So you’ve heard of this magic. Not the magic of David Blaine that I’m talking about but the magic of compounding. It doesn’t take a math or finance expert to understand it’s magic. So we have people around us who probably have heard but yet did not act on it. Still not convinced on the magic of compounding? Here’s a story on how you could be that one step closer to acting if you have not done so.
Grace Groner lived nearly her entire life in Lake Forest, Illinois, about 45 minutes north of Chicago.
After graduating from Lake Forest College in 1931, Grace was hired as a secretary at Abbott Laboratories, where she worked for more than four decades. Grace never earned an amazing salary as a secretary. According to the Los Angeles Times, she got her clothes from garage sales. She lived in a one-bedroom house that was willed to her when a friend passed. But in 1935, a few years after she started her job at Abbott Labs, she bought 3 shares of the company’s stock for about $60 per share. Her total investment was under $200.
Grace never sold those shares. Through dividends, share splits, and dividend reinvestment, when she died in 2010, her three share purchase was worth $7 million. She left it all to her alma mater.
Again, it doesn’t matter where you are in life — and no matter what mistakes you’ve made in the past financially — now is the time to change your future. Start planting your seeds early and now. You’re in control of your financial destiny.
“The best time to plant a tree was 20 years ago. The second-best time is today.”