Paul Navone and his 2 Million Dollars

I was listening to the news this morning on CNN, and this amazing story caught me.

A Factory Worker, who has never earned more than $11 per hour, became a Millionaire after 62 years of work.

Ok, we have witnessed the power of Compounding. BUT, thats NOT IT.

Mr. Paul Navone donated his first million to Cumberland County College. And he also donated his last million (according to CNN) to St. Augustine College Preperatory School.

*WHAT?*

About a week ago, I wrote about Bill Gates going to work full time for his Foundation to do social work. He being at the top of the Hierachy of Needs, and doing his part for the society. But this man, most probably hasnt enjoy Bill Gate’s kinda Lifestyle, instead of spending his hard earned cash on himself, decided to donate them away instead.

*WOW*

I really wonder where do such people gather so much desire to give back to the society? For Bill Gates, it is probably easier to understand, coz he has a great career, great life and great amounts of money. But for Paul Navone, there must be something special going on in his mind. What is it? And putting myself on the scale, where am I? <Sigh>

>>>>>>>>>>>>>>>> Just for Fun <<<<<<<<<<<<<<<<<<<<

Einstein says: “Compound interest is the eighth natural wonder of the world and the most powerful thing I have ever encountered.”

Just to confirm what Einstein said, also I got curious on Paul’s annual rate of return, I did some calculations:

Assume that, out of $11 an hour, Paul saves $5 for every $11 he earns. And it is reported that Paul works up to 60 hours a week.

Total savings per year = 5*60*52 = $15600

Taking the values from interest table,

At only 3% a year, Paul will be able to accumate over 60 years,

$15600 * 163 = $2,542,800

*WoW* For only 3% of rate of return every year, it is certainly possible to be a millionaire.

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