![]() ![]() Compound Interest will make a deposit or loan grow at a faster rate than simple interest, which is interest calculated only on the principal amount. Think of it as the cycle of earning “interest on interest” which can cause wealth to rapidly snowball. ![]() But interest can work in your favor when you’re earning it on money you’ve saved and invested.Ĭompound interest can be defined as interest calculated on the initial principal and also on the accumulated interest of previous periods. When people think of interest, they often think of debt. It’s called compound interest, and it can help you exponentially grow your wealth. Luckily, there’s actually a simple way to accomplish those things if you’re willing to learn how to put your money to work for you. Have you ever wished that you could have more money, without all the effort? Or are you concerned you won’t have enough saved for retirement or your child’s education? The Power of Compound Interest and Why It Pays to Start Saving Now ![]()
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