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Old 10-25-2020, 09:25 PM   #1
Ten Point
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Join Date: Jan 2007
Location: Texas
Hunt In: Texas
Default The Power of Compound Interest

I am sure some of you saw the Financial Tip of the Day post concerning Roth IRAs for kids. Well, the driving force behind that one was compound interest.

Here is another example of that power. Scroll down after you think about it and see how close your guess is.....

If Christopher Columbus had invested $0.01 (1 cent) when he arrived in the Americas (1492), never added any more $$ and earned 8% annually, how much would he have today?

Answer is below......

$4.4 Quadrillion Dollars. That is 4,000 Trillion dollars, all from 1 penny.

If you don’t believe me, put those numbers into any financial calculator or app. I promise I am correct.

80% of financial success stems from the simple act of saving and not spending. The small remainder comes from how and where you invest.

Good luck and I will post more if you like this type of info.

Last edited by STGS; 10-25-2020 at 09:36 PM.
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