{"id":13460,"date":"2024-06-20T14:43:27","date_gmt":"2024-06-20T06:43:27","guid":{"rendered":"https:\/\/franchisemanila.com\/?p=13460"},"modified":"2024-06-20T15:13:59","modified_gmt":"2024-06-20T07:13:59","slug":"how-to-speed-up-earning-interest-8-tips-for-growing-your-money","status":"publish","type":"post","link":"https:\/\/franchisemanila.com\/2024\/06\/how-to-speed-up-earning-interest-8-tips-for-growing-your-money\/","title":{"rendered":"How to Speed Up Earning Interest: 8 Tips for Growing Your Money"},"content":{"rendered":"

Benjamin Franklin once described compound interest in this way: “Money\u00a0makes\u00a0money. And the\u00a0money\u00a0that\u00a0money\u00a0makes,\u00a0makes\u00a0money.\u201d\u00a0<\/span><\/p>\n

To further drive the point even from beyond the grave, the\u00a0American founding father famously\u00a0<\/span>bequeathed $5,000<\/span><\/a>\u00a0each to his beloved cities of Boston and Philadelphia when he died in 1790.\u00a0Each city used its endowment for a conditional fund that would\u00a0be used\u00a0for 200 years. By 1990, Boston\u2019s fund had grown to $5 million\u00a0and\u00a0Philadelphia\u2019s became a more modest yet still substantial $2 million.\u00a0In all\u00a0that time, the funds\u00a0were also used\u00a0to finance countless worthy causes, highlighting the positive impact you can make by harnessing compound interest.<\/span><\/p>\n

Fortunately, modern mainstream savings and investment products available to Filipino consumers operate under a compound interest framework. This means that you have the power of compound interest readily available to you. However, as with any worthwhile pursuit, things can be slightly more complicated than they initially seem. As part of our <\/span>Finance tips<\/span><\/a> section, let\u2019s explore how you can best make your\u00a0money\u00a0make\u00a0even more money\u00a0the way Benjamin Franklin described:<\/span><\/p>\n

1. Choose High-Yield Savings Accounts<\/b><\/h2>\n

Before you do anything more complicated, look for a\u00a0<\/span>savings bank account<\/span><\/a>\u00a0with higher-than-usual market interest rates. Because of how compound interest works, even a\u00a0small\u00a0increase in interest can significantly boost your savings accounts\u2019 earnings over time.<\/span><\/p>\n

In the Philippines, digital banks like Maya\u00a0are currently offering\u00a0some of the highest interest rates available to consumers\u2014often several times the prevailing rates at traditional banks. For instance, the Maya Savings product\u00a0offers up to\u00a0a 15% per year interest rate\u2014significantly more than competing digital and\u00a0traditional\u00a0banks. Putting your initial cash in these funds means they will grow much faster, putting you on the path to financial stability years ahead of time.<\/span><\/p>\n

2. Educate Yourself About Personal Finance<\/b><\/h2>\n

Even as\u00a0you save and grow your\u00a0money, you must continuously educate yourself about personal finance, investment strategies, and incoming market trends. That said, you want to prioritize learning about tried and tested concepts rather than unproven ideas that seem\u00a0a bit\u00a0too good to be true.\u00a0While you can try taking more\u00a0risks\u00a0later on, it\u2019s wiser to focus on building your wealth and knowledge through less risky means at this early stage of growing your wealth.\u00a0<\/span>Read this<\/span><\/a> to learn more about how to educate yourself about finance.<\/span><\/p>\n

Watch this video to learn more:<\/p>\n