SAVINGS & INVESTMENTS
It is important to remember that starting to save earlier in your life increases your chance of accumulating significant wealth due to the long-term effect of compound interest. Simply putting your money into a savings account, however, won’t benefit you very much at all.
The magic of compound interest is eroded by inflation in typical savings accounts, but can be optimised when using any of a variety of different investment vehicles that are available on the market today. With competitive interest rates and cost structures, you will be able to accumulate your wealth in a steady and secure manner.
Keep in mind that the interest you pay on debt (such as credit cards), is far higher than any return you will get in an investment and so it is of utmost importance to ensure that your debts are paid off as quickly as possible so that you can start saving effectively.
Here is what Mark Cuban, a billionaire entrepreneur, and investor has to say about credit cards and debt
“Credit cards are the worst investment that you can make. The money I save on interest by not having debt is better than any return I could possibly get by investing that money in the stock market.”