Il bel Paese è pieno di opera d’arte e meraviglie uniche al mondo ed invidiate da tutti, ma ha anche tanti progetti incompiuti, mostri edilizi e parecchie, forse troppe, opere incompiute.
Similmente anche la gestione del risparmio italiano, gode di forti e solide fondamenta (la capacità di risparmio), ma di una scarsa bravura nel costruirci sopra mura strutturate e resistenti.
Il grafico evidenzia come, noi italiani, abbiamo una tendenza radicata ad accumulare e mantenere una quota consistente dei propri risparmi in liquidità, attitudine che con la pandemia ha subito una accelerazione. Tuttavia, non riusciamo a mettere bene a frutto questa dote, essendo uno degli ultimi paesi in Europa per crescita del valore degli investimenti.
Paura, basse competenze e scarsa educazione finanziaria costano care a tutti noi.
Cosa ci siamo persi negli ultimi 10 anni
Il decennio passato ci ha lasciato grossi cambiamenti, ma soprattutto ha frantumato tanti dogmi finanziari italiani.
Banche saltate con obbligazioni resettate, titoli di Stato e buoni postali a rendimenti nulli o quasi, indice italiano surclassato da forti ribassi e svalutazioni. In queste abitudini c’è di tutto: concentrazione, assenza di diversificazione, rischio emittente, home bias tutte evidenze negative ed errori cognitivi devastanti da sempre per ogni investimento. Quindi non è che prima investivamo bene ed ora male, ma semplicemente il contesto odierno è cambiato, mettendo in luce difetti ed errori a 360°.
Ma vediamo cosa possiamo imparare dagli ultimi dieci anni.
La storia ci insegna che nel lungo periodo il rendimento delle azioni tende ad essere superiore a quello delle obbligazioni che, a sua volta, tende a superare quello della liquidità.
Chi investe i propri risparmi avendo cura di diversificare i rischi tra titoli di stato, obbligazioni societarie, azioni, ETF, fondi comuni e comparti di Sicav, oltre a non essere esposto a possibili prelievi forzosi, può partecipare al trend rialzista di lungo periodo dei mercati finanziari evitando di sostenere soltanto costi e impatti sul potere d’acquisto ed il grafico sopra ne è la prova.
Negli ultimi 10 anni, infatti, la rivalutazione dei titoli di stato internazionali (JPMorgan government Global bond index) è stata del 43,8%, quella dei titoli di stato EMU (JPMorgan government EMU bond index) del 52,2% e quella delle Borse mondiali (MSCI world index total return) del 173,2%.
Liquidità e cattive scelte ci costano?
Le preoccupazioni per gli impatti sulla salute provocati direttamente e indirettamente dal Covid-19, i timori sul futuro dell’economia, in generale, e delle personali attività lavorative, in particolare, sono alla base di questo incremento della liquidità accumulata.
Tuttavia, sebbene comprensibile, razionalmente lasciare depositate delle somme in banca comporta dei costi, diretti e indiretti ma anche svalutazione.
Oltre all’imposta di bollo fissa annuale per conti correnti con giacenza media sopra i 5000 euro, dobbiamo considerare anche quella dello 0,2% su depositi ed investimenti. Ciò significa che lasciare liquidità €100.000 parcheggiati su conto deposito per un anno, ad esempio, ci costa 200 euro di bollo in più su l’eventuale rendimento dobbiamo applicare la tassazione del 26%.
Insomma tanto sforza per niente o poco più.
Oltre a ciò, esiste un’insidia in più: l’inflazione, ossia, l’erosione del potere di acquisto.
Ogni anno che passa, infatti, i prezzi al consumo crescono e con gli stessi contanti e i depositi in banca si riesce ad acquistare meno prodotti e servizi.
Dati alla mano, negli ultimi 20 anni i risparmi hanno perso ben oltre un quarto del loro potere d’acquisto.
Un’erosione costante che mina i risultati di anni di lavoro e accumulo.
Comprendere per fare le scelte giuste
Nella tabella sopra vengono prese in esame diverse soluzioni, a rischio crescente, che avremmo potuto e dovuto mettere in essere nei 10 anni passati per tutelarci da costi ed inflazione.
Anche senza esporsi troppo ai rischi, sarebbe stato possibile impiegare negli ultimi 3, 5 e 10 anni la liquidità, o anche una parte di essa, in strumenti di investimento con un profilo di rischio non eccessivo e ricavarne un ritorno superiore all’inflazione. Per esempio, accettando una rischiosità (oscillazioni massime di prezzo su base annua) tra il 2,5% e il 5,6%, l’investitore avrebbe potuto non solo proteggere l’erosione del carovita ma anche beneficiare di un extra guadagno (vedi tabella sopra). Risultati apprezzabili già nel triennio ma che nell’arco di 10 anni assumono dimensioni piuttosto consistenti: investendo 10.000 euro i guadagni sarebbero infatti oscillati da un minimo di circa 1.700 euro ricavabili tramite obbligazioni societarie in euro a breve termine fino agli oltre 3.600 euro nel caso delle obbligazioni governative in euro.
Investire da sempre significa comprare rischio oggi, per avere rendimento nel domani.
Sembra una frase banale, ma farla propria significa diventare consapevoli dei propri investimenti. Il passo successivo poi è accantonare l’idea del “quanto mi dai? “ed iniziare a vedere l’investimento come un processo composto di decisioni e comportamenti, e basarlo su un metodo che consideri tutte le evidenze che esperienza, studi e storia ci hanno lasciato.
Reading your article helped me a lot and I agree with you. But I still have some doubts, can you clarify for me? I’ll keep an eye out for your answers.
Hi !!! Sto cercando un amante!!!
Voglio sesso! Scrivimi – is.gd/vn9gWS
Ciao ! Il mio nome e Isabel!!!
Vuoi vedere un bel corpo femminile? Ecco le mie foto erotiche – u.to/h-bKGw
Hello caro!!! Il mio nome e Miriam!!
Sogno il sesso duro. Scrivimi su questo sito – is.gd/HrLd0i
Hello !! Il mio nome e Azzurra!!!
Vuoi vedere un bel corpo femminile? Ecco le mie foto erotiche – tinyurl.com/ylqcfy5b
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article. https://accounts.binance.com/lv/register-person?ref=V2H9AFPY
can you get cheap clomid without rx cost of generic clomid tablets – where can i buy generic clomid without dr prescription
prednisone online sale: where to buy prednisone in canada – prednisone 1 mg tablet
https://ciprofloxacin.life/# antibiotics cipro
cost of generic clomid without prescription: can i get clomid without dr prescription – order generic clomid tablets
https://amoxil.icu/# purchase amoxicillin online
buy cytotec online: buy cytotec over the counter – order cytotec online
how to prevent hair loss while on tamoxifen: tamoxifen pill – nolvadex estrogen blocker
http://zithromaxbestprice.icu/# where to get zithromax over the counter
tamoxifen mechanism of action: tamoxifen reviews – tamoxifen headache
https://nolvadex.fun/# nolvadex price
https://cytotec.icu/# buy cytotec in usa
buy cytotec pills online cheap: cytotec pills buy online – buy cytotec online
does tamoxifen cause joint pain: tamoxifenworld – tamoxifen menopause
buying from canadian pharmacies: Cheapest drug prices Canada – canadian pharmacies online canadapharm.life
india pharmacy indian pharmacy to usa india pharmacy mail order indiapharm.llc
mexican mail order pharmacies mexican mail order pharmacies medicine in mexico pharmacies mexicopharm.com
canadian world pharmacy Canada Drugs Direct canadian pharmacy antibiotics canadapharm.life
tadalafil 20 mg best price generic tadalafil 20mg canada tadalafil for sale in canada
sildenafil mexico price sildenafil without a doctor prescription Canada sildenafil citrate 50 mg
paxlovid cost without insurance Paxlovid over the counter п»їpaxlovid
http://stromectol.guru/# ivermectin 5 mg
paxlovid pharmacy Paxlovid buy online Paxlovid buy online
paxlovid covid paxlovid india Paxlovid buy online
http://prednisone.auction/# prednisone canada
https://lisinopril.fun/# lisinopril price without insurance
furosemida 40 mg: furosemide 40mg – lasix 40 mg
http://furosemide.pro/# furosemide 40 mg
http://finasteride.men/# cost generic propecia prices
lisinopril online over the counter lisinopril zestoretic 20 25
https://azithromycin.store/# where to get zithromax
get propecia Buy finasteride 1mg propecia online
dove acquistare viagra in modo sicuro: viagra prezzo – viagra generico prezzo piГ№ basso
farmacia online senza ricetta farmacia online acquistare farmaci senza ricetta
viagra generico sandoz viagra consegna in 24 ore pagamento alla consegna esiste il viagra generico in farmacia
п»їfarmacia online migliore: Cialis senza ricetta – comprare farmaci online all’estero
farmacia online migliore kamagra п»їfarmacia online migliore
canadian drugstore online canadian pharmacy no rx needed pharmacies in canada that ship to the us
online canadian pharmacy: northern pharmacy canada – legitimate canadian pharmacies
online shopping pharmacy india world pharmacy india pharmacy website india
world pharmacy india: reputable indian pharmacies – indian pharmacy paypal
canadian mail order pharmacy: canadian pharmacy 24h com – adderall canadian pharmacy
buying from canadian pharmacies canadian pharmacies compare canadianpharmacymeds
india pharmacy mail order: mail order pharmacy india – pharmacy website india
п»їlegitimate online pharmacies india pharmacy website india india online pharmacy
Their global outlook is evident in their expansive services http://zithromaxpharm.online/# where can i buy zithromax uk
World-class service at every touchpoint http://cytotec.directory/# buy cytotec over the counter
Efficient service with a personal touch http://prednisonepharm.store/# buy prednisone online no script
http://nolvadex.pro/# tamoxifen hormone therapy
Setting global standards in pharmaceutical care http://prednisonepharm.store/# prednisone online australia
https://zithromaxpharm.online/# zithromax antibiotic without prescription
A beacon of reliability and trust http://cytotec.directory/# п»їcytotec pills online
https://zithromaxpharm.online/# zithromax 500 mg lowest price pharmacy online
Their prescription savings club is a godsend https://zithromaxpharm.online/# can you buy zithromax over the counter
http://clomidpharm.shop/# how to get generic clomid price
https://nolvadex.pro/# nolvadex for sale amazon
https://zithromaxpharm.online/# zithromax coupon
https://edpills.bid/# compare ed drugs
https://reputablepharmacies.online/# canadian online pharmacies legitimate by aarp
http://reputablepharmacies.online/# canadian drugs without any prescriptions
https://mexicanpharmacy.win/# buying from online mexican pharmacy mexicanpharmacy.win
canadian pharmaceuticals online reviews
https://mexicanpharmacy.win/# purple pharmacy mexico price list mexicanpharmacy.win
reputable canadian mail order pharmacy
https://mexicanpharmacy.win/# medication from mexico pharmacy mexicanpharmacy.win
https://acheterkamagra.pro/# Acheter mГ©dicaments sans ordonnance sur internet
pharmacie ouverte 24/24
http://pharmadoc.pro/# Pharmacie en ligne pas cher
Pharmacie en ligne sans ordonnance
where buy cheap clomid without rx: get cheap clomid pills – get generic clomid without dr prescription
mail order pharmacy india: Indian pharmacy to USA – Online medicine order indianpharm.store
legit canadian pharmacy online Canadian Pharmacy canadianpharmacy com canadianpharm.store
buy canadian drugs: Canadian Pharmacy – the canadian drugstore canadianpharm.store
online pharmacy india: Indian pharmacy to USA – best online pharmacy india indianpharm.store
reliable canadian pharmacy: Canadian International Pharmacy – reliable canadian pharmacy canadianpharm.store
canadian pharmacy no rx: medication online – online prescription
prescription drugs without prior prescription: canadian drug – mexican pharmacies online
canada pharmacies: canadian pharmacy testosterone gel – price prescriptions
list of online canadian pharmacies: list of legitimate canadian pharmacies – discount pharmacies
п»їlegitimate online pharmacies india: top online pharmacy india – indian pharmacy online
indian pharmacies safe: top 10 pharmacies in india – Online medicine order
buy prescription drugs online legally: cialis without a doctor prescription canada – cialis without a doctor’s prescription
buy erection pills best treatment for ed best ed treatment
medicine in mexico pharmacies: mexican drugstore online – mexican mail order pharmacies
Thank you for your sharing. I am worried that I lack creative ideas. It is your article that makes me full of hope. Thank you. But, I have a question, can you help me? https://accounts.binance.com/bg/register-person?ref=PORL8W0Z
erection pills: cheap ed drugs – cheap erectile dysfunction pills online
cialis without a doctor’s prescription: cheap cialis – buy cheap prescription drugs online
https://mexicanph.com/# medicine in mexico pharmacies
medicine in mexico pharmacies
http://mexicanph.shop/# mexico drug stores pharmacies
reputable mexican pharmacies online
http://mexicanph.com/# purple pharmacy mexico price list
mexico drug stores pharmacies
http://mexicanph.com/# medicine in mexico pharmacies
pharmacies in mexico that ship to usa
http://mexicanph.com/# purple pharmacy mexico price list
buying prescription drugs in mexico
https://mexicanph.com/# mexican pharmaceuticals online
mexico drug stores pharmacies
https://mexicanph.shop/# medicine in mexico pharmacies
mexican drugstore online
http://mexicanph.shop/# purple pharmacy mexico price list
mexican online pharmacies prescription drugs
https://lisinopril.top/# zestril 40
https://stromectol.fun/# stromectol buy
https://furosemide.guru/# lasix uses
https://stromectol.fun/# stromectol 6 mg tablet
https://lisinopril.top/# prinivil 5 mg tablets
https://stromectol.fun/# ivermectin 0.5% lotion
https://lisinopril.top/# cost of lisinopril in mexico
https://amoxil.cheap/# amoxicillin 750 mg price
https://indianph.xyz/# reputable indian pharmacies
https://doxycycline.auction/# buy doxycycline
https://cytotec24.com/# buy cytotec over the counter
https://cytotec24.shop/# buy cytotec online
https://diflucan.pro/# where can i purchase diflucan
https://lanarhoades.fun/# lana rhoades
http://sweetiefox.online/# sweety fox
https://angelawhite.pro/# Angela White video
https://angelawhite.pro/# Angela White video
http://sweetiefox.online/# Sweetie Fox video
http://abelladanger.online/# abella danger izle
mia malkova: mia malkova only fans – mia malkova videos
sweetie fox cosplay: sweetie fox video – sweetie fox full video
eva elfie photo: eva elfie photo – eva elfie new videos
dating services contact china: http://sweetiefox.pro/# fox sweetie
mia malkova photos: mia malkova latest – mia malkova only fans
best online dating and chatrooms travel: http://evaelfie.site/# eva elfie new video
sweetie fox: sweetie fox cosplay – fox sweetie
free adult chat rooms: http://miamalkova.life/# mia malkova new video
lana rhoades full video: lana rhoades solo – lana rhoades boyfriend
dating service websites: https://miamalkova.life/# mia malkova only fans
cheap canadian pharmacy Certified Canadian pharmacies canada online pharmacy canadianpharm.store
best canadian pharmacy to order from Canada pharmacy online canadian pharmacy meds reviews canadianpharm.store
online shopping pharmacy india Top online pharmacy in India indian pharmacy online indianpharm.store
buying from online mexican pharmacy Mexico pharmacy price list mexico drug stores pharmacies mexicanpharm.shop
prednisone where can i buy: prednisone eye drops – 5mg prednisone
generic amoxicillin cost: amoxicillin for uti dosage how many days – amoxicillin 875 mg tablet
cheap clomid without dr prescription how can i get clomid for sale how to get cheap clomid for sale
where can i get cheap clomid without prescription: how does clomid work in males – can you buy cheap clomid without insurance
no prescription needed online pharmacy pills no prescription canadian prescription drugstore reviews
online ed pills order ed pills pills for erectile dysfunction online
rx pharmacy no prescription online pharmacy delivery cheapest pharmacy to fill prescriptions without insurance
https://mexicanpharm.online/# mexican drugstore online
http://indianpharm.shop/# top 10 pharmacies in india
http://mexicanpharm.online/# mexico pharmacies prescription drugs
http://indianpharm.shop/# п»їlegitimate online pharmacies india
https://mexicanpharm.online/# п»їbest mexican online pharmacies
Niektóre prywatne pliki zdjęć, które usuniesz z telefonu, nawet jeśli zostaną trwale usunięte, mogą zostać odzyskane przez inne osoby.
http://gatesofolympus.auction/# gates of olympus giris
https://pinupgiris.fun/# pin up casino guncel giris
Online medicine home delivery: indian pharmacy – india pharmacy mail order
top 10 pharmacies in india best online pharmacy india india pharmacy
Online medicine order: Generic Medicine India to USA – top online pharmacy india
Co powinienem zrobić, jeśli mam wątpliwości dotyczące mojego partnera, takie jak monitorowanie telefonu komórkowego partnera? Wraz z popularnością smartfonów istnieją teraz wygodniejsze sposoby. Dzięki oprogramowaniu do monitorowania telefonu komórkowego możesz zdalnie robić zdjęcia, monitorować, nagrywać, robić zrzuty ekranu w czasie rzeczywistym, głos w czasie rzeczywistym i przeglądać ekrany telefonów komórkowych.
mexican rx online: mexican pharmacy – mexico drug stores pharmacies
canadian mail order pharmacy: Large Selection of Medications – best canadian online pharmacy
indianpharmacy com: Cheapest online pharmacy – world pharmacy india
over the counter amoxicillin canada: amoxicillin 750 mg price – order amoxicillin online uk
buy prednisone tablets online: prednisone 2.5 mg cost – prednisone 20mg for sale
prednisone otc price: prednisone 20 – buy prednisone nz
http://tadalafiliq.com/# Buy Cialis online
sildenafil oral jelly 100mg kamagra: Kamagra Oral Jelly – sildenafil oral jelly 100mg kamagra
http://tadalafiliq.shop/# Cialis without a doctor prescription
https://sildenafiliq.xyz/# Sildenafil 100mg price
https://tadalafiliq.shop/# Generic Cialis price
Generic Viagra online generic ed pills Cheap Viagra 100mg
mexican pharmaceuticals online: Pills from Mexican Pharmacy – pharmacies in mexico that ship to usa
indian pharmacies safe: indian pharmacy online – india pharmacy
mexican rx online: Mexico drugstore – buying from online mexican pharmacy
canadian pharmacy online store: Certified Canadian pharmacies – canadian family pharmacy
doxycycline prices: doxycycline prices – buy doxycycline without prescription uk
ciprofloxacin mail online: buy ciprofloxacin – cipro 500mg best prices
buy cytotec online: Cytotec 200mcg price – buy cytotec in usa
doxycycline medication: purchase doxycycline online – doxycycline 50mg
http://stromectola.top/# stromectol uk buy
http://azithromycina.pro/# buy zithromax canada
Wow, wonderful blog structure! How lengthy have
you been running a blog for? you made blogging
look easy. The full look of your site is great, let alone the
content material! You can see similar here ecommerce
canada prescription online pharmacy with prescription prescription meds from canada
http://edpill.top/# ed online prescription
http://edpill.top/# order ed meds online
The biggest mistake people make when picking a foundation is when they match it to their skin tone versus their undertone. A lot of people think that they’re interchangeable, but they’re not. Given the season, your skin tone changes, your undertone stays the same, and that’s how you want to pick your foundation. • Prep: Be sure to moisturize skin before applying matte foundations, especially if your skin is dry. After moisturizing, apply your favorite Pro Filt’r Primer and let set for best results. Stay up to date on new product launches, insider beauty tips and tricks, exclusive offers, and more. FREE SHIPPING ON ORDERS OVER $35 SHADE-FINDING TIPS: Pro Filt’r Hydrating Longwear Foundation comes in the same 50 shades as the original Pro Filt’r, so if you already know your shade, you’re good to go!
https://forum.caswellplating.com/new-content/14
What We Like: The mascara creates falsie-like results. Why People Love It: This reviewer isn’t a fan of drugstore options, but this mascara changed her mind. “I’m more then pleased with this mascara! This product states that it lifts and adds length, well it sure lives up to its description. I got lengthening effects and lifting. My lashes are so long and they have that nice lash perk. The top of the twist tube is actually bendable! This is soooo handy, to be able to adjust the tube and really move in around the corners of my lashes better to apply mascara.” You know what they say: don’t get between a girl and her mascara. When choosing waterproof mascaras for drugstore prices for this roundup, we didn’t just curate a list of random products we found on the internet; our readers deserve the absolute best, and that’s what we strive to find for you. First off, we understand that different shoppers look for various qualities when searching for the right mascaras. That’s why we conducted our search based on different subcategories. Not only did we focus on finding the best affordable waterproof mascaras in general, but the best options for shoppers looking for specific features, such as the ability to last for long periods or even add a pop of color to your lashes.
http://casinvietnam.com/# casino tr?c tuy?n vi?t nam
http://mexicoph24.life/# mexico drug stores pharmacies
https://canadaph24.pro/# online canadian pharmacy reviews
https://ciprofloxacin.tech/# ciprofloxacin 500 mg tablet price
http://lisinopril.network/# buy zestoretic online
http://nolvadex.life/# nolvadex half life