Scott Burns has a simple recipe to become a millionaire:
Let's suppose that you are 17, in high school and willing to work. Let's also suppose you can clear about $2,000 over the course of a summer.Now I see why Albert Einstein called compound interest "the greatest mathematical discovery of all time".
If your money is invested in common stocks and you achieve the average compound annual rate on large-capitalization U.S. stocks, 10.7 percent, your account will grow to $9,378 at the end of the fourth year. Invested in the same way, with no additional savings, the account will grow to:
• $25,917 by the time you are 30,
• $71,625 by the time you are 40,
• $197, 943 by the time you are 50,
• $547,037 by the time you are 60,
• And $1,114,424 by the time you are 67.
via The Seattle Times