Lately I have read two books by Og Mandino. One is titled “The Greatest Salesman in the World” and the second is “The Greatest Miracle in the World.” And I was really entertained and inspired. Have you read them too? If not, I highly recommend them. 🙂
Anyway, today, we will talk about “The Greatest Magics in the World”. According to Einstein, the greatest magic in the world is compound interest. But the magic of compound interest couldn’t work without his twin named time, thus, — magics. 😀 Together, compound interest and time perform the magic of all magics.
The magic is so powerful it can either make you rich or broke. It depends on how you use it. If you want to be rich, you better make it your ally.
Consider this. What if you have P10,000 in your pocket now? How long will it take for your money to make another P10,000?
If you put it in an instrument that earns 15% per year, your P10,000 will make another P10,000 in approximately 4.8 years. If you let your money stay in that instrument, it will produce another P10,000 in only 3 years. But if you wait longer your money will make another P10,000 in only 2.4 years.
Notice that the longer you put your money in that instrument, the less time it will take to produce the original amount.
What if instead of becoming you ally, you make the greatest magics in the world your enemy?
Let’s say you borrowed P10,000 using your credit card that charges 3.5% per month or 42% per year. How long will it take for your P10,000 to double? Only 1.7 years!!! And before you know it, you might be broke as a rat.
Will you make the greatest magics in the world your ally? or your enemy? It’s your choice to make.
Do you live in Baguio? There’s a FREE Financial Wellness Seminar that will be held in Baguio on June 28, 2014. To join, register here.