Compound interest is a remarkably powerful economic force. In fact, the ability to earn interest on interest is the key to building economic wealth. If you save P1,000 per year for the first 10 years of your career, you will have more money when you retire than if you saved P15,000 per year for the last 10 years of your career. This surprising outcome occurs because the money you save early in your career will earn more interest than the money you save at the end of your career. If you start saving money now, the majority of your wealth will not be the money you saved but the interest your money was able to earn over time. The lesson associated with compound interest is that even though saving money is difficult, you should start now.

Share something about your personal experience with saving money and how you will relate the concept of compounding interest to that experience.