In this Video Blog Series Phil is answering questions that have been submitted by readers.
Today’s request is “Please explain compound interest.”
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Phil shares five thoughts that will help you with this.
-Compound interest is when your investments earn interest on top of your interest.
-A simple example – investment.
-Also works (against you) on your debt; mortgage, credit card, loans.
-A simple example – debt.
-Compound interest is fantastic when you are earning it, but deadly when you are paying it.
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