We may have come along way since 1976 but yet this highlights how broken our current system is . . . I recently opened a bank account and the terms and conditions where 180 pages long . . . opening a bank account is a nightmare.

Finance is complicated than the 1970s, no doubt! But that does not mean one’s life needs to be complicated by it. You can open a Hugo account in 3 minutes with a tiny deposit to start with . . . you will be able to save together through shared moneypots, passing on valuable financial knowledge from generation to generation.

. . . and Hugo can help bring out the inner fun in us all . . . just as I smiled when I saw Happy with his pass book.

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Wow this is a blast from the past! Even though I didn’t get to live through those days, I agree that money management is evolving in so many ways today. I remember that I used to dread queuing up at the bank to update my passbook. The passbook updating machine was a good addition, but still…

Been having a great experience with Hugo–super easy and fast to set up, my balance is updated in real-time, instant activity notification, and it documents my transaction history for when I get too drunk to remember what I bought!

Love this - there’s a lot to be said for how our forefathers did things in the past. Why did everything have to get so litigious and boring!?! The normal person simply does not read 70 page T&C docs. Unfortunately we have to have them but there are things we can do so that the core message doesn’t get lost in the T&C noise.

  • Saving is important.
  • Starting to save early in life is important.
  • The earlier you save, the more you benefit from the magic of compound interest.

Don’t take our word for it, ask Einstein. He was a man that knew a thing or two!

albert-einstein-compound-interest-8th-wonder-of-the-world

“Compound interest is the eighth wonder of the world,” Einstein reportedly said. “He who understands it, earns it. He who doesn’t, pays it.”

You don’t need to be a scientist to understand saving tho. Hugo, your Wealthcare buddy will help in a fun, friendly and simple way so you can smile while you save!

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