Time is the ultimate wealthbuilding tool from "summary" of Insights on Morgan Housel’s The Psychology of Money by Swift Reads
Time plays a critical role in building wealth. It is often overlooked in favor of more tangible factors like income and investment choices. However, time is a powerful wealth-building tool because it allows for the compounding of returns. When given enough time, even small amounts of money can grow significantly through the power of compounding. The concept of compounding is simple yet incredibly powerful. It involves earning returns on both the initial investment and the returns that have already been earned. Over time, this snowball effect can lead to exponential growth in wealth. This is why starting to invest early and staying invested for the long term are key to building wealth. One of the key reasons why tim...
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