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<p>[QUOTE=&quot;-jeffB, post: 4359509, member: 27832&quot;]And that&#039;s why you don&#039;t turn to Reader&#039;s Digest for financial planning advice. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie11" alt=":rolleyes:" unselectable="on" unselectable="on" /></p><p><br /></p><p>I can&#039;t even remember the last time I heard the term &quot;passbook&quot;, and I <i>had</i> one as a kid. But today&#039;s interest rates for that kind of account are way below 0.1%.</p><p><br /></p><p>By my calculations, $1.75 a week over 40 years is about $3600. 0.08% annual interest, even compounded <i>daily</i>, would increase that to... about $3660.</p><p><br /></p><p>To turn $1.75 a week into a million dollars over 40 years, you&#039;d need an interest rate of 19%. Even at the peak of the early-1980s interest-rate spike, I don&#039;t think a simple savings account offered interest that high.[/QUOTE]</p><p><br /></p>

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