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Concept
The power of compounding interest is the idea that money can grow exponentially over time by earning interest on both the principal investment and the interest that has already been earned. This can help investors and savers build wealth more quickly.
The KEY... SAVING
How It Works
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Initial investment: You start with an initial investment, such as $1,000
Earn interest: You earn interest on your investment, such as 6%
Reinvest: You reinvest the interest you earn back into your account
Benefits
Long-term wealth: Compound interest can help you build wealth over time,
Automatic growth: You can set up automatic reinvestment to take the work out of compounding
Avoid temptation: You can avoid withdrawing funds when they grow, which can reduce your potential to earn more
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