Radical Personal Finance
Joshua J Sheats, MSFS, CFP, CLU, ChFC, CASL, CAP, RHU, REBC is a financial planner who teaches people how to live a rich life now while building a plan for financial freedom in 10 years or less. He mixes creative approaches to lifestyle design, deep-dive financial planning techniques, and hard-core … read more
156-Applying Compound Interest To Your Goals: Lessons Learned From the Magic Doubling Penny
Most of us have heard the example of the magic penny that doubles every day in value for a month. But, have you sat down and looked at that example to really understand what lessons you can apply to your own life?
Today, I share with you 5 lessons I've learned from that example:
1. Rate of return matters
2. Time matters
3. In the beginning, it's easy to spend. That's what most people do.
4. In the beginning, the amount you save matters more than the interest rate.
5. In the end, the interest rate matters more than the amount you save.
Enjoy the show!
Joshua
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