The power of Compound Interest
Before going into the details of the Compound Interest mechanism & its power, I would like to share a true story with all the readers. In 2013-14, I was posted at Delhi & one of my team member used to frequently borrow some amount from me & after paying it off after certain period of time again ask for money from me & almost developed a revolving credit limit from me. One day I was just kidding with him & offered him a proposal which he grabbed with both hand without going into details. Apparently the offer was very lucrative. Here is the actual offer which he had accepted. Everyday I will give him non-refundable Rs.1000/- for a period of 1 month & in return he will pay me any amount on the first day and will pay double the amount on the next day & will continue this for 1 month. He started with the lowest denomination available i.e. Re.1. How many of you really think that I was stupid & must have gone mad to extent such an offer? I am sharing the details of calculation & you can make out from that if the game could have continued till the 30th day, I would have earned more than 53.68 crores, but on the 11th day, that guy back out of the game & returned me the amount that I gave him & after that he had never asked for any money from me.
Now going by the basics of what we all were taught in our school books, compound interest will actually show its amazing exponential growth if we can just give time. The fundamental of Long term investors to HODL applies here. Compound Interest is often referred as the Eighth wonder of the World. The great Albert Einstein has once quoted that "he who understand it, earns it... he who doesn't pays it".
Most of the readers in steemit platform are crypto lovers and usually holds certain altcoins. I just want to convey a message to you all that HODL your alts & within few years, this crypto is definitely going to blast with trillion of dollars expected to enter the market. Many of us may have enjoyed the ride of XVG,TRX,EOS, BNB etc. Just make sure to invest in premium alts & hold your position. Being a long term investor will always pay you huge. It is applicable in any sort of investment.
Special thanks to:
- Sumeet Kapoor @moneyguruu for introducing Steemit platform to me.
- @crypto.update for extending all help as & when I require and guiding me.
Share your views in comments section @cryptokuber. Resteem & upvote for your love & liking.
Great way to Expalin Compound Interest.
Compound interest is indeed always the best. You can earn hugely through that. Nice post
@kwabeedat Yeah, hope all readers can make out the significance of this mechanism. Thanks for the complement.
you are doing marvelous work...keep growing
@ankit14192 Thanks bro. I think better to grow together. Be in touch.
We need this kind of content. You do the same thing and we are all with you.thanks for info you are good working
@sameerr Thanks bro. Definitely I will bring more interesting article in future.
good artcle
Fantastic explanation! As someone not terrible mathematically minded, it really put the issue into perspective for me. You should do an article on premium alts next! keep the excellent work coming :)
@laurenglasses Thanks. Will definitely bring an article on alts in upcoming days.
I think you made a story out of Vivek Bindra video on youtube. isn't it kid.
@laughingbudhha Sorry dude I hv not seen this video neither I hv ever heard of Vivek Bindra.But I will definitely check it out today.
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