Monday, November 3, 2008

Watch it grow

It is said that Albert Einstein called compound interest "the eighth wonder of the world." Even in today's volatile stock market, you're better off to stash your money in some sort of interest bearing account than not. Mary Hunt gives this example: If you save $25 a week in a savings account earning 3.5% interest, and you do this faithfully through your working years from age 35, you will have $69,000.00 in your savings account when you retire at 65, even though you only deposited $39,000 of your money. If you up it to $50 a week at 6% interest you'll have $219,000 at retirement!! Wow! Even the first, conservative account, earns you $30,000 for doing nothing but not touching your money!! Makes sense - now let's do it!

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