Well I did take a financial class today at my church and WHOA... it gave me a lot to think about. And it was a bit rough to take a closer look at my personal finances and realize I'm going to have to make some changes.
And we got quite the lesson on compounded interest... how it can work for you with savings and how it can work against you with credit cards.
Whether it's $100 or the $1000 depicted in this graph you make exponentially more when you are saving with compounded interest. You can see for the first couple of years it goes slow, but then it starts to rapidly increase. (The same concept is working AGAINST you with credit cards)
Oh, and you know the minimum payment on a credit card? It's only 2%! You may as well just completely ignore that section...
Just something to think about it!
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