If you are old and crippled you better have some $ for long-term care costs. Crap - there's a lot of 65 years old having a ball out there now. My Dad is in his 70's and does lots of fishing and golfing.
Retire with a million dollers
- Thread starter pistons
- Start date
If you are old and crippled you better have some $ for long-term care costs. Crap - there's a lot of 65 years old having a ball out there now. My Dad is in his 70's and does lots of fishing and golfing.
Just to put things in perspective, 65 years ago was January 1949. Here's a look at what some things cost....
Car: $1,650
Gasoline: 26 cents/gal
House: $14,500
Bread: 14 cents/loaf
Milk: 84 cents/gal
Postage Stamp: 3 cents
Stock Market: 200
Average Annual Salary: $3,600
Minimum Wage: 40 cents per hour
In 65 years 1 million won't buy anywhere near what it will today, I'm thinking 5 or 10 is more realistic.
Car: $1,650
Gasoline: 26 cents/gal
House: $14,500
Bread: 14 cents/loaf
Milk: 84 cents/gal
Postage Stamp: 3 cents
Stock Market: 200
Average Annual Salary: $3,600
Minimum Wage: 40 cents per hour
In 65 years 1 million won't buy anywhere near what it will today, I'm thinking 5 or 10 is more realistic.
Day 1: $.01
Day 2: $.02
Day 3: $.04
Day 4: $.08
Day 5: $.16
Day 6: $.32
Day 7: $.64
Day 8: $1.28
Day 9: $2.56
Day 10: $5.12
Day 11: $10.24
Day 12: $20.48
Day 13: $40.96
Day 14: $81.92
Day 15: $163.84
Day 16: $327.68
Day 17: $655.36
Day 18: $1,310.72
Day 19: $2,621.44
Day 20: $5,242.88
Day 21: $10,485.76
Day 22: $20,971.52
Day 23: $41,943.04
Day 24: $83,886.08
Day 25: $167,772.16
Day 26: $335,544.32
Day 27: $671,088.64
Day 28: $1,342,177.28
yoopermike
New member
No, he's right, not that it matters much. On day 28 you'd have $1.34 mil if you started with a penny and doubled the previous day's amount every day. .01, .02, .04, .08, .16, .32, yada yada yada, 1.34 million. If you did what I think you are implying, and doubled your 'original penny' and added it to the previous day's sum, he'd have 56 cents on day 28.
Hey, it would be $36.50 in 5 years.I see ripcord beat me to it...
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indy_500
Well-known member
Not to start a big debate but one of the construction locals around here workers get $10 an hour put into your pension on top of free health insurance and $75k a year on the check. That's about a million bucks right there in your pension. I hate to say it but you guys must come from a lot wealthier familys than me, million bucks in 45 years? No way I'll be lucky to have 200k.
momoney2123
New member
Find a better job big dog. No one is going to hand it to ya, and no one is going to feel sorry for ya. Its a cuthroat world. If you dont like your job or pay then grab the bull and get a better one.....
anonomoose
New member
To coin a slogan, what we have here is a failure to communicate.
$.02
$.04
$.06
$.08
$.10
Etc....
In 2079 $1 million will only have the same buying power as $100,000 in 2014. If inflation stays the same as it has over the past 65 years, you would need to earn $10 million to have $1 million worth of today's money. Pretty bad, eh?
"Inflation has been inevitable throughout United States history. What a dollar could buy in 1950, it could not buy today. In 1950, $1.00 was worth the equivalent of what $9.73 is worth today, in 2013."
"Inflation has been inevitable throughout United States history. What a dollar could buy in 1950, it could not buy today. In 1950, $1.00 was worth the equivalent of what $9.73 is worth today, in 2013."
I can tell you from firsthand experience that firefighters are not what most people would consider wealthy (I know for sure I'm not!). Comfortable, yes. Some maybe even more than comfortable -- but most of those got that way by working a ton of OT, second jobs, or both -- not because of their normal everyday compensation.
Which is pretty easy to do if you work one day and then have two days off. Take a day off and you have 5 days off in a row. Not bad. I work around fire houses all the time and I've never heard more bitching about being underpaid in my life. As they like to say, the ff job gets the insurance and benefits, and the side job makes the money. I blame it on 10 guys being cooped up together for 24 hours with too much time to talk. No, you won't talk me into going into a burning building, but I didn't sign up for it, either.
chicagosledder
New member
You have it all wrong. You have to double the amount everyday not count by 2's.
Yeah, it's easy to do if you're motivated enough to do it. It means giving up a good chunk of your free time, family time, hobbies, etc. Money wasn't that important to me, I enjoyed my time off more.
You're right about complaining, though I heard more of it about the crap the city politicians were trying to pull than about being underpaid. I certainly never thought I was underpaid, although if you compare it to what pro athletes make for playing a game, then yeah. But that's the way the cookie crumbles and you're also right, we signed up for it of our own free will knowing all this. The going into a burning building? Heck, that's the fun and easy part! No complaints and no sympathy seeking. I would do it again.
You're right about complaining, though I heard more of it about the crap the city politicians were trying to pull than about being underpaid. I certainly never thought I was underpaid, although if you compare it to what pro athletes make for playing a game, then yeah. But that's the way the cookie crumbles and you're also right, we signed up for it of our own free will knowing all this. The going into a burning building? Heck, that's the fun and easy part!
No complaints and no sympathy seeking. I would do it again.chicagosledder
New member
I know that, my response was also meant to educate Indy.
chicagosledder
New member
Indy I can only speak for myself when I say that I did not come from a wealthy family. I lost my father at a young age and worked for everything I have and I have also made some wise investments in property where I live. I am not bashing anyone including you I am just stating a fact that a Million bucks won't go far in 65 years. As for the pensions they may not be around either, so you have to invest what you can early on and continue to invest as long as you can afford to do so. I have always had luck with rental property but that is just me. If you will only have around 200k in 45 years I really think you may need to rethink where and what you are doing for yourself and your family so you can build a better life for them and yourself.
X2. Or drop in at Michigan Tech next time you are up there.
deerhunter
New member
your way off on your calculations indy. you have zero clue how union trades work. you do not wanna bark up this tree! we dont get free ins.(union ins is terrible. i can tell you first hand!), we dont get paid holidays, we dont get paid vacation and we rarely work 52 weeks a year! untill you actually know!, shut your trap!
since your a younger guy a apprentiship would work perfect for you. check your local building trades office and see what they offer. paid training on the job. i wish i did it fresh out of high school. but you gotta work your tail off(no such thing as a lazy union construction worker and if there is there probably not working because of it) to keep that job when your app. program is up.
need 2 million dollars for a 20 dollar an hour job. but thats after 30 years of work. depends how you live
polarisrider1
New member
That's Canadian for Dollar.
Wouldn't that be "doller, eh"?