Start saving early and use the power of compound interest
Sally and Jane each invest $5,000 per year at 8% per annum.
Sally, who started at 25 years old will have $1,404,000 in savings when she is 65.
Jane, who started at 45 years old will only have $252,000 at 65.
Why? Because Sally has harnessed the power of compound interest and has grown her principal by compounding her interest over a longer period of time.
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