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… if you saved $1 per day and invested it at 10%, you’d have almost $200,000 in 40 years?
Do you think you could do that? With the rates banks are offering now, you probably can’t find 10%, but I would bet you one days’ savings that you could find a 4% rate, which would still give you about $80K of savings. I have a savings account. It has $0.09 in it. I live paycheck to paycheck right now and so my savings is non-existent, but as soon as these bills are paid off, I plan to keep at least $1/day in my savings account, and then see where that grows. $30 a month isn’t much, but one day it will pay off.
Do you have a retirement fund started? Mine was started at age 21. I have thought about pulling it out to use it to pay bills, but the thought of not touching it JUST to see how big it grows is why I never did. My current job matches me with retirement and so I am pulling out 3% immediately. Once bills are paid, and $1/day goes into the savings account, I’m boosting my retirement funds to 6%. It doesn’t sound like much, but when I’m 65 and looking to retire (oh man that sounds so far away) it will. If you don’t know it was even there, would you even miss that 3%?