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[豆知识] 【整理】2009-05-03&05-09 小储蓄,大财富

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on bill2008

Take just a minute and think about the future you’d like to have. To get there, you need to be responsible and save your money, so that it grows over time. This is "Saving Money In Plain English".

Meet Jasmine, she is twenty years old and her goal is to buy a home in the future. Jasmine’s already saving for that future home purchase and recently learnt how to save responsibly.

When she was younger, she had a piggy bank, and often added money to it. The problem with her piggy bank was that her money just set
there. She got out the same amount she put in. Instead of using a piggy bank, Jasmine found a way to help her money grow over time. By saving it in a bank or a credit union, where she can easily get it back when she needs it.


While it’s there, the bank uses her money to help other customers who need /to/ borrow money. It’s like Jasmine is loaning her money to the bank.  Because she’s helping the bank, they add a little extra money to her account automatically. It’s these payments from the bank that help her money grow over time? This extra money is called “Interest” and it’s paid to Jasmine over the course of the year. The amount of interest she earns is based on two things: the amount she has in the bank and the Annual Percentage Y
ield or APY, which is a rate set by the bank.
,
Here’s how they work together.

Let’s
say you deposit 100 dollars in the savings account, with a 3% APY. That 100 dollars will earn 3 dollars in
interest over the course of the year. Now, you could take that 3 dollars as interest and buy a latte, but you decide to leave it in the bank. This way, you have more money in the bank and earn interest on 103 dollars instead of 100 dollars. As long as you leave it alone, your money will grow even faster because the interest adds up year after year. It’s called “Compound Interest” and this simple idea will help Jasmine buy a home. Here’s how.

In her piggy bank,
Jasmine has saved 5,000 dollars. But for the home she wants, she knows she’ll
need more and realizes that smart saving is all about thinking long term.


If she deposits this in a bank, and earn 3% APY, that 5,000 dollars will become 9,000 dollars in 20 years. That’s 4,000 dollars more thanks to Compound Interest. 9,000 dollars is good, but it
may not be enough. To help her money grow even faster, Jasmine decides that she can add 100 dollars to her savings each month. That’s 1,200 dollars a year, even more money to earn interest. This will be a huge help, Jasmine can see, she’s getting close.

With /the/ 5,000 dollars she has saved, plus the money she adds monthly, she can save 29,000 dollars over 20 years. If she saves it in a piggy bank, but plus with Compound Interest from her bank, that 29,000 dollars could become over 42,000 dollars in 20 years, a nice start on buying her dream home.

All she had to do was add money to her savings regularly and watch it grow. Yeah!


If you’re ready to save responsibly, visit a bank or a credit union and talk with the financial professional about APYs and savings. The keys to smart saving are to start today, add money regularly and watch how Compound Interest can help your money grow and grow.
1

评分次数

  • jessiyear

on FairChen

Take just a minute and think about the future you’d like to have. To get there, you need to be responsible and save your money/ so that it grows over time. This is "Saving Money In Plain English".

Meet Jasmine, she is twenty years old and her goal is to buy a home in the future. Jasmine’s already saving for that future home purchase and recently learnt how to save responsibly.

When she was younger, she had a piggy bank, and often added money to it. The problem with
a piggy bank was that her money just sat there. She got out the same amount she put in. Instead of using a piggy bank, Jasmine found a way to help her money grow over time by
saving it in a bank or a credit union, where she can easily get it back when she needs it.


While it’s there, the bank uses her money to help other customers who need
to borrow money. It’s like Jasmine is loaning her money to the bank.  Because she’s helping the bank, they add a little extra money to her account automatically. It’s these payments from the bank that help her money grow over time. This extra money is called “i
nterest” and it’s paid to Jasmine over the course of the year. The amount of interest she earns is based on two things: the amount she has in the bank and the Annual Percentage Yield or APY, which is a rate set by the bank.

Here’s how they work together.

Let’s say you deposit 100 dollars in
a savings account, with a 3% APY. That 100 dollars will earn 3 dollars in interest over the course of the year. Now, you could take that 3 dollars in
interest and buy a latte, but you decide to leave it in the bank. This way, you have more money in the bank and earn interest on 103 dollars instead of 100 dollars. As long as you leave it alone, your money will grow even faster because the interest adds up year after year. It’s called “Compound Interest” and this simple idea will help Jasmine buy a home. Here’s how.

In her piggy bank, Jasmine has saved 5,000 dollars. But for the home she wants, she knows she’ll need more and realizes that smart saving is all about thinking long term.


If she deposits this in a bank, and earn 3% APY, that 5,000 dollars will become 9,000 dollars in 20 years. That’s 4,000 dollars more thanks to Compound Interest. 9,000 dollars is good, but it may not be enough. To help her money grow even faster, Jasmine decides that she can add 100 dollars to her savings each month. That’s 1,200 dollars a year, even more money to earn interest. This will be a huge help, Jasmine can see, she’s getting close.

With 5,000 dollars she has saved, plus the money she adds monthly, she can save 29,000 dollars over 20 years
if she saves it in a piggy bank. But /
with Compound Interest from her bank, that 29,000 dollars could become over 42,000 dollars in 20 years, a nice start on buying her dream home.

All she had to do was add money to her savings regularly and watch it grow.
Yay
!


If you’re ready to save responsibly, visit a bank or a credit union and talk with the financial professional about APYs and savings. The keys to smart saving are to start today, add money regularly and watch how Compound Interest can help your money grow and grow.


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HW
Take just a minute and think about the future you like to have. To get there you will be responsible and save your moneys so grows over time. This is Saving Money in Plain English.
Meet Jasmine, she is 20 years-old, and her goal is to buy a home in the future. Jasmine is already saving for that future home purchases and reasonably learn how to saves responsibly. When she is younger, she has a piggy bank and often had money to it. The apartment of piggy bank was her money just sat there. She got out the save money and put in. And set her using the piggy bank. Jasmine found the way to help her money grow over time by saving in the bank or put it union or she can easily get the back she needs it. What was there? The bank used her money to help other customers who need to borrow money. It like jostlement loaning her money to the bank. But cause how cost the bank? They are little much money in her count or other medically. It’s this paid to the bank help the money grow over time.
This section money is called the interest. And it’s paid the jostlement over cross the year. The main interest she earned this base on two things. The amount she has in the bank and the annual percentage yield or APY which ride say by the bank.Here is how they work together.
Let’s say use a part of 100 dollars in saving account with the 3 percent APY. That were 100 dollars were on 3 dollars interest over cross the year. Now you could take that 3 dollars interest by a lassie. But use the site leaving the bank. This way you have more money in the bank and earn interest on 103 dollars inset 100 dollars. As longer you even along your money will grow even faster but cost the interest end up after a year.
It‘s called compound interest. And the simple idea was help jasmine buy a home. Here is out. And her piggy bank just has save 5,000 dollars. But for the home she want she knows should be more. And realize the small saving is all about thinking long turn. Did she need past business the bank 3 percent APY? That 9000 dollars were become in 20 years. That’s 4,000 dollars was more thanks to the compound interest. 9,000 dollars is good but may not be enough. To help money grow even faster, jasmine the site she can earn 100 dollars her saving each mouth. That’s 1,200 a year even more money to earn interest. This will be the huge *. Jasmine can see she is getting close. With 5,000 dollars she has saved close the money she has monthly, she can save 29,000 over 20 years. It’s said at the piggy bank. But the compound interest on her bank, that 29,000 dollars could become over 42,000 dollars in 20 years. A nice start arrive her dream home. All she had to do was aid saving her money regularly and watching it grow.
Yeah. If you ready to save responsibly, this is the bank apart union and talk to the financial professional about the APY and savings. The key to smart saving are start today and money regularly and watch the compound interest can help your money grow and grow.
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本帖最后由 chuer190235 于 2009-5-9 10:56 编辑

HomeWork:

     Take  just a minute and think about future you'd like to have . To get there ,you need to be responsible and save your money so that grows over time.This is "Saving Money In Plain English" .

     Meet Jasmine, she is twenty years old and her goal is to buy a home in the future. Jasmine is at saving for the future home purchase and recently learn how to save responsibly.When she was a younger ,she had a piggy bank and often added money to it. The problem with the piggy bank was her money just sat there, she got out the same amount she put in.Instead of using a piggy bank ,Jasmine has found a way to help her money grow over time by saving it in a bank or credit union ,there she can easily get it back when she needs it . When was there ,the bank uses her money to help other customers they need to borrow the money .It's like Jasmine is loaning her money to the bank. Because she is helping the bank ,they add a bit of extra money to heraccount  automatically. It's this payments from the bank that help her money grow over time. This extra money is called interest and it's paid to Jasmine over the course of the year. The amount of interset she earns is based on two things :
the amount she has in the bank and  the annual percentage yield or APY ,which is a rate set by the bank.

    Here are they work together.

     Let's see your deposit 100 dollars in the saving's account with a 3% APY that 100 dollars will earn 3 dollars interest over the course of the year.Now you can take the 3 dollars interest by a /,but you decide you leaving it in the bank. This way you have more money in the bank and earn interest on 103 dollars instead of 100 dollars . As long as you leave it alone ,your money will grow even faster ,because the interest adds up year after year, it's called " Compound Interest" and this simple idea will help Jasmine buy a home .


      Here's how.

     In her piggy bank ,Jasmine has saved 5,000 dollars ,but for the home she wants ,she knows she should need more and realizes that smart saving is all about a thinking  long term. If you deposit this in a bank  and earn 3% APY ,that 5,000 dollars will become 9,000 dollars in twenty years ,that's 4000 dollars thanks to compound interest. 9,000 dollars is good ,but may not be enough. To help her money  grow even faster ,Jasmine decides that she can add 100 dollars to her savings each month, that's 1,200 dollars a year,even more money to earn interest ,this will be a huge help,Jasmine can see she is getting close.

     
     With the 5,000 dollars she has saved,plus the money she adds monthly ,she can save 29,000 dollars over  the twenty years. If she saves it  in a  piggy bank,But was compound interest from her bank ,that 29,000 dollars could become over 42,000 dollars in 20 years, a start on buying her dream home. All she had to do was to add her money to her savings regularly and watch it grow. Yeah!

     If you're  ready to save responsibly, visit a bank or credit union and talk with the financial professional about APYs and savings. The keys to smart saving are to start today ,add money regularly and watch how compound interest can help your money grow and grow.


活在当下。
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1# jessiyear
HOMEWORK
Take just a minute and think about the future you like to have. To get there, you need to be responsable and save your money so that grows over time. This is saving money in plain English. Majasman she's 20 years old, and her goal is to buy a home in the future. Justman is a artist saving for that future home purchures, every her she have a saving responsibility.  When she was younger, she had a piggy bank and often add money to it. A problem of the piggy bank was her money was just sat there. She got out the same amout she put in. It set out a paying back, just found a way to help her money grow over time by saving it in a bank or a credit union. For she easily get the back wards she needs, while was there, the bank uses her money to help other customers who need to borrow money. It's like just lowding her money to the bank, because she's helping the bank they had a little extra money to her count automatically. It's these for the bank helps her money grow over time. This extra money is called interest. and it's paied to Justman over the course of a year. The matter interest her earns, is based on two things:the amount she has in the bank, and the annual percentage ill.or APY which is rate set by the bank. Here's how they work together. Let's say one houdred dollars in the saving account with a three persent APY. That one hundred dollars will earn  3 dollars' interest over a course of a year. Now you can take that 3 dollars interest by a lot take but you dicide to leave them in the bank. This way, you have more money in the bank, and earn interest on 103 dollars instead of 100 dollars. As long as you leave it along, you money will grow even faster beacause the interest adds up a year after year. It's called conpond interest. And this simple idea will help Justman buy a home. Here's how, in her piggy bank Justman has saved 5000 dollars. But for the home she wants, she knows should be more and realize that smart saving is all about saving long term. She's suposed in the bank at 3 percent  APY, that 5000 dollars will become 9000 dollars in 20 years. That's 4000 dollars more thanks to conpond interest. 5000 dollars's is good, but may not be enough, to help her money grow even faster. Justman decide that she can add 100 dollars to her savings each month. That's 2500 dollars a year, even more money to earn intereat, this will be a huge help. Justman can see she's getting close. With 5000 dollars she has saved together the money she adds monthly, she can save 29000 dollars every 20 years in the piggy bank. But wiith conpond interest from her bank, that 29000 dollars could become over 42000 dollars in 20 years. A nice star of her dream home, all she has to do, was adding money to her savings regularly and whatch it grow. Yeah~If you ready to save responsibily, visit a bank or credit union and talk with the financial professional about APYs and savings. The key of smart saving are started today add money regularlly and watch out conpond interest can help your money grow and grow.
本帖最后由 有钱小女巫 于 2009-5-19 16:35 编辑

HW:

Take just a minute and think about the future you'd like to have.
To get there, you need to be responsible and save your money so that it grows over time. This is Saving Money in Plain English.

Meet Jasmine, she is 20 years old and her goal is to buy a home in the future. Jasmine is already saving for that future home purchase and recently learned how to save responsibly.

When she was younger she had a piggy bank and often added money to it. The problem with a piggy bank was that her money just sat there. She got out the same amount she put in.

Instead of using piggy bank, Jasmine found a way to help her money grow over time by saving it in a bank or a credit union. Where she can easily get it back when she needs it.

While it’s there, the bank uses her money to help other customers who need the borrow money. It's like Jasmine is loaning her money to the bank. Because she is helping the bank, they add a little extra money to her count automatically.

It’s these payments from bank that help her money grow over time. This extra money is called “interest”. And it's paid to Jasmine over the course of a year. The amount of interest she earns is based on two things: The amount she has in the bank and the Annual Percentage Yield or APY which is a rate set by the bank.

Here's how they work together.

Let's say you deposit $100 in the savings account with a 3% APY. That $100 will earn $3 interest over the course of a year. Now, you could take that $3 interest and buy latte??. But you decide to leave it in the bank.

This way you have more money in the bank and earn interest on $103 instead of  $100. As long as you leave it alone, you money will grow even faster because the interest adds up year after year. It's called “compound interest”. And this simple idea will help Jasmine buy a home.

Here’s how.

In her piggy bank, Jas has saved $5,000. But for the home she wants, she knows she’ll need more. And realizes that smart saving is all about thinking long term. If she deposits this in a bank and earns a 3%APY. That $5,000 will become $9,000 in twenty years. That's $4,000 more thanks to compound interest. $9,000 is good, but it may not be enough.

To help her money grow even faster, Jasmine decides that she can add $100 to her savings each month. That's $1,200 a year even more money to earn interest. This will be a huge help. Jasmine can see she is getting close.

With the $5,000 she has saved, plus the money she adds monthly, she can save $29 thousands over twenty years. If she saves it in the piggy bank, but with compound interest from the bank, that $29 thousands could become over $42 thousands in twenty years. A nice start on buying her dream home. All she had to do was adding money to her savings regularly and watch it grow. Yea!

If you're ready to save responsibly, visit a bank or credit union and talk with the financial professional about APYs and savings. The keys of smart saving are to start today, add money regularly and watch how compound interest can help your money grow and grow.
本帖最后由 Shirleymm 于 2009-7-5 11:40 编辑

Home Work

Take to this minute,I think about future you'd like to have.To get there,you need be responsible and save your money so that it grows over time.This is saving money in plain English.

Meet Jasmine,she is twenty years old,and her goal is to buy a home in the future.Jasmine is already saving for the future home purchase.And recently learn how to save responsily.

When she was younger,she had a piggy bank.And often added money to it.The problem was the paggy bank was her money just sat there.She got out the same amount she put in ,intead of filling them in piggy bank.Jasmine found a way to help the money grow over time by saving it in the bank or credit union,where she could easily to get back them when she needs.While it's there,the bank use her money to help other customers who need to borrow money.It is like Jasmine is loaning her money to the bank.Becasue she is helping  the bank,they add a little extra money to her account automatically.Is this payment from the bank help her money grow over time,this extra money is called interest.And it is paied to Jasmine over  across of the year.The amount she earns is based on two things.The amount she had in the bank and annual percentage yield or APY ,which is the rate set by the bank.Here is how they work together.

Let us save about one hundred dollars with the three percent APY,then one hundred dollars were earn three dollars interest every across of the year.Now,you could take at 3 dollars interest by a last day,but you decide to leave them in  the bank,this way you have more money in the bank and earn interest on one hundred three dollars instead of one hundred dollars.That is too long,your money were gone even faster becasue the interest added up year after year.It's called compound interest .And this simple idea was helping Jasmine buy a home.In her piggy bank,Jasmine just save five hundred dollars ,but for the home she wants she knows showing more and realize that this small saving is all about thinking long term.In view of saving in the bank and three percent APY that find thousand could not twenty thousand in twenty years.That four thoudsand more thanks for compound interest.Nine thousand sounds good,but it may not be enough.To help money grow even faster,Jasmine decides that she can add one hundred dollars into her money saving each month,that is twelve thousand dollars a year,even earn more money earned interest .That will be huge help ,Jassnie can see she is getting close with the five hundred dollars she had saved,money she had extrally,sha can save twenty nine thousand dollars in twenty years if she saved in piggy bank,but for  the compound interest back that twenty nine thousand dollars could become over forty two thousand in twenty years and nice start her dream home .All she had to do was extrally save her  money and watch them grow.Yeah!!!

In you already save money responsibly,this is bank or credit union professional by professional that APYs and savings.The keys of smart saving are start today and earn money regularlly and can help you money grow and grow.
实现无障碍英语沟通

[Homework]【整理】2009-05-03&05-09 小储蓄,大财富

Take just a minite and think about the future you like it to have. To get there you need to be responsible and save you money, so that it grows over time.
This is saving money and planninglish. Mijasiment, she is 20 years old and her goal is to buy a home in the future. Jasiment is all saving for that future home perchase. And recently, learn how to save it resposiblily.When she was younger, she had a piggy bag and had her money to it. The problem of the piggy bag was that her money juse set there. She got out the same amount she put in.
Instead of using a pig bank, Jasiment found a way to help her money grow over time by saving it in a bank or quitiulia when she can easily get it back when she needs it.
While it 's there, the bank uses her money to help other customers who need borrow money. It's like Jasiment is loanding her money to the bank. But how she is helping the bank, they add a little extra money to her account automatically. It's this payment through the bank that help her money grow over time, this extra money is called intrest and it is paid to Jasiment over the course of the year.The amount interest she earned is the sum two things,the amount she hasn't bank and the any more percent or apy which is a rate sets by the bank.
Here is how they work together, let's say inpoised $100 in the saving account with a 3% apy. That $100 were earned $3 in interest over the course of the year. Now you couldn't take it $3 to buy a lottry, but you decide to leave it in the bank. This time you have more money in the bank and earn interest on $103 instead of $100. As long as you even the loan, your money will go even fast because the interest ends up the year after year. It's called compound interest, and this simple idea will help Jasiment buy a home. Here is how.
In her biggy bag, Jasiment has saved $5000, But the whole she wants, she knows she shall need more and realise that the small save is all about thinking long-term. If she puts it in the bank with a $3 apy,that $5000 will become $9000 in 20 years. That's %4000 more thanks to the com interest.$9000 is good, but it may not enough.
To help her money grow even fast, Jasiment desides that she can add $100 to her savings each month.That's 12 months a year, even more money to earn interest.This will be a huge help. Jasiment can see, she is getting close. With $5000 she has saved, the money she earned monthly, she can save $29000 over 20 years if she saves it in the piggy bank.
But with compound interest from her bank, that $29000 could become over $42000 in 20 years. A nice story her dream home. All she has to do was add her money to her savings regularly and watch it grow.
Yeah! If you ready to save it responsiblily, visit a bank or quiteulia, and talk to the finacial professional about apy and savings. The key to start saving is start today.Add money ragularlly and  watch you compound interest help you money grow and grow.


This post was generated by put listening repetition system,  Check the original dictation thread!
普特听力大课堂
本帖最后由 my新华书店 于 2009-8-26 11:16 编辑

HW

Take just a minute and think about the future you'd like to have. To get there, you need to be responsible and save your money so that it grows over time. This is Saving Money in Plain English.



Meet Jasmine, she is 20 years old and her goal is to buy a home in the future. Jasmine is already saving for that future home purchase and recently learned how to save responsibly.



When she was younger, she had a piggy bank and often added money to it. The problem with a piggy bank was that her money just sat there. She got out the same amount she put in.



Instead of using a piggy bank, Jasmine found a way to help her money grow over time by saving it in a bank or a credit union, where she can easily get it back when she needs it.



While it's there, the bank uses her money to help other customers who need to borrow money. It's like Jasmine is loaning her money to the bank. Because she's helping the bank, they add a little extra money to her account automatically.



It's these payments from the bank that help her money grow over time. This extra money is called "interest", and it's paid to Jasmine over the course of a year. The amount of interest she earns is based on two things - The amount she has in the bank and the Annual Percentage Yield or APY which is a rate set by the bank.



Here's how they work together.



Let's say you deposit 100 dollars in a savings account with a 3% APY. That 100 dollars will earn 3 dollars  interest over the course of a year. Now, you could take that 3 dollars  interest and buy a latte. But you decide to leave it in the bank.



This way you have more money in the bank and earn interest on 103 dollars instead of 100 dollars. As long as you leave it alone, your money will grow even faster because the interest adds up year after year. It's called "compound interest" and this simple idea will help Jasmine buy a home.



Here's how.



In her piggy bank, Jasmine has saved 5,000 dollars. But for the home she wants, she knows she'll need more and realizes that smart saving is all about thinking long term. If she deposits this in a bank and earns 3% APY, that 5,000 dollars will become 9,000 dollars in 20 years. That's 4,000 dollars more thanks to compound interest. Nine thousand dollars is good, but it may not be enough.



To help her money grow even faster, Jasmine decides that she can add 100 dollars to her savings each month. That's 1,200 dollars a year - even more money to earn interest. This will be a huge help. Jasmine can see she's getting close.




With the 5,000 dollars she has saved, plus the money she adds monthly, she can save 29,000 dollars over 20 years, if she saves it in a piggy bank. But with compound interest from her bank, that 29,000 dollars could become over 42,000 dollars in 20 years. A nice start on buying her dream home. All she had to do was to add money to her savings regularly and watch it grow. Yeah!




If you are ready to save responsibly, visit a bank or credit union and talk with a financial professional about APYs and savings. The keys to smart saving are to start today, add money regularly and watch how compound interest can help your money grow and grow.

好栏目推荐之美国口语俚语
Take just a minute and think about the future you'd like to have. To get there, you need to be responsible and save your money so that it grows over time. This is Saving Money in Plain English.



Meet Jasmine, she is 20 years old and her goal is to buy a home in the future. Jasmine is already saving for that future home purchase and recently learned how to save responsibly.



When she was younger, she had a piggy bank and often added money to it. The problem with a piggy bank was that her money just sat there. She got out the same amount she put in.



Instead of using a piggy bank, Jasmine found a way to help her money grow over time by saving it in a bank or a credit union, where she can easily get it back when she needs it.



While it's there, the bank uses her money to help other customers who need to borrow money. It's like Jasmine is loaning her money to the bank. Because she's helping the bank, they add a little extra money to her account automatically.



It's these payments from the bank that help her money grow over time. This extra money is called "interest", and it's paid to Jasmine over the course of a year. The amount of interest she earns is based on two things - The amount she has in the bank and the Annual Percentage Yield or APY which is a rate set by the bank.



Here's how they work together.



Let's say you deposit 100 dollars in a savings account with a 3% APY. That 100 dollars will earn 3 dollars in interest over the course of a year. Now, you could take that 3 dollars in interest and buy a latte. But you decide to leave it in the bank.



This way you have more money in the bank and earn interest on 103 dollars instead of 100 dollars. As long as you leave it alone, your money will grow even faster because the interest adds up year after year. It's called "compound interest" and this simple idea will help Jasmine buy a home.



Here's how.



In her piggy bank, Jasmine has saved 5,000 dollars. But for the home she wants, she knows she'll need more and realizes that smart saving is all about thinking long term. If she deposits this in a bank and earns 3% APY, that 5,000 dollars will become 9,000 dollars in 20 years. That's 4,000 dollars more thanks to compound interest. Nine thousand dollars is good, but it may not be enough.



To help her money grow even faster, Jasmine decides that she can add 100 dollars to her savings each month. That's 1,200 dollars a year - even more money to earn interest. This will be a huge help. Jasmine can see she's getting close.  



With the 5,000 dollars she has saved, plus the money she adds monthly, she can save 29,000 dollars over 20 years, if she saves it in a piggy bank. But with compound interest from her bank, that 29,000 dollars could become over 42,000 dollars in 20 years. A nice start on buying her dream home. All she had to do was add money to her savings regularly and watch it grow. Yay!



If you are ready to save responsibly, visit a bank or credit union and talk with a financial professional about APYs and savings. The keys to smart saving are to start today, add money regularly and watch how compound interest can help your money grow and grow.
Homework
Take just a minute and think about the future you'd like to have. To get there, you need to be responsible and save your money so that it grows over time. This is Saving Money in Plain English. Meet Jasmine, she is 20 years old and her goal is to buy a home in the future. Jasmine is already save for the saving for that future home purchase and recently earned learned how to save responsibly. When she was younger, she had a piggy bank and often added money to it. The problem with a piggy bank was that her money just set sat there. She got out the same amount she put in. Instead of using a piggy bank, Jasmine found a way to help her money grow over time by saving it in a bank or a credit union, where she can easily get it back when she needs it. While it's there, the bank uses her money to help other customers who need to borrow money. It's like Jasmine is loaning her money to the bank. Because she's helping the bank, they add a little extra money to her account automatically. It's these payments from the bank that help her money grow over time. This extra money is called "interest", and it's paid to Jasmine over the course of a year. The amount of interest she earns is based on two things - The amount she has in the bank and the Annual Percentage Yield or APY which is a rate set by the bank. Here's how they work together. Let's say you depose deposit 100 dollars in a savings account with a 3% APY. That 100 dollars will earn 3 dollars in interest over the course of a year. Now, you could take that 3 dollars in interest and buy a latte. But you decide to leave it in the bank.This way you have more money in the bank and earn interest on 103 dollars instead of 100 dollars. As long as you leave it alone, your money will grow even faster because the interest adds up year after year. It's called "compound interest" and this simple idea will help Jasmine buy a home. Here's how. In her piggy bank, Jasmine has saved 5,000 dollars. But for the home she wants, she knows she'll need more and realizes that smart saving is all about thinking long term. If she depose deposits this in a bank and earns 3% APY, that 5,000 dollars will become 9,000 dollars in 20 years. That's 4,000 dollars more thanks to compound interest. 9 thousand dollars is good, but it may not be enough.To help her money grow even faster, Jasmine decides that she can add 100 dollars to her savings each month. That's 1,200 dollars a year - even more money to earn interest. This will be a huge help. Jasmine can see she's getting close. With the 5,000 dollars she has saved, plus the money she adds monthly, she can save 29,000 dollars over 20 years, if she saves it in a piggy bank. But with compound interest from her bank, that 29,000 dollars could become over 42,000 dollars in 20 years. A nine star nice start on buying her dream home. All she had to do was add money to her savings regularly and watch it grow. Yay! If you are ready to save responsibly, visit the bank or credit union and talk with the financial professional about APY in savings, the key is smart saving or start it today, add money regularly and watch up compound interest that help your money grow and grow.
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