Save some money

We only need to save $156.55 every day if you’re stashing the cash under your mattress. You need to account for the compounding of interest, which is the whole point of Andrew’s advice. The money you save today will be worth significantly more after accumulating interest for 35 years.Assuming an average interest rate of 6%, you could save $2 million by age 55 by putting roughly $1400 per month ($46/day) into a tax-deferred account.Of course, since you’re young you can invest that money more aggressively in growth focused mutual fund. Get a return of 9% annually, and after 35 years you’ll have the $2mil with an investment of just $700 per month ($23/day).Starting to sound more plausible? It’s all about investing for the long term, preferably through a tax-deferred account.Here’s an online calculator if you want to play around with some more numbers:CNN Money—Savings Calculator

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