How much must you save per year, at what interest rate, if you plan to retire in a manner that allows you to eat, pay property taxes, perhaps a small mortgage, buy stuff for grandchildren, and even go on a trip now and then? Use this simple calculator to find out. Start now, even if the amount is small. Something is better than nothing. Oh and for fun, imagine starting a small $75 a month investment account for your child or grandchild that could grow over the next 60 years. As Einstein noted; “Compounding interest is the eighth wonder of the world.” You can never make up what can occur over time. The interest on top of the interest (Compounding) is the phenomenon that allows banks to control what they do. FYI: $75 a month for 60 years at 8% equals $1,225,717.60. If you start now your child or grandchild will have a head start that will allow them to have options with regard to work and life that the majority of their peers will never know.
Posted on: Wed, 19 Nov 2014 16:27:39 +0000
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