Leverage the power of compounding interest from "summary" of Quit Like a Millionaire by Kristy Shen,Bryce Leung
The power of compounding interest is like a magic spell that can turn a small amount of money into a fortune over time. It works by earning interest on your initial investment, as well as on the interest that has already been earned. This means that the more time your money has to grow, the more powerful the effect of compounding interest becomes.
When you invest your money in assets that generate a return, such as stocks or bonds, you are essentially putting your money to work for you. Instead of spending all of your income on immediate needs and wants, you are setting aside a portion of it to grow over time. By reinvesting the returns that your investments generate, you are harnessing the power of compounding interest to accelerate your wealth-building journey.
One of the key factors that determine the success of compounding interest is time. Th...
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