Rich Nan, Poor Nan
‘Poor Nan left her run too late to let compound interest begin really working its wonders’
One of my grandmothers was a self-funded retiree in a capital city who took an active interest in her investments. The other lived in a small country town and survived fortnight-to-fortnight on the age pension. Let’s call them Rich Nan and Poor Nan.
Rich Nan managed to successfully navigate the social and financial pressures of being a single mother in the 1940s and 1950s while building a career as an accountant in Perth. She understood the value of combining calculated risks and the power of compound interest.
Poor Nan had a small amount of savings and was distrustful of almost everything in
