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Albert Einstein
The earlier we learn financial lessons, the better

John David Kromkowski learned about compound interest as a youngster with the help of a passbook savings account at the bank. "Every time you went in, they would calculate the interest for you and put it in the book," the 49-year-old Baltimore County lawyer recalls. "It made me feel like, 'I'm making money here.'" Now, Kromkowski wants his son to learn about the miracle of compounding — earning interest on interest. The problem: Savings accounts pay so little interest now that compounding is negligible. Kromkowski's son, Simon, deposited $500 a few months ago that he inherited into a savings account with Bank of America that pays an annual...

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