John Lee Dumas is the host of the top business podcast in iTunes, EntrepreneurOnFire. He started from scratch and built up a audience including nearly 500,000 downloads per month in one year’s time. His advice, along with several other experts, is a part of a FREE resource, The Best Financial Advice for Young Professionals.
“Make your money work for you, not against you. Debt works against you, investing works for you.” – John Lee Dumas
This brings up the power of compound interest, a subject that the wealthy truly understand.
Albert Einstein called compound interest “The most powerful force in the universe,” and “The greatest mathematical discovery of all time.”
Debt uses compound interest against you (for example, if you buy a house for $150,000 and pay 7% interest and minimum payments for 30 years, you actually pay $360,000 for the house!). Alternatively, investing the right way works for you. $10,000 invested every year at a continual 10% growth rate will be $1,000,000 in under 25 years! If you start at 22 years old, this is $1 Million from a mere $10,000 investment each year by the age of 47. Of course, the plan is to increase the amount you save/invest and achieve this milestone much, much earlier. And YoPro Wealth is here to help you do just that.
As young professionals, we are so fortunate because we have the most valuable tool on our side: time. We can take advantage of the power of compound interest, but only if we start now!
Learn the power of compound interest, and utilize it today.
Get the rest of the FREE resource, The Best Financial Advice for Young Professionals.