Do YOU want to be a MILLIONAIRE?
Do you want to be a MILLIONAIRE by the time you retire? Well, if you do, I'll tell you how! It's simple, and everyone can do it! All you have to do start saving at an early age, put away money every year in a bank account that earns interest, and enjoy the benefit of compound interest! What is interest and how do you calculate it? Intrest is the money that your money gets for being in the bank for a period of time. As an example, if you earn 5% interest per year on saving of $1000, you earn $50 intrest (see picture #1 below) in the first year. This means your money grows to $1050 ($1000 principal + $50 interest) by the end of the first year! The higher the rate of interest, the faster your money will grow! So, if you earn 6% interest on $1000 instead of 5%, then you earn $10 extra ($60 at 6% interest vs $50 at 5% interest)! Picture #1 What ar...