In 50 years you’ll have a million dollars. But a loaf of bread will cost $100,000.
LOL. I have to save more than twice my income each month...
... save each month at a 6% annual rate of return...
The above statement pretty well reduces the whole article and associated chart to nonsense. Author probably never heard of the Federal Reserve or Central Banks.
Easy, sell my company. Now the hard part is building its value up so someone wants to buy it.
Inherit $2,000,000 and blow half of it on hookers and liquor.
So, my assets are already there. It’s just a matter of keeping up the property values, and keeping down the debt.
Slow and steady....
Well, that’s a little depressing. In order to retire at 65 (I’m 62) with a million bucks I’d have to save a million bucks a year until then. The federal government gets the rest.
My husband and I are set; however, our investments were originally for a beach house. Now it’s for healthcare and whatever we can’t hunt, plant, and harvest.
Work till you drop, then you don’t have to worry.
I'm now 51 years old. My youngest son graduates high school in three years. As soon as he's out of high school, I'm retiring. Going to zero wage income. Why? First, because I can afford it. Second, because the College Education system is a rip-off and if I'm still working when my sons go to College, I make enough that I'll get charged full boat for both.
Retired with zero wage income, they qualify for all kinds of Government grants and assistance.
About effing time I started getting some of the high tax dollars I've been paying all these years.
My Daughter and Son-in-Law should be millionaires before too long. They are both just wage earners and will not inherit much from me but they will from her Maternal Grandfather.
They might would have made it anyway as their combined income is over $100,000 a year. I bet they are paying a lot in taxes tho.
Well that’s depressing.
Part of the problem with these charts is that they seem unattainable for those in their 20s.
Save early. Save often. Live within your means. Invest in the stock market. American business will always find a way to turn a profit no matter who’s in office.
As you get older, it may be easier to put more aside. Make saving a priority.
But the very worst thing you can do is to say the sky is falling, I might as well spend all my money today.
They sky may fall. But chances are that it won’t.
Chances are that you will reach 65, the world will still be turning, politicians will still be politicians, and American businesses will still be turning out profits.
If you have spent all your money, taxpayers like me will make sure you don’t starve. But, then again, I won’t envy your life.
All I need is the 14% that the government currently takes from me in Social Security taxes at the point of a gun.
I hate stupid financial stories like this. I know how to calculate how much I have to save and all that. That is just cookbook stuff. What I need to know how do I get the G-D 6% without risking all my cash or spending all day every day watching the G-D stock market.
Making the first million is the hardest, I’m working on my second Million now.
I gave up on the first...
Who gets 6% rate of return these days?
Save to revisit later
“Here is how much you would need to save each month at a 6% annual rate of return, starting at different ages.”
LOL- Those days are long gone. Now recompute at .1% for something at least useful though not by much.
These days if you want to save 1 million then you are pretty much going to have to Save an actual 1 million.
Nice to dream......
How To Turn $10,000 Into 1.5 Million In As Little As 2 Years!
http://www.solerinvestments.com/Online-Trading/Compound-Interest.htm