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What can you buy with a dollar? These days, it seems there’s hardly anything that cheap. Even items at so-called dollar stores cost a pretty penny higher than that! Perhaps you could pick up a lottery ticket at the gas station, hoping to turn that single dollar into millions.
However, before you start scratching off those apples and oranges, you might want to consider investing that dollar instead. After all, if you struck it rich with the lottery, you’d likely have to pay taxes on your total winnings. With the magic of compound interest, the investment account pays you to keep your money safe. Your dollar could actually end up being worth hundreds of thousands—or even millions—depending on your annual return.
If your parents didn’t start an account for you when you were a baby, don’t sweat it! There’s still time. Check out what your money could be worth if you consistently add to an investment account.