With all that the pandemic brought to our doorsteps, many of us put our travel plans on hold. However, travel is returning, which brings to mind the sights that are of interest. A 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 preparing for a lifetime of financial success or have retired and are enjoying ongoing financial well-being, the message is the same: Compound interest is your friend. Employ this powerful force in your portfolio of investments.
Our Entrust team partners with clients to help them “earn compound interest” so that their money makes money throughout their lifetimes. We specialize in assisting business owners with their 401(k) plans, not only to offer the benefits of compound interest to owners and their employees, but also to ensure that the SECURE Act $500 tax credit or incentive of up to $5,000 comes their way, if they meet the eligibility guidelines.
Contact us today to learn more about how to maximize this powerful force in your financial life.