If I had to choose just a single lesson I would wish you to learn in terms of managing your money it would undoubtedly be the concept of compounding. It is the gem, the nugget, the eureka moment, the Holy Grail, it is where magic perhaps truly resides in money management.
And the best thing of all is that it is simple.
Very importantly the power of compounding works both ways:
Compounding returns will be your biggest ally in creating real wealth.
Compounding inflation is one of the biggest threats you face in failing to reach your life goals and objectives.
Compounding debt can drag you to the bottom of the deepest darkest abyss.
Understanding this concept and applying it will do more to help you turn defeat into victory than any other single weapon you could take into your battle for a better financial future.