FROM MY BOOK THE RACE FOR MONEY: POWER OF COMPOUND INTEREST AND HIGH YIELD – DOUBLE YOUR MONEY IN 5 YEARS
Most people think they could never become a Millionaire, but think again. If you start young at the age of 25 with a base of $10,000 for example, and save $350 per month or $4,200.00 per year with a 7% interest rate compounded yearly you can retire at age of 65 with $1,046,904.77 in savings. Go to moneychimp.com to use a compound interest calculator.
It is never too late to start to save for your million. Even at age of 40 if you start with $20,000 and save for the next 25 years $1,000 per month compounding yearly at 8% you end up with an amazing amount of $1,084,422.49 to live on.