Ever Thought of Saving just a Little Everyday?

Today I came across this article which I find it to be quite interesting. Only recently that I realised that I have wasted so much money due to lack of financial knowledge and management.

Consider this: Would you trade $5.50 a day, for nine years, for financial independence later in life? Give me $5.50 a day, and I’ll give you half a million dollars for retirement. And I only want your daily donation for nine years! Here’s how it works: You set aside $5.50 a day ($38.50 a week or an average of $167 a month) starting at age 22 and stop at age 30. That’s $2,000 a year in a Roth IRA, an individual retirement account that allows your money to grow tax-free. You don’t touch the money until retirement. You’ll have more than $500,000 by age 65. And get this—you’ll have a bigger kitty than someone who starts at age 31 and contributes for 35 years! As Albert Einstein once said, “There is no greater power known to man than compounding interest.”

This is the part of the article which sets me thinking alot, the whole article can be found at http://www.moneyandhappiness.com/get_money3.htm