Time is Money
When I was young…when I was younger, I use to say that I would wait until I was old and made allot of money to start investing. I thought investing was something rich older people did because they were bored and just needed something to do with their money. It didn’t dawn on me that older rich people got to be rich because they started early in life with saving and investing their money. Rich older people understood the power of compounding interest.
Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously-accumulated interest. Try this calculator and test the idea for yourself. The more you compound interest over a longer period of time, the greater you multiple wealth! But this strategy requires a disciplined mindset and most of us haven’t been trained to think this way. Instant gratification is the order of the day for many of us.
Financial education is a must if you want to learn how to change the way you think about money. We have to unlearn the bad practices we may have grew up with and replace them with solid principles of fiscal responsibility. Financial Education Service can help you re-calibrate your thinking and plot a new course towards financial freedom and prosperity. Contact a FES agent to learn more about the Financial Protection Plan offered by FES.
Financial Education Service is here to serve you. Don’t put off today for a future that isn’t promised to any of us. Invest in your future today. Join the team and build a road of progress and promise with the Financial Education Service. We guarantee your satisfaction.