It’s been said that the key to financial success is based on two key principles. First, work hard for your money. Then, let your money work hard for you.
The existence of compound interest speaks to the latter. And it’s exactly why compound interest is one of the safest, most effective mechanisms for growing wealth in existence.
Albert Einstein called compound interest the “greatest mathematical discovery of all time.”
But fortunately, understanding and capitalizing on compound interest doesn’t require the mental capacity of a genius like Einstein.
What is Compound Interest?
Compound interest occurs when …

The internet is full of sites dedicated to helping you get out of and manage debt. Bookstores have whole sections devoted to the same thing. But sometimes you need more urgent help than that. Debt snowballs, budgets, and long term money management programmes are great, but they won’t help you if you are on the verge of bankruptcy.
Here are 10 tips to help you avoid the dreaded ‘B’ word.
Stop spending
As shocking as it may be, many people on the road to bankruptcy never stop spending …

Being trapped in a financial crisis is scary! Many things can happen in life that throw you into a financial panic: medical bills, loan payments, and monthly expenses can quickly consume most of your income, leaving you with little left to live on. You may be worried because you know you cannot make next month’s rent—but there is help available, and it is free.
This free service to help you manage your financial situation is debt counselling, and as a broader field, financial counselling. Debt counselling allows you to meet with …

Understanding the difference between secured and unsecured debt is not only an important factor in becoming financially savvy, it’s also an essential element of sound financial planning.
Whether you are taking out a loan or filing for bankruptcy, you will quickly find yourself in a crash course on he subject. But by knowing about secured and unsecured debt before you absolutely have to, there is a better chance that you can avoid many of the financial mistakes made by those who don’t understand either or their relationship to one another.
What is …

Although most of us don’t discuss it openly, credit card debt is one of the most important issues in our lives. The carefree lure of buying it now and paying for it layer appeals to the procastinator in all of us, but now that it’s later, it can be quite overwhelming to consider how much we actually owe. If you are at this point in your credit card relationship, then you’ve probably already heard of credit card consolidation. If you haven’t, credit card consolidation is basically bundling all of your …