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Compound Interest: The Key to Wealth Building

In its simplest form, compound interest means earning interest on interest. Unlike simple interest, where you gain returns only on the principal amount, compound interest allows your earnings to generate more earnings. This might sound like a minor difference, but it’s where the magic lies.

Pay yourself first

Pay Yourself First: Building Long-term Wealth

The idea is straightforward: with every paycheck you receive, immediately set aside at least 10% for yourself. This isn’t for spending; it’s for saving or investing. You’re essentially making your future self a priority over your present desires.