Ask The Money Coach
Topics of Interest
The rich seem to be getting richer without having to work harder than anyone else. But just how do they do that? One of the secrets the wealthy use is to invest their money wisely.
Top Questions Answered
What are the questions that keep you up at night about money? How much is enough? Will you run out of money before you die? How much do you really need to retire?
Mistakes to Avoid
Ms. Morrison was interviewed and asked what the Worst Financial Advise that she had ever heard. These are the responses to bad financial advice.
Debra co-anchored CNNfn’s hour-long live television financial call-in show with Stuart Varney & John Metaxas from 1998-2000, and has been widely quoted in: The Wall Street Journal, The New York Times, USA Today, MORE Magazine, Journal of Financial Planning, Garden State Woman Magazine, The Ladies Home Journal, Money, Family Money, America Online’s Moneywise, Reader’s Digest, and elsewhere.
She is listed in Marquis’ Who’s Who in Finance and Industry & Who’s Who of American Women, as well as Nationwide Register’s Who’s Who in Executives and Business.
So, YES, she’s an expert!
Debra has 40+ years’ experience in personal financial planning and asset management. Additionally, in 2008 she was a member Mark Victor Hansen’s MEGA Inner Circle and Robert G. Allen’s Enlightened Wealth Institute where she joined with other entrepreneurs to Create Enlightened Wealth for Enlightened Futures worldwide, working to make a difference in eradicating illiteracy and contributing to micro financing for the world’s working poor.
Why languish with unanswered questions when you can fire away and get Debra’s input? Clearly, she can’t dispense personalize financial advice on this site–for that, you would want to make an appointment. Yet you can learn a LOT by asking your question(s) of Debra by working with her one-on-one and through the Women Navigating Finances Membership Community.
Your Chief Financial Navigator:
Debra L. Morrison
About Debra L. Morrison
Debra draws on her four decades of financial expertise, including her Master’s Degree in Retirement Planning where she partnered with clients to chart their financial plan, and managed their assets accordingly on a Fee-Only Fiduciary basis. She holds the Accredited Estate Planner designation which armed her with specialty knowledge that helped her clients and their families KEEP more of their hard-earned estates, leaving rich legacies.
She has since retired from active financial planning and asset management and now serves as the Founder and Chief Navigating Officer of Women Navigating Finances.
Yes, she’s equally passionate about alerting women to pitfalls to avoid as well as charting, and then navigating each woman’s finances.
She strategizes with her growing number of coaching clients to either accumulate maximum wealth or, once retired, enjoy an inflation-adjusted lifetime income stream so that they can still afford to buy higher priced goods and services as they age. Together, Debra and each client, discuss both how to avoid financial perils while at the same time, effectively managing the sequence of return risk as well as the challenges inherent in increased longevity.
Here is how compound interest works:
- Compound interest is basically interest that is collected on the original amount you deposited plus the interest that has already been applied to that amount.
- Whenever interest is applied, the amount of interest is added to the principal for the next time interest is applied.
- Unlike basic interest that is applied only to the principal, compound interest is paid on the entire amount in the account, not just the principal.
- Your money can earn more in a compound interest account than in other types of accounts because you’re earning interest on a greater amount of money each time the interest is compounded.
DOUBLING YOUR MONEY
You can find out how long it will take your money to double in a compound interest account by applying a very simple calculation:
Take the interest rate you’re earning for your money and divide it into 72.
For example, if you’re earning four percent interest, you would divide four into 72 and learn that it will take 18 years to double your money. If your money is in an account that pays six percent compound interest, it would take 12 years to double your money.
These examples illustrate how your money will be compounded on an annual basis. Some financial institutions will compound your interest on a more frequent basis, such as quarterly or monthly. Some even compound it daily.
Investing your money in an account that will earn compound interest is a wealth-generating secret you can’t afford to neglect. There is no easier way to increase your wealth than just investing your money and watching it grow.
2 Responses to Compound Interest
Dotty says:
October 18, 2011 at 10:55 am
Can these compounding accounts be found at any bank? Do they have a special name so we know what to look for?
Debra says:
October 20, 2011 at 11:11 pm
Yes indeed, banks will have each of the compound rates available and posted: Daily, Monthly, Annually, at least, and often times more time periods than that as well. If it is not posted, ask your bank for this information.
God Speed.
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