Costco Flyer - 08/01-08/31/2021 (Page 16)

albert einstein is said to have called compound interest the eighth wonder of the world financial connection by lana sanichar astering personal finances ally if you weren't reared in favourite personal finance rules to limit fees and taxes in order to meet my retire- ment expectations saved coedd tips to take control of your money before it controls you understand your priorities this will be different for every indi- thinking about what their retirement will look like and how much they will need to meet their retirement expectations avoid credit card debt interest rates on credit cards are astronomical and range from 14.9% to every month so as not to trigger any in interest to pay off a $1,000 balance start investing as soon as you can compounding interest is when the interest you earn in a savings or investing $1,000 and you let that investment sit earning about 8% annually for 30 years total interest earned over 30 years would be about $9,935 courtesy of lana sanichar lana sanichar is president and editor- in-chief of canadian moneysaver magazine through an exclusive moneysaver's experts partner with the costco connection to share advice about relevant financial topics prioritize your debt repayment there is a difference between bad paying down bad debt with the highest interest rate is a priority since it costs you your debt will allow you to create a strat- egy that makes sense for you and your financial goals taxes matter the annual income tax filing is always a stressful time in my home you want to make sure that it is done accurately so you do not pay more always take into consideration any tax advantages that may apply to you and your personal finance situation consult a professional when needed as i began to educate myself on my per- out to the experts email topic suggestions to moneyinfo@canadian moneysaver.ca costco members are offered a one-year special introductory price with online canadianmoneysaver.ca and click on "subscribe," for the discount code at the bottom of the page talking about money associated with money and by making it a weekly-or personal finance most people are hesitant to talk start talking about money each understand not only about their finances or even with your partner or significant your attitudes surrounding their net worth stress and shame are often reasons for divorce