Only savings is not sufficient for becoming wealthy. Savings must be made to grow at decent rate in a compounding way to create snowball effect. Compound interest makes your money grow faster because interest is calculated on the accumulated interest over time as well as on your original principal. Compounding can create a snowball effect, as the original investments plus the income earned from those investments grow together. The higher your starting amount and the higher your investment return, the faster your savings compound. And over time, it can seriously add up. Saving early and often can put the power of compound growth in your favor by putting your money to work—so you don’t have to. Many experts, including Warren Buffett, recommend investing in low-cost index funds, which allow you to own a small piece of many different companies. The S&P 500, for example, is a fund that holds stocks for the 500 largest companies in the U.S., including Apple, Google, Exxon and Johnson & Johnson.
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