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If you had a paltry $210,000 in your account invested in the S&P 500 in 2009 and contributed just $500/month since then to now you would now have a MILLION dollars.
The market has essentially tripled in the last 10 years... most people should at least be half-millionaires if not outright millionaires by now.
It seem like every average Joe could've done this. Why aren't you one of them??
Because contrary to everyone on CD Average Joe doesn’t have 210,000 dollars to invest or the ability to put away $500 a month
Well that is kind of a problem. IP lawyer I know worked for a law firm and eventually him and his buddies got sick of working for the firms and decide to form their own firms. Then of course we have criminal lawyers ( if you go to court ). A good example is with anti-privacy law ( like the patriot-act ) and other things against you.
Honestly I do not think it is so with the IP lawyer. You have to ask yourself "what kind of engineering degree"??? Sound engineering????
I checked their degrees, it’s technical like mechanical engineering, not sound engineering. Are you serious? No liberal art studies like even Math major. They may not be good at engineering but they do have the degree.
Having a million in investments is not what it once was, especially if that is your main income in retirement. If use 4% rule as estimate of income can safely use from investments, you would have roughly $40,000 a year. That gets you at the very bottom of middle income in the US. If add in the average SS payment of $17,500, gets you to $57,500, still below average income in the US. Not really the definition of wealthy anymore.
There's definitely some truth to that, but it's more than most people have. But there are still a ton of reasons why $1M in investments is a great thing. 40k to 57k in passive/social security income is still good because:
--It's a lot more than most people have, even by retirement age.
--You're rich in time, so you have the ability to focus on your health, eating healthy, don't have the expense of working, etc.
--You may have the option of working a part time or low stress job for extra income. For many with this level of passive income, it wouldn't take much effort to hit an above average income.
--If your house is paid off, or nearly paid off, your housing costs are low.
--If you live in an average or below average cost area, it's a pretty comfortable income.
--If you're single with no kids, 40k to 57k is a decent income in even slightly above average cost areas.
--A 4% withdrawal rate from a portfolio typically outpaces inflation over most 30 year periods, which means you have a good chance of being able to steadily upgrade your lifestyle over time without jeopardizing your portfolio.
Last edited by mysticaltyger; 10-12-2019 at 12:41 AM..
Do you mind expanding on this; I do not get it at all.
What Huckleberry is saying is a lot of people really don't want you to be successful. Crabs in a bucket mentality. They don't like anyone who breaks away from the pack. It feeds their insecurities.
Well, most "average Joes" I know don't have that paltry $210,000 available to plant and let ride in stocks.
Most "average Joes" don't have an extra $500 available to contribute every month on top of it either.
So sorry us "average Joes" don't live up to your lofty expectations.
Well, this is C-D, where most posters are Harvard grads, have a gazillion $$, have travelled to 642 countries and 7 planets.....
Because people for the most part stink at saving and they didn't have that initial amount of money to invest. If people were amazing at saving, our economy would tank. We need them to spend. So disregard OP please, he is crazy, go spend your money and be happy!!!
Let me ask a different question. To the people who have recovered from their various travails, and now are sitting on say $200K.... do you expect this $200K to become $400K in the year 2039? $1M? $10M? Scale accordingly, if you have $1M or whatever else.
The S&P 500 was at 347 in October 1989.
Based on doubling every 10 years, it should be around 2780 now. And we can expect it to be around 5550 in October 2029. These are conservative estimates.
So, whatever you have now should double in the next 10 years if you go to sleep and do nothing else with your investments.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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Too much work
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