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[ad_1] The post These Simple Compound Interest Charts Will Blow Your Mind appeared first on Millennial Money. For most people, the idea of becoming a millionaire seems like an impossible task.  Yet it’s not impossible to become a millionaire and you don’t need to be a professional athlete or famous musician to get to that level, either.  All you need is consistent income, time, discipline, and the right strategy. With a smart approach, compound interest can take care of the rest.  Buckle up. These simple compound interest charts are going to blow your mind and show you exactly how a small amount of money can snowball into a massive chunk before you know it.  The compound interest charts that will change everything The Motley Fool offers two incredible charts that demonstrate the unbridled power of compound interest.  Chart I: Making a Single $1,200 Investment  In the first chart, The Motley Fool explains how making a single $1,200 investment can grow over time with compound interest. As the chart shows, putting the money into a savings account with a 0.1% annual interest rate, a money market account (1%), or certificate of deposit (2%) and leaving it there for 40 years won’t do much.  Total payouts over a 40-year period amount to $1,249, $1,787, and $2,650, respectively. For the most part, those annual returns are paltry. Put that same amount into the stock market with a 9% average rate of return, however, and that investment can turn into almost $40,000 over 40 years.  Of course, most investors don’t just make a single contribution and leave it for 40 years. Let’s take a closer look at what happens if you make a $1,200 contribution every year.  Chart II: Making a yearly $1,200 investment  The second chart shows what happens when you invest $1,200 every year for 40 years. Take a look at the chart and you’ll see the results are shocking.  In just 10 years, your $1,200 investment turns into $13,278—and that’s just with a savings account at 0.1% interest. The same 10-year outlook in the stock market yields $22,173.  Over the course of a 40-year period, an annual $1,200 investment in the stock market returns a jaw-dropping $479,642.  Here’s the cool part: With an individual retirement account (IRA), you could put a whopping $6,000 away into retirement annually, loading up on mutual funds, stocks, and other financial instruments. And with a 401(K), you could put $19,500 into a tax-advantaged retirement account every year and do the same.  By maximizing each retirement vehicle, you can potentially retire a very rich individual.  Learn more: How to Open an IRA ETF vs Mutual Funds How Much to Contribute to a 401k The power of compound interest  As you can see, compound interest is pretty powerful. It’s so powerful Albert Einstein supposedly once called it the eighth wonder of the world.  Let’s take a closer look at what makes compound interest so special. How compound interest works In layman’s terms, compound interest is when interest collects interest. In other words, your initial investment sits in an account for a set period of time and builds interest. At that point, you collect interest on the principal amount in addition to the interest you’ve earned on it. Compound interest can be calculated based on different interest schedules. Interest can compound daily, weekly, monthly, or annually.  It’s important to understand the total number of compounding periods before making an investment. That way, you can get a better sense of how to calculate your total return. Simple interest vs. compound interest  The opposite of compound interest is simple interest, which only factors in the principal amount over time.  When you put money into an account that calculates simple interest, you won’t generate interest on the interest that your money accumulates.  Tips for maximizing compound interest  Stop delaying and start saving Time is the most important factor when it comes to collecting compound interest. If you’re interested in maximizing compound interest, stop delaying and start putting more money aside now so that it can grow. Lose the mindset that you can start saving tomorrow and everything will even out in the end. Every day you avoid investing will dramatically reduce your overall compound interest over a period of 30 to 40 years. Max out your retirement plans One of the downsides to investing in a brokerage account is that any gain is treated as taxable income. So, as you make money off compound interest in a brokerage account, you lose it by paying taxes on dividends and capital gains.  The best way to avoid losing money on annual taxes with a brokerage account is to put your money in a tax-friendly individual retirement account (IRA) or 401(k). That way, your money can grow on a tax-free or tax-deferred basis for decades and compound, potentially saving you thousands in taxes. Learn more: Roth 401k Might Make You Richer Best IRA Accounts for 2021 How Much Should I Have in My 401K Don’t touch your savings As your money starts to pile up due to compound interest, you’re going to be tempted to access it to cover daily expenses or buy things you really want.  Avoid this at all costs. Instead of touching your money, keep it safe in an account where it can keep growing.  In the end, you’ll have much more money if you don’t tap into your funds and let them keep accumulating compound interest instead.  Frequently Asked Questions  How much should I have in retirement savings? The trick is to save your annual salary by the time you’re 30. So if you earn $40,000 per year at age 30, you should have at least $40,000 in the bank. If you make $60,000 at 30, you should have at least $60,000 tucked away. By the time you reach retirement age, you should have several times your annual income put into retirement savings. That way, you can live comfortably without having to worry about money. One tip to keep in

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[ad_1] The post Velodyne Lidar Stock Surges on Index Inclusion appeared first on Millennial Money. While joining a stock market index does not impact a company’s business, it sure can create some volatility. Velodyne Lidar (NASDAQ: VLDR) announced today that it will be joining the Russell 2000 Index as part of the index operator’s annual reconstitution of the market barometers that it maintains and licenses. The Russell 2000 is one of the most widely-followed indexes for small-cap stocks. The change will be effective on June 28. As of 1 p.m. EDT, Velodyne shares had surged by 22%. Why stocks jump on index inclusion Generally speaking, news of prominent index inclusions will drive a stock’s price higher for a couple of reasons. For starters, the announcement can be seen as validation and credibility for the company that is joining an index, as the addition suggests that the stock is important enough to financial markets.  More practically, getting added to a prominent index forces a broad variety of passive investment funds that track the underlying index to buy the shares for their portfolio. Those funds are obligated to invest in whatever is in the index. The more prominent the index, the more pronounced the effect.  For example, the iShares Russell 2000 ETF (NYSE: IWM) is a massive fund with over $68 billion in net assets under management (AUM). That’s just one fund that tracks the popular small-cap index. “As the first public pure-play lidar company, our inclusion in the Russell 2000 Index provides another clear demonstration of our global leadership position,” Velodyne CEO Anand Gopalan said in a statement. “We are incredibly proud of what we are achieving as a business, building game-changing products that our customers use to disrupt markets and touch everyday lives in meaningful ways.” Triggering a short squeeze It’s worth noting that there are other factors likely amplifying the rally. Velodyne went public last summer by merging with a special purpose acquisition company (SPAC), and investor sentiment towards SPACs has soured in recent months over valuation concerns, the excessive use of lofty forecasts, and regulatory scrutiny. Furthermore, Velodyne has been embroiled in scandal after ousting founder David Hall and his wife Marta Hall (who served as chief marketing officer) earlier this year after an internal investigation uncovered inappropriate behavior. David Hall, who remains Velodyne’s majority shareholder, has launched an offensive attack against the company, alleging that the board of directors has “fostered an anti-stockholder culture.” Just days ago, the founder reiterated a call for Chairman of the Board Brad Culkin and CEO Anand Gopalan to step down. All of the controversy, combined with the backdrop of SPAC pessimism, has led to a stark increase in short interest. As of mid-May, approximately 24% of Velodyne’s float was being held short by bearish investors hoping for the stock to decline.  Retail traders, many of which congregate on Reddit’s WallStreetBets subreddit, have started to target stocks with high levels of short interest in an effort to create a short squeeze. That occurs when short sellers, who had previously borrowed and sold the stock, frantically buy back shares to close out their positions. Short squeezes can temporarily amplify upward moves, and may be playing a role in Velodyne’s pop. In a way, a high level of short interest can be interpreted as a coiled spring. All the stock needs is a positive catalyst—such as index inclusion—to set it off. Pick Like A Pro Where to invest $500 right now Before you buy Amazon, or Netflix, or Apple, consider this… The team at Motley Fool first recommended each of those stocks more than a dozen years ago! They discovered Netflix for $1.85 per share, back in the days of DVDs by mail. And recommended Amazon at $15.31 in 2002, before most people were comfortable using credit cards online. And even hit Apple at $4.97 per share, about a month before the release of the very first iPhone. Check out where those stocks are today. The bottom line: a $500 investment in all three of these stocks would be worth more than $200,000 today! And here’s why that’s important: The Motley Fool’s flagship investing service Stock Advisor just announced their top 10 “best buys now” across the entire stock market. Whether you’re starting with $100, $500, or more, you’ll want to get the full details! Click here to learn more The post Velodyne Lidar Stock Surges on Index Inclusion appeared first on Millennial Money. [ad_2] Source link

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