If You Started With A Penny And Doubled Chart
Introduction
Have you ever heard the phrase "start with a penny and double it every day"? It's a popular thought experiment that highlights the power of compounding. But what exactly does that mean? And is it really possible to turn a penny into a fortune just by doubling it every day? Let's take a closer look at the math behind this concept and see what we can learn.
Day 1: $.01
On day one, you start with just one penny. It doesn't seem like much, but we're going to double it every day for the next 30 days. Let's see where that takes us.
Day 2: $.02
On day two, we double our penny. Now we have two cents. It's still not much, but we're making progress.
Day 3: $.04
On day three, we double our two cents. Now we have four cents. It's still not enough to buy anything, but we're starting to see some growth.
Day 4: $.08
On day four, we double our four cents. Now we have eight cents. This is starting to look like real money!
Day 5: $.16
On day five, we double our eight cents. Now we have sixteen cents. We're making real progress now.
Day 6: $.32
On day six, we double our sixteen cents. Now we have thirty-two cents. This is starting to look like a decent amount of money.
Day 7: $.64
On day seven, we double our thirty-two cents. Now we have sixty-four cents. We're over halfway to a dollar!
Day 8: $1.28
On day eight, we double our sixty-four cents. Now we have one dollar and twenty-eight cents. This is starting to look like real money.
Day 9: $2.56
On day nine, we double our one dollar and twenty-eight cents. Now we have two dollars and fifty-six cents. We're really starting to see some growth now.
Day 10: $5.12
On day ten, we double our two dollars and fifty-six cents. Now we have five dollars and twelve cents. This is starting to look like serious money.
Day 11: $10.24
On day eleven, we double our five dollars and twelve cents. Now we have ten dollars and twenty-four cents. We're officially in the double digits!
Day 12: $20.48
On day twelve, we double our ten dollars and twenty-four cents. Now we have twenty dollars and forty-eight cents. This is starting to look like a real nest egg.
Day 13: $40.96
On day thirteen, we double our twenty dollars and forty-eight cents. Now we have forty dollars and ninety-six cents. We're getting close to the hundred dollar mark.
Day 14: $81.92
On day fourteen, we double our forty dollars and ninety-six cents. Now we have eighty-one dollars and ninety-two cents. We're getting close to a hundred dollars!
Day 15: $163.84
On day fifteen, we double our eighty-one dollars and ninety-two cents. Now we have one hundred and sixty-three dollars and eighty-four cents. We've officially broken the hundred dollar mark!
Day 16: $327.68
On day sixteen, we double our one hundred and sixty-three dollars and eighty-four cents. Now we have three hundred and twenty-seven dollars and sixty-eight cents. This is starting to look like some serious money.
Day 17: $655.36
On day seventeen, we double our three hundred and twenty-seven dollars and sixty-eight cents. Now we have six hundred and fifty-five dollars and thirty-six cents. We're getting close to a thousand dollars!
Day 18: $1,310.72
On day eighteen, we double our six hundred and fifty-five dollars and thirty-six cents. Now we have one thousand three hundred and ten dollars and seventy-two cents. We've officially broken the thousand dollar mark!
Day 19: $2,621.44
On day nineteen, we double our one thousand three hundred and ten dollars and seventy-two cents. Now we have two thousand six hundred and twenty-one dollars and forty-four cents. This is starting to look like some serious money.
Day 20: $5,242.88
On day twenty, we double our two thousand six hundred and twenty-one dollars and forty-four cents. Now we have five thousand two hundred and forty-two dollars and eighty-eight cents. We're over the five thousand dollar mark!
Day 21: $10,485.76
On day twenty-one, we double our five thousand two hundred and forty-two dollars and eighty-eight cents. Now we have ten thousand four hundred and eighty-five dollars and seventy-six cents. This is starting to look like a real fortune.
Day 22: $20,971.52
On day twenty-two, we double our ten thousand four hundred and eighty-five dollars and seventy-six cents. Now we have twenty thousand nine hundred and seventy-one dollars and fifty-two cents. This is starting to look like some serious wealth.
Day 23: $41,943.04
On day twenty-three, we double our twenty thousand nine hundred and seventy-one dollars and fifty-two cents. Now we have forty-one thousand nine hundred and forty-three dollars and four cents. This is starting to look like a real fortune.
Day 24: $83,886.08
On day twenty-four, we double our forty-one thousand nine hundred and forty-three dollars and four cents. Now we have eighty-three thousand eight hundred and eighty-six dollars and eight cents. This is starting to look like some serious wealth.
Day 25: $167,772.16
On day twenty-five, we double our eighty-three thousand eight hundred and eighty-six dollars and eight cents. Now we have one hundred and sixty-seven thousand seven hundred and seventy-two dollars and sixteen cents. This is starting to look like a real fortune.
Day 26: $335,544.32
On day twenty-six, we double our one hundred and sixty-seven thousand seven hundred and seventy-two dollars and sixteen cents. Now we have three hundred and thirty-five thousand five hundred and forty-four dollars and thirty-two cents. This is starting to look like some serious wealth.
Day 27: $671,088.64
On day twenty-seven, we double our three hundred and thirty-five thousand five hundred and forty-four dollars and thirty-two cents. Now we have six hundred and seventy-one thousand eighty-eight dollars and sixty-four cents. This is starting to look like a real fortune.
Day 28: $1,342,177.28
On day twenty-eight, we double our six hundred and seventy-one thousand eighty-eight dollars and sixty-four cents. Now we have one million three hundred and forty-two thousand one hundred and seventy-seven dollars and twenty-eight cents. This is starting to look like some serious wealth.
Day 29: $2,684,354.56
On day twenty-nine, we double our one million three hundred and forty-two thousand one hundred and seventy-seven dollars and twenty-eight cents. Now we have two million six hundred and eighty-four thousand three hundred and fifty-four dollars and fifty-six cents. This is starting to look like a real fortune.
Day 30: $5,368,709.12
On day thirty, we double our two million six hundred and eighty-four thousand three hundred and fifty-four dollars and fifty-six cents. Now we have five million three hundred and sixty-eight thousand seven hundred and nine dollars and twelve cents. This is starting to look like some serious wealth.
Conclusion
As you can see, starting with just a penny and doubling it every day for thirty days can lead to some serious wealth. Of course, this is just a thought experiment and not a realistic investment strategy. But it does highlight the power of compounding and the importance of starting early when it comes to saving and investing. So start small, be patient, and watch your money grow!