How do you put your money to work for you?
- Labor Day is celebrated in many countries…as an acknowledgement of how far we've come…in creating safer and more equitable ways of earning money.…This Labor Day, instead of thinking about…how hard we work for our money,…let's look at how we can make our money work for us.…What exactly does that mean?…Well, consider that your money could be earning you money…even when you sleep, that sounds good, right?…So how does this actually work?…First, consider the magic of compound interest.…This is where you earn money on your savings,…and then earn even more the next month on those earnings.…
Let's see an example of what happens…to $1,000 earning 5% interest.…You earned the $1,000,…and with interest compounding over 30 years,…it increased to $4,322.…Ways to take advantage of compound interest…are accounts or funds where the interest is reinvested.…It's also true of stocks that pay dividends…that are automatically reinvested.…You can also put your money to work for you…by lending your money out with interest to generate income.…
Skill Level Intermediate
Personal Finance Tips and Trickswith Jane Barratt2h 58m Appropriate for all
Financial Wellness for Couples and Familieswith Amanda Clayman1h 7m Appropriate for all
New This Week
Your Money Management
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