Nic
@nic
0 friends
18065855
Masteries
No masteries yet
nic Compound Interest
Watch the interest earn interest, it builds on its own, Now we sit back and look at the empire we've grown.
nic Starting to save early is far more powerful than saving larger amounts of money later in life.
Fun Fact
The penny dilemma: If you double a single penny every day for 30 days, you will end up with over 5.3 million dollars.
nic Simple interest only calculates earnings on the starting amount, while compound interest grows exponentially.
Glossary
compound interest (noun)
Interest calculated on both the initial principal and the accumulated interest of previous periods. In 2000 BCE, ancient Babylonian scribes recorded some of the earliest calculations of these returns on returns.
Interest calculated on both the initial principal and the accumulated interest of previous periods. In 2000 BCE, ancient Babylonian scribes recorded some of the earliest calculations of these returns on returns.
Quiz
Which mathematical constant was discovered by Jacob Bernoulli in 1713 while studying continuous compound interest?
Quiz
What happens to your investment growth if you withdraw the interest earned every year?
Quiz
If two people save the exact same total amount, who will end up with more money due to compounding?
Quiz
What is the main difference between simple interest and compound interest?
Quiz
If you invest $1,000 at a 10% annual compound interest rate, how much total money will you have after two years?
Quiz
Which type of growth curve represents compound interest over a long period of time?
Quiz
How does increasing the frequency of compounding (e.g., from annually to daily) affect your savings?
Quiz
What does the term 'principal' refer to in the context of calculating interest?
nic Zero Inventory Selling
No boxes in my room, but the sales go zoom! (Oh, they go zoom!)
nic Retailers market products online and have third-party suppliers ship them directly to buyers.
Fun Fact
Print on demand: The first print-on-demand books were printed in 1997, paving the way for millions of independent self-published authors today.
nic Designing digital planners, resumes, or spreadsheets allows creators to sell the same file infinitely.
Glossary
dropshipping (noun)
A retail business model where a store does not keep the products it sells in stock. Sellers frequently pair Shopify with global suppliers like AliExpress to launch storefronts with zero physical stock.
A retail business model where a store does not keep the products it sells in stock. Sellers frequently pair Shopify with global suppliers like AliExpress to launch storefronts with zero physical stock.
Quiz
Stock photography websites like Shutterstock pay photographers based on which metric?
Quiz
Which software tool is commonly used by beginners to design free digital templates?
Quiz
What is the primary role of a dropshipping business owner?
Quiz
Where did dropshipping find its earliest massive customer base in the early 2000s?
Quiz
What is the typical royalty range earned by artists on print-on-demand platforms?
Quiz
What is the main benefit of the print-on-demand business model for creators?
Quiz
What is the typical profit margin range for a standard dropshipping store?
Quiz
In what year did print-on-demand technology first launch?
nic The Pain of Paying
Paying with cash, a physical sting, the brain feels the pinch!
nic The brain releases dopamine during the anticipation of buying, not the actual ownership.
Fun Fact
Pain of paying: Neuroscientists found that paying with physical cash activates the insula, the same brain region that lights up when you stub your toe.
nic Paying with credit cards or digital apps tricks the brain into feeling less pain.
Glossary
pain of paying (noun)
The psychological discomfort or immediate sense of loss experienced by an individual when parting with money. MIT researcher Drazen Prelec demonstrated this phenomenon during a silent auction for Boston Celtics tickets.
The psychological discomfort or immediate sense of loss experienced by an individual when parting with money. MIT researcher Drazen Prelec demonstrated this phenomenon during a silent auction for Boston Celtics tickets.
Quiz
Why do pre-paid vacations feel highly enjoyable to consumers when they finally arrive?
Quiz
In what year did researchers from Carnegie Mellon and Stanford publish their fMRI study on the pain of paying?
Quiz
Which brain region, associated with physical pain and disgust, activates when we see high prices?
Quiz
Which two mobile platforms handled over $40 trillion in Chinese transactions in the year 2020?
Quiz
Which neurotransmitter spikes during the anticipation of shopping rather than after the purchase is made?
Quiz
According to consumer research, how much do frictionless mobile wallets increase spontaneous purchases?
Quiz
According to a 2001 MIT study, how much more did participants bid when using credit cards instead of cash?
Quiz
What is the psychological term for separating the emotional pain of payment from the joy of consumption?
