(Click here and here for two articles by the editor on how to get rich.)

Wouldn’t it be great to get a sneak peak into the insider secrets from the world of money — those empowering bits of knowledge that could help to make small, but impactful financial decisions?

Karin Muller of Sanlam shares some tips:

1. Compound interest

   These two words are extremely powerful. They refer to interest earned on interest over time, a passive way to growing money exponentially.

   The way it works is simple. If you start with R100 in an investment, which offers 10 percent interest, you’ll earn R10 interest and the base amount will increase to R110. The next time interest is earned, it will be calculated as 10 percent of R110, so a further R11 will be added to the base amount, and so forth.

   Imagine the kind of growth your investment can achieve over the long term if you don’t take money out prematurely. So, take advantage of the power of compound interest!

   This is a powerful reason not to put your money under a mattress or in a low interest account.

   For more information on compound interest, or what Albert Einstein called 'the most powerful force in the universe', read 'The power to become rich'.

2. Beat inflation

   Another reason to ditch the mattress idea is that in a few years time R100 won’t be able to buy you the same things as it can today.

   Over the long term, unless you invest in inflation-beating assets, you won’t be able to maintain your standard of living. Generally, these would be investments in equities (shares) and property.

   Speak to a financial adviser who can advise which suits your needs.

   For more information on which asset classes are most likely to beat inflation, read 'More returns, less risk'.

3. Put more money into your bond

   Over a twenty year period, the amount of interest you pay the bank for your home loan often exceeds the purchase price of your house.

   If you’ve ever taken a look at your bond statement, you’ll notice that initially most of the money you pay towards your home loan goes towards paying the interest and very little towards actually paying off the debt. If you increase the amount of money you pay on your bond each month, you’ll pay more toward the debt and less toward the interest.

   By doing it once, you get the benefits over the full loan period — and if you pay in extra monthly, you will significantly cut down the payment period by a few years and potentially save thousands in interest. Read 'The best investment ever' to learn why putting extra money into your bond is, well, the best investment ever.

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