Sunday, June 22, 2008

Facts About Money

  1. If you could double your money every year for 20 years in a row (highly unlikely), just one dollar would turn into more than one million. ($1,048,576)
  2. More realistically, if you invested your money at 8% from age 25 to age 65, just $3,900 per year would turn into more than one million ($1,010,320). That means it only takes about $325 a month to become a millionaire.
  3. It is illegal to put coins in your ears in Hawaii.
  4. If you drive 10 miles to buy a lottery ticket, you are more likely to die in a car accident than to win the lottery.
  5. If you leave an unpaid balance on a credit card charging 18% interest, the amount you owe will double in just four years and three months.
  6. People leave bigger tips at restaurants on sunny days than on cloudy days.
  7. Starting in 2006, it cost the United State Mint more than one cent to produce each penny and more than five cents to produce each nickel, due to rising commodity prices.
  8. Why are the portraits on coins almost always profile (sideways) views, while paper money is almost always frontal views? Profiles are easier to stamp into coins. Since the coin surface is actually a 3D portrait, there isn’t enough room to add the nose onto the coin in a frontal portrait.

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