3/18/2023 0 Comments 8th wonder of the world einsteinIf you are of course 1% worse every day, then you will only be 3% of what you started with. The message from this is that if you improve only by 1% every day, then you will in fact be 37 times better by the end of the year. Those who understand it, earn it Those who don’t, pay it. Einstein famously said, Compound interest is the eighth wonder of the world. He’s most well known for his theories in relative physics, however, he also had wisdom for personal finance. James Clear also uses compound interest to show the benefit of compounding in utilising habits in his book Atomic Habits. It can change our lives if we just give it the slightest of investment of resources, whether that be a portion of our weekly paycheck or the opportunity cost of a more stimulating option, and then. Albert Einstein is the name that a lot of people think of when asked to name a ‘genius’. The message is again - the results are coming - be patient and give it time. The message about the second half of the chessboard is very similar to the graph above about Warren Buffet's wealth - the amount of grain on the second half of the chessboard is 99.999% of the total amount of grain on the board (50% of the grains are on the last block! 9 quintillions.). I am, of course, talking about the magic of compound interest. It has helped people turn small investments into vast fortunes. Darren Hardy and Jeff Olson wrote a book about it. Teachers teach it without even realizing it. In IT strategy, the term "the second half of the chessboard" (a phrase coined by Ray Kurzweil) is often used, which of course refers to the story of the chessboard and the grains of wheat. The 8th wonder of the world, at least that’s what Einstein called it. The total number of grains equals 18,446,744,073,709,551,615 (eighteen quintillion four hundred forty-six quadrillion, seven hundred forty-four trillion, seventy-three billion, seven hundred nine million, five hundred fifty-one thousand, six hundred and fifteen, over 1.4 trillion metric tons.)-about 2,000 times annual world production-much more than most expect.
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