Double Your Income with Compound Interest.

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Albert Einstein said Compound Interest is “the 8th wonder of the world. He who understands it, earns it; he who doesn’t pays it.” This is a great quote about compounding interest. If you think about it hard the best and worst part about money is the compounding interest.

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With a massive credit card debt with an interest rate of 22% or higher can really compound and make debt spiral out of control.

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The Double Penny Story

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I have heard this question before, and most people without thinking would take $1 million dollars over the $0.01 doubling every day. Most people are all about instant gratification. Patience is a virtue (as my dad has always said). So let’s break down the numbers and think.

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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. Day 9: it becomes $2.56. Day 13: It becomes $40.96. It keeps growing and doubling.

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This doubling is all part of the power of compound interest. Compound interest is the interest upon interest.

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Say you invest $1000 at 10%, you will then earn $100. The next year it would be $110 since it would be $1100. At 10% the money will not double as fast as the penny since the penny was doubling at 100% every single day.

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The way people figure out how long it takes their money to grow is thinking about 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.

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Swipe Up to read more about compound interest!

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More About money

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Double Your Income with Compound Interest.

Read More

Albert Einstein said Compound Interest is “the 8th wonder of the world. He who understands it, earns it; he who doesn’t pays it.” This is a great quote about compounding interest. If you think about it hard the best and worst part about money is the compounding interest.

Read More

With a massive credit card debt with an interest rate of 22% or higher can really compound and make debt spiral out of control.

Read More

Read More

That interest will compound and double faster than you know it. On the other hand, if you have some great investments that are reaping 6-10% then your money will grow and grow.

The Double Penny Story

Read More

I have heard this question before, and most people without thinking would take $1 million dollars over the $0.01 doubling every day. Most people are all about instant gratification. Patience is a virtue (as my dad has always said). So let’s break down the numbers and think.

Read More

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. Day 9: it becomes $2.56. Day 13: It becomes $40.96. It keeps growing and doubling.

Full Story

This doubling is all part of the power of compound interest. Compound interest is the interest upon interest.

The Power of Compound Interest

Read More

Say you invest $1000 at 10%, you will then earn $100. The next year it would be $110 since it would be $1100. At 10% the money will not double as fast as the penny since the penny was doubling at 100% every single day.

Read More

The way people figure out how long it takes their money to grow is thinking about 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.

Read More

Swipe Up to read more about compound interest!

Read More

More About money