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Rich or poor, we all have 24 hours a day. No amount of money can buy us even an extra minute to extend our day. An hour that has passed is forever lost. Whatever it is we want to do, we must do it now.

Time is our greatest asset and in fact, is part of the capital we have to grow our wealth. Combined with savings and the knowledge on how to use compounding, you will be well on your way to financial independence.

"Compounding" is a phenomenal tool to grow wealth. Albert Einstein defines it as man's greatest invention. Compounding can grow even a little amount into a huge amount if you allow it to stay invested for a long period of time.

You just "roll" your money. You allow the earnings on your investments to be added to your principal or original investment amount. The result is that your principal and its earnings will earn even more earnings each year. For example, in one year, 1,000 pesos that earns 10% per year will grow to 1,100 pesos in that one year. In the second year, if you "roll" the entire amount of 1,100 pesos to compound, it will earn 110 pesos for a total of 1,210 pesos (P1,100 + P110). As time passes and as you continue to roll your investment and earnings, allowing it to compound, the growth in earnings becomes even faster. For example, 300 pesos saved each month and invested to earn 20% compounded per annum will grow to 28.8 Million pesos in 40 years, or 200 times your actual principal investment over the 40 year period of only P144,000 (P300 x 12 x 40).

FRANCISCO J. COLAYCO is an entrepreneur, a venture developer and financial advisor. He has over 40 years of experience that covers service contracting in the Middle East, manufacturing, trading construction, shipbuilding, management consulting, banking and financial services. He is the Chairman of the Colayco Foundation for Education (CFE) and the author of bestsellers: Wealth Within Your Reach (2004 National Book Award for Business and Economics), Making Your Money Work (Nominated in 2005, National Book Awards Business and Economics), Pera Palaguin Workbook and Money for Kids. The books are available at National Bookstore, most other bookstores or directly from CFE. He joins our website blog to share with ordinary income earners, Overseas Filipino Workers (OFW) and students the simple principles to "Save what you earn and grow what you save." CFE conducts talks, seminars, and workshops. “Managing Personal Finances For The Future” a seminar-workshop developed in partnership with the Ateneo Graduate School of Business, Center for Continuing Education. June 21, 2008, Saturday, 9:00 am to 6:00 pm. For registration and inquiries, please call Marleth Calanog at 830-2050. CFE is also the producer of the PISObilities DVD series, available at your favorite audio-video shops in May 2008. Learn more about the advocacy at www.colaycofoundation.com, email info@colaycofoundation.com, via SMS +63917-8537333 or through (632)637-3741.