One Penny or $1,000,000?

Would you rather have:

$1,000,000
or
One penny that doubles every day for a month?

If you're like 90% of the general public, you'd take the million bucks.   But…you'd be wrong.  So, so, SO wrong!  (Assuming you want MORE money, not less.)

How much more would you have taking the doubling penny?

$1,000?
$10,000?
$100,000?
$1,000,000?

Not even close.   You'd have $9,737,418.24 more!!!!!!!

Crazy, right?   One penny doubled every day would be worth $10,737,418.24 on day 31.

Ready for another one?  How much would you have on day 15? 

$1,000?
$10,000?
$100,000?
$1,000,000?

Again.  Not even close.  You'd have $163.84 on Day 15.  

And that's the power and mystery of compounding. 

“Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”   -Albert Einstein

The lessons are simple:

If you're a Millennial or Gen X'er:  start investing TODAY (a penny may seem inconsequential on Day 1 or even Day 15, but it's worth $10,737,418.24 on Day 31)

If you're a Baby Boomer:  work another year.  (On day 32, you'd have $21,474,836.48!)  

And feel free to check my math:
Day 1: $.01
Day 2: $.02
Day 3: $.04
Day 4: $.08
Day 5: $.16
Day 6: $.32
Day 7: $.64
Day 8: $1.28
Day 9: $2.56
Day 10: $5.12
Day 11: $10.24
Day 12: $20.48
Day 13: $40.96
Day 14: $81.92
Day 15: $163.84
Day 16: $327.68
Day 17: $655.36
Day 18: $1,310.72
Day 19: $2,621.44
Day 20: $5,242.88
Day 21: $10,485.76
Day 22: $20,971.52
Day 23: $41,943.04
Day 24: $83,886.08
Day 25: $167,772.16
Day 26: $335,544.32
Day 27: $671,088.64
Day 28: $1,342,177.28
Day 29: $2,684,354.56
Day 30: $5,368,709.12
Day 31: $10,737,418.24