It is a very simple idea to use the power of compound interest

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It is a very simple idea to use the power of compound interest  Smart people are easily attracted by complex things, and underestimate the great influence and importance of simple ideas. But Monish Pabrai is a full pragmatist, and he will not fall into this trap. "It is a very simple idea to use the power of compound interest, a very simple idea to imitate, and a very simple idea to be honest." He said. However, when you apply some powerful ideas with great enthusiasm, the cumulative effect is "incomparable".
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What is the difference between wealth and money?

 What is the difference between wealth and money?

Money is the way we transfer wealth. Money is the credit symbol of society and has the ability to call others' time.

If I do my job well and create value for society, society will say to me, "thank you, because of the work you have done in the past, we owe you something in the future. This is an IOU, which we can call money." 

What you really want is wealth. Wealth is an asset that can help you make money when you sleep. Wealth is a factory and robot that can produce. Wealth is a computer program that serves customers day and night. Wealth can also be money invested in other assets or businesses in the bank.

Even houses can become a kind of wealth because houses can be rented and bring rental income. However, compared with engaging in commercial activities, the production efficiency of this land use mode is lower.

Therefore, my definition of wealth is the enterprises and assets that can bring income while sleeping.

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