A Penny Saved is… $6,977.03!

Posted by Madison on September 10, 2008

My favorite article this week is Every Penny Counts at The Dollar Stretcher. (Found on StumbleUpon early this morning when I couldn’t sleep.)

Whenever my friends and family downplay the results of saving a little money here or there, I almost always respond with “What if you invested that money for 40 or 50 years?” or something similar. Some of them hear it so often, they even preface what they’re going to say with, “I know, I know, if I invested this forever, I would have a ton of money… but I’m going to buy X with it instead.”

This article drives home my point! $6 over 50 years (or just one penny each month) turned into $6,977.03 used to pay off a high interest credit card!

Why Couldn’t I Sleep?

With just a few days of work left, I found out about a potentially huge change at my employer. How would you feel if merely weeks after you left, your employer came out with a significant buy-out package? At this point I don’t know a lot of the details, but to say I can’t sleep… is an understatement! I’m going to give HR a call later this morning and discuss what it might mean for the contract that I already signed to begin my leave.

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Comments to A Penny Saved is… $6,977.03!

  1. Thanks for mentioning my article and the nice link. Much appreciated.

    Scott @ The Passive Dad

  2. I agree that a penny saved is much more than just a penny.

    Thanks for the great links, and the mention! 🙂

    Nathalie Lussier from Billionaire Woman’s last post: Link Love – Gratitude for Finances and Life

    Nathalie Lussier from Billionaire Woman

  3. I don’t think I would be able to sleep either. Just one year after I left my last position…and I left because there was no retirement plan…my employer started a very generous 401(k) and profit sharing plan. That was 5 years ago and I’m still peeved.

    I just keep telling myself that leaving may have been what prompted him to start it and that if I hadn’t left, I still wouldn’t have one.

    Grrr.

    Ron@TheWisdomJournal

  4. Ben Franklin would be proud… 😀

    You’ll have to update us on the situation at your employer.

    Blake

  5. I left a job that had stratified stock-option-granting and I was one-level below the point at which they were granted. About a month after my departure…they changed the levels & I would have been in that pool, potentially adding $20K to my total compensation per year. Grrr. I left for other reasons (relocating for more opportunities, more $$), but even so, I was burned by that! I chalk it up to opportunity cost of moving up/onward – I never would have gotten to my current level of management with that company in that location.

    MM’s last post: Conflicting Goals, Maybe?

    MM

  6. Any word on the situation at your job? You’ve got me on pins and needles.

    Marsha’s last post: Twenty Years Ago

    Marsha

  7. Unfortunately, we can’t predict the future, otherwise, I would have been playing the stock market hard, and would be retired by now. 😉

    In the long run, you made the decision that was best for you at the time. If you end up getting compensation from it, great, if not, you will still be satisfied you made the right decision. 🙂

    Patrick’s last post: Hurricane Ike Strikes Close to Home – in Texas and Ohio

    Patrick

  8. If you are on leave, you are still an employee, right?

    Anyway, I pray that it works out fine with you. Please keep us updated.

    Cheers

    fathersez’s last post: A visit to Kundasang, the foothills of South East Asia’s highest mountain

    fathersez

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