COMBINING MY INTERESTS, WITH COMPOUND INTEREST...

One of my greatest joys in life, making me very rich indeed, are my 15 nieces and nephews. Tonight I was talking with my sister about the 3rd annual “Auntie Eve’s Birthday Party” I am throwing this weekend. This is an afternoon in which we celebrate ALL their birthdays ALL at once (I can no longer keep up with them individually!). This is very convenient for me as I try to maintain my status as Favorite Auntie, and they don’t care because they are ALL under 10, and there’s cake. Because I don’t have kids of my own, my instinctual desire to nurture and nudge little ones along leads to grandiose plans to teach with the gifts I give. When I actually get down to it, it usually ends up as a magazine subscription to National Geographic Kids or something of the sort…but I digress. This year I am going to make a contribution to their saving accounts and teach then the fabulous lesson of THE JOYS OF COMPOUND INTEREST. This is defiantly a viable path on the road to riches, and I wish I had internalized it at their age and not somewhere in my early thirties. Check out the COMPOUND INTEREST CALULATOR I have added to the right. If I start them out with $25, and they add $100 per year until they are 18 (in the case of my two 7yr old nieces,) at 5% interest and no bank fees, they will have $1,534.47. This will seem like 1 million dollars to them, and hopefully plant a financial awareness seed in their fertile young brains that will someday grow into a giant oak of living rich. (I warned you I get grandiose). At the very least it might incent them for a few days to ask mom and dad how they can help around the house for some cash, and provide me and their grandparents an easy and productive way to give them future gifts. Win/Win.

To find the best interest rates in your city, check out this link:

http://www.bankrate.com/brm/news/news_checking_home.asp