1 of 3

Would you rather…

  1. Have $1,000,000 OR
  2. Start with a penny and double your money every day for 30 days?

​

​

ngpf.org 4/7/23

Q:

Investing

QUESTION OF THE DAY

View blog post

2 of 3

Investing

Starting with a penny and doubling it everyday compounds to $10.7 million after 30 days.

Day 1: You would have $0.02

Day 2: You would have $0.04

Day 3: You would have $0.08

Day 4: You would have $0.16...

Day 30: You would have $10,737,418.24.

A:

QUESTION OF THE DAY

Click here for more info on this topic

3 of 3

FOLLOW-UP QUESTIONS

  1. How much would the penny have grown to on Day 29? How much did the value increase between Day 29 and Day 30?
  2. Now apply this concept to your own savings…
    1. Is it better to start saving early (e.g., starting at age 20 and saving for 30 years) or waiting until your life is more stable (start saving at age 30 and saving for 20 years). Use the example of the penny doubling to explain your answer.

​