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Still in high school? Want to be a millionaire?

Wow, a millionaire by 67. Just in time to lose control of your bowels and begin to show signs of Alzheimer's Disease.
 
Wow ok, after reading that article, I'm wondering who'd REALLY want to save money until they're 67 years old and get a million dollars... What would a 67 year old do with all that cash? 😕
 
Originally posted by: Ricemarine
Wow ok, after reading that article, I'm wondering who'd REALLY want to save money until they're 67 years old and get a million dollars... What would a 67 year old do with all that cash? 😕
Click to expand...

the point is after the first 4 summers you don't have to save anymore... when you're 21 you can spend every dime you make until you're 67 and still be a millionaire.
 
Originally posted by: AccruedExpenditure
Originally posted by: Ricemarine
Wow ok, after reading that article, I'm wondering who'd REALLY want to save money until they're 67 years old and get a million dollars... What would a 67 year old do with all that cash? 😕
Click to expand...

the point is after the first 4 summers you don't have to save anymore... when you're 21 you can spend every dime you make until you're 67 and still be a millionaire.
Click to expand...

Which doesn't bloody matter, because all the while you're still living the lifestyle of a serf and only have an opportunity for something greater when you're too damn old to appreciate it.
 
Originally posted by: Descartes
Originally posted by: AccruedExpenditure
Originally posted by: Ricemarine
Wow ok, after reading that article, I'm wondering who'd REALLY want to save money until they're 67 years old and get a million dollars... What would a 67 year old do with all that cash? 😕
Click to expand...

the point is after the first 4 summers you don't have to save anymore... when you're 21 you can spend every dime you make until you're 67 and still be a millionaire.
Click to expand...

Which doesn't bloody matter, because all the while you're still living the lifestyle of a serf and only have an opportunity for something greater when you're too damn old to appreciate it.
Click to expand...

The article is based on making/investing 2000 dollars a year for 4 years then investing in a well managed IRA... if you clear 2000 dollars a year as a teenager you can spend that money and still be a millionaire at retirement without spending or investing another dime again... am i missing something here...

Too old to appreciate it? GETFO, bring me one 67 year old who wouldn't appreciate an extra million in the bank... :roll:
 
I wish that I would have done something like this. Hell, just starting earlier than I did would have been great, especially since I missed the huge runups from the 80's to the mid 90's in the market! 🙁

Makeup time! :evil:
 
Originally posted by: PrimoTurbo
$1 million won't be worth all that much, better to use the money. Best way is to probably create a company.
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An IRA over the long run isn't going to be effected by inflation as market returns are in excess of inflation...

While i agree starting a company is a better idea, not everyone can start one and not everyone who starts one will succeed. This is a surefire approach to wealth building.
 
You will succeed in your company, or you will see it go kaput and be able to get a better job at the end of your journey than you would have gotten at the beginning of your journey. That's generally true. So take the risk when young and give it a shot! Far better than living a boring life saving up peanuts.
 
I know someone whose kids played competitive table tennis. He placed his kid's winnings in a roth ira, around age 8-10 or so. The kids don't even know it yet but they'll have a nice sum of money later on in life. They could even use some of it for first time home purchases.
 
Yeah, $1,000,000 in 40 years is like 250,000-350,000 today.

I would have started my IRA when I was 16, but I was taking several AP classes already, and working the last few hours of free time I had per week to save up for a car.

But if you can do it, start.

I'm going to graduate in December as a computer engineer, and my plan is to invest roughly $25,000 per year until I'm about 35 (13 years). As much as possible would go into 401K to get price matching, so the actual investment may be as low as $15k from my pocket. By the time I reach 35, the investment whould reach about 0.6-1.0 million. At that point, I won't invest anymore into IRAs, 401k, and mutual funds. I'll put it into a house and entertainment. By the time I'm 65, It'll be about 6-10 million dollars, or about 1-3 million today. That's how you become a real millionaire in today's value.

I'm not going to buy a house until I'm married. A house, contrarty to popular belief, is a terrible investment to live in. An efficiency apartment may cost $400/month, but you don't have insurance, $250/month utilities, loads of furniture, property taxes, house repairs, loan interest, etc. A roof repair could cost you $4,000 for instance. That's 1 year at an apartment...
 
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