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How to Grow Exponentially
Albert Einstein, arguably one of the most intelligent persons to ever live, said “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn't … pays it.”
$10,000 today?
I remember being asked which I would prefer as a gift: $10,000, or 1 penny, doubling each day for 30 days.
At the end of 30 days, $10,000 is still $10,000, while what began as $0.01 has become $10,737,418.24. That's right - almost 11 million dollars!
And that's why compound interest is the eighth wonder of the world!
On the other hand, if you have a credit card with a $10,000 balance, at 24% interest, if it was possible to not pay the minimum each month, after 10 years you would owe (drum roll) $84,944.26! If you had paid the minimum monthly payment, after 10 years you would have paid $26,400 in interest, and you would still owe $10,000!
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By Phil RoutlyAlbert Einstein, arguably one of the most intelligent persons to ever live, said “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn't … pays it.”
$10,000 today?
I remember being asked which I would prefer as a gift: $10,000, or 1 penny, doubling each day for 30 days.
At the end of 30 days, $10,000 is still $10,000, while what began as $0.01 has become $10,737,418.24. That's right - almost 11 million dollars!
And that's why compound interest is the eighth wonder of the world!
On the other hand, if you have a credit card with a $10,000 balance, at 24% interest, if it was possible to not pay the minimum each month, after 10 years you would owe (drum roll) $84,944.26! If you had paid the minimum monthly payment, after 10 years you would have paid $26,400 in interest, and you would still owe $10,000!