Fun Facts: The Indians were paid $24.00 by the Dutch for selling them the Island of Manhattan in 1626. Assume the Indians saved the $24.00 and received a simple interest rate of just 3% compounded annually. Thanks to the power of compounding, they would now have over $2 million dollars saved. So how much have you saved?
Of course today that barely buys a condo in midtown Manhattan, and with inflation factored in your buying power would be less than $24.00. But that is a different story. It is still important to save for as long as you can.