By Colin Dunbar
5. Nothing like compound interest
This is the amazing feature of money. You can see your money double, or even triple, thanks to compound interest. This is where you get your money working for you, when you get paid interest on interest. It is really a great invention, and one of the best ways to grow your money.
An example of compound interest:
$100 invested @ 5% = $105
$105 re-invested @ 5% = $110.25
$110.25 re-invested @ 5% = $115.76
Again, do your research, and find the best interest rates.
Nothing magical about money
It is a sad reality, but many of us want to walk before we can crawl. I cannot remember who said it, but it is very true: "a penny saved today, is worth two tomorrow". There are basic realities in reaching your money goals, and the first is: set a goal and work towards it.
There are a variety of financial tools available to assist you with your money goals. This article discussed five basic tools...
- Set a realistic budget
- Stay away from debt
- Invest something regularly
- Keep funds for emergencies
- Nothing works like compound interest
Follow these five secrets and you will reach your money goals.
About The Author
Colin Dunbar created the eaziGOAL system, offering you 11 practical and proven goal setting tools to enable you to get what you want. Manual, workbook with goal setting worksheets.
Click here to learn about these simple goal setting tools.
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