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Day 5 of 40 Days to Make Your Money Count
The Magic of Compound Interest
Money is better than poverty, if only for financial reasons.
- Woody Allen
The impact of compound interest is perhaps the most significant factor in accumulating wealth. It doesn’t take a genius to understand it and use it. For instance, if a 20 year old puts $2000 a year for only 10 years into an IRA at 8% and never puts another dime into it, he’ll have over $1 million when he’s 65.
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By Jim MunchbachThe Magic of Compound Interest
Money is better than poverty, if only for financial reasons.
- Woody Allen
The impact of compound interest is perhaps the most significant factor in accumulating wealth. It doesn’t take a genius to understand it and use it. For instance, if a 20 year old puts $2000 a year for only 10 years into an IRA at 8% and never puts another dime into it, he’ll have over $1 million when he’s 65.