FREE TO READ | Tax-free Savings Insight
To maximise returns it's important to start saving as early as possible
Understanding and leveraging the power of compound interest, says Nirdev Desai, head of sales at PSG Wealth, can be a game-changer.
Its true power is time. Simple interest is calculated only on the original principal amount, while compound interest is calculated on the growth of the principal amount over time.
The greater earning potential can have major implications on investments that are made towards saving for retirement or for other long-term goals, with retirement annuities and tax-free savings accounts offering some of the easiest ways to benefit from compound interest.
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