Episode notes
With just $25 in monthly savings, you can accumulate up to $400,000 with compound
savings.
"Can $25 a Week Make You Rich? Juan Reveals How He Transformed
“Pennies on $350,000 with This Strategy That No One Teaches You”
Compounding savings is basically "earning interest on your interest." Let me explain
it simply: When you save $100 and the bank gives you 3.5% annually, at the end of the
year you have $103.50. But the second year, that 3.5% isn't just calculated on your
original $100, but on the entire $103.50. Over time, that "snowball" grows faster and
faster. In my first 10 years with $25 weekly and 3.5% APY, I ended up with $14,500
instead of just $13,000.
Keywords
financesconpound savingsbanklifeyieldapy