We all have one great financial asset -- T I M E. Uninterrupted compounding of our money at interest, given enough time, will create substantial wealth.
Uninterrupted compounding at interest -- there is a lot packed into that short phrase. First, placing your dollars in an account that earns a competitive rate of interest, with a minimal risk of loss is the due diligence every wise person follows.
Second, the dollars must be left there to compound at interest. It has been said that compounding of interest remains, without rival, the single, most effective strategy to create wealth.
Third, that compounding must be uninterrupted. The single greatest mistake in wealth creation is interrupting compounding by "draining the tank." For example, saving money to pay cash for the next automobile is a great idea. It remains great until you withdraw the money to make your purchase. After that, you must start all over again.
The question naturally arises, "Well, if I save my money and never spend it, what's the point?" The question is important and the answer is this: collateralize your money, rather than spend it. Keep it gorwing over the longest possible period of time and you will create significant wealth.
Time is the difference-maker. Dollars saved in a compounding account, uninterrupted, given enough time, will make you wealthy.
- The Best Way to Pay for College
- What Every Parent and Student Needs to Know About FAFSA (Free Application for Federal Student Aid)
- How Much is a College Education Going to Cost You, Really?
- Navigating the Pathways of College Admissions and Financial Aid in 2021
- Merry Christmas! Your Child and the Christmas Child
- 8 Common Mistakes to Avoid When Completing FAFSA (Free Application for Federal Student Aid)
- Gear Up, Tenth Graders
- Apply for Fall, Get Spring Semester. Why do colleges send "Spring Semester Acceptance" letters?
- Why do colleges "Wait List" some students and what to do if you're on the wait list
- Is There a Scholarship Awarded With Your Letter of Acceptance?
- #acttestoptional #acttestprep #applyingforcollege #applyingforfinancialaid #applyingtocollege #collegeapplications #collegeplanning #collegeplanning #sat/acttest #sat/acttesting #collegeplanninglkn #collegeplanningtimeline #collegescholarships #collegewaitlist #communitycollege #fafsa #financialaid #financialaidoffer #howtohandlecollegewaitlist #howtopayforcollege #howtostudyforsat/acttest #istestoptionalpermanent #payingforcollege #sattestoptional #sattestprep #satacttestprep #springsemesteracceptance #studyforact #studyforsat #tenthgrade #waitlist 4th of July; Independence; Freedom 529 Plan apply to college with confidence Best Colleges campus life in 2021 Campus visits career college college admissions for homeschool students college admissions in 2021 college application essay college costs