Sunem taught Israel everything she knew about personal finance and investing. In 10 years, you'll have $2,593.74 - much more than you'll have if you simply put $1,000 in a savings account. To calculate gains for the second year, you would add 10% to $1,100, which results in $1,210. At that point, I had learned about compound interest and why it's really important," she says.Ĭompound interest is commonly described as "interest earned on interest." For example, if a $1,000 investment grows at a fixed rate of 10% each year, the first year will yield a 10% increase to $1,100.
"I started investing because I was used to limiting my spending. She started reading articles and books about personal finance, then created spreadsheets to track her student loan debt-payoff progress. Of the two, Sunem was the first to get savvy about money. Here are three strategies they used to do it. The Tovars took these financial struggles as an opportunity to work together to achieve financial freedom and set the rest of their family up for success. I couldn't sleep at night and I had sweaty palms all the time. "My understanding of financial literacy was that buying a house is the way you get out of poverty," he tells Insider, but it only made matters worse for his mental health. Going against Sunem's advice, Israel bought a home that he could barely afford. "I was getting paid $44,000, working at a school that felt like a prison," says Israel. Israel moved back to Tennessee to begin his career as a teacher, but he didn't anticipate the toll of being one of the only LGBTQ+ teachers of color working at a school that served low-income students of color.
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On the other hand, Sunem's brother, Israel Tovar, graduated with full scholarships from Yale and Stanford in 2018. She tells insider, "All my money was just going to paying off my loan. At the time, she was only making $20,000 a year. Sunem Tovar's financial journey began in 2016 when she realized that her $16,000 student loans had ballooned to $42,000.
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