Tim is just back from a trip to the Cayman Islands

Would you rather have $1 million or a penny that doubled in value each day for a month?

TAKE: The million dollars you think? Well, in a 30 day month that penny would be worth $10,737,418; a 31-day month: $21,474,836. Surprised? This shows the power of "compound interest."

The most important aspect of compounding is TIME... so, no matter how old you are, start saving whatever you can NOW! More on what to use for a savings vehicle in future "takes," or you can learn more by purchasing a copy of If I Had a Million Dollars - How to Achieve Financial Independence Before Your Parents Do.