The Compound Effect: Building Your Household's WealthPosted by Judy Orr on
Wealth is within reach for many people; however, according to a study posted by Bankrate*, 63 percent of Americans said it’s not likely they’ll become rich. While younger people are more likely to say they’ll achieve wealth one day, only 34 percent of people aged 30 to 49 and 21 percent of people aged 50 or older say the same. There is no secret to becoming rich: it takes time, sacrifice, and good financial sense. Here are a few ways to build your household’s wealth.
Let Compound Interest Work for You Compound interest is your interest earning interest. While the concept may work against you when you take out a loan to buy a car or use your credit card, it works in your favor when you’re saving money. For example, if your savings is growing at a…
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