55. The Law of Compound Interest
Investing your money carefully and allowing it to grow at compound interest will eventually make you rich.
Compound interest is considered one of the great miracles of all of human history and economics. Albert Einstein described it as the most powerful force in our society. When you let money accumulate at compound interest over a long enough period of time, it increases more than you can imagine.
You can use the Rule of 72 to determine how long it would take for your money to double at any rate of interest. Simply divide the interest rate into the number 72. For example, if you were receiving 8 percent interest on your investment, and you divided the number 72 by 8, you would get the number 9. This means that ...
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