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Part 7: Keeping a Positive Focus on Finances September 30, 2008 At some point, everyone will experience a financial setback. How we deal with negative circumstances will be a significant determinant in our financial success or lack of it. When a financial setback occurs, people either respond pessimistically, leading to fear and ill-advised reactions, or optimistically, leading to a calm and objective return to the original goal. Part 6: The Greatest Financial Secret: Compound Interest September 1, 2008 Why is compound interest so vital to growing our savings? It is because compound interest is interest paid, not only on the initial principal (the money we have saved), but also on the accumulated interest of prior periods. In other words, over time we earn interest on interest, thus explaining the multiplying effect of compound interest. |
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Welcome to inSight, the official newsletter of enDevelopment.
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