Understanding how money grows is important when deciding where to put our hard earned income over time. Where do you store your extra funds?
🧦Under a mattress or in a sock drawer?
🏧In your checking account?
📈Is it somehow reinvested for growth?
💰If so, at what interest rate (or rate of return, RoR) is it growing?
Anyone like mathematical equations? 🧮
Would you rather have $500 growing for 50 years at 3.5% or $500 growing for 15 years at 8.5% and why?