Summary
WHO wants to be a millionaire? We all do, but it is not as difficult as you think. Given patience and time it can be done thanks to the magic of compound interest.
If you invest about GBP35,000 today, it should be worth GBP1 million in 50 years, with income reinvested, and given a 7 per cent annual growth rate.See the full content of this document
Extract
Who Wants to Be a Millionaire?
American statesman Benjamin Franklin is credited with being one of the first to realise the potential of compound interest. He was so taken with the idea that he changed his will to leave dollars 1,000 to Boston and Philadelphia, invested at 5 per cent for 100 years.
Thereafter, some money was withdrawn and the balance tucked away in another compound interest account for another 100 years. By the time the fund matured in 1990 it was worth some dollars 7m.Guy Tulloch, head of HSBC Private Bank in Scotland, said:...See the full content of this document
Sponsored links
