Welcome to our new series: Financial Fitness with Syren and Sasha where we help absolute beginner investors get started on their journey to financial freedom by making investing accessible through digestible, organized and action-oriented content.
IN THIS EPISODE WE DISCUSS:
- What is compound interest?
- How can you use compound interest to calculate when your money would *double*?
- A demonstration of how compound interest works
- The 4 factors you need to calculate compound interest
- The most important factor in allowing compound interest work for you
- How to make this personal and figure out when you can reach your financial goals
YOUR ACTION ITEM:
- Calculate how much your money can grow using the power of compound interest
1) go to this website
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
2) determine these 4 factors:
- how much you can put in as your initial investment
- how much you can contribute monthly
- how long can you keep your money invested
- what is the estimated interest rate you expect from your investments
- choose a "compound frequency" (for beginners, use "annually")
3) press "calculate" and you will see how much your investments can grow
4) play around with the numbers and begin to set goals and expectations for your investments
Please subscribe to the channel and share the episode. Enjoy the show!
*******
FOR MORE CONTENT OR COACHING WITH SYREN:
syrenthriving.com
Instagram @syrenthriving
TikTok@syrenthriving
Youtube @syrenthring
Pintrest @syrenthriving
CONNECT WITH SASHA:
Blog: ninjanomics.wordpress.com
Seeking Alpha: cryptonomics
Twitter @ninjanomics1
INTRO:
Raghav Bhandari
MUSIC:
Summer of 1984 by RKVC
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