Ep 412: Witchy Wealth Wisdom: The Magic of Compounding Interest
Hey witches, are you ready to unlock the magical power of compounding? This enchanting tool sits at the core of Warren Buffet's astronomic net worth - and in our episode, it's going to work for you! We pull some key insights from Morgan Hausel's book, The Psychology of Money, to help you unravel the mystique of compounding and understand its incredible power. And, we promise - by the end of this episode, you'll be wielding this tool with the finesse of an experienced sorceress.
Next, we're journeying to the fascinating world of Milankovic's theory, drawing enchanting parallels between earth's climate changes and your potential wealth growth. Seemingly small shifts in Earth's tilt can trigger ice ages - similarly, small changes in your investments can lead to staggering returns. It's like dating the ‘stable guy’, it might not always be glamorous, but it's reliable, and over time, it can lead to something monumental.
Lastly, we're brewing a compelling thought experiment around time and investing. Using Warren Buffett's success as our magical cauldron, we'll stir in the factors of time and patience to give you a clear understanding of the massive wealth disparity between him and Jim Simmons, despite the latter generating higher returns. As we wrap up, we'll reveal how you can cast your own wealth spells on our Witches of Wall Street website, harnessing the power of compounding interest.
So, gear up witches, and let's embark on our global mission to create more wealthy witches together!
xo Laura
Join the The Witch of Wall Street Community:
- Say hi on IG @thewitchof_wallstreet
- Download your free Investing Starter Guide here: lauratynan.com/investing_minibook
- Order your copy of "The Witch of Wall Street - A Step-by-Step guide to Personal Finance Mastery & Confident Investing for Women" on Amazon now.
- Explore everything else at lauratynan.com
