Q&A: Is Putting money in a Savings account going to add up to be more then i really put in??(details inside)?
Posted On March 15, 2011
Question by keep it classy: Is Putting money in a Savings account going to add up to be more then i really put in??(details inside)?
Okay so im young (13) and started a savings account and going to put 100 dollars in it every month, I want to be RICH* when older and i have read donald trumps “how to get rich” and “rich dad poor dad” , “growing money” and have heard putting money in bank, saving money makes u rich over time. So lets say in about 10 years i have a total of 30,000 dollars in my savings account, will i have more then what i put in(like in other words will the bank add more money). I have heard about”credit score” or soemthing and i used this calcuator online sayingt hat if i put 50 dollars a month(im not i wil put more) and 15% of something(forgot) and in so ands so years i will have >>>>blank>>(example 3,000) amount of money.. and it was more then i would put in if i put 50 dollars a month. Please help me??
Answer by HoneyB
You generally earn interest in a savings account, but be careful that you get one that doesn’t cost you a lot in fees. With interest, the bank pays you (usually, a small amount of) money because they are able to use your money to lend it out to other people for (usually, a large amount of) money.
Read ‘personaly finance for dummies’, and ‘investing for dummies’ – these books are great because they break down everything for you in detail.
Good luck, and keep up the great work…
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