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Sometimes a comment is attributed to a famous individual to increase the prestige and believability of the comment. Also, a quotation from a famous person is often considered more interesting and entertaining. QI hypothesizes that the statement was crafted by an unknown advertising copy writer.
Salespeople can cleverly disguise themselves as advisers, and skepticism helps protect people from making poor financial decisions.
Compound interest has essentially tripled (x2.65) your investment (principal). However, Albert Einstein certainly had an opinion on the matter. Compounding is often compared to pushing a snowball down a hill.
FYI – Robbins’ exact line was “Compound interest is such a powerful tool that Albert Einstein once called it the most important invention in all of human history.” Stack Exchange network consists of 183 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers. Moving to the United States and becoming a citizen of the country was important to Einstein. He loved the idea that he and others could question authority without fear of reprisal. Einstein also enjoyed the lack of a class system as was prevalent throughout Europe.
The young Einstein had no interest in this type of training to blindly worship authority. He believed that humans were given brains so they could do much more than trust received knowledge unquestioningly. He might have; the sentiment matches what seems to be this particular genius’s sense of humor. The Newton fund’s top holdings include Roche Holdings, the Swiss pharmaceutical firm, Bayer, the German health care company, and SSE, a UK utility. All are good, solid dividend payers that more active investors might prefer to buy directly. Western companies, particularly in Britain and the US, have traditionally paid the most generous dividends, says Tim Harvey, the director of Offshore Online, an international broker.
For John D Rockefeller, the late American industrialist, it made life worth living. “Do you know the only thing that gives me pleasure? It’s to see my dividends coming in,” he once said. If you invested US$10,000 (Dh36,731) at 3 per cent a year, but withdrew all the interest every year, you would have $16,000 after 20 years. But if you allowed the interest to compound, your savings would grow to more than $18,000. And when savings rates finally revive from today’s miserable lows, the effect will be even more powerful.
It is like a snowball rolling down a hill, getting bigger and bigger, year after year after year. You have to leave it in your account to allow the compounding effect to gather momentum. The good news is that you can feel the power of compound interest simply by paying money into a savings account and what is a rent ledger and how to make one patiently letting it grow in value, year after year.
Albert Einstein definitely leaned towards the socialist end of the economic spectrum, but he always emphasized the important of individual freedom, democracy, and personal liberty. He was not a fan of communism in Russia, nor was he a supporter of German fascism or nationalism. The United States was politically the best environment for him, particularly with his belief that art and science relied on the availability and encouragement of individualism. With this philosophy, Einstein would have embraced frugality.
