It's not much, but it's a start. $1500 at 3.26 apy
hooray fro inflation. By the time you get your money, it will be less worthed than when you started saving.
FAIL.
It's not much, but it's a start. $1500 at 3.26 apy
Dann, you need to get that into mutual funds...around 8-12%. I can recommend an invesment guy if you would like.
It's not much, but it's a start. $1500 at 3.26 apy
How does this work? I am wondering if I should start some type of retirement fund at my age soon.
YES YES YES YES YES. START NAO!!! For every year you wait is another year you can never catch up.
True story.
Person A saves 3000 a year from the time he is 18 till the time he is 24(250 a month) and then stops saving. A grand total of 18,000 dollar investment. At 12% interest Person A has $2,265,562.22 in the bank at age 60.
Person B saves 3000 every year from the time he is 24 till the time he is 64. The same 250 a month but because he started 6 years later now makes a $120,000 investment(over 10X Person A's investment), wait 4 years longer and has $2,301,367.31 to show for it in the bank when he hits 64.
The power of compounding intrest cannot be ignored. Start now. If you wait another day its too long.
Run the numbers yourself. I wish they would have taught me this in math class when I was in high school.