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Old 02-27-2013, 02:29 PM
 
Location: Ontario, NY
2,983 posts, read 6,693,874 times
Reputation: 3228

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Quote:
Originally Posted by Tampaite View Post
Am nowhere near but here is a thought.
Save $100K a year and become a millionaire in 10 years & you'll be 34.
Save $50K a year and become a millionaire in 20 years & you'll be 44.
Save $25K a year and become a millionaire in 40 years & you'll be 64.
If you keep your money under your mattress this might be accurate. You need to make money to work for you. With 100k invested in the stock market, since 1929, the average rate of return on the stock market has been 8.8%. So it should really only take 8 years to get just over 1 million dollars. This is assuming he earns zero interest on the money 100k he earned that year and adds it to the money already invested in the stock market at the end of the year. Adding the money weekly to the market as he earns it, I would guess it be less than 7 years, but I really don't feel like doing the math on that.
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Old 02-27-2013, 04:47 PM
 
1,139 posts, read 3,057,456 times
Reputation: 794
Quote:
Originally Posted by TechGromit View Post
If you keep your money under your mattress this might be accurate. You need to make money to work for you. With 100k invested in the stock market, since 1929, the average rate of return on the stock market has been 8.8%. So it should really only take 8 years to get just over 1 million dollars. This is assuming he earns zero interest on the money 100k he earned that year and adds it to the money already invested in the stock market at the end of the year. Adding the money weekly to the market as he earns it, I would guess it be less than 7 years, but I really don't feel like doing the math on that.
I didn't want to do the math.

Again, I don't know why everyone goes back to 1929...Going back 10 years is plenty enough.
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Old 02-27-2013, 07:25 PM
 
1,858 posts, read 3,182,012 times
Reputation: 2121
Wade Pfau pretty much destroys your line of reasoning.


Quote:
Originally Posted by TechGromit View Post
If you keep your money under your mattress this might be accurate. You need to make money to work for you. With 100k invested in the stock market, since 1929, the average rate of return on the stock market has been 8.8%. So it should really only take 8 years to get just over 1 million dollars. This is assuming he earns zero interest on the money 100k he earned that year and adds it to the money already invested in the stock market at the end of the year. Adding the money weekly to the market as he earns it, I would guess it be less than 7 years, but I really don't feel like doing the math on that.
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Old 02-27-2013, 07:46 PM
 
Location: Ontario, NY
2,983 posts, read 6,693,874 times
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Quote:
Originally Posted by stoutboy View Post
Wade Pfau pretty much destroys your line of reasoning.
I don't see how. The first poster was suggesting saving 1 million without investing it. Even if the return is only 2% as Wade D. Pfau suggests, it still gets you to 1 million dollars sooner than not saving at all.
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Old 02-27-2013, 07:50 PM
 
1,858 posts, read 3,182,012 times
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Of course it does. But he's arguing that everyone is WAY too optimistic about the real rate of return. So it would probably take a lot longer than what you were estimating.

Quote:
Originally Posted by TechGromit View Post
Even if the return is only 2% as Wade D. Pfau suggests, it still gets you to 1 million dollars sooner than not saving at all.
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Old 03-03-2013, 11:11 PM
 
20 posts, read 52,588 times
Reputation: 18
Every time someone asks me this question they know what the answer is but they just don't want to hear it. Think about what you know how to do successfully and truly do not want to do, and go do it, at least for a few years until you make your first million. You probably know how to do some things if you're thinking about making a million - you're motivated. Probably something related to the field you went to school for would work. There's probably some well-paid aspect of the field where you work a ton of hours under unpleasant conditions for unappreciative people for a smaller firm where you do not even get any street cred for your job and the aggravation is barely even worth the money - that's the surest way to make your million. If your question is how to make your first million doing something you love, you should be able to sell like a pro or partner with someone who does and then work 100 hours a week to do a great job for the clients.
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Old 03-06-2013, 09:52 PM
 
Location: Victoria TX
42,661 posts, read 77,878,237 times
Reputation: 36311
Working as a greeter at WalMart. $10 an hour from age 18 to 65 works out to just about an even Million. Live at home with mom and dad, and bank every paycheck.
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Old 03-07-2013, 09:20 AM
 
1,610 posts, read 4,227,982 times
Reputation: 714
There is no one here with a million
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Old 03-07-2013, 10:44 AM
 
Location: Wisconsin
7,214 posts, read 8,378,483 times
Reputation: 7754
Quote:
Originally Posted by qlty View Post
There is no one here with a million
Many that pretend they do though. Everyone on the Internet is worth millions, has a black belt in at least one martial art, multiple luxury vehicles and married to a supermodel.
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Old 03-07-2013, 10:58 AM
 
Location: Simmering in DFW
6,954 posts, read 20,534,585 times
Reputation: 7227
Contributing to 401k to the max; paying off my house and selling it in 2002 at a big profit; buying real estate in low times and selling in high times; working at a career that paid well for 30 years and not wasting money; saving and investing.
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