(click on the bold-faced vocab words:))
I’ll be waiting approximately forever to earn the $$ that matches my outfits and pays off my closet’s credit card debt.
Forever is very expensive in debt-land.
Play with this compound interest calculator to see how $$ multiplied over and over again by an interest rate means more $$$$$$.
Compound interest goes both ways. Debt & savings grow exponentially.
I’m hoping my saving account’s compound interest payments will pave the way to my own compound (à la the Kennedy’s).
(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)