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.
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