Compound interest – have you heard of it?
‘Compound interest is like double chocolate topping for your savings. You earn interest on the money you deposit, and on the interest you have already earned – so you earn interest on interest’.*
Imagine the head start your child could have upon leaving school! From as little as $2.85 per day you can turn a deposit of $20 per week in to a healthy $25,000 savings account by the time your child turns 18. By understanding the power of compound interest you can grow what change you have in to a happy head start for your family.
For more information regarding compound interest, head to Money Smart or to Money Saver who have five great tips on how to teach kids about money.
If you want to find out how to start saving today – contact Cotter Financial Services today on 07 3333 2610
The information provided is general in nature and does not take into account your particular investment objectives, financial situation or insurance needs; we therefore recommend you seek advice tailored to your individual circumstances before making any specific decisions. Cotter Financial Services and its advisers are Authorised Representatives of Fortnum Private Wealth Pty Ltd ABN 54 139 889 535 AFSL 357306 Australia Credit Licence No 357306 trading as Fortnum Financial Advisers.
- * Money Smart
- ** (based on the average interest rate February 2017)