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How to Retire Wealthy On $1 a Day

Perhaps you think it's difficult to accumulate a hefty retirement savings on a modest income. But not if you take into account the power of compound interest acting over time.

This is nothing less than the 'Bankers Secret', except that it works against you when you're in debt. What if you could get it working for you?

Perhaps you remember the fable about the king whose daughter's life was saved by a peasant? In expressing his gratitude, the king offered the peasant any reward he desired.

The peasant thought about it for a minute and then said, 'Just place a single grain of wheat on the first square of a chessboard. Then place two grains on the second square, four grains on the third square, eight grains on the fourth square, and so forth until the entire board is covered.

Clever peasant! By doubling the number of grains on each successive square can you guess how quickly he would get up to one million?

After only 20 squares!

By the time the King reached the 64th square he'd need more wheat than has ever grown on the entire planet in the history of the human race: 18,446,744,073,709,600,000 grains to be exact. To study this in more detail click here.

Retire Wealthy On Pocket Change!

Now let's consider the coins you remove from your pocket each day. They can add up to huge savings over time!

Although you won't get quite the results the peasant got (he was beheaded for bankrupting the King), let's see what that pocket change can grow to over 20 years.

First, let's make a couple of assumptions. Let's assume that the money grows tax-deferred in an IRA account.

Second, let's agree that you cannot ever withdraw any funds, and that you must continue setting aside $30 each month (remember, just $1 a day) and depositing it into the retirement account at month's end, each and every month for 20 years.

Third, we'll ignore the effects of inflation for purposes of this exercise.

And finally, let's say you can get an average 3% monthly return on your money the entire time. If that sounds a bit high, and perhaps even risky, rest assured that it's not. We will show you in Two Steps To Wealth how easy it can actually be.

The answer is this:

Save $1 a day and grow it at 3% per month and you'll have $1,239,968.21 at the end of 20 years.

That's a little over one million dollars!

Grow it a just 2% per month and you'd still have $175,779.76 which is not too shabby.

What if you waited 40 years to withdraw it?

At 2% per month you'd have a little over twenty million dollars, or $20,546,674.37 to be exact.

And at 3% per month you'd have $1,495,218,920.68 -- nearly 1-1/2 BILLION dollars -- to ease your retirement worries just a little.

So when are you going to get started?