If you are age 16, here’s how saving the proceeds from your next 4 Summer jobs, investing them and waiting until age 67 will make you a millionaire.
If your money is invested in common stocks and you achieve the average compound annual rate on large-capitalization U.S. stocks, 10.7%, your account will grow to $9,378 at the end of the fourth year. You will be 20 years old. Invested in the same way, with no additional savings, the account will grow to:
- $25,917 by the time you are 30
- $71,625 by the time you are 40
- $197,943 by the time you are 50
- $547,037 by the time you are 60
- And $1,114,423 by the time you are 67
And you will have started and finished all of your saving before turning age 21.
Imagine what you can achieve financially if you save more…
References: MSN
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