In this week’s Mullooly Asset Management video, Tom and Brendan continue to discuss the fundamentals of financial planning. This week’s topic is compound interest, something that we all deal with regularly. As often as people deal with compound interest, it does go overlooked. Compound interest is a topic that should never go overlooked in the realm of financial planning. Compound interest can really hurt you if you owe money. However, it can also be your best friend if you are investing. Understanding the different situations in which compound interest can help or hurt you is essential when it comes to financial planning. If you are continually racking up compound interest on a loan you took, it would be wise to pay that loan off sooner rather than later. When you are saving, compound interest is something you should be happy to learn that you are accruing. Compound interest is a simple concept that we are all capable of understanding. Learn more about it in this Mullooly Asset Management video!
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