Investing Your Tax Refund? How $1,000 Could Grow 10x by Retirement

If you're looking for something to do with your tax refund, you should consider investing. Depending on your current age, you can manage to turn a one-time investment into a respectable lump sum by the time you retire with very little effort. All you need is patience.

Albert Einstein is often credited with calling compound interest the "Eighth Wonder of the World," and when you begin to understand how it works, you can see why. In investing, compound interest happens when the interest you earn on your investments begins to earn interest on itself, and it plays a vital role in generating wealth. With compound interest, one of the best things that can be on your side is time; the earlier you begin investing, the better because it allows for compound interest to work its magic.

Source Fool.com