20 and i'm going to be a rich man

[jdevlin1985]

I cannot commend you enough for having the foresight to begin saving NOW (god knows I've got my own son doing it), tiny piece of budgetary advice, remember a savings plan is a lot like a diet: You need to find a plan that will work over the long haul, because the big picture is what matters most. You cut yourself too short eventually you'll be tapping into your principal.

I like where you're going there.

 

[jdevlin1985]

Its hard to say because the value of money goes up with time. With Autotrader I can find a good car for less money than I would've had to spend 10 years ago just going to local dealers. Ten years ago I could find a more reliable car for less real money than 40 years ago.

Your salary will go up with inflation, but prices will go down in real terms. But at the same time new technology will come along that you feel you need. For example, if it currently takes you 40 minutes of work to get the money to afford a day's worth of food, in 2036 it'll probably only take 15 minutes a day worth of work. But by then we'll have alot more new stuff. Fifty years ago it was rare to have more than one TV and TVs were black & white 13". Now everyone has multiple color 20-60" TVs. At the same time in 1950 it may've taken 20 hours worth of work at an average salary to afford a 13" black & white TV (that is a guess) and now it is closer to 4 hours.

Thats absolutely true. In 30 years, a million may not even be enough to retire on. They are even saying this at present. If you want to truely live the millionaire lifestyle, i.e huge house, 3 cars, yacht etc, they're saying you need at least 3 million. With this in mind though, will my potential not increase also. Will a million be 'easier' to achieve. Guess only time is going to tell. A 30-year old making $50,000 a year (plus 3% raises each year), saving 10% of their income with a 10% return each year could even expect to hit millionaire status by age 59. And if they work until the traditional retirement age of 65, they will have over two million dollars saved up.

Remember, wealth is relative, it doesn't necessarily mean "millionaire'' though.

 

[jdevlin1985]

And for the guys who have checked my profile, needs updating. Refering to insurance underwriter section.

 

[BrothaBill]

are you talking 22k of pounds or US dollars? If that's all you make in US dollars you need to find a better angle with school or business. Got to separate from the pack with some skills

 

[jdevlin1985]

are you talking 22k of pounds or US dollars? If that's all you make in US dollars you need to find a better angle with school or business. Got to separate from the pack with some skills

22k english pounds. Not got the icon on keyboard.

 

[JThompson24]

too bad you wont be a bodybuilder, go find a different forum

 

[jdevlin1985]

too bad you wont be a bodybuilder, go find a different forum

What are you talking about?

 

[JThompson24]

this is for bodybuilders. If your not a bodybuilder you shouldnt be on this site

 

[jdevlin1985]

this is for bodybuilders. If your not a bodybuilder you shouldnt be on this site

185lbs, 8% b/f. Please use your head.

 

[jdevlin1985]

And no, this site is'nt just for bodybuilders.