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Compound interest is when earned interest is reinvested into the principle, or balance, of an account. The reinvested interest grows the account balance, which makes it earn even more interest. The more interest you earn, the more your account balance grows, the more interest you earn, etc. It’s a compounding cycle of growing money. You are essentially earning interest on your interest. This makes it a powerful tool for exponentially growing your money in savings accounts and investments. However, compound interest can work against you when applied to debts such as loans and credit card payments.

Have you ever dreamt of a secure financial future but felt intimidated by the world of investing? You're not alone! Many myths and misconceptions can hold people back from taking control of their finances. Here at SharePoint Credit Union, we believe everyone deserves the opportunity to grow their wealth, regardless of income level. So, let's debunk some common investing myths and empower you to reach your financial goals!

As we gear up for the fresh start that comes with a new year, it's an opportune time to reflect on our financial well-being and set the stage for a prosperous future. At SharePoint Credit Union, we understand the importance of solid financial planning. To help you embark on the new year with confidence, here's a comprehensive guide to preparing yourself financially:

When first starting to invest, you’re going to make mistakes—and big ones. The biggest one might be not taking any risk. Taking a risk in your investments doesn’t mean making fast, ill-informed choices—it means investing in areas with potential for quick growth but a lot of uncertainty. The best time to take these risks is early, because when you’re starting to invest, you have decades until retirement, which may sound daunting, but it’s an advantage. Here’s why: