Compound Interest Is A Beautiful Beautiful Thing

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This topic contains 2 replies, has 3 voices, and was last updated by Profile photo of CHO at KD, Inc. CHO at KD, Inc. 2 days, 5 hours ago.

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  • #3952 Reply

    A year ago I left a company that I had been working for since I was 18. The company had a really great benefits program, and one of them was their focus on having their employees enroll in a 401k, or a 403b in this case since they’re considered a non-profit entity.

    Anyway, long story short, when I left that job, I had roughly $55,000 in that account. Today, I checked my balance, and despite the fact that I’ve contributed ZERO DOLLARS over the past year (due to new budget restraints), my balance is currently a little over $67,000!

    I don’t say that to brag, but I say it to show how amazing compound interest is. I’ve literally done nothing to that account. It’s simply continued to grow on its own and dude…that’s pretty awesome. I hope to be back on track in regards to contributing to that fund in the next few months, but for now, it’s kind of nice to know that I have small nest egg that’s earning interest and will continue doing so until I retire. I’m 27 now, so I think I’ve got plenty of time. Can’t wait to see what that amount turns into!

    #4401 Reply

    That is amazing Kayla! Compound interest is definitely a real thing!

    #4930 Reply

    And it also really drives home the point about starting early! A little bit socked away in your 20s has a huge impact if you let it roll. I’m in my 40s now with 3 kids and I am SO glad I started putting money in a 401k when I was in my early 20s. It wasn’t much, then, but it definitely has formed a nice foundation to build on!

    Keep watching that nest egg grow and feel great about it!

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