Start on your first Million at age 16

From the MSN Money article

“If your money is invested in common stocks and you achieve the average compound annual rate on large-capitalization U.S. stocks, 10.7%, your account will grow to $9,378 at the end of the fourth year. You will be 20 years old. Invested in the same way, with no additional savings, the account will grow to:

  • $25,917 by the time you are 30

  • $71,625 by the time you are 40

  • $197,943 by the time you are 50

  • $547,037 by the time you are 60

  • And $1,114,423 by the time you are 67

And you will have started and finished all of your saving before turning age 21.

I wish I’d thought of that 25 years ago.

[Update] I left out the initial investment amount of $2,000.