I am recently watching videos about investing and financial freedom. I usually hear people like Tony Robbins say that compound interest is such a great thing. It is a wise way to invest your money for a long period of time. I have heard it from several others as well. But I have no idea which investments give us compound interest. I was hoping if you guys know about it and I would be very happy to be educated about it. I am in my early 20s and want to make right decisions for secure and prosperous present and future. I would really appreciate your words and advises. Thanks
Compound interest is actually a lot beneficial and profitable if you know how to handle it.
Earning a compound interest is not usually an easy task and you really need to be much professional as well as dedicated to the field you are earning the compound interest into. Compound interest can be defined shortly as "Interest on Interest" which seems a lot difficult to inculcate.
The most easiest example of compound interest is mentioned below:
If you had $0.01 at the starting of the month and if it would doubt everyday for a month(which actually is called compound interest) than you would have $5,368,709.12 at the end of the month. This is actually the power of compound interest.