How to Double Your MoneyOpen your purse or billfold and take out a $1 bill. Will you miss it today? Will you be glad to have twice as much in eight years from now? At just 8.5 % compounded monthly, a dollar saved today will be worth $2 in eight years.How to Turn $1 into $75 in 5 YearsOK, you can really do this in a risk-free way. What you can do with low risk is save an additional $1 each month and at the same 8.5 % have it turn into $75 in just 5 years. Think how easy it is to divert $1 each month from spending to investment: one fewer newspapers or cups of coffee. You can probably divert $1 each day. If you did that, you would have $2,258 in 5 years with such compound growth. Not bad, considering the very low impact on spending.Compound Interest Calculators and Other Useful ToolsHandheld calculators that can compute compound interest are available from Casio, Inc., Hewlett-Packard Company, Texas Instruments Incorporated, and other companies. These devices cost $30 or more. If you would like to save that $30 (good idea!) use this table to estimate the growth in your savings. You will be able to save more than $1/month so multiply the numbers in the boxes by your monthly savings amount.Happy About Working to Stay Young19
