Compound interest pays off
shared by billelward on Aug 18
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Want to save $200,000? Who doesn't? The best way to do it is slow and steady. Put $50 a week -- just $7 a day, which is roughly the cost of a deli sandwich -- in a retirement account earning a conserv...
ative 6 percent interest and you'll have that money in 30 years. Leave it be for 10 more years -- for a total of 40 -- and it will double, to over $400,000.
This is the power of compound interest: How often and how early you save can be more important than how much you save. If you wanted to build $400,000 in 20 years rather than 40, you'd have to put away over $200 a week -- four times as much, and an amount much harder to squeeze out of your budget.
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