Rates of interest, What they do, and How to calculate it

Doing the math
        To successfully graduate from most(if not all) high schools or colleges in this country-and several others, one is required to take a certain amount of mathematics. Arithmetic, algebra, geometry...accounting, business management, etc. Most of us
can do basic math and the rustiest algebra student can still manage to find the value of x.
          Unfortunately, even while we recall the struggles that went along with trying to figure out how fast two trains were going, we don't recall one crucial equation. It was entirely too easy to dismiss the equation for finding interest because no one fully explained how important that could be to your future. I=Prt or, Interest is determined by multiplying the principal(amount invested) by the rate of interest, times the amount of time(measured in years) that the investment builds. 
           Let me give an example. Imagine that you come up on a winning lottery ticket-not the powerball jackpot, mind you-I'm conjuring up a decent scratch-off, about a thousand dollars. Say you don't want to be frivolous. You've decided it's time to start a savings account. Most savings accounts hover around 1% annually. Now, that simple I=Prt can tell you exactly how much you'll reap every year in interest-simply replace the numbers. 1,000(P)x. 0.01(rate of 1%)x1(a year)=10(dollars of interest.) The following year, you'll pick up $10.10.
        A simple calculator can help you figure out how much interest any rate will yield-and unless you put that thousand dollars under the mattress, it will earn money.("But what if I spend it?" It'll still make money-just not for you.) There are a wide variety of places to put your money, depending on goals and needs. Unfortunately, I'm not licensed-yet-to discuss all of them in depth. But I would advice anyone who has not yet done so to start doing the research. Maybe get lined up with a company that offers a free financial needs analysis to all its clients.
        Whatever avenue you do decide to take, one thing is certain: delaying saving your money is costing you more than you think! Don't believe me? Do the math.