Make Your Money Work For You!

The most important thing that you can do for yourself and especially for your children is to get your money to work for you.

The way to do that is through the magic of compound interest.

Compounding interest is one of the most powerful forces in existence but it takes time.

The earlier that you can plant that initial deposit nugget and start the process the bigger the payoff will be.

Twenty years is the rough target timespan when growth starts taking off and it gets fun to watch.

So, getting started as early as you can is the key.

Even if it is only $50 to $100 a month, it can turn into a life changing amount if you can just give it the time it needs.

If you can give it 40 years you will be rich and if you can give it 60 years you will make your entire family wealthy.

It is math.

Sixty years seems like an impossible and unrealistic timeframe to just let money sit and for many it is if we are already adults.

But that is where we can give our kids a advantage.

When they are young even just opening a savings account will help start the process that can grow into a bigger deposit that can be transfered into a low cost index mutual fund later.

That is what I’ve done with my kids.

So, get something started today even if it is just opening a savings account to start building an initial deposit to put into a more robust investment later.

Make your money start working for you now so that it picks up the heavy lifting for you later down the road.

To see the math of what growth can look like check out my previous posts.

Also, if you have a young reader in your life check out The Fairies of Oylara children’s book at your favorite online retailer. You can check out that blog here.