Compounding interest. Again.

I've mentioned it before, but I decided to come up with another example of compounding interest.

"The most powerful force in the universe is compound interest" -Albert Einstein

If you invested just $10.00/wk starting Jan. 1st, 2007 into a savings account yeilding 5% interest and kept putting in $10.00/wk for 100 years. At the beginning of 2108, you would have $117,655,116.93. That's $113,129.92/wk in interest... $16,161.42/day in interest!

You may not live another 100 years...more than likely, you won't. But what if you started putting in $10.00/wk today?

At 10 years: $13,498
At 20 years: $35,747
At 30 years: $72,422
At 40 years: $132,872
And for those of you reading this at ago 20...CONGRATS!!!
At 45 years: $176,514

That's at 5% interest. If you looked at the average performance of the stock market(10%)...you'd be looking at quite a bit more money.

At 10 years: $17,877
At 20 years: $66,426
At 30 years: $198,269
At 40 years: $556,312
And for those of you reading this at ago 20...CONGRATS!!!
At 45 years: $923,514 (almost $1 million dollars...just from $10/wk...$1.43/day)

All from $10.00/wk. Also, remember that having credit card debt at 10% interest works the exact same way...only against you instead of for you.

Start a savings account today!!! (if you don't have one, check out www.emigrantdirect.com )
Open a savings account and set up an automatic payment for $10.00/wk. I bet you won't even notice the difference...after a month, push it up to $11.00/wk...I bet you won't even notice the difference...after a month, push it up to $12.00/wk. You get the point.

"It's not the will to win, but the will to prepare to win that makes the difference." -Paul "Bear" Bryant