Building Wealth on a Dollar Per Day
November 16th, 2006 |JLP had a great article last week in his blog AllFinancialMatters. In his post “Building Wealth on $1.67 per day” he lays out some pretty nice graphs for how much money you’ll have years from now.
Now, for those of you in the Million Dollar Savings Club we’re still saving a dollar per day except for the ones who are willing to make bigger commitments. The point is that such small amounts of savings really do add up over time. Consider these numbers from his charts:
If you’re 19 years old and started saving $1.67 per day, you could have a whopping $1,209,418 by the time you’re 65.
What if you’re older than 19? We’ll, maybe you have kids. Wouldn’t it be nice to start a savings account for them? How much money could be generated in their lifetime?
JLP also includes a nice little spread sheet that you can use for own calculations to play around with the numbers.
If you’re part of the Million Dollar Savings club you’re already putting this money away. Rest assured that it will grow into a fortune if you give it enough time.
