{"id":13162,"date":"2022-12-31T06:50:45","date_gmt":"2022-12-31T12:50:45","guid":{"rendered":"https:\/\/www.fitbux.com\/articles\/?p=13162"},"modified":"2022-12-31T09:51:14","modified_gmt":"2022-12-31T15:51:14","slug":"compound-interest","status":"publish","type":"post","link":"https:\/\/www.fitbux.com\/articles\/compound-interest\/","title":{"rendered":"2 Myths About Compound Interest"},"content":{"rendered":"

\u201cInvest early and often because of the power of compound interest!\u201d  I can\u2019t tell you how many times I\u2019ve heard financial \u201cexperts\u201d, financial advisors, and popular blogs say this. However, when it comes to your money, there are two really important myths about compound interest that you need to know.<\/p>\n

In this article I define what compound interest is, detail what is more important than compound interest, provide 2 myths about compound interest, and answer a few common questions we get. <\/p>\n

Most Importantly, I detail why your focus should be on compound growth not compound interest.<\/strong><\/p>\n

How Do You Make Money With Compound Interest?<\/h2>\n

Compounding interest means you invest money and you earn interest on it today. Then tomorrow you earn interest on the money you originally invested plus the interest you earned yesterday. Overtime, the interest compounds and your assets grow tremendously.<\/p>\n

For example, if you invest $10,000 and you earn an annual interest rate of 7%, then after one day you\u2019d have $10,001.92.\u00a0 Then on day two you would earn an annualized rate of 7% on $10,001.92.<\/p>\n

If you did this continuously for 30 years you would have $81,645.\u00a0 People say to invest early and often because if you waited to invest the $10k for 10 years (i.e. it only grew for 20 years instead of 30) you\u2019d have $40,546.<\/p>\n

Obviously, we\u2019d all want more money. However, blindly saying \u201cInvest early and often because of the power of compound interest\u201d leads to 2 big myths that can cost people a lot of money.<\/p>\n

Compounding Isn’t The Key To Financial Freedom When Financial Planning<\/h2>\n

When I first started my journey to financial freedom<\/a>, I thought compounding is all I needed.\u00a0 However, as I built the technologies that I eventually would use as the foundation of our financial planning technology at FitBUX<\/a>, I realized compounding interest by itself.<\/p>\n

There was something even more important to achieving freedom.<\/p>\n

In our financial freedom webinar<\/a>, I discuss the 3 categories we should organize our money into. They are day-to-day money, money for future self, and risk management.<\/p>\n

Most of us start with about 60% of our income going to day-to-day money and only about 20% going to money for future self.<\/p>\n

As are income goes up those figures never change. Instead life style creep sets in.<\/p>\n

You should be trying to increase money to future self over-time.<\/p>\n

If you don’t, you will be compounding returns but it will never be enough for you to become financially free.<\/p>\n

Myth #1: Compound Interest & Investing Early Always Gives You More Money<\/h2>\n

This is an absolute myth because it fails to take into account your individual situation. Specifically, this isn\u2019t true if you have debt.<\/p>\n

The reason being is that when you have debt compounding interest is in effect.\u00a0 However, its working in favor of your lender which in turn means its working against you.<\/p>\n

Therefore, if you have student loan debt at 6.2% and you earn less interest than that on a risk-free investment, investing early and often for compound interest actually puts you in a worse position than paying off your loans and investing afterwards.<\/p>\n

I take a much deeper dive into this myth in this article: Pay Off Student Loans Or Invest: 7 Steps To Decide What Is Right For You.<\/a><\/p>\n

The important aspect to remember in this article about this myth is to focus on compound growth which incorporates debt.<\/strong>\u00a0 Another word or way to look at compound growth is net wealth.\u00a0 You want to do your best to compound your net wealth over time.<\/p>\n

Myth #2: Invest In The Stock Market Because Compounding Interest<\/h2>\n

One of my biggest pet peeves is when I hear one of the following statements or some type of derivation of the following:<\/p>\n

    \n
  1. A financial advisor I spoke with recommended I invest early and often in the stock market<\/u><\/strong> because of compounding interest.<\/li>\n
  2. A blog I read said that I should invest in 401k, IRA, or Roth IRA to take advantage of compounding interest.<\/li>\n<\/ol>\n

    If you ever hear a financial advisor say this, kindly thank them for their time and run.\u00a0 If you ever read a blog that says this, I recommend not reading it anymore.\u00a0 The individual saying this clearly has no idea what they are talking about.<\/p>\n

    What do I mean???\u00a0 Stocks do not pay interest.<\/strong>\u00a0 Fixed income investments (such as bonds), pay interest.<\/strong><\/p>\n

    Therefore, when someone tells you the stock market makes 7% per year and compounding that interest will benefit you\u2026 they are leading you down a potentially bad path.<\/p>\n

    Let\u2019s examine this further and how it plays a roll with you investment.<\/p>\n

    Stocks pay dividends<\/a>, not interest.\u00a0 When an advisor is quoting a 7% return on the stock market, most do not realize that a super majority of that return is from dividend reinvestment.<\/p>\n

    Therefore, logic would say to invest in stocks that pay higher dividends.\u00a0 However, advisors will often look at your age and say, \u201cYou are young. Therefore, you should take more risk.\u201d<\/p>\n

    More risk in the stock market means focusing on investments that don\u2019t pay dividends (or pay a low amount of dividends). Therefore, the only way to \u201ccompound growth\u201d is to buy and sale investments at the right time.\u00a0 Trying to time the stock market is one of the worst ideas you can have. Especially in accounts such as a 401k or IRA.<\/p>\n

    This is really important to understand for 401ks.\u00a0 Most default to target date funds<\/a> which are based on your age.\u00a0 Therefore, they tend to put more of your money in higher risk investments. Translation, target date funds have investments that don\u2019t pay dividends or pay a low amount of dividends.<\/p>\n

    Therefore, you should have more weight to fixed income investments and dividend paying investments than what you have in those target date funds.<\/p>\n

    On top of this, retirement accounts are tax deferred. Therefore, you can reinvest 100% of the dividend you receive from stocks and 100% of the interest you receive from fixed income investments.\u00a0 If you are going to hold \u201cmore risky\u201d investments do so in taxable accounts so you can take advantage of capital gains tax laws.<\/p>\n

    2 Common Questions<\/h2>\n

    Below are two common questions our FitBUX Coaches<\/a> get about compound interest that you may have as well.<\/p>\n

    Do Investments Compound Interest?<\/h3>\n

    Fixed income investments do. For example, bank CDs, treasuries, and bonds.\u00a0 Stocks do not pay interest, they pay dividends<\/p>\n

    Does My 401k and\/or IRA Compound Interest?<\/h3>\n

    No, a 401k or IRA is just a holding vehicle. You have to select the investment within it. The investment may then compound interest. However, a 401k or IRA by itself does not.<\/p>\n

    One caveat to this is that the money you put into the investment may be put into a \u201ccash\u201d account until you select the investment. The cash account pays interest but at an extremely low rate.<\/p>\n

    Conclusion<\/h2>\n

    Compound interest is awesome.\u00a0 However, blindly putting money into investments without a good financial plan will do very little for you.<\/p>\n

    As stated above, increasing money to your future self over time is more important than the effects of compound interest.<\/p>\n

    If you need help developing a plan to do this, the technology at FitBUX is designed specifically with that goal in mind.\u00a0 Become a member<\/a>, build your financial plan, and if you have questions be sure to schedule a call with one of our FitBUX Coaches.<\/a><\/p>\n

    By Joseph Reinke, CFA<\/a>, Founder of FitBUX<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    \u201cInvest early and often because of the power of compound interest!\u201d  I can\u2019t tell you how many times I\u2019ve heard financial \u201cexperts\u201d, financial advisors, and popular blogs say this. However, when it comes to your money, there are two really important myths about compound interest that you need to know. In this article I define […]<\/p>\n","protected":false},"author":1,"featured_media":13165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1898,187],"tags":[1892,1897,196],"class_list":["post-13162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-planning-archive","category-investing-archive","tag-compound-interest","tag-financial-planning","tag-investments","post-wrapper","thrv_wrapper"],"yoast_head":"\n2 Myths About Compound Interest - FitBUX Articles<\/title>\n<meta name=\"description\" content=\"There are 2 common myths about compound interest that you need to know so you can maximize your financial situation & compound net worth!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fitbux.com\/articles\/compound-interest\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2 Myths About Compound Interest\" \/>\n<meta property=\"og:description\" content=\"There are 2 common myths about compound interest that you need to know so you can maximize your financial situation & compound net worth!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fitbux.com\/articles\/compound-interest\/\" \/>\n<meta property=\"og:site_name\" content=\"FitBUX Articles\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/fitbuxofficial\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/groups\/FitBUXOfficialGroup\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-31T12:50:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-31T15:51:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fitbux.com\/articles\/wp-content\/uploads\/2020\/08\/2-Myths-About-Compound-Interest.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"569\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Joseph Reinke, CFA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@fitbuxofficial\" \/>\n<meta name=\"twitter:site\" content=\"@fitbuxofficial\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Joseph Reinke, CFA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/compound-interest\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/compound-interest\\\/\"},\"author\":{\"name\":\"Joseph Reinke, CFA\",\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/#\\\/schema\\\/person\\\/1a5bd7a1ddaf4a003cde1ecc743e4cf7\"},\"headline\":\"2 Myths About Compound Interest\",\"datePublished\":\"2022-12-31T12:50:45+00:00\",\"dateModified\":\"2022-12-31T15:51:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/compound-interest\\\/\"},\"wordCount\":1233,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/compound-interest\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/2-Myths-About-Compound-Interest.jpg\",\"keywords\":[\"compound interest\",\"Financial Planning\",\"Investments\"],\"articleSection\":[\"Financial Planning\",\"Investing\"],\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/compound-interest\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/compound-interest\\\/\",\"url\":\"https:\\\/\\\/www.fitbux.com\\\/articles\\\/compound-interest\\\/\",\"name\":\"2 Myths About Compound Interest - 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