Hello, Maybe you've heard of compound interest before, or maybe not.But there's just one thing you need to know about compound interest, it could make you rich !
Many of us have dreamt of becoming rich overnight, but I will tell you that it's not viable.
I've made 50000USD in 2017 and lost 40000USD in 2018 ! So I'm qualified to tell you that what easily come will easily go !
Now back to the compound interest,what is it and how could it make you rich? I will give you just one caculation that will change the way you think of money.
Compound interest (or compounding interest) is interest calculated on the initial principal and which also includes all of the accumulated interest of previous periods of a deposit or loan.
Now for example, if you have 1000$ today, and you add 100$ to your investment per month,with an interest of 15% per year, in 20 years you will have : $149,073
And if you add 150$ per month in 20 years you will have : $215,427.55
That kind of money will make you live comfortably for the rest of your life. ( in some countries of course ).
But how do you find an investment that will give you 15% per year ?
In my opinion, cryptocurrencies and stocks are good enough, as long as you have a job. Remember never to invest what you can't afford to lose. A good strategy is find a job then invest 10-20% of your income. !
Cut down expense that you don't need. Stop drinking coffe may give you 30-40$ a month to invest !
good luck !