investing

7 Things Teenagers Need to Know to Become Rich

7 Things Teenagers Need to Know to Become Rich

2. Use Compound Interest

When you compound, additional money is produced from your savings and/or dividend income. To put it another way, aggregation is where income is generated. Wealth can actually increase enormously thanks to compounding! The more time you have to collaborate, the younger you are.

Start early investment

This is the stage on which Zisa is most adamant. It was his drive to write his book. The quicker you start investing your money, the longer you need to allow the benefits of combining to generate capital over the long term. Consider this: if you begin to spend $3,000 a year at an average growth rate of 6% at age 25, you’re around $680,000 by age 65. If you’re just 35 years of age, you’re worth $260,000. Time has the most important influence on long-term wealth generation. Begin to invest now.

 

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