Learn the value of Compound Interest.
“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” – Albert Einstein
That would be the advice to my 18-year-old self if I was to have a coffee with him this morning.
When people think of interest, they often think of debt. However interest can work in your favor when you are earning it on money you have saved and invested.
An easier way to accumulate wealth and take advantage of the magic of compound interest is to start early and be consistent.
It is possible for your money to grow to a large sum with a small initial investment. If you consistently save and invest, you will have a nice lump sum by the time you retire.
What advice would you share with your younger self?
I will be hosting a Live Podcast to celebrate What I Know Now’s 1 year anniversary at the Hamilton Bulding, Trinity College on Thursday 28 September. Find out more info and sign up to attend for FREE at this link. Hope to see you there.