Wealth Conversion

Wealth conversion: When we say that last year we made $10m profit, and this year $11m profit, we are tempted to say that our profit has increased by 10% from last year. This is what accountants do. But economists will see that probably that the currency has depreciated or devaluated by 20%, and would argue that talking of increase or decrease of profit is not enough. Wealth conversion is the answer. How do I know that I am richer than last year? I must MEASURE. Weight is measure in grams, and one gram doesn't get depreciated or devaluated. Length is measured in metres, and metres are not subject to fluctuations. If I run 1km in so many minutes and seconds, this is a reliable measurement. I can positively say that I have improved compared to last year, because the time taken to run 1km is less. That is because minutes and seconds are fixed. For measuring wealth, the only standard that exists over centuries and around the world is Gold. Wealth conversion converts last years amount to gold at last year's rate, and back again to money at today's rate, to inform you whether $10m profit of last year is in fact equivalent to $12m this year, if we use gold as a standard. You can ask Wealth conversion this: I bought a house for USD 10,000 in 1980. How much would that be today?

Currency conversion: You have the latest currency exchange rate at the tip of your fingers - or in your pocket. Once you install the app, you can use it without having to remember and bookmark websites for checking rates. There is only one rate. Different institutions have their own buying and selling rates which are something about one percent more or one percent less than this single rate. Our rates are essentially compiled from openexchangerates.org. The interface is intuitive and easy to use. You must be connected to internet for the system to work.