Compound Interest: The Eighth Wonder of the World
Albert Einstein called the magic of compound interest, “the eighth wonder of the world”. He famously stated that “he who understands it, earns it, and he who doesn’t, pays it.”
In other words, compound interest is great when you’re investing and terrible when you’re borrowing.
This article will explain the difference between simple and compound interest. And then it will dive into the details by showing that interest that compounds monthly is best and that monthly contributions beat annual ones.
Read on to make sure that compound interest is working for you and not against you.
Should You Ask ChatGPT for Financial Advice?
There has been a lot of excitement recently about the development of artificial intelligence (AI) language models. The most well-known of them is ChatGPT, which reached 100 million users in just two months after its launch.
People are using the tool for everything from writing documents to complicated computer coding. Many are saying that the productivity gains that AI offers could be remarkable.
How far could this go? Could ChatGPT replace financial advisers, for instance? Read on to discover what we think.
Three Financial Imperatives for Women in Divorce
Divorce is one of the most stressful episodes anyone can experience. It is a painful upheaval, no matter how necessary it might be.
There are many things to think about at a time like this, but it is important not to underestimate some crucial financial considerations. This is particularly true for women, who unfortunately are likely to end up worse off after the break-up of a heterosexual marriage than their former husbands.
In this article we look at some research on how divorce affects women and provide three important things for them to be aware of.
How the 2023 Budget Will Impact Your Pocket
While the overarching messages contained in the National Budget Speech were far from positive, the Finance Minister did have a few crumbs of comfort for individual taxpayers.
South Africans breathed a collective sigh of relief as no new taxes were announced, and most major taxes were adjusted for inflation. Excitingly, a rebate for rooftop solar panels was announced. While the energy support package for individuals leaves something to be desired, the incentive for businesses is really attractive.
Finally, there was no increase in the fuel levy or the sugar tax, although sin taxes did increase by inflation.