Benjamin Franklin, one of our nation’s founding fathers is famous for his wise sayings and for his experiments with electricity but Franklin was also a smart money manager who understood the power of compound interest.

Compound interest is when the interest that accrues on an investment is added to the principal and then future interest accrues on the total amount. It is easy to think of it as interest on interest.

Ben Franklin used the power of compound interest to make a lasting contribution to his two favorite cities. In his will, Franklin left the cities of Philadelphia and Boston £1,000 each, equivalent to about $4,400. He stipulated that most of the money remains in a trust earning compound interest. Two hundred years later, when the final trusts came due in 1990, Philadelphia’s was worth $2,000,000. Boston’s trust, which withdrew less money during the trust’s second century was worth a shocking $5,000,000.

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