Quote:
Originally Posted by buildmybudget
I think most people just aren't trained to understand compound interest and the power it can hold. Most people don't even have a budget! I think that if personal finance and budgeting were taught earlier on it might help... But in some cases, like medical emergencies, it simply can't be avoided.
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Compound interest looks more impressive than it really is when you take into account inflation. True, if you put something like $100 a month away for 50 years by the time you'll be a millionaire, but what will a millino bucks be worth in the year 2060?
I think Daves whole compound interest spin is waaay over-rated.