From Chatgpt: The quote "Compound interest is the eighth wonder of the world" is often attributed to Albert Einstein, but there is no solid evidence that he actually said it. The origin of the quote remains uncertain, and it is likely apocryphal. It has been widely circulated and used to emphasize the power of compound interest in financial contexts, but it should not be considered a verified statement from Einstein.
The first $100k is easy, because (generally) you have youth when you set out. Anyone earning a decent salary and saving can raise $100k by the time they're 30. At 30, you don't want to work seven days a week, so you go self employed / hire in others to help / start to invest in longer term growth. Then you stagnate. You find your fledgeling business isn't making what 80 hour weeks used to pull in, and won't for years. You also start to hit another ceiling, with inflation eroding any meaningful earned interest. The so-called net worth explosion assumes what got you the first $100k continues in perpetuity. For most, this is sheer hours and hard work, which isn't perpetual.
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Thanks for the video on this subject and the chart was very helpful!
Thank you and I am glad you liked it!
From Chatgpt: The quote "Compound interest is the eighth wonder of the world" is often attributed to Albert Einstein, but there is no solid evidence that he actually said it. The origin of the quote remains uncertain, and it is likely apocryphal. It has been widely circulated and used to emphasize the power of compound interest in financial contexts, but it should not be considered a verified statement from Einstein.
Interesting and thanks for providing this information.
The first $100k is easy, because (generally) you have youth when you set out.
Anyone earning a decent salary and saving can raise $100k by the time they're 30.
At 30, you don't want to work seven days a week, so you go self employed / hire in others to help / start to invest in longer term growth. Then you stagnate. You find your fledgeling business isn't making what 80 hour weeks used to pull in, and won't for years. You also start to hit another ceiling, with inflation eroding any meaningful earned interest.
The so-called net worth explosion assumes what got you the first $100k continues in perpetuity. For most, this is sheer hours and hard work, which isn't perpetual.
Thanks for your comment!
Great video! What do you think about property investment?
Thanks for your feedback! Property has made a lot people very wealthy over the years but it's not for everyone.