Description
Compound interest teaches you the value of patience. Given time, it can supercharge your savings. However, when the time comes to pay off debts, impatience should be your virtue. Let us now glance at some questions about compound interest to make it work for you!
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Compound Interest Calculator: https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
My 2016 Instagram post: https://www.instagram.com/p/BOkfxBqDcRg/
Chapters! 🧾
00:00 Magic of compounding
00:56 Compound interest cons
01:24 What is simple interest
01:57 Compound interest on loans
02:36 What is compound interest in investing
03:00 Calculating compound interest (with example)
05:55 15x15x15 financial rule
06:21 Compound interest formula
06:44 Rule 72 (double your money)
07:27 Rule 72 Example
07:47 Important points
08:00 Point 1 - Clear your debts
09:00 Point 2 - Let the money rest
09:28 Point 3 - Look into the APY
10:25 Bottom line (what do we learn from compounding)
A wise man once said – “Money Makes money” – it took us a while to understand that he was trying to expose the magic of compound interest.
Compound interest is an enigma, and the reason is pretty definite. On one side, it can snowball your initial investment into great returns. And on the other, when you’re paying interest on loans, the instalments become high enough to give you heartburn.
But the surge of annoyance you feel can stop you from realizing the magnificence of the term that is compound interest.
Let us now glance at some questions about compound interest to make it work for you.
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