We all know the importance of savings for the future. A dollar a day would have grown into $ 508,000 after 50 years. This assumes a 10.5 % annual return.
There are other ways to boost our retirement account other than cutting your expense by a few dollars a day. But first, you have to understand the importance of boosting just one percentage of your return. 1% does not seem much. After all, if you have saved a dollar a day, after the first year, your savings would have grown larger by $ 3.65. So, why bother, right? Wrong.
If you take your time to whip out your calculator and compute, the one percentage difference is a BIG deal. Instead of 10.5 % annual return, you can assume that you now achieve an annual return of 11.5%. While saving a mere $ 1 a day, how much your money would have grown after 50 years? The amount now is $ 730,000. 1% return will have given you $ 230,000 in extra money. Assuming that you will spend $ 100,000 per year on your retirement day, this extra 1 % will give you 2 more years of comfortable life.
Knowing that an extra one percent return is significant to your retirement account, here is several ways to achieve that.
Using a...
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