In case you haven’t heard, compound interest is the best. You may remember it as an equation
you had to memorize for math class, but it’s so much more than that. It’s the concept that
powers all sorts of savings and investment products and, over time, allows you to turn your
money into, well, more money!
Budgets are like the New Year’s resolutions of personal finance. We all know we should have
one and we all know it’s a fairly simple thing to follow—at least in theory. Like resolutions,
we often map out personal budgets with the best of intentions, only to abandon them a couple
of weeks later.
When you start looking for financial advice (or any kind of advice, for that matter), experts
will share their take on what’s “good” and what’s “bad.” In personal finance, there are some
classifications that we can all agree on: Debt is bad. Emergency funds are good. Overdrawing
your account is bad. Earning interest on your savings is good.