How Does Compound Interest Work?

Ramsey Everyday Millionaires

Ramsey Network

Investing, Careers, Business

4.6 • 3.6K Ratings

🗓️ 22 June 2022

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:12.8	All right, Sioux Falls, South Dakota is where we go next, Zachary's there, Zachary, how
0:18.4	can we help?
0:19.4	How are you guys doing?
0:20.7	We are having a blast.
0:21.9	What's going on?
0:22.9	I have a question about how a Roth IRA works, because I know Dave says you can invest $6,000
0:34.2	a year for 40 years.
0:37.3	That's a max.
0:38.6	And he said it's like at 12% or something.
0:42.4	It grows to like 5.8 million.
0:44.9	So I was just wondering like how, I know there are rough numbers, but how exactly does it
0:50.0	multiply?
0:51.0	Oh, good question.
0:53.2	How old do you Zachary?
0:54.2	I'm 29.
0:55.2	I love to be 30 at the end of July.
0:57.7	Okay.
0:58.7	And have you been following the baby steps?
1:02.4	We're about to start.
1:04.2	I'm doing every dollar trying to work out the kinks with that.
	...

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