In this video I share with you how to get rich, and how absolutely anyone can use the power of compound interest to make that happen.
// Work out your financial freedom exact number
I can show you step by step how to do this in this post and video.
Your financial freedom exact amount of money is how much you need to have saved away so that the interest generated each year from that amount can be withdrawn and used to live without having to work for a wage instead.
You can safely live off the profits of your savings – you can now choose to work or not work again.
This goal is so important, and it will likely take a while of consistent effort in saving each month but it will mean that you know exactly how much you need and can work towards something tangable.
Having the goal “to get rich” is simply not enough, we need to know exactly what rich is to us and what amount that requires.
Then your job is to speed up the process to get there or use it as a base line goal for your money overall.
// Understand the Key Principles of Compound Interest FULLY
Compound Interest is the greatest wonder in the world outside of anything man can make of course.
The magic of time and compound interest will mean that you are rewarded for your patience and consistency.
Even if you do nothing more than save for a short while, leave it in a savings account with a high interest rate, and return many years later – you will still see a return on your efforts.
This is all due to the way compound interest works – where your profit each year increases due to the amount you saved and interest already achieved.
Don’t waste any opportunity to have compound interest work in your favour each month.
// Invest your savings with the highest interest rates you can and leave them there
Do your research fully.
I personally use an Investment ISA (Individual Savings Account) in the UK for my savings account, where I am seeing between 4-8% return of interest each year.
This is because an Investment or Stocks & Shares ISA uses the power of the stock market to make a return on my money invested.
Investing in the Stocks market will have the greatest potential to make your money work smarter for you, so be sure to look into your options.
I take about all the ways you can start to Invest over in this post and video
// Just keep going and it will all work out
The biggest tip here I can give you is to KEEP GOING.
Compound interest works best when you leave it alone and let it work it’s magic – so don’t be tempted to pull all your savings out before you truly need them.
Ideally we should be leaving any savings until we are ready to use them for living purposes, and achieved our financial freedom goal.
The best thing you can do is believe me when I say that you make the payments and forget about the total amount of money sitting there.
Return back to it in years to come and be thankful you knew the magic of Compound Interest to make you rich.
**Disclaimer – all financial advice given is my own personal way and strategy. It does not guarantee it will work for you too, but ask you research all investment routes and strategies before placing your own money into them. You are responsible completely for your money management **
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