Turn $1/Day into $67,815
Tip It!There’s a nice (albeit very simplistic) article over on MSN Money illustrating how you can turn a dollar a day in $67,815. Nothing magic here… Just the old ‘tuck a buck a day away,’ but it’s still a good reminder. Simply save an average of a dollar per day in spare change and dump it into a Roth IRA. Over 30 years this amounts to just under $11k but, assuming you can pull down an average annual return of 10%, you’ll wind up with just under $68k. The author also provides a number of other money saving tips, along with the impressive results if you invest these savings. Don’t you just love the effects of compounding? Check it out if you need some money-saving inspiration.
Published on May 3rd, 2005 - 3 Comments
Filed under: Saving & Investing
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
Related articles...
» From the Archives (April 29th – May 5th)» From the Archives (April 13th – May 3rd)
» One Year Ago This Week – In the Beginning
» The Cost of a Failed House Deal
» How I Dodged a Speeding Ticket
» Fed Raises Rates (Again)
» Moissanite Instead of Diamonds
» Our Newest Venture
Was this article useful? Please sign up to receive our content via e-mail:
3 Responses to “Turn $1/Day into $67,815”
Leave a Reply
Top Cards by Category
Earn $200 Bonus Cash Back after you make $500 in purchases in your first 3 months. 5% Cash Back on up to $1,500 spent in bonus categories each quarter.
Receive 10,000 Membership Rewards bonus points when you spend $1,000 in 3 months of Card membership.
Receive 10,000 Membership Rewards bonus points when you spend $1,000 in 3 months of Card membership.
Enjoy a 0% introductory rate for 18 months on Balance Transfers and 6 months on Purchases. Earn up to 5% cash back in categories that change.
Enjoy no balance transfer fee for a limited time. 0% introductory rate on Balance Transfers and Purchases. Earn up to 5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*
Enjoy no balance transfer fee for a limited time. 0% introductory rate on Balance Transfers and Purchases. Earn up to 5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*
Enjoy amenities for you and your business, like: complimentary airport club access, including American Airlines Admirals Club(R) lounges.
5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*. Up to 1% unlimited Cashback Bonus on everything else. No annual fee
Earn 3X points on airfare, 2X points on gas and groceries, and 1X points on everything else.
Reports to 3 major credit bureaus monthly and acceptance at millions of locations worldwide, including website purchases and reservations.
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math
- Dish Network Customer Service SUCKS
- $8,000 Homebuyer Tax Credit
- Pay Off Mortgage Early or Invest?
- How to Claim the First-Time Homebuyer Tax Credit
- Reduced Credit Limits? Share Your Experience
- $15,000 Homebuyer Tax Credit
- Ethanol Blended Gas = Lower Mileage?
- Termite Control: Sentricon vs. Termidor
- How Much Should You Pay a Babysitter?
- Federal Income Tax Rates Went Down but Your Federal Tax Withholding Increased. Here's Why...
- Would the "Fair Tax" Gut the Economy?
How to save money on insurance
- Double-Check Your Ally CDs
- Stocks are Not Bonds, CDs, or Savings Accounts
- The Best Values in Colleges - 2012 Edition
- Five Myths About Renter's Insurance
- Own Your Investments, Rent Your Fun
- Citibank to Issue Credit Cards in China
- Heartstrings and Pursestrings
- Saving Money at the Grocery Store: Store Brand Pricing on the Rise
- Missing Tax Paperwork?
- Is Your Investment Allocation Right?
June 17th, 2005 at 10:58 pm
Power of compounding interest!!
March 3rd, 2006 at 6:24 am
Good to know…all that change I have WILL come in handy! All right!
Thanks for the info and inspiration.
July 3rd, 2008 at 12:41 am
68K will be worth nothing in 30 years the way inflation is going and the dollar dropping.