FINANCIAL LESSONS FROM BUFFETT EINSTEIN AND KING SOLOMON
Welcome from the Headteacher
1 Kings 4:33 5:12… “And the LORD gave Solomon wisdom, as he promised him.”
PROVERBS 13:11… “Wealth gained hastily shall be diminished; but he that gathers it little by little shall increase it.”
PROVERB 28:8… “Whoever gains wealth by profit or interest, shall gather it for him who will help the poor.”
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Compound Interest
The financial principle of COMPOUND INTEREST has stood the test of time to prove to be one of history’s most notable financial maxims. Warren Buffett, one of the world’s most prolific investors and who is often referred to as the Oracle of Omaha, has attributed all of his great wealth to the power of compound interest. The wisdom of compound interest was captured within King Solomon’s presentments over 5,000-years ago, Einstein’s revelations a hundred years ago, and in Warren Buffett’s more recent attribution.
Einstein
Throughout the past century, Albert Einstein has received credit for being the author of the financial maxim… “Compound interest is the eighth wonder of the world.” However, financial historians have determined that the quote attributed to Einstein is best regarded as an apocryphal.
Buffett
“Regardless of your bank account, job or background, anyone can build great wealth with time and consistent investing. You don’t need to start with a lot. You just need to start. Time is your friend; impulse is your enemy.” Warren Buffet.
WITH THAT HISTORICAL RECORD, TWO QUESTIONS MUST BE ASKED… IF COMPOUND INTEREST IS SO REVERED BY THE SMARTEST PEOPLE WHOEVER HAVE LIVED, THEN WHY WOULDN’T COMPOUND INTEREST BE A SUBJECT THAT IS MANDATED TO BE TAUGHT WITHIN EVERY SCHOOL DISTRICT’S CURRICULUM? WOULDN’T IT BE AS EQUALLY IMPORTANT TO TEACH STUDENTS HOW TO USE COMPOUND INTEREST TO BUILD WEALTH FROM THE EARNINGS RECEIVED FROM THEIR FIRST JOB… AS IT WOULD BE TO TEACH THEM HOW TO PREPARE TO OBTAIN THAT FIRST JOB ?
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