Becoming a Millionaire (by saving)
Tue 29 Jan 2008 – 21.32
We all want to be rich. While a million dollars isn’t what it used to be (especially not in New York), it’s quite an aspiration and one that is more achievable than ever. One component for a successful financial future is saving, and more importantly, to begin from a young age!
An article from Yahoo! Personal Finance challenges us to “tuck away a little bit on a regular basis [so] you can party when you’re 19 and 99.”
It also goes on to crunch a few numbers about how powerful saving and ‘passive’ investing can be:
Let’s say that, beginning at age 25, you put the equivalent of seven $4 grande lattes a week toward retirement, setting aside $121 a month. If you invest it in a stock mutual fund with annualized returns of 9 percent, you would see $23,415 after 10 years, $80,814 after 20 years, $221,520 after 30 years and a whopping half-mil, or $566,440, when you retire at age 65.
Read the article here ยป
posted by Scott in careers, personal finance.