Written by Joslyn G Ewart, CFP®
With all that the pandemic has brought to our doorsteps, many of us business owners put our travel plans on hold—both professionally as well as personally. However, that did not stop our entrepreneurial wheels from turning with zest for prioritizing the sights of interest to us—when travel is again deemed safe. For instance, your short list might include visits to the Seven Wonders of the World. While you are testing yourself to see how many you can name, read on to learn about the Eighth Wonder of the World.
Here are some tips to help you identify what it is:
- You can experience it from the comfort of your home.
- It does not cost you anything.
- It is powerful but requires you to take action to benefit.
Albert Einstein is credited with naming the eighth wonder of the world. What is it? According to Einstein, ”Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it.” It is also said that Einstein called compound interest “the most powerful force in the universe.”
His sentiment was echoed centuries ago by Benjamin Franklin who described it this way, “Money makes money, and the money that money makes, makes money.” We were reminded more recently of this principle by billionaire Warren Buffet who confessed, “My wealth has come from a combination of living in America, some lucky genes, and compound interest.”
Whether you are on track for a lifetime of financial success in your business or are on the cusp of a comfortable retirement, the message is the same: Compound interest is your friend. Employ this powerful force in your portfolio of investments.
To be sure you are experiencing all the benefits offered by the eighth wonder of the world, act now and contact NAWBO members Mckenzie Frankel or Jen Bravo at Entrust Financial. We specialize in assisting business owners with their 401(k) plans to offer the benefits of compound interest to owners and their employees and we provide investment management for your personal portfolio, too, as you aim to preserve and build your wealth.
We look forward to hearing from you to help confirm that you are not missing out on “the most powerful force in the universe”—in business or personally!