Bill Billimoria, a personal-finance expert and the author of "On Golden Pond . . . Or Up the Creek?" suggests letting your cash work for you.
"Take the money you saved so far and put it into a high-interest savings account or mutual fund," he says. "Then let compounding interest do the magic."
If you place $1,000 in an account that pays a 7% annual return on investment, the original amount will nearly double after 10 years. That means twice the money for no extra work.
a 7% annual return,huh? Please tell me where that is? With this sound advice(sarcasm),i'd be better off stop drinking my double frappa lappa latte,twice a day..If i saved 5 bucks a day for 365 days for 20 years....lol
jakkom
qdognjOriginal Author
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