graphicShort term car insurance

It is now possible to buy short term car insurance in Britain, ranging from as little as a day to several months. Get more info from this website and you could make compound savings. What is compound interest?
It is a well known fact that compound interest is one of the most amazing things in the financial and saving world. Albert Einstein famously called it on of the most important inventions of all time. However it is quite easy to understand.

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When you invest some money you earn interest on this capital, however with compound interest you earn money the following year through interest on your original investment plus the previous yearís interest earned. This essentially means a small investment can grow to a huge figure if it is given time. It also means that adding more money each and every year offers a fantastic saving plan for your future.

The earlier you start putting money away and saving through your compound interest saving account the more you will earn in the long run. And donít delay as each year you put It off means youíll be missing out on a lot of cash when you want to withdraw your savings.
Pay attention to the details as they make a lot of difference. The long term differences between 6 and 8 percent interest rates are astounding when you compare 30 years down the line.

Make sure you donít put all your cash into your investment plan though, as itís important to also enjoy your life in the here and now, you never know what is around the corner.

You need patience and time Ė these are the two keys for successfully capitalizing on the wonder of compound interest.

You can find out simply how long it would take your investment to double by using the rule of 72 which involve dividing 72 by your interest rate eg 72/6=12.
It is best to apply the snowball effect to compound interest. Imagine a snowball rolling slowly down the hill, over time it accumulates more snow and become a bigger snowball. That is in essence what happens with your compound interest investments so remember to be patient and youíll reap the rewards.

Copyright Rich Mann (!?!) 2010