Albert Einstein once said…
“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
I was looking through some old documents at the weekend and came across a plan to make a million pounds from £100 using compounding.
Basically the plan said that if you start with £100 and increase that by 1% per day, then in two years you will have £900,000 and shortly after you will have a million.
So I thought lets have a go
My first step was to check the math and make sure the figures worked out.
What I found was that if you increase by 2.6% per day then the million comes within a year.
So I’m trying to increase £100 to £1,000,000 in a year.
I’m on day 4.Continue Reading