Matt and Nate are back to discuss the concept of compounding and its importance in personal finance! They explore both sides of the compounding coin including saving early, even with small amounts, and the total cost of borrowing, including the interest paid on credit cards and car loans, and how it impacts finances. Using the example of a penny doubling daily for 30 days, which would result in $10.7 million, highlighting the power of time. They emphasize the importance of long-term thinking, noting that significant growth often occurs over extended periods. They also discuss the impact of debt compounding, where interest can significantly increase the cost of loans. Examples include a $20,000 credit card balance with a 20% interest rate, which could take nine years to pay off, costing an additional $23,000 in interest. They stress the importance of using the right financial vehicles, like TFSAs, to maximize savings and avoid tax interruptions.

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DISCLAIMER: The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This presentation was prepared, by Matthew McGowan and Nathan England CFP, for the benefit of Matthew McGowan and Nathan England CFP, Mutual Fund Representative with Evangeline Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this presentation comes from sources we believe are reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the Fund Fact sheet or prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.