We can all learn something about saving and investing from Benjamin Franklin. Upon his death, in his will, he donated one thousand British pounds to both Boston and Philadelphia to be used to help apprentices to start their own businesses. The interesting part of the request was that he wanted the money to be invested for 100 years. After the 100 years was up, the Philadelphia investment had grown to $172,000.00 and Boston’s fund ended up with $2.3 million.
This goes to show you how important a role compounding interest can play in your investments. The more time you have to invest, the more your money will be able to work for you. As well, this lesson from history shows us the importance of choosing investments wisely. Obviously Boston did a lot better job of selecting investments than did Philadelphia.
If you are unsure of what you are currently investing in, or if you haven’t started to save for your retirement, I would encourage you to book an appointment with a Financial Planner at your local financial institution and build a strategy for retirement and your other savings goals. The sooner you make a plan and stick to it, the better off you will be.
For more detailed information on the full story about Benjamin Franklin, check out this article.
No Comments