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A 20% down payment helps you avoid PMI. Shorter loan terms mean higher monthly payments but significantly less interest over the life of the loan. Consider making extra payments to pay off your mortgage faster.
Improve your credit score before applying to get better rates. Compare offers from multiple lenders. Consider the total cost of the loan, not just the monthly payment. A shorter term saves on interest.
Compound interest is called the "eighth wonder of the world" for a reason. Higher compounding frequency accelerates growth. Start early — time is the most powerful factor in compounding. Even small amounts grow significantly over decades.
Consistent investing beats trying to time the market. Diversify across asset classes. Reinvest dividends to maximize compound growth. Keep investment costs low — fees significantly reduce long-term returns. Stay invested through market cycles.
Inflation silently erodes your purchasing power. To maintain your standard of living, your investments need to earn returns above the inflation rate. Consider assets that historically outpace inflation like equities, real estate, and TIPS.
A positive NPV indicates the project adds value. IRR above the discount rate means the return exceeds the cost of capital. Use multiple metrics together for better investment decisions. Consider qualitative factors as well.
The Rule of 72: divide 72 by your annual interest rate to estimate years to double your money. Start investing early — time is the most powerful factor. Regular contributions dramatically amplify the compounding effect over long periods.
APR is the nominal rate, APY is the effective rate including compounding. Always compare APY when evaluating investments and APR when comparing loans. Higher compounding frequency increases the effective rate. Continuous compounding gives the highest effective rate.
The stock market is a device for transferring money from the impatient to the patient.