| Show How to Win an Annual Income of 1000 1000 a Year Yearby Yearby by Saving 5 5 a Week This is no pipe dream eam for it i is hacked backed by the American Ba Bankers kers association 2nd and nd described in the January American Magazine Suppose a aman man man earning 23 a 3 week went to the American Bankers Banker association to find out about their their- plan to give him an income of 1000 a year When he lIe told them he could save 5 55 a week they would send him to a savings bankHe bankHe bank He lie would place his 5 and get a pass book At the end of six months he would be credited with By Bythe Bythe Bythe the end of the year he would have by depositing 5 weekly and andI j I drawing 4 per cent after six months At this very interesting time he would consult the cashier of the sayings savings savings sav say ings bank and tell him that he wished to draw 1000 and invest ItIn it itin in iu a safe real estate mortgage paying paying paying pay pay- ing 6 per cent interest The cashier would tell him at once where to go goto to too get the investment t and how bow to tomake tomake tomake make it Having made the Investment at atthe atthe atthe the end of the fourth year of his saving the young man would look forward to saving the tile first six months of the fifth firth y year ar the following following follow follow- ing fug First of course his regular weekly deposit of 5 or second the six ix months' months interest at 4 per percent percent percent cent on on the amount left lefter after aft att er he had drawn out 1000 which would amount to third the Interest interest interest In in- terest at 6 per cent earned earned by his real estate mortgage or 30 This would make a total of added to the left in the bank after arter drawing out the 1000 and the total would amount to By the end of ot the fifth year this sum would have increased to almost almost half enough to buy another 1000 mortgage with The tracing of the growth of this mans man's savings would prove very fascinating fas reading but it is too lengthy for these columns At any rate h he would be he able to buy his second 1000 mortgage at the end of the seventh year After this the interest earnings earnings earn earn- ings on his bank deposits and on his two mortgages would amount to more than halt half of his weekly saving from his salary It It would not be very long after arter this before he would arrive at the i point where he could buy the 1000 mortgages with greater frequency If he continued the plan pIau for twenty- twenty five years he would own fo fourteen mortgages an and have a bank account amounting to By using the accumulated Interest on these two together with the regular 5 weekly saving he would at this time be bo able to buy a 1000 mortgage every six months By this time he would have reached his seventh forty year provided provided pro pro- vided he started saving when he was 22 Suppose he continued until he was 50 years of age At this time he would own in 6 per cent mortgages and have a bank account amounting to He could ily fly retire then Fi Figure re the Income from his capital Four per cent a year on would amount mount to Six per cent a year o on n 17 is 1020 Add dd them and you find that he receives an an- annual income of or 2021 a a. week |
