Does anyone have a good link/source for information on the advantages of compound interest.
I *know* I have seen information about how if you saved $x from 18-? years of age it is the same as saving $y from 25/30- 65 years of age. Anyone have a good source.
DD is now babysitting and we'd like to start her a Roth IRA. DP & I would actually put forward the money (100% of whatever she earns, which is not much yet) but we would like her to understand why this is an important thing to do. She understands the concept but I think a visual or an actual example would really help.
Also, anyone have a recommendation for a good place for her to get a Roth? We (DP & I) use Fidelity because that is where his 401(k) is but DD doesn't make enough to have a no-fee account through Fidelity. It would need to be free even with irregular AND small (even under $1K yearly) contributions.
Calculators to put in exactly what she's contribute and how long it has to grow can help. http://www.moneychimp.com/calculator/compound_interest_calculator.htm
Just make sure that you use numbers to accurately reflect the type of investment!
Momma to a weaning nursling DS1 (8/10) and expecting #2 (EDD 9/12). DS1 currently Milk, Soy, Egg, Peas, Peanut, & Tree Nut Free (hives/vomiting).
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