Double your income with Compound Interest
Albert Einstein said Compound Interest is “the 8th wonder of the world. He who understands it, earns it; he who doesn’t pays it.” That interest will compound and double faster than you know it.
The Double Penny Story
If you start off with one penny on day one, by day 3 it is 4 pennies, which is not so much. As it keeps doubling the amount becomes more.
This doubling is all part of the power of compound interest. Compound interest is the interest upon interest.
The Power of Compound Interest
The Rule of 72
The Rule of 72 is an easy way to figure out how long it takes for an investment to double. Simply put: Years to double = 72/interest rate.
The earlier you start investing the more time you will give that investment to grow. The more time you give the investment to grow, the larger the investment would become.
Many people talk about investing in the stock market. Personally, I am a simple person that likes to use Index funds that track the total stock market like VTSAX.
Where to put your money?
Real estate can be a place for some good investment values like through investment real estate, commercial real estate, or even REITs(Real Estate Investment Trusts).
If you want you can also make plenty of money making a business.
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