Proverbs 6:6-11
Lazy people should learn a lesson from the way ants live. They have no leader, chief, or ruler, but they store up their food during the summer, getting ready for winter. How long is the lazy man going to lie around? When is he ever going to get up? “I’ll just take a short nap,” he says; “I’ll fold my hands and rest a while.” But while he sleeps, poverty will attack him like an armed robber.
| Compound interest can be defined as interest calculated on the initial principle and also on the accumulated interest. think of it as earning interest on interest which can cause wealth to rapidly snowball. The more often your money earns interest, the faster and bigger your saving/investment account grows. A person who starts saving/investing in their early 20’s and stops contributing at the age of 36 will have more money at the age of 65 than a person who started investing in their late 30’s |
Follow the ant-If you start early and watch your savings grow to enormous amounts over time, you will not have to worry about saving more when you are in your 60’s. The more interest your money earns, the faster and bigger your saving/investment account will grow.
It never too late to save. Start now and don’t procrastinate and spend less than you earn.
Thanks for the unique tips contributed on this website. I have seen that many insurance companies offer buyers generous special discounts if they elect to insure a few cars with them. A significant volume of households have got several cars these days, specifically those with more aged teenage kids still living at home, plus the savings in policies could soon mount up. So it pays to look for a bargain.
Yes you are absolutely correct. There are huge savings when we bundle all auto loans with an insurance company. Those savings will increase if you add a home to that policy.
I would suggest that you go a little deeper and think about the amount of interest many people pay when they take out a car loan. 70% of people are living from paycheck to paycheck and they may be paying a higher interest rate because of a low credit score. A low credit score means a person will pay the creditor(bank) more interest over the life of the loan. A person with a high credit score will pay the bank or creditor less interest over the life of the loan. I will be sharing more post so if you get a chance sign up to receive notifications of future post. If you feel led you can go to faithfulfinances.com and purchase my book which goes into detail about many topics.
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Thanks for the encouragement. My goal is to educate others so that they will not fall into the same trap I did..Blessings
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Thanks..Have not been blogging long. Trying to provide content that will help people manage their money better
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Thanks