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Would you rather have $1,000,000 today, or a penny a day that doubles in value every day for the next 30 days?

What's compound interest? You can learn a bit more here:  https://www.thepennyhoarder.co...s-compound-interest/

Can't wait to see your responses! 

1,000,000
A penny a day that doubles in value
Posted by Briana ·

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Either way would work depends on if you need the money right away or not. Someone said take the million and invest some of it to get more money. Use the rest to take care of what needs to be taken care of now. That does sound good for someone who needs the money now. If you can wait then the pennies and do the same thing spend and invest. 

However  being on SSDI and run out if money as soon as I get it, I'd rather the $1m to get out of immediate debt (although it's below $15k including my car), and be able to pay for NEEDED medications to stay alive and eat.

It all comes down to multiplication. When you are willing to wait instead of experiencing short-term instant-gratification, the rewards of something multiplied over time far outweigh what you can get here and now.

KimberBold posted:

I have a serious illness that has shortened my life span. So much I want to try and do in little time.. The money in my hands now is more valuable to me than later!

I AGREE!!!!!!!!!

If you have a 31 day month, you'd have over $10M dollars.  At day 28, you'd still be ahead (so if this scenario occurred in February, you'd still have more than one million).  I'd just like to be out of debt, so I'm not greedy.  

Since we're speaking compound interest, If the penny would double in 30 days, then I'll take the 1 million dollars keep 100,000 to take care of some things then put the rest into a savings account and watch that double. I'll get more over time with a million dollars than with a penny.Haha nice try.😊😊😊😊😊😊😊😊😊

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