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The_Extraordinary_Power_of_Compound_Interest-1 - The...

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The Extraordinary Power of Compound Interest Wednesday, 2nd April 2008 (by J.D. Roth ) If you’re young, you may not think you need to open a retirement account. You probably think it’s easier to worry about it five years from now. Or ten. You’re wrong. No matter what your age, now is the time to begin saving for retirement. In The Automatic Millionaire , David Bach writes, “The single biggest investment mistake you can make [is] not using your [retirement] plan and not maxing it out.” Saving is the key to wealth If you do not spend less than you earn, and if you do not save the difference, you cannot build the wealth you desire. The rich are not rich because they earn a lot of money; the rich are rich because they save a lot of money. You may be skeptical — I was once skeptical, too. But over the past three years I’ve read a lot on the subject of wealth-building. Books like Stanley and Danko’s The Millionaire Next Door make it abundantly clear that it’s not a high income that leads to wealth — though obviously a high income does not hurt — but the ability to save. Those who become wealthy do so by spending less than they earn.
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