Retire with a million dollers
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dj2muchjunk
New member
assuming 10 % $9000.00 at 70 should be $1,152,000.00 Best to consult a financial planner now. Baby has an awesome friend!
chicagosledder
New member
Unfortunatley a million dollars won't cut it in 65 years, it is going to take more than that to be comfortable. My advice is real estate, obtain rentals for positive cash flow. The flipping game is over played and too much of a gamble. Just my .02
SLED_DOCTOR
Member
You have to use the age old formula with exponential growth...give $1000 and assume 8% and watch it grow!
dj2muchjunk
New member
oops math was flawed. Best to consult that planner!
indy_500
Well-known member
Chicagosledder say whaaaa??? A 65 yr old person shall not need no more than $30k a year to live. You're too old and crippled to do much of anything fun/costly you don't eat much and your house should be paid off. Just my honest opinion. If it were me I'd put the money towards a down payment on a house not a retirement fund for your child.
chicagosledder
New member
I stand by what I said, when I stated a million dollars will not be enough in 65 years. That is a long time from now, heck just look back 65 years ago and compare what an automobile costs then as compared to now. I live in one of the highest priced cities and I am making it rather easy. I own a few piece of rental real estate and speak from experience so I don't think I have to much to learn INDY. INDY I do not know how old you are but I can tell you I am not a 20 something year old kid, I am a realist, you do the math and see what you come up with. Now could you live on a million? Sure if you live in a studio apartment with no ammenities and like to eat at home everyday without enjoying yourself. One other thing to keep in mind, remember people are living longer so your money does not go as far.
Chicagosledder -- I agree with what you said. My remark was for Indy.
$1,000,000 NOT anywhere near enough with cost of education & you do want what is best for your gkids. Saving is good but 65 years from now I don't even want to think about that but I'll be long gone anyway.lol Just for grins & giggles I'm into my 3rd million of income & just live somewhere in the middle class in the Northwoods to keep overhead down. Seek professsional help answers are out there at least set some goals & targets.
The average overall stock return over almost all 25 year period is 9-10%. At 9%, $4,000.00 would return $1,083,000 in 65 years. It would have to be invested in mutual stock funds that would perform historically at least equal to the Dow Jones performance. Chicagosledder is right on as far as inflation. Assuming just 1% inflation annually, a $20,000 car would cost $38,000 in 65 years. You could reasonably assume that $1,000,000 will be like $500,000 today, still a nice chunk of change for a $4,000 investment.
The best way to grow it is to start at the $4000 and add a small deposit to it regularly. $20/Mo. or $240/yr added to the $4000 would net $1,800,000 in 65 years. Even $10/mo or $120/yr would net over $1,400,000.
Bingo! I think most Americans have no idea the power of compounding interest and how putting just a little away a little at a time will grow into big numbers over time. Of course this is coming from the guy who has lived most of his life by the Jimmy Buffet lyrics "Made enough money to buy Miami (I wish!), but I pissed it away so fast...". Life situation has changed now and so has my way of spending money! Probably too late to make too big of a nest egg for Nora and I, but not for Gracie!
-John
heckler56
Active member
****, you don't need 65 years... all you gotta due is take a penny and double it every day... in 28 days you'll have OVER a million dollars. Don't believe me?... do the math!!! Now I just gotta figure out how to double it every day
Bad math.. If you are only doubling the penny everyday, it will take much longer.
eagle1
Well-known member
Use online calculator and you can play around with the numbers. http://www.mycalculators.com/ca/401kcalcm.html
With a return between 7-9%, you'll need to start with $4,000- $10,000.
With a return between 7-9%, you'll need to start with $4,000- $10,000.
Until you walk in their shoes Indy, like Kip said, you need to choose your battles wisely.....