If You Want to Get Rich, Trust in the Power of Compound Interest
If you're looking to double -- then triple -- your investments, look no further than compounding.
By Phil Town •
Opinions expressed by Entrepreneur contributors are their own.
According to Entrepreneur Network partner Phil Town, compounding interest is seriously powerful. Compared to past saving methods like using CDs and money market accounts, compound interest bypasses the growth-killing handicaps low returns and modern inflation. Even historic genius Albert Einstein admitted he never fully figured out the mathematics of compounding -- which describes the concept of starting with very little initial capital and eventually having it increase to an astounding new value.
Even if you can only invest a small percentage of your income every month, the benefits of time and compounding can reveal the long-term power of investing.
Click on the video to hear more from Phil Town.
Related: 7 Habits to to Help You Make Smarter Money Decisions
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