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For catbirdseat and other people who advocate handouts vs
Posted on: May 25, 2017 at 10:18:01 CT
ummmm MU
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self sufficiency.
If at the age of 25 someone was able to start with an account of $10,000, and then made a monthly contribution of $320, with 7% inflation-adjusted return, by the time the person reached 65 years old, the account would be worth a million dollars.
And that is just one account. It does not factor in the presumption that the 25 year old presumably increased his skills/income over the 40 year period, and was able to set aside money in other spots.
But the biggest hurdle to this plan... is that you have to be willing to save, make home cooked meals, cut coupons, choose your vacations wisely, drive used cars, shop at thrift stores, etc.
You know what... hand outs are easier.
If at the age of 25 someone was able to start with an account of $10,000, and then made a monthly contribution of $320, with 7% inflation-adjusted return, by the time the person reached 65 years old, the account would be worth a million dollars.
And that is just one account. It does not factor in the presumption that the 25 year old presumably increased his skills/income over the 40 year period, and was able to set aside money in other spots.
But the biggest hurdle to this plan... is that you have to be willing to save, make home cooked meals, cut coupons, choose your vacations wisely, drive used cars, shop at thrift stores, etc.
You know what... hand outs are easier.
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For catbirdseat and other people who advocate handouts vs - ummmm MU - 5/25 10:18:01
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