How Much Will You Have if You Save $1 Per Day?

Tell your kids to save a dollar a day and when they are 60 they will be a millionaire!

How Much Will You Have if You Save $1 Per Day?

# of
Years
Total
Deposited
Future Value at Various
Rates of Return (rates are 5% 7.5% and 10% for columns going across)
     
5 $1,825 $2,017 $2,120 $2,228
10 3,650 4,591 5,164 5,817
20 7,300 12,069 15,806 20,905
30 10,950 24,250 37,741 60,040
40 14,600 44,092 82,949 161,546
50 18,250 76,412 176,123 424,827
60 21,900 129,058 368,160 1,107,708
Assume:   $365 is deposited at the end of each year for the # of years above
  Return is compounded annually
  Above amounts are pre-tax

Information taken from www.taxtips.ca where they have a gazillion tax and RRSP/TFSA calculators. 

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  • Sounds great, but who can wait for 60 years? 20 or 30 years acceptable, but 60 is way to far. Also what if I forget about my savings due to dementia :D

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    • Slate Blue Piranha Seems like you'll need to save $2 per day! ;)

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 1 mth ago
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      Slate Blue Piranha The point is that compound interest can be magical. As someone who is approaching retirement, I can vouch for that. It might start slow but if you keep plugging away, you may be surprised in time.

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  • Only if they can achieve 10% returns... At 5% they are only about 1/10th of a millionaire. Not quite as motivating for 60 years of savings.

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