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Start early to benefit from compound interest from "summary" of The Motley Fool Investment Guide for Teens by David Gardner,Tom Gardner,Selena Maranjian
Time is your greatest ally when it comes to growing your money. The magic of compound interest lies in its ability to make your money work for you, multiplying over time. Picture this: you invest $1,000, and after a year, it grows to $1,050 with a 5% interest rate. It might seem modest, but the real power kicks in during the following years. The next year, you earn interest not just on your initial $1,000 but also on the $50 you earned. This process continues, creating a snowball effect that accelerates your wealth. The earlier you start investing, the more time your money has to compound. Consider two friends: one begins investing at age 15, putting aside $1,000 each year for ten years, while the other waits until 25, investing the same amount for the same peri...
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