If I told you that you could start earning free money today using compound interest, would you believe me? And if you’re a recent high school or college graduate and started saving now, you’ll have even more money by the time you retire. Sounds simple, right? But why aren’t more Americans taking advantage of this?
According to CNN Money, “Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, enough to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to the survey of 1,000 adults. Meanwhile, 50% of those surveyed have less than a three-month cushion and 27% had no savings at all.” Yikes!
To educate and empower our members, It’s a Money Thing TM has provided a fun, yet informative video that breaks down the basics of compound interest and its benefits when applied properly.
Check it out below:
We have a variety of ways to jumpstart your savings plan. Our Financial Service Representatives are ready to assist you with opening a savings account or CD.
If you’d like to explore other options for financial planning or investments, set up a meeting with a representative from our Investments Services Group to discuss your financial goals.
Have you seen the power of compound interest at work? Share with us your experience in our comments section below.