Here is the translation of the provided text into English:

This is the economic situation for this year:

1. China's current inflation rate has reached about 10%.

2. The interest rate on demand deposits at Chinese banks is at 0.30%.

3. The average monthly income of college graduates in China is 4,317 RMB.

4. The average monthly income of Chinese people is 5,600 RMB.

5. Expenditure on children's education by Chinese families accounts for more than 20% of the family's annual expenditure.

6. Expenditure on medical care by Chinese families accounts for more than 8% of the family's annual expenditure.

7. China's unemployment rate has reached 4.3%.

8. In China's physical sector: exports show signs of fatigue with negative growth, a large number of small and medium-sized enterprises are closing down, and corporate debt chains are breaking.9. Several non-bank financial institutions in China have defaulted.

10. The Chinese stock market has irrationally declined to 2,500 points.

Wealth management is a continuously enduring trend, and at any time, the theme of letting money work for us remains unchanged. How to prevent money from depreciating? How to manage finances so that money generates more money? How to make money withstand inflation and bring higher returns? These are the important subjects we should learn and contemplate.

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01. Why is it not recommended to keep your money in the bank?

Many people would rather spend their money or invest it than deposit it in a bank. Do you think that keeping money in the bank is a safe bet?

Last year, there was a report online that said an elderly woman had deposited 300,000 yuan in a bank over 30 years ago, but when she went to withdraw the money with her passbook, she only got 5 yuan. What happened? It was due to currency devaluation.

Of course, apart from some wealthy individuals who have too much cash and want to evade regulatory oversight, the main reason is that there are few benefits to keeping money in the bank, and it can even shrink. For the convenience of circulation and transactions, many wealthy people prefer to invest their money rather than keep it in the bank.

Currently, the fixed deposit terms in banks are mainly one-year, two-year, three-year, and five-year periods. The interest rates are 1.75%, 2.25%, 2.75%, and 2.75%, respectively. Each bank has a certain degree of floating interest rates, and even after a 55% increase, the rates are 2.7125%, 3.4875%, and 4.2625%.

Moreover, the CPI in the first half of the year has already reached 4.8%. In other words, the interest income from bank deposits cannot even keep up with inflation, so the difference between saving and not saving is not significant. For the wealthy, this amount of interest is not worth the hassle.Many poor people feel very safe by keeping their money in banks, and they can also earn some interest, but most rich people are more willing to borrow money from banks and then invest it in places with higher returns. Therefore, in the end, only those with more investment awareness become richer.

The average inflation rate from 2008 to 2016 was about 7% (according to official data), and it is expected to be above 10% after 2020. For all investors, whether or not you manage your finances, inflation will not decrease; it will only increase year by year.

Undoubtedly, bank savings are now at a negative interest rate, and our wealth is being continuously eroded. We have to admit that inflation has always existed. The main reason for the rise in prices comes from the increase in the money supply, which is the fundamental cause of the continuous shrinkage of everyone's wealth.

02. Five aphorisms for financial investment:

1. Personality determines a person's investment style. An impatient person cannot achieve stable investment; a calm mindset is often closer to success.

2. Financial investment should start by improving cognition and increasing one's knowledge base.

3. The key to financial freedom is "freedom," not finances. The existence of financial freedom provides a guarantee for time freedom and spiritual freedom. The purpose is to allow those who are financially liberated to truly pursue what they love.

4. Making money is not only about money generating more money; skill improvement can also lead to earnings.

5. Establish strict "discipline" for self-investment (financial management), and use "discipline" to plan your life. Financial investment requires patience, buying and selling according to the plan, reinvesting in time, and allowing compound interest to fill your wallet.

A stack of dollars02. The 5 Key Approaches to Financial Management

Nowadays, people are placing increasing emphasis on investment and financial management, all in pursuit of better ways to manage their finances. Good financial management practices not only help to grow our wealth but also foster good financial habits that can benefit us for a lifetime.

The editor would like to share the 5 key approaches to financial management with everyone; let's take a look together.

Firstly, control consumption and reduce debt. To achieve rapid wealth growth, you first need to accumulate your initial capital, which requires you to maintain good consumption habits and reduce debt.

Secondly, start with small investments and then move to larger ones. When you are not familiar with investment and financial products, start with small amounts of investment. It's not too late to reinvest after continuous learning and gaining a thorough understanding of the projects, and remember to use idle funds for investment.

Thirdly, improve asset efficiency. Many people deposit idle funds in banks, which not only leads to a devaluation of purchasing power but also the interest rate generated by bank demand deposits is insufficient to outpace inflation. Smart investors will use their money to invest, purchasing high-quality asset items to enhance asset efficiency.

Fourthly, avoid making random investments and do not invest in what you do not understand. Many investors like to invest rashly in areas they are unfamiliar with, such as cryptocurrencies, art, antiques, stocks, etc., which can lead to losses if not understood.

Fifthly, be thrifty and live within your means. Without reducing the quality of life, try to live within your means, control consumption, and both increase income and reduce expenses.