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Originally Posted by Sp0rAdiC
That animation really got me thinking, and I'm planning on opening an accoutn with ING with my next paycheck and adding $25 a week to it. My question is, in that little video type thing they use a 8% compound interest. That seems pretty high, is there anything that's solid with that kind of interest, or is that just to exaggerate the effects to teach you?
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Well, the average stock market return over the last 40 years or so was 12% per year...
Right now isn't the greatest time to get a high interest rate on savings account, but the situation will slowly but surely improve. Not too long ago the average savings account rate was nearly 5% - you could get long term Certificates of Deposit at a rate of 15%+