Would you rather have a million dollars cash – or – a penny that doubles every day for 31 days?
If you’re eyeing that million dollar suitcase of cash, you’re not alone. Many go ahead and just take the million. Shoot, people don’t even stoop to pick up pennies in parking lots any more, right?
Well, hold on there, Daddy Warbucks. Before you flick that little copperhead in your change jar and run off on your shopping spree, check this out! The total of a penny doubling every day for 31 days equals (drumroll please) over $10.7 million!
Seem impossible? Here’s the play-by-play – or, rather, day-by-day:
$10,737.418.22! Are you regretting not choosing the penny?
By day 31, one cent has become over ten times the value of the million dollar cash lump sum. That’s the power of exponential growth – the pure power of compounding.
So how can you apply the power of compounding in your personal financial strategy? It’s unlikely you’ll find someone willing to double your money (in fact, be wary of anyone claiming they can). But you can find effective strategies that leverage compounding through interest rates.
Contact me, and let’s talk about how to put the power of compounding to work for you.