“Albert Einstein is said to have once described compound interest as ‘the eighth wonder of the world. ‘He who understands it, earns it; he who doesn’t, pays it,’ Albert Einstein reportedly said.”
“The beauty of compound interest is that it allows you to earn interest on your interest – so that while you have to sweat to earn the money you initially invest, from then on your money works on your behalf. There are three rules to get the most out of compound interest:
- Reinvest the dividends
- Invest over the long term
- Keep adding money”
https://www.ratecity.com.au/investment-funds/articles/albert-einstein-loved-compound-interest
How Financial Therapy with Elaine Korngold Can Help
Most therapists are trained to talk about issues such as sexual behavior or substance abuse eating, but not about financial issues and their significance. This is despite the fact that couples rank money as the top problem prior to marriage, and in the early stages of marriage. Money is one of the main reasons that couples argue or divorce. Many people also don’t understand how compound interest works.
This is where I can help. My professional background and my training give me a unique perspective on how money impacts individuals and couples. Frequently, it is not the lack of money that creates stress and anxiety, but how people mismanage their finances. I can help you clarify your values around money, identify the messages you received from your family, and understand what drives your money behaviors. For couples, I integrate Financial Therapy with Gottman Method Couples Therapy to help couples communicate more constructively and develop tactical skills to foster a healthy financial partnership. For compulsive behaviors related to money, such as shopping addiction or gambling, I offer Brainspotting therapy for addiction.
In my private practice I encourage clients to explore how their finances affect their emotional well-being through discussions about budgets, financial values, and core beliefs about money and spending. Research indicates that good financial health is important to reducing stress and increasing stability and satisfaction. With counseling, clients can begin addressing and resolving complex issues and emotions that manifest when they encounter financial stresses. Contact me to learn more.