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Saving Money
Many people still make the mistake of keeping their money in ancient savings accounts that provide very little yield, which does not even keep up with inflation. There are many alternatives online which provide savings yields over 5% and even provide interest over 3% on checking accounts. 5% interest may sound like a small amount over a year, but over time that compounding interest grows to incredible amounts. Don't let your money lose value with low interest rates. In only takes a little bit of work to find something better. Using the widely known "Rule of 72" we can divide 72 by 5 to find that your initial investment will double in 14.4 years from the compounding interest alone, assuming you haven't added anything to it. Of course, this should be the minimum investing that you do. With a little more research, you can learn about mutual funds, etfs, and stocks as well. |
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This intel was contributed by juice
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May, 2012
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