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The Eighth Wonder of the world…
“Compound interest is the eighth natural wonder of the world and the most powerful thing I have ever encountered.” This was said by the winner of Nobel prize for Physics– Albert Einstein.
If you are new to the idea of compound interest, here’s how it works.
If you invest Rs. 1000 at a 10% annual rate of interest, you will earn Rs. 100 in interest and at the end of the first year have a total investment of Rs. 1,100.
If you leave both your original investment and the earned interest in the account, the next year you’ll earn 10% interest on Rs. 1,100, which is Rs. 110.
The third year, you will earn 10% on Rs. 1210 — and so on, for as long as you leave it there.
At this rate, your money would actually double every 7 years. That’s how it eventually turns into a huge amount over time.
Of course, the best news is, time is your friend when it comes to compound interest. The sooner you start, the greater the results.
For example, Soumya starts investing at age 25 and stops when she reaches 35. Tejas doesn’t start investing until the age of 35 but keeps investing until he retires at 65.
Both Soumya and Tejas invest Rs. 150 per month, with a rate of return of 8% per year compounding interest.
But look at the surprising results when they both retire at age 65.
Soumya invested only Rs. 18,000 over 10 years and ended up with Rs. 2,38,385, whereas Tejas contributes Rs. 54,000 over thirty years and ends up with only Rs. 2,20,233.
Soumya who contributed for only 10 years has more than Tejas who invested for 30 years but started later. The sooner you start saving, the longer you have for compounding interest to work its powerful magic.
Start saving for your children. From today.