Virtually everyone would choose to make more money if given the opportunity, but choices that impact your lifetime income potential are rarely that clear-cut. A variety of factors influence the amount of money a person makes, and the choices they make throughout their lifetime help to dictate their ability to earn money. Taking a hard look at your lifetime income potential can help you make more money in the long term, allowing you to financially support your lifestyle and retire in comfort.
When it comes to preparing for the future and retirement, nothing helps more than a healthy savings account. But what if your savings just doesn’t feel like it will be enough to cover future monthly expenses?
That is where the power of compounding interest comes in. Compound interest is a means of investment that makes your saved money grow just by existing in your account.