Step 2. "Use your time to earn more money" by Kelvin Boston
It is a reality that African American women live longer than African American Men.
Therefore, the more time a dollar has to compound, the more the dollar will grow.
Example, $1,000 investment earning 10% will double in value in seven years to $2,000.
$1,000 if allowed to compound for fourteen years at 10% will increase to $4,000. The only factor that caused the money to grow was time-the time value of money. Hummmmm!
Time+Money+Compound Interest = Financial Success
So sistah's the author is suggesting that we may want to take a long-term attitude when investing in the stock market.
We may also decide to take more risks with our investments.
We might need more retirement money than our husbands will. For example, use age seventy-seven as a minimum requirement.
We might want to purchase a decreasing term policy to age eighty-five or ninety to have more time to become self-insured and increase our finances.
(This happened to my mother, now she is living off of social security and with us)
Share more soon,
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Posted By: Esther Pinkston
Saturday, August 30th 2008 at 1:13AM
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