2023 Money Challenge
day 9
Einstein labelled this the most important investing concept
So, most of us are aware of the power of investing to build wealth (and 27% of this challenge cohort are already investors outside of super). But often it’s because we’ve been told this is something we need to do. Or perhaps we’ve heard sayings like:
“Make money work for you, or you’ll spend your life working for money.” – and who wants to spend their whole life doing that?! (working for enjoyment on the other hand…)
But how many of us really know why investing is important? Today we’re going to introduce you to the power of compound interest – and look at two different women and how compound interest impacted their investments differently – it’s pretty amazing.
If you’re already across the power of compounding, we’ve still got a great exercise to motivate you further.
— Zoe
Tasks
1. Not 100% sure why investing is important? Need some inspo to jump you into action. Read this blog on the power of compound interest – it may just blow your mind.
2. To see what dials you can shift in your money plan, play around with this compound interest calculator, and consider the impact when you:
- Increase or decrease the regular amount you contribute
- Contribute more regularly
- Expand your investment timeframe
- Increase or decrease the interest you think you’ll earn
What were your observations? How can you apply your observations to your Money Plan or savings and investing strategy?”
Today’s word of the day is: full
Join our Facebook Group to ask questions or connect with like-minds and share your progress by tagging @verve.money and #VMxChallenge
Want to learn more? Verve Money is an investing app that makes it easy to start ethically investing towards your goals. Best of all, we want you to feel proud of your money knowing that we seek to invest 20% of our funds in climate solutions.