Compounded gains truely are the wonder of the financial world.
If you put $1 in the bank 2777 years ago, at 1% a year you’d have $1t now, handily beating musk. At 5% pa it would take a mere 567 years! Easy! A bit of sensible financial planning by your great-great-great-something grand parents would have seen you very comfortable now.
True, if you managed to find a bank that lasted that long, or a currency that lasted that long. Look at the history of both banks and currencies and you’ll see that the miracle compound interest is not easy to uphold.
Those are, indeed, issues, but they could be addressed with careful management. See my reply to a sibling comment, but basically, investing a couple of hours of wages back then, and carefully moving it from investment to investment over the millenia would do the trick.
Compounded gains truely are the wonder of the financial world.
If you put $1 in the bank 2777 years ago, at 1% a year you’d have $1t now, handily beating musk. At 5% pa it would take a mere 567 years! Easy! A bit of sensible financial planning by your great-great-great-something grand parents would have seen you very comfortable now.
True, if you managed to find a bank that lasted that long, or a currency that lasted that long. Look at the history of both banks and currencies and you’ll see that the miracle compound interest is not easy to uphold.
Those are, indeed, issues, but they could be addressed with careful management. See my reply to a sibling comment, but basically, investing a couple of hours of wages back then, and carefully moving it from investment to investment over the millenia would do the trick.