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Why It Pays to Save: Knowing the Time Value of Money

McKenna Klein, 16, has been saving up money since the age of 11. That is when he got his first lawn-mowing job in a park near his home in suburban Denver, Col. Klein still mows lawns and now tutors neighbors in math. He keeps part of his earnings in a savings account while also investing in stocks. It is important to save promptly, says Klein, a junior at Regis Jesuit High School in Aurora, Col. "Any money that is invested in the present is worth more than in the future because of the interest," notes Klein, who this summer attended an investment camp sponsored by the Future Investor Clubs of America in Orlando, Fla.

The Earlier, the Better

This rule is a basic principle of finance known as "the time value of money." It means that "the earlier that you start saving, the better it is for your future," says James Roan, 17, a senior at William H. Turner Technical Arts High School in Miami, Fla., who worked as an intern at the investment camp this summer.

Savings accounts can even earn interest on interest through the power of compounding. "Say I put $1,000 in a savings account that earns 5% a year in compound interest," says Roan. "The next year I get interest on both the $1,000 and the 5% interest that I already was paid."

Banks are hardly paying 5% interest in today's weak economy. Many accounts now pay less than 1%. "Can you even consider it interest when rates are so low?" asks Nyssa Cederstrom, 15, a sophomore at George C. Marshall High School in Falls Church, Va. Click here to read full article.

Featured Article

Future Investor Clubs of America Rings Closing Bell At NASDAQ

"Good afternoon everyone. My name is Mike Socal, Vice President of the NASDAQ OMX Group and I’m pleased to welcome the Future Investor Clubs of America along with Mr. Frank Parks, President as well other distinguished guests to NASDAQ. We’re excited that you could all join us – right here from the crossroads of the world in Times Square NY – as we get set to officially ring the NASDAQ Closing Bell. Future Investor Clubs of America or FICA - is America's most comprehensive financial training system for kids, teens and young collegians.

FICA was Founded in 1997 and is a financial intelligence training software as a service company designed to introduce youth ages 8-19 to the world of business and finance intelligence in a fun and exciting way. FICA is dedicated to "Training Tomorrow's Investors Today.” This outstanding financial intelligence training company was designed and developed by FICA Founder and Chief Executive Officer Mr. Frank Parks and a network of educators and business leaders.

Future Investor Clubs of America is quickly being recognized as a leader in youth financial education/literacy training and was one of the first companies in America to provide comprehensive face-to-face financial intelligence training summer camps and year round programs to students nationwide!Mr. Frank Parks, I’d like to congratulate you and the entire organization on all that you are doing to further entrepreneurship in NYC. Over the last 40 + years, NASDAQ has been able to bring the truly remarkable and innovative companies of the world to list with us and we look forward to seeing the companies fostered by FICA, join the innovative family of NASDAQ listed companies."Click here to read full article.

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