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Compound Interest ROCKS!

Jakg · 2008-10-10 19:29:59

I'm 17, lets say I retire at 65 - that's 48 years of work ahead or 576 months (yay!). Lets say I save £42.21 a month - thats £506.52 a year, or about what a good Sky TV package costs. £42.21 x 12 = £506.52 per year. £506.52 x 48 = £24,312.96 at the age of 65. A lot, but not really what you could live on for a substantial…

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Jennifer_Jane Posts: 3,237 Forumite

11 October 2008 at 4:53PM

pumpndump wrote: »

Way to go, Jakg.

Einstein called compound interest the eighth wonder of the world.

and that's why

GENTLEMEN PREFER BONDS

Get rich slow, man.

And Warren Buffett agrees too.

All Financial Advisors say that putting long-term money in banks (ie 'savings' as opposed to 'investments') will get eroded by inflation. So you need the right place for the money.

Jen
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Compound Interest ROCKS!

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