I been working since that age putting $20 a week in a account BUT telling the bank I cannot access the funds until I reach 55 years of age or my passing the funds will be distributed evenly with my nieces/nephews I’m 34 so over 18 years of just putting $20 a week imagine how much is in the bank
Probably around $18-$19k
You haven’t factored in compound interest
Oh you’re right! Forgot interest was a thing I’m too lazy to properly calculate it now
It was just $20 which I followed what my uncle told me he said if you leave it alone when you get to my age you can spend it on yourself or your kid(s) first car or more important schooling or give a incentive saying if you complete college and get a degree they will earn money from you
Someone is financially literate, also doing so teaches self control with money just because you have it dont mean you have to spend it I’m looking for that thing I did back in school the $5 test
Told you, I forgot interest was a thing lol
Enough to buy PG?
No I wouldn’t buy PG you have to look at it’s worth in public trading to see their worth
I’m saying what is being saved not counting the interest
So what was your intention posting this topic here?
Now if you had put that money into Apple stock, imagine what that would be worth …
What makes you think I haven’t invested in stocks at the beginning like amazon and others when they were cheap
The $20 a week that’s my own personal 401k money that’s already taxes so no penalty when I go to withdrawal all of it
Then why not use that example for how to grow your savings? The stock market has outpaced growth via interest by far.
I’m not that into stocks I just invested into amazon and net flicks when the stock was cheap as heck Im glad I listen to the agent at myrill lynch also stocks rise and fall but the $20 a week will always grow it’s a net for the future