Teach children about the power of compound interest from "summary" of The Opposite of Spoiled by Ron Lieber
It’s easy to think of compound interest as a topic reserved for adults, a mysterious force that only grown-ups need to understand. But the truth is that the concept is not as complex as it may seem at first glance. When broken down into its simplest form, compound interest is essentially interest on interest, a snowball effect that can work wonders for those who harness its power. By teaching children about compound interest at an early age, we are giving them a valuable tool that can make a significant impact on their financial future. Imagine a scenario where a child saves a small amount of money each month and lets it grow with compound interest over time. The results can be truly astonishing, as even a modest cont...
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