By Byron Moore, posted February 13, 2017
Originally published in the News Star and the Shreveport Times on Sunday, February 12, 2017.
Q: I have always had a goal to have $1,000,000 in my investments. I’ve been at it for a while and I’ve finally gotten to $100,000 but that only puts me a tenth of the way there. I’m in my mid-30s and I don’t see how I’ll ever get there.
A: You need to understand the power of what you’re dealing with, but you also need to understand its potential for peril.
I’m talking about compounding interest, something Albert Einstein is often credited with calling “the eighth wonder of the world.” That’s probably an urban legend, by the way. A bit like Abraham Lincoln always complaining that his Twitter account kept getting hacked.