check out the chart on p. 23--Amazing what COMPOUNDING can do!
Even better chart on p. 24--Higher interest rate=more $$$ for you!
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put a hundred bucks in the bank now so in 50 years you will be rich
ReplyDeleteIt talks about how compounding can make you lots of money over the years.
ReplyDeleteCompounding is the process of combining interest with time and allowing interest to grow and accumulate on interest.
ReplyDeleteI learned that each year interest is earned on the original deposit plus the interest accumulated or compounded. Compounding can make you a lot of money over the years.
ReplyDeleteI don't think I would be patient enough to do any of this. (haha) It's pretty insane how you can make so much money by utilizing interest and whatnot starting with a small amount.
ReplyDeleteagreed . It will make you rich
ReplyDeleteif you start using compounding over years of time the money that you invested will increase so it is worth alot more later
ReplyDeletePut money it the bank and you will make more each year.
ReplyDeleteI learned that the longer the time you have money compounding, it has a more powerful effect. If you have a higher return, it also has a better effect. It is crazy how fast the money grows over the years.
ReplyDeletethe money that you save can really add up
ReplyDeleteDifferent amounts of money will give you different amounts of payback in the end. There are risky ways and non risky ways. The percent interest makes a huge difference.
ReplyDeleteI agree that it is really crazy how fast the money can add up over the years.
ReplyDeleteI agree Maggie, it would take a lot of patience. I would be tempted to use the money after a couple of years.
ReplyDeleteyeah you just have to put money in the bank early and that money can really add up to make you rich
ReplyDeleteThe interest rate or rate of return makes a HUGE difference in amount.
ReplyDeleteif you have the time to wait and see what happens to the investment that you made then in the end you will get a more worthy prize value
ReplyDeleteIf you put a certain amount of money into something and it accumulates interest, the amount will increase over time and you can make a lot of money on the interest and return.
ReplyDeleteCompounding will make you rich if you keep the money invested.
ReplyDeleteI agree that when you put the money in the bank it will add up over the years and you could end up being rich.
ReplyDeleteThe more money you put in the more you make with interest and it will make more with time
ReplyDeleteI learned how compounding your interest or money over time can grow.
ReplyDeleteI thought it was interesting how he explain compounding.
I'm going to have to try this.
ReplyDeleteI agree that the more interest you get, the more it will add up.
ReplyDeleteI agree with Molly.....when putting your money in the bank it is not only safe but grows with time of compounding
ReplyDeleteI agree with everyone this could be some useful information
ReplyDeleteyep the longer you wait the more you get out of it
ReplyDeletethe interest makes a difference on how much u can make in a year to
ReplyDeleteInterest and compounding can help you gain more money
ReplyDeleteThe more money you put in with a higher interest, they more money you will make over the years
ReplyDelete100 dollars * 5% interest * 50 years=$1,000,000+
ReplyDeleteIf you compound your money you can make alot off the intrest
ReplyDeleteYou want to compound interest so every year you make a little more, instead of making the same interest every year. In return, you will make a lot of money.
ReplyDeletei agree brandon, the problem is that the average interest rate now is 1-2%, so you can't make as much money.
ReplyDeleteDont just put 100 in or it takes forever to get interest if you wait and put 20000 in your interest will grow faster and you will end up with more money.
ReplyDeleteCompound Interest works best when you get higher interest on large amounts of your money, then the money will start to grow at an exponential rate
ReplyDeleteokay so the compound interest seems like a good idea to me... It's like you put in a certain amount and leave it alone for a while and then bam!! Money to by a big boat or a new house or car. I like that.....
ReplyDeletei agree with blake, you want to keep on adding to the intrest
ReplyDeleteOne thing I read was that the longer the time, the more powerful the effect of compounding in which I think is true and people will find out. Also I learned how the interest rate or rate of return makes a huge difference in things like the example when the same $100 grew much faster at 10% than 5%.
ReplyDeleteI agree with Kayla I think it sounds like its a win win situation.
ReplyDeleteIf you just put $100 in it would take forever to get up to 1,000 with only 5% interest.... I know that i wouldn't be able to not touch the money i would spend some of it and then i wouldn't be gaining any money from it.
ReplyDeleteI agree with travis the more interest on something the more money you make.
ReplyDeleteI agree with Travis, if you have large amounts of money with a high interest you will have the best outcome of making money.
ReplyDeletethis book is telling you how to prepare for retirement while you are still a teenager. also the higher the rate is the faster your money will grow. put more money and it will also grow faster. 5% is half of 10% so 5 would take about twice as long to get where 10 was
ReplyDeleteI agree with travis, the more money and the more interest you have.. you will end up with A LOT more money than having just a little money and small amount of interest.
ReplyDeletei also agree with Travis. your money could potentially be worth billions if you leave it in there long enough (hundreds of years most likely)
ReplyDeleteIt talked about how using your money wisely can pay off in the long run. If you save your money in a bank with compound interest, it will grow bigger and bigger over the years.
ReplyDeleteA definitive summary of in which I've read would be that in order to actually earn a lot of money in the near future you have to first save 5% interest each year for approximately a long period of time--for instance, the worst mistake that many Americans make is that they save up 5% interest each year and then on top of that, they then spend that hard-earned cash for no apparent reason...when they could have been more wealthier in the long-run by not spending that saved money. Also, in my opinion, it is somewhat hard for a lot of people, including myself to save a lot of money and then let it sit in the bank or @ home and let it add up in interest or number...although, it would be a lot more intelligent to let the money in which you now already have--to grow in number and interest so that one day you could retire early and be wealthy--and never have to work another day in your life. Another pointer would be that if everyone in America would not borrow money or in other words use credit cards so often , then we would all be a tad bit richer in our nation's economy! A question in which I have is that why so many Americans are ignorantly ruining our economy by making credit numbers sky-rocket and letting our nation's economy go to ruins....??? And, lastly--a comment in which I have is that I agree with a lot of my classmates --that the longer you wait by saving your money-the more money you will have in the long-run and also, a lot more Americans would be not having to work and have jobs anymore if we all saved our money and invested in it...
ReplyDeleteI agree using money is using your brain and not your back it will pay off in the long run if you invest the rite way.
ReplyDeleteI agree with everyone
ReplyDeletei agree with travis, if you let it sit, you willl be better in the long run
ReplyDeleteThe higher the interest rate the more money you earn each year. Its percentage wise, so the more money you put into the account the more money you will get from interest.
ReplyDeletethe key is to be patient.
ReplyDeleteI agree with yall its best to let it be
ReplyDeleteAndrew Brown
ReplyDeleteWhat is APY?
the more money you put in the more money you will make and if you leave it in there to grow the price will go higher and you will make more money
ReplyDeleteI agree that the more money you put in the bank and save, the more you will have in the future.
ReplyDeleteI learned that the higher the interest rate is, the more money that you will earn from this, which means the better it is. So you want to have a high interest rate.
ReplyDeleteThe book pretty much sums up that you need to be smart with your money because retirement in just around the corner. So you should have loads of money whenever you retire.
ReplyDeleteIf you put a high interest rate in a bank and in time that will become a lot of money. If you put a lower interest rate in the bank it will not be as much as the high interest rate
ReplyDelete