|Focusing your vision, achieving results|
-- Peter Cochrane, Head of BT Labs UK talking about the internet - November 2000
by Michael Angier
As an example of just how powerful this can be, consider the following scenario.
Let's say Christopher Columbus made an ínvestment in the new world's future in 1492. If Chris had placed a single penny in a 6% interest-bearing account and instructed someone to remove the interest every year, the value of the interest earned to date (2005) would be almost 31 cents. Not too much to write home about, is it.
But if the great explorer had placed the same paltry ínvestment of one cent into the same interest bearing account but LEFT the earned interest to compound--earning interest upon the interest--the results would be drastically different.
What would you guess the account would be worth now? $10,000? $100,000? A million? 10 million? 100 million?
In actuality, the resulting balance of a penny invested at 6% COMPOUND interest for 513 years would be $95,919,936,112. That's $95 BILLION!
Not bad for a single penny. Do you see what Al Einstein was so worked up about? It's powerful.
We may not have 513 years to make compound interest work for us, but we can employ it nonetheless.
It doesn't matter how old you are, you have to start now. Get the power and the momentum of compound interest working for you.
Michael Angier is the author of 101 Best Ways to Get Ahead and the CIO (Chief Inspiration Officer) of SuccessNet.org. Their mission is to inform, inspire and empower people to be their best—personally and professionally. http://SuccessNet.org
Get out of debt (unpaid debt is like compound interest in reverse), invest in yourself, and reap the power of the Eighth Wonder of the World.
For the past 10 years, I have ridden 50 miles on a bicycle for the Rodman Ride for Kids rodmanrideforkids.org which benefits children at risk in Massachusetts. This year I will be unable to ride as I am still rehabbing from my broken ankle, but I am still supporting the event through fundraising. I have committed my fundraising efforts to benefit The Home for Little Wanderers www.thehome.org
E-mail me if you would like to make a donation, to participate, or to receive a brochure on the event. You can also make an on-line donation at Rodman Ride for Kids. If you mail a donation to the Ride for Kids, please put my name in the memo section of the check.
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