For many of us, the thought of having 1 million dollars seems far fetched and unrealistic. But did you know that with a little planning, you actually can see 1 million dollars in your lifetime? Here's how:
Make it a commitment to invest $50 a week in an account that has the ability to make compound interest. In one year, you could save $2,600. This amount though does not factor in the interest. If you invest that $50 a week into an account that earns 8% a year, by the time you hit age 50, you would have $1, 001, 605 in the bank. Pretty amazing hey?!
If $50 a week is too much of a financial commitment, try $25 a week. Every bit will add up and get you one step closer to financial freedom. Now isn't that a great thought?!
If you would like help on how to get started in saving your money, click here.
So what are your financial plans? How much do you plan to have in the bank when you retire?
Miss T has written 579 articles on this blog. Hi, I am Miss T and I am the owner and head writer of PrairieEcoThrifter. Each and every day I am working to live a money savvy, healthy, and green life.While you're here, consider signing up for the RSS feed or email subscription . Both deliver the latest articles directly to you everyday. Have a Twitter , Facebook, Reddit, Stumble Upon, or Digg account? Then follow me for all of the latest posts or to send any comments or questions.
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The key here is getting 8% return. Even investing in index funds this is about the average you can get. No bank account will get you this interest rate in this day and age
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@SPF That’s true. Interest rates aren’t what they used to be. Shame isn’t it?!