Have you ever picked a number and doubled it over and over again until you can’t do the math in your head? The magic of compounding drives the numbers so high, so fast. Of course, this works with money too, just at a slightly slower pace. It’s called compound interest and it’s one thing all of us can take advantage of now no matter how investment savvy you are.
Willingness to Save
The most repeated financial advice is to save and invest early. Saving early puts time on your side and compounding plays a big role in that. The best way to show compound interest in action is with an example: Continue Reading…
The tax code is full of ways to lower to your taxes. The Saver’s Credit (formerly the Retirement Savings Contribution Credit) is a tax credit for something we should be doing anyways, saving for retirement. This is on top of the great tax benefits already offered by retirement plans. With a little