Nog: Pack Your Lunch
One of the most emailed stories on the New York Times website is financial advice to new graduates. The story links to online calculators that can provide a lot of interesting information. The Starbucks calculator gives you the amount of money you can save by brewing coffee at home as opposed to buying from Starbucks. Other calculators determines the cost of a cigarette habit, eating out for lunch, and the difference in saving money for retirement now versus 10 years from now.
For example: if you eat a cheap $1.50 packed lunch instead of a $5 fast food meal 250 days out of a year and you put that money in an ING savings account at 4% interest over 5 years you'll have saved over $4,700.
Another example: if you invest $4,000/year at 7% interest until 2046 and you start now you'll end up with $798,540, but if you start 10 years from now you'll have $377,843. And if you start this year and you put in $5,000 you'll end up with $998,175.
For example: if you eat a cheap $1.50 packed lunch instead of a $5 fast food meal 250 days out of a year and you put that money in an ING savings account at 4% interest over 5 years you'll have saved over $4,700.
Another example: if you invest $4,000/year at 7% interest until 2046 and you start now you'll end up with $798,540, but if you start 10 years from now you'll have $377,843. And if you start this year and you put in $5,000 you'll end up with $998,175.
posted by GW at 6:44 PM
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