More than half of Millennials expect to be millionaires someday, according to a new study
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You're close. $3,000 paid in at the end of each compounding period for 43 years at 8% yields a future value of $988,749.
Of course we don't live in a static economic model. Hopefully over time a 22 year old gets pay increases that increase his earnings above $30K/year and that person is able to defer more of his earnings into a private retirement plan and he winds up with significantly more than $1 MM.
Of course we don't live in a static economic model. Hopefully over time a 22 year old gets pay increases that increase his earnings above $30K/year and that person is able to defer more of his earnings into a private retirement plan and he winds up with significantly more than $1 MM.
My son is 27. He's got a Finance degree from Alabama and an MBA from UGA. He's married with two young children. He was a nursing home administrator at 24. He now has equity in a start-up software company that's used by nursing homes and it will likely be acquired in the next couple of years. He just signed a contract to purchase his first assisted living facility outside of Birmingham. He's in that category.
Wages? You've bumped your head. I used to bail hay for $14 a day now they can start out folding cloths at Old Navy for $10 an hour.
You have no clue about the actual history of this country and it's economics. All you have is the revisionist picture painted in the books you've studied. I lived it and can tell you most of what you speculate about is grossly inaccurate.
The only accurate part of your statement IS tuition rates and those are primarily due to the over priced Socialist Professors that couldn't tie a knot if they had to work in a shoe store. Get rid of them and you might can bring tuition rates down a bit.
You have no clue about the actual history of this country and it's economics. All you have is the revisionist picture painted in the books you've studied. I lived it and can tell you most of what you speculate about is grossly inaccurate.
The only accurate part of your statement IS tuition rates and those are primarily due to the over priced Socialist Professors that couldn't tie a knot if they had to work in a shoe store. Get rid of them and you might can bring tuition rates down a bit.
If we want any shot at retirement, we’ll have to be millionaires. At that point it won’t matter though. Uncle Sam will take it all and give it to the folks down the road who have never been out of pajamas so the chillens can eat.
What exactly is yalls definition of a millionaire though?
Net worth of $1,000,000
Retirement savings of a mil
Checking account balance?????
What exactly is yalls definition of a millionaire though?
Net worth of $1,000,000
Retirement savings of a mil
Checking account balance?????
When you were baling hay for 14 a day, that $6000 tractor you were driving now cost $50,000. The bale of hay you were selling for however much is now $60-$70
Was vehicle insurance even a requirement then?
Not to mention the price of a new truck.
How much was your cell phone bill?
Or first house?
Economics has changed. Just as everything else has
Was vehicle insurance even a requirement then?
Not to mention the price of a new truck.
How much was your cell phone bill?
Or first house?
Economics has changed. Just as everything else has
That's baloney. There is a ridiculous amount work out there right now (and some pretty good pay as well). I'd say now is as good or better a time than any to be entering the workforce.
If you can't find it, it's not the fault of wages being low, instead it's a fault of your skills being low.
If you can't find it, it's not the fault of wages being low, instead it's a fault of your skills being low.
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If you assume he just has 10% of his check taken out of his paycheck every month ($250) for 43 years, compounding at .6666667% each month, he would actually end up with over a million. The market has also returned over 8% a year on average historically, but I was just using round numbers, a typically college graduation age, and a typical retirement age that no one could consider unreasonable to prove a point. As you note, you would actually expect him (or her) to wind up with well over a million. The point is, any young people (or parents for the matter) reading this need to understand that a) anyone has the potential to accumulate a great deal of wealth over time, and b) the earlier you start saving and investing the better due to compounding interest. Most people have a "put it off until later" mentality regarding saving and investing, but the longer you wait the harder it is.
