How to Turn
One Penny Into a Million Dollars
in One Month
The story is told of a college student who was looking for summer employment in his neighborhood doing yard work and side jobs. One day he asked his neighbor if he could do yard maintenance for a month so that he could earn money to help pay for college. His neighbor agreed to let him cut the grass, trim hedges, clean flower beds and other chores for a weekly salary of $250. The neighbor, being generous thought this was a really good offer to help a struggling college student.
However, the college student responded with another offer. He asked the neighbor to pay him one penny on his first day of work and double this amount each day he worked - for a total of 30 days. The man thinking this college student was a "nut case" agreed to the offer and the work began as scheduled for the month.
Here's how the student faired after nine days of work...
Double $0.01 = $0.02
2 x $0.02 = $0.04 day two.
2 x $0.04 = $0.08 day three.
2 x $0.08 = $0.16 day four.
2 x $0.16 = $0.32 day five.
2 x $0.32 = $0.64
2 x $0.64 = $1.28 day seven (use $1.25 for easy calculation).
2 x $1.25 = $2.50 day eight.
2 x $2.50 = $5.00 day 9.
2 x $5 = $10.00.
Next day it went to $20, and then $40, $80, $160, $320, $640, $1280; rounding 2 x $1250 = $2500; $5000.
The student is now at $5000 on day 19.
$10,000 after 20
$20,000 on day 21, the next day $40,000, then $80,000, and $160,000 on day 24.
$320,000 in 25 days.
After 26 days, it
doubled to $640,000.00 - and then on day 27 it went to $1,280,000
(round down - $1,250,000 for easy calculation)
$1,250,000, then $2.5 million on day 28.
$2,500,000, then $5 million on day 29.
$5,000,000, then 10 million on day 30.
The method of doubling illustrates the power of compound interest and how you can turn a penny into $10 million dollars by the end of 30 days.
What should you be doing to acquire wealth?
Get your own money tree. Click here to learn how. Start investing today. Find a real need or problem and help people solve it. When you dedicate your life to helping people solve problems, you'll be rewarded with wealth. Print this wealth formula and post it everywhere you go as a reminder to always keep improving your products and services. Watch Dave Ramsey - Compound Interest YouTube Video (below)...
Read "How to Amaze
Everyone With How One Penny Could Make You Rich"
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