156-Applying Compound Interest To Your Goals: Lessons Learned From the Magic Doubling Penny
Radical Personal Finance · Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
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Show Notes
Most of us have heard the example of the magic penny that doubles every day in value for a month. But, have you sat down and looked at that example to really understand what lessons you can apply to your own life?
Today, I share with you 5 lessons I've learned from that example:
1. Rate of return matters
2. Time matters
3. In the beginning, it's easy to spend. That's what most people do.
4. In the beginning, the amount you save matters more than the interest rate.
5. In the end, the interest rate matters more than the amount you save.
Enjoy the show!
Joshua
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