http://www.entrepreneurrookie.com/entrepre... This is a great story. Something I tried to do with my son at 11-years of age, but I couldn't figure it out myself! While I was doing research on rappers and wealth management I came to a site that had a video on Lil Scrappy and his posse burning $100,000 dollars. Yes burning the money in an eye boggling moment.
I saw the rapper "Diamond" having her car repossessed at a video shoot, and Waka Flocka trying to answer a question on education. Mind freezing. I am reading a book whose time has come: The Brainwashing of the American Investor by Steven Selengut after my curiosity was shaken when I read Ric Edelman's Lies About Money.
To this day no one can really explain to me compound interest IN ACTION. Or show me, as am an empirical learner just how they even grew $50,000.00 from "compound interest." My banker explained some method she had wherein she re-invested all the savings from using coupons into an account for her daughter from the time she was three to her wedding day in her 20's and able to give her about $34,000 for her first home. At what interest? what type of instrument? at that time Wachovia, the bank I loved had a way to save, but she failed to mention the details that cement these financial strategies. Don't they always?
I have discovered that no one really wants to share their wealth building strategies, they make off the cuff statements attesting to conventional wisdom and leave it at that. I have read of women who kept investing their interest one after 70 years had $6 million in stocks and the other one worked as a maid and saved $800,000 dollars in 40 years and then donated the proceeds to Talladega College in Alabama. Do these people ever get to enjoy life? Just wondering.
http://www.thetelegraph.com/articles/colle... The story on Talladega College was either in Jet or Ebony years ago. But google doesn't seem to load from these source or their IT development department hasn't thought of it yet??
Posted By: Marta Fernandez
Thursday, May 26th 2011 at 11:05PM
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