Damn is college expensive! Sometimes just the books can add up to thousands. You better start saving when the kid is in the womb. Here’s a look at how compounding interest works over time. Famous investor Warren Buffet describes it best when he said, “think of it like a snowball rolling down a hill, it keeps adding and getting bigger.” But if you ‘ve got time, you can manage it! Here’s a look at how much saving about $300 a month will be in 18 years if you start saving when they’re a baby, 5 years old, 10 years old and 15 years old.
- Birth: $131,686
- Age 5: $77,400
- Age 10: $39,145
- Age 15: $12,186
Crazy right?
Click here for a calculator to put in your child’s age and how much you put in savings a day to see what it could look like!
