Take advantage of compound interest from "summary" of The Barefoot Investor by Scott Pape
Compound interest is like a magical money-making machine. It's like planting a seed in the ground, and then watching it grow into a money tree. The longer you leave it alone, the bigger it gets. How does it work? Well, you earn interest on your original investment, and then you earn interest on that interest. It's like a snowball rolling down a hill - it starts off small, but it gets bigger and bigger as it goes along. The key to taking advantage of compound interest is to start early. The earlier you start, the more time your money has to grow. Even a small amount invested now can turn into a substantial sum down the track. And the best part is, you don't have to do anything - you just sit back and ...
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