The Power of Compound Interest

The Power of Compound Interest

 
Make your money work for you-Invest in a long-term money market account
Do not simply save money in a bank account. Make your savings earn money for you. Accumulating serious wealth, becoming a millionaire, ensuring retirement in the age of failing Social Security; all of this can be made possible through the power of compounding interest.

Even if every one of your businesses fails, investing ensures a healthy retirement

Now, you cannot simply put in $50 once, and expect it to grow to $2 Million by the time you are 60 years old. However, you also do not necessarily have to put away $5k every month either…
Below is a link to a compound interest calculator, which will show you exactly how much you can earn with any initial investment, contributions, amount of time, and interest rate.
 
The Rule of 72
This is a simple math equation that shows you how long it takes to double your money with compound interest: Divide 72 by the amount of interest you earn on your investment. The resulting number is how many years it would take for you to double your money.
For example: [72] / [8% interest] = 9 years to double your money

 

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