Saving for your Child
A Wonderful Music Not Heard
With most of the advertisements noise asking you to spend money or other kind which suggests you to earn quick money in investments, there is a beautiful music drowned in this noise. The beautiful noise is of money that is compounded annually that can make your child a millionaire with virtually no risk. Albert Einstein call this as the most powerful force!
All the legitimate investments like Futures, Options, even stocks and other schemes like lottery and casinos may give you temporary high, but like a drug it will ruin most of us.
Plan for your Child
This software helps you understand and appreciate the power of compound interest. The key is to keep money for the long long time and see the interest money slowly climb and the explodes!
Use this software and supply the following information:
- The first investment that your like to put, say couple of thousand dollars.
- The age of your child.
- The amount of monthly payment you wish to pay to the savings (sacrifice that one or two dinners).
- The interest rate the bank will provide you for the savings.
- The age when your child like to withdraw the money (usually retirement age)
The software will provide to with following information:
- Final value of investment that your child will enjoy
- Some amazing facts, that will keep you motivated to pay monthly investment for your child
- Charts for your to analyse
(It is advisable to save the money for your child after you have repaid all your credit card debt)
Screen Shots
Following are the screen shots of the software application. It shows the problem defined that will generally meet your requirement. You need to supply the right numbers appropriate for your situation. Click on Do Calculation to see the answer you are looking for and some amazing facts
The power of money in the interest is truly amazing, after years of hibernation the interest money slowly rises and in couple of decade it exceeds your payment and then in another couple of decades it explodes as shown in the figure below.
The following monthly breakdown will help you see how the money grows on monthly basis and you can check with the balance in the savings. Then you will learn to trust the figures and silently smile.
