Albert Einstein has been attributed with saying that "compound interest is the eighth wonder of the...
Albert Einstein has been attributed with saying that "compound interest is the eighth wonder of the world." 1. Warren Buffett once said that "Life is like a snowball. The important thing is finding wet snow and a really long hill." 2. In part, this is a reference to his ability to compound and amass wealth over time.
How does time work in your favor when it comes to investing and compounding?
If you set aside $10,000 each year for 30 years and it grew at an interest rate of 10%, how much would you have at the end of the 30 years?
How much would you have at the end of 40 years? (Hint: solve for Future Value).
1. http://www.quotesonfinance.com/quote/79/Albert-Einstein-Compound-interest
2. http://www.marketwatch.com/story/warren-buffetts-snowball-retirement-advice-2015-11-16
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