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Everyone needs a budget. You don't have to come from money to be aware of all the personal finance tools that are available to you. Things like High Yield Savings, Roth IRA, 401k accounts are available to everyone who wants to be a bit smarter about managing their savings & investments.

Hopefully, using the future outlook graph will help you see the power of compound interest and how that can help you achieve your financial goals. Compounding interest is like earning interest on your interest.

Imagine you have $100 and a bank gives you 10% interest each year:

  • Year 1: You earn $10 in interest, so you have $110.
  • Year 2: You earn interest on $110, which is $11, so you have $121.
  • Year 3: You earn interest on $121, which is $12.10, so you have $133.10.

Each year your money grows faster because you're earning interest not just on what you started with, but also the interest you've already earned.

SNOWBALL (❄️) EFFECT. More info here.