Turn $1/Day into $67,815

Written by nickel - 3 Comments

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
email this post - digg this - stumble it - save to del.icio.us

Did you find this article useful? If so, please sign up to receive e-mail updates:

Comments (scroll down to add your own):

Power of compounding interest!!
Comment by The Real Returns — Jun 17th 2005 @ 10:58 pm
Good to know…all that change I have WILL come in handy! All right!

Thanks for the info and inspiration.
Comment by Tim — Mar 3rd 2006 @ 6:24 am
68K will be worth nothing in 30 years the way inflation is going and the dollar dropping.
Comment by William — Jul 3rd 2008 @ 12:41 am