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Compounding interest – How it will make you a millionaire
By Singaporean Talks Money  •  September 27, 2020
Compound interest (or compounding interest) is the interest on a deposit calculated based on both the initial principal and the accumulated interest from previous periods. In a way, compounding interest can help you achieve your financial goals faster as it allows your money to grow more using the time available and also the growth. To be a millionaire is everyone’s basic retirement goal, it can be achieved easily by some or takes longer by others. But compound interest, the 8th wonder of the world will help and if you can put it to good use, you will definitely benefit from it. The earlier you start, the earlier compounding can happen and the earlier you can reach your financial goal. Recently, i came across an article published by CNBC which was about how compound interest can make a difference if you start saving and investing your money early. The...
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By Singaporean Talks Money
I am currently a 23 year old university student in SIM. I hope to be able to grow my money and see the power of compound interest. I became interested in investing when I took a gap year and worked full-time. I realized that by just saving, it was very difficult to achieve my financial goals hence i read up on investing.
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