$\"Businessman$ <\/a>

Toronto Is Mine – How To Become A Millionaire<\/p><\/div>\n

As you approach adulthood and start to think about your future, are you really ready to be financially responsible for yourself? If you answered no, you\u00e2\u20ac\u2122re not alone. The Jump$tart Coalition administered a basic financial literacy test to high school seniors, and less than half of the students correctly answered the questions. Another study found that over 75% of college students believe they are not ready to make smart financial decisions for themselves<\/strong>.<\/p>\n

Pretty scary, isn\u00e2\u20ac\u2122t it? If you think about it, most of your friends probably don\u00e2\u20ac\u2122t know how to balance a checkbook. In fact, very few teens actually have a savings account or know what long-term investing means. Do you?<\/p>\n

A 2009 Capital One survey discovered that 50% of teens wished they knew more about personal finances<\/strong>. Whether you have never stepped foot in a bank or you are actively saving and investing for your future, all it takes is a little effort and a lot of patience to become confident in your financial decisions.<\/p>\n

A Millionaire\u00e2\u20ac\u2122s Best Friend<\/h2>\n
One awesome thing that you can take advantage of is compound interest<\/strong>. It may sound like an intimidating term, but it really isn\u00e2\u20ac\u2122t once you know what it means. Here\u00e2\u20ac\u2122s a little secret: compound interest is a millionaire\u00e2\u20ac\u2122s best friend. It’s really free money. <\/em>Seriously. But don\u00e2\u20ac\u2122t take our word for it. Just check out this story of Ben and Arthur to understand the power of compound interest.<\/p>\n
Ben and Arthur were friends who grew up together. They both knew that they needed to start thinking about the future. At age 19, Ben decided to invest $2,000 every year for eight years. He picked investment funds that averaged a 12% interest rate. Then, at age 26, Ben stopped putting money into his investments. So he put a total of $16,000 into his investment funds.<\/p>\n
Now Arthur didn\u00e2\u20ac\u2122t start investing until age 27. <\/strong>Just like Ben, he put $2,000 into his investment funds every year until he turned 65. He got the same 12% interest rate as Ben, but he invested 23 more years than Ben did. So Arthur invested a total of $78,000 over 39 years.<\/p>\n
When both Ben and Arthur turned 65, they decided to compare their investment accounts. Who do you think had more? Ben, with his total of $16,000 invested over eight years, or Arthur, who invested $78,000 over 39 years?<\/p>\n
$\"\"$ <\/p>\n
Believe it or not, Ben came out ahead \u00e2\u20ac\u00a6 $700,000 ahead!<\/em> Arthur had a total of $1,532,166, while Ben had a total of $2,288,996. How did he do it? Starting early is the key.<\/strong> He put in less money but started eight years earlier. That\u00e2\u20ac\u2122s compound interest for you! It turns $16,000 into almost $2.3 million!<\/strong> Since Ben invested earlier, the interest kicked in sooner.<\/p>\n
What You Can Do Now<\/h2>\n
The trick is to start as soon as possible. A survey by Charles Schwab found that 24% of teens believe that since they are young, saving money isn\u00e2\u20ac\u2122t important. Looks like we just blew that theory out of the water! That same survey also discovered that only 22% of teens say they know how to invest money to make it grow. Why not change that stat and learn how to become a smart investor with your money? Talk to your parents or teachers about how to open up a long-term investment account so you can become a millionaire, too. And remember, waiting just means you make less money in the end. So get moving!<\/strong><\/p>\n
SOURCE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
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