Offshore banking has been often associated with the underground economy and organized crime, via tax evasion and money laundering. Did you ever ask yourself what is the difference between the usual bank account in your country and an offshore bank account?
The tiny Caribbean archipelago of the Cayman Islands imposes no direct taxation on its residents. As a result it has become a haven for offshore banking and boasts one of the wealthiest populations in the world which enjoy an envious standard of living.
The key reason we want to keep tracking our spending when we live in budget is so that we know where our money goes and make sure it goes to the right place while it helps us to spot the leaks so that we can plug these leaks as soon as possible.
You’ve worked hard all your life … did without so you could invest for the future … now you look forward to retiring soon.
What is financial freedom and why does everybody deserve it?
