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Win Make Give with Ben Kinney

Wealth Series 2.0 - Episode 6 - Compound Interest

Win Make Give with Ben Kinney

Ben Kinney Training

Self-improvement, Education

4.9 • 1.5K Ratings

🗓️ 20 January 2023

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

When you understand the power of compound interest, you can use it to your advantage to grow massive wealth. In episode six of Wealth Series 2.0, Ben Kinney, Bob Stewart, and Chad Hyams give examples of compounding interest and how to use it to build wealth.

Disclaimer: You should not use our advice to make financial decisions. We highly recommend you seek professional advice from someone authorized to provide investment and retirement advice.

In this episode, we cover the following:

  • Compound interest example [1:14]  
  • How compound interest works [4:09]
  • Why compounding creates wealth [5:43]
  • Making decisions by leveraging compounding [7:52]
  • Stats on compounding [8:35]
  • Principle, rate of return, and compounding frequency [10:38]
  • Compounding interest examples [13:24]
  • The Rule of 72 [18:40]
  • Warren Buffet's $10,000 compounding interest story [20:12]
  • Compounding charts and exercises [23:55]
  • Why compounding is so powerful [32:28]

Resources discussed in this episode:

Connect with the hosts:

More ways to connect: 

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Part of the Win Make Give Podcast Network

Transcript

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0:00.0

Welcome to the win make give well series. My name is Ben Kenny. I'm joined as always

0:13.6

Unfortunately, did you hear the drop in his voice, Bob with my friends? Chat

0:22.2

Himes and Bob Stewart. Hello, Ben. Thanks for having us here. Even though it sounds

0:27.6

like he'd rather not. We really appreciate the opportunity to be here. This is a super

0:33.2

exciting subject. We're going to pick up the energy and we are going to talk about compounding,

0:43.0

compound interest, compound returns because compounding is the most powerful way to get

0:54.4

great pupon rich. Lifestyles of the rich and famous Robin Leach style, aging ourselves.

1:03.4

Absolutely. One night long, long ago in certain music, Dave, something. I was text

1:11.5

on a friend, your story. She recommends a show. Wait a minute. Is every other story not

1:18.0

true? Please stay on track. There we go. Here we go. True story coming up. I know where

1:22.9

he's going to go with it. I was text on a friend. True story. About a show. She said,

1:29.7

you got to watch this show. I've never heard of it. So I said, awesome. Where do I find

1:35.8

it? She responded with Hulu, which I said, I don't have Hulu. Her response literally

1:45.8

reading this right now. So get it. I think you can't afford $10 a month. Be in my normal

1:54.2

well series on 24 seven guy. I simply did a small calculation and center of response.

2:03.3

The value of $10 invested per month for the next 40 years at a just a 10% rate of return

2:11.5

is almost $64,000. It just seems like a lot to spend for a TV show. She responds with

2:24.6

an emoji that looks like an I roll one. It is an I roll one. So I sent the math a screenshot

2:31.9

of the compound interest calculator to show and how I got to that. And then she blocked

2:37.4

you because you're one of the most boring friends she has. Basically. And today you still

2:41.8

have not for a loan because you're one of the most financially responsible friends she

2:45.9

has. I am that nerd who calculated the compound interest on a $10 Hulu monthly charge.

...

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