Saturday, April 24, 2010

Compound Interest Video Contest GetRichSlowly

I recently entered the Get Rich Slowly 2010 Video contest. From the website...

Get Rich Slowly has always been devoted to sensible personal finance. Since April 2006, JD Roth and other writers have shared stories about debt elimination, frugality, saving money, and practical investing with millions of readers. Now it's our readers' turn to tell their stories.

We are calling on real people like you to enter the contest by submitting a 2 minute-or-less video in one of two categories: 1) Personal Finance Tips and 2) Success Stories.

I was really excited to enter this contest for a few reasons.
Number one was the nice cash prize motivation. Although, it may have made my ability to be creative a little bit harder because I knew that my work was going to be in a competition. And the competition is really good!  You can check out the latest videos that have been submitted in the contest and learn a lot of cool tips or be inspired by some really great success stories.

This is my entry into the contest and just so happens to be the first official video that I have posted to YouTube. It's not my first foray into making movies on my computer. I am definitely still an amateur, but I have had the opportunity to put together and author a few movies that involved splicing clips of music, voice, pictures and video. I didn't do any acting in this little short piece. There just was not enough time!

I chose the topic of compound interest because it is one of the fundamental principles to finance. Interest can make or break you. If you are in debt you need to know how easily you can be a slave for the rest of your life. If you are saving money you need to understand why it is so important to start saving right now!

One of the first rules of successful personal finance is to pay yourself first. What does it mean to pay yourself first? It means your most important and your first step after getting paid should be to put money away for your future self. Save money for your future. Save for your retirement. Save for the days that you will not be working. Establishing the habit early in life will ensure you a comfortable lifestyle later in life.

Hope you liked it! Let me know if you have ideas or suggestions on the video. Or please, if you have a personal experience with compound interest that you would like to share - feel free to do so, in the comments below.

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