No doubt, there are opportunities. But there is always a beginning. When to start? The earlier you start your savings it is always better, as some of the longer tenure savings plans can utilize the power of compounding! The power of computing is my lexicon is known as making money to work, instead of our working for the money! I am reminded of a folk tale. There was an intelligent person, probably one who had the best financial planner behind him, when asked by the king, the gift he needed, replied that he should get double of what he got on the previous day. This arrangement should be there till his life time. The King, can make the first days gift in his own hand which is the lowest denominated exchange medium, say just one cent! please!
King readily agreed and provided him with one pence. I would like you to calculate what he would have got on the 365th day?
Tuesday, December 30, 2008
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