Turn $1/Day into $67,815
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!
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Tip It!
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.