Albert Einstein was not known for his wealth, but asides from his numerous achievements in Physics, he was also known for having said the following about wealth and money:
“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
Einstein was born in 1879, and he died in 1955 at age of 76. If he invested $1 each year after his birth. Compounded at a rate of return of 10%, his investment of $1 each year would have become $15,379 at age 76, or just about $10,000 at age 72.
In other words, if he invested $100 each year instead $1? He could become a millionaire at age 72.
I do not know what kind heritage Einstein left behind. Just in case he did not do what he said, we can start early to invest.
Of course, $100 in 1879 or Einstein’s time was a lot of money, more than a month’s salary for most people. On the other hand, one million dollars is not what it used to be. That is another topic — inflation.