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Ep.80 Interest Is a Double Edge Sword
Manage episode 451109848 series 3602431
Rosha Entezari에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Rosha Entezari 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
Is Interest Good or Bad?
It depends!
Are you borrowing money or putting your money to work? Let’s break it down::
- Interest on Loans: If you’re taking out a loan, interest can feel like a pesky little gremlin nibbling away at your wallet. High-interest loans, like credit cards, can lead to a cycle of debt that’s hard to escape. Keep an eye on those rates!
- Interest on Investments: On the flip side, interest can be your best buddy when you’re investing. Earning interest on savings accounts, bonds, or other investments means your money is working for you. It’s like having a little helper that grows your wealth over time!
- Evaluate Your Situation: Before diving into loans or investments, assess the interest rates involved. A low-interest loan for education or a home can be a smart move, while high-interest debt can be a slippery slope.
- Compound Interest Magic: When investing, compound interest can turn small amounts into significant sums over time. It’s like planting a seed and watching it grow into a mighty tree!
- Educate Yourself: Understanding how interest works—both good and bad—empowers you to make informed financial decisions. Knowledge is the key to turning potential pitfalls into opportunities.
If you want to learn more on this topic, read Unshakeable by Peter Mallouk and Tony Robbins.
Good Morning, Money! is your daily sip of success!
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