How to prosper financially in the decade ahead. Your twenties. Part 4.
August 10th, 2009
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by admin · Filed Under: market talk
Compound interest is so cool
Most of you probably think that just saving little bits of money doesn’t count. You say you will start saving once you make enough money or once you are older. Well then you don’t know about the miracle of compound interest. If you were to start saving $100 a month right now while you are young, and put the money into a portfolio of mutual funds that achieves an 8%-a-year return, by the time you turn 70 you could have almost $748,000, now wouldn’t that be nice.
Invest in yourself
A student loan is an investment in yourself. You should always apply for a federal or provincial loans before taking a loan from the bank. This is because you get tax credits for the interest you pay on government-backed student loans. Also, if you come across financial hardship after you graduate you can apply for interest relief. A bank is not going to negotiate the loan terms with you.
If you have any questions please contact Stephen at 1.800.932.9989 or email financial@septen.com.
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