Are there any millionaires in the ATOT bunch?

[SilentZero]

I assume there are a ton of self-proclaimed millionaires here, but in reality I would guess maybe 1 per 100,000. I am not one of them...but working towards it furiously.

 

[Perknose]

Originally posted by: kongs
Did you know that if you invest $25 a month into a bank from the time you graduate highschool to when you retire you will be a millionaire? I know it may be too late for some of you, but I'm doing in right now!

And when you retire, inflation will make that million just enough for a happy meal.

 

[ponyo]

Former millionaire for 2 days.

 

[Injury]

I'm waiting for my friend and business partner from Nigeria to send me my check for about 3 million dollars. Easiest money you can make. All you gotta do is send your bank account info and they'll fill it up!

Don't be jealous people. I'll throw you some pennies for your boozing from my limo.

 

[CrimsonChaos]

Originally posted by: hjo3

Originally posted by: Specop 007

Originally posted by: Aimster

Originally posted by: kongs
Did you know that if you invest $25 a month into a bank from the time you graduate highschool to when you retire you will be a millionaire? I know it may be too late for some of you, but I'm doing in right now!

how the hell did you get $25 x 12 x 30 to equal $1,000,000?

The formula is a bit trickier. You have to account for interest.

That said, i still dont think it will put you anywhere near a million unless you calculate it with a ridiculous interest rate.

If you do $100 a month at 9% interest for 30 years you barely break into 6 figures.

I did up a spreadsheet out of curiosity... at $25/mo. with 1% interest compounded monthly you get just under $300K at the end of year 40. To end up with a million, you'd have to get 1.32% interest compounded monthly. I'll have to work up one for doing the same thing with CDs, but I still doubt it's doable on $300/yr.

EDIT: Assuming 40 years of deposits/interest.

Sorry, kong - not even close. Assuming you graduate when you are 18 years old and retire when you are 65 -- that gives you 47 years of work/savings. At a very generous 4% APR from your savings/money-market, that would give you about $41,500 at the end of that 47 years if you deposited $25 every month.

You would need a 13% APR to get a million dollars in 47 years if you were only depositing $25 per month. Most likely, whoever did this math for you probably did a 1% MONTHLY interest (which is 12% APR), instead of 1% ANNUAL interest.

Assuming that same original (and generous) 4% APR, you would actually have to deposit $603 every month for 47 years to end up with a million dollars. And given a less generous 2% APR, you would have to deposit $1,070 per month to end up with a million in 47 years.

 

[Al Neri]

on Apr. 7, 2000 my ETRADE account had ~1,080,000. lasted about a week.

 

[Elderly Newt]

Originally posted by: kongs
Did you know that if you invest $25 a month into a bank from the time you graduate highschool to when you retire you will be a millionaire? I know it may be too late for some of you, but I'm doing in right now!

I thought it was $25.00 a week? I haven't done it out either way, but a week sounds much more plausible.

 

[GTaudiophile]

The thing is that most millionaires are such because they're not stupid. Such people wouldn't admit to how much money they have on a public forum!

But I can name one: Anand Lal Shimpi!

 

[kitkat22]

Let's see I have about 3500 in the stock market and abou 16,000 in student loans. Hmmm.....

 

[Engineer]

Originally posted by: SilentZero
I assume there are a ton of self-proclaimed millionaires here, but in reality I would guess maybe 1 per 100,000. I am not one of them...but working towards it furiously.

There are over 8 million millionaires in the US (up 8.8% in the last year alone). That would be 2.6% or about 26 out of every 1,000 people. Using your math, there should be 2,600 out of 100,000. Of course, this does not factor in that everyone on ATOT is not in America!


P.S. I assume that the OP doesn't include house (primary dwelling) value and also, the formula would equal assests (liquidable) - debts = over one million?

P.S. #2: Even with my home, I'm not even close!

 

[illusion88]

Ive got ~500 in the checking account and 40 in cash in my wallet.


I win

 

[Legend]

Originally posted by: kongs
Did you know that if you invest $25 a month into a bank from the time you graduate highschool to when you retire you will be a millionaire? I know it may be too late for some of you, but I'm doing in right now!

A bank?

For retirement, make a Roth IRA account and put money into mutual funds. In 25-30 years you'll be a millionaire if you max it ($4000/yr now and increasing).


Everyone here can become a millionaire. You don't become one by winning the lottery, or having a 200k/yr job. That certainly is possible for some people, but the vast majority can acheive it by simply investing consistently, starting at a young age.

 

[remagavon]

Originally posted by: Aimster

Originally posted by: kongs
Did you know that if you invest $25 a month into a bank from the time you graduate highschool to when you retire you will be a millionaire? I know it may be too late for some of you, but I'm doing in right now!

how the hell did you get $25 x 12 x 30 to equal $1,000,000?

Compound interest much?

 

[Engineer]

Originally posted by: Legend

Originally posted by: kongs
Did you know that if you invest $25 a month into a bank from the time you graduate highschool to when you retire you will be a millionaire? I know it may be too late for some of you, but I'm doing in right now!

A bank?

For retirement, make a Roth IRA account and put money into mutual funds. In 25-30 years you'll be a millionaire if you max it ($4000/yr now and increasing).


Everyone here can become a millionaire. You don't become one by winning the lottery, or having a 200k/yr job. That certainly is possible for some people, but the vast majority can acheive it by simply investing consistently, starting at a young age.

:thumbsup:

FTW!

 

[moshquerade]

like you'll get serious answers to this question?

 

[Engineer]

Originally posted by: moshquerade
like you'll get serious answers to this question?

You're right. Maybe a few, but doubtful!

What you will get (most likely) is truth on simple investing over a working career (or even lifetime) that could lead to over a million(s) for retirement.

 

[PokerGuy]

If you're measuring net assets (assets-debts), then I'm not quite there yet but getting close. It will take 3 or 4 more years, but I should be there.......

 

[Engineer]

Originally posted by: PokerGuy
If you're measuring net assets (assets-debts), then I'm not quite there yet but getting close. It will take 3 or 4 more years, but I should be there.......

Typically, that's the way it's measured. Also, primary dwelling (home) isn't included in net assets (nor is the primary mortgage owed on it as they typically cancel each other out).

 

[feelingshorter]

im a thousandnair

 

[Sketcher]

I'm working on my 2nd Million.




The first one was too hard to get so I gave up on it .