A distinguished speaker on a variety of financial topics, Peter Jeppson co-authored Money: What Financial Experts Will Never Tell You, as well as numerous other articles. Dedicated to assisting young people, Peter Jeppson follows in the footsteps of another money-savvy figure, Benjamin Franklin, who features in one of the articles Jeppson published online through moneymastery.com.
Benjamin Franklin, known particularly for his contributions as one of the Founding Fathers of the United States and for his kite experiment with electricity, also held much wisdom in the financial field. When he died, he left behind him a financial experiment that underlines the effectiveness of compounding interest. It also benefited apprentices trying to make their way in the world.
A French mathematician, Charles-Joseph Mathon de la Cour, gave Benjamin Franklin this idea. Franklin took de la Cour's suggestion of willing a small amount of money to collect interest over hundreds of years. Upon Franklin's death, the cities of Boston and Philadelphia each received 1000 pounds, worth approximately $4,400, with the condition that they could access part of the money at 100 years and the rest 100 years later. After a total of 200 years of compounding interest, Franklin's gift had reached $6.5 million.
For more details on Franklin's experiment and other financial matters, visit moneymastery.com.
