Saving $500/month at 4.5% for 10 years turns into $75,000+ — even though you only deposited $60,000. The extra $15,000+ comes from compound interest working in your favor.
Where to Save
High-Yield Savings (4-5% APY): Best for emergency funds and short-term goals
CDs (4-5% APY): Higher rates with fixed terms
Money Market (4-5% APY): Savings + check-writing
Index Funds (7-10% avg): For long-term goals (5+ years)