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Put Your Money to Work
How can you be sure you'll have enough money to live comfortably
when you retire? It's possible that you could win the lottery
or inherit millions of dollars from a wealthy relative, but
it's not very likely. Most of us, however, seem to be waiting
for just such an improbable event to give us financial security
later in life.
There is one fairly sure-fire way to increase your nest egg.
You can "hire" the extra money you have today to
go to work for you. You do this by putting it in a savings
account where it will collect interest.
In this activity, find out how simple and compound interest
can help your money grow. Take a look at a case study to see
how the numbers work. When you've seen what interest can do
for you, calculate your own savings using the calculator provided
with this activity.
Get started: Take a look at a case
study that explains simple and compound interest.
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Will you have enough money when you retire? In this activity,
find out how simple and compound interest can help your money
grow. When you've seen what interest can do for you, calculate
your own savings using the calculator provided with this activity.
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