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24HourForums.com > Supported Forums > 24's Money Business > How to turn $451 a month into a Million..or so |
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Marie5656 Forum-Blogger© Original500© Member  Just hanging out
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Turn $451 a Month Into a Million Bucks Tuesday, May 13, 2008 If you're 30 years old, you need to set aside $448 per month for next 35 years to become a millionaire -- if you earn a reasonable 8% annualized return in a retirement account. Don’t have $448 to spare -- or even $248? Maybe you do and don't realize it. Let's take a look at how you can come up with the cash. Save $219 Per Month on Taxes Here’s How: The average refund for the 2008 filing season so far is about $2,500. If you received an average refund and you are in the 25% federal tax bracket, you could be entitled to three extra exemptions worth $3,500 each. That would boost your take-home pay by $219 a month. A couple of reasons you might be eligible for more exemptions: becoming a new parent or buying a house. More from Kiplinger.com: • Save More Money on Transportation • Easy Ways to Lower Your Food Bill • Simple Tips to Save on Entertainment Save $100 Per Month on Food Here’s How: Bring your lunch and snacks to work. Considering that the average meal at McDonald’s costs $5 and Dunkin’ Donuts charges $2 for a large cup of coffee, the brown-bag windfall can be substantial. Save $80 Per Month on Entertainment Here’s How: We're talking about one fewer dinner-and-a-movie night every month. That assumes you and your significant other pay the average $33 per person for a restaurant meal (according to a recent Zagat survey) and that you spend $7 per ticket, the average price at the movies (according to the Motion Picture Association of America). Save $28 Per Month on Health Care Here’s How: The typical family spends $1,321 on out-of-pocket health expenses each year, says the U.S. Department of Health and Human Services. You can pay those costs with a flexible spending account, which lets you set aside pretax dollars. Save $10 Per Month on Auto Insurance Here’s How: The average consumer pays $829 annually for car insurance, according to the National Association of Insurance Commissioners. Raising your deductible from $250 to $1,000 can save you 15% or more. Save $8 Per Month on a Well Maintained Car Here’s How: Keep your car’s engine tuned and tires inflated to the proper air pressure. Those minor improvements can save you up to $100 on gas each year. Save $6 Per Month on Generic Non-Prescription Medicines Here’s How: The average American spends $185 annually on over-the-counter medications. Generics cost up to 40% less than their brand-name counterparts and work just as well. $451 Saved in Total! Invest the found money every month in a retirement account that earns an average of 8% return over the next 35 years, and you'll have $1 million. That wasn't too hard, right? Copyrighted, Kiplinger Washington Editors, Inc. Last edited on 03:41 pm by Marie5656  
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24HourNut Administrator  Body pillows rock!
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You hit upon a crucial factor and point! Get people (kids) to start the practice of regular long-term investing. The compounding effect can be amazing. I think Einstein said that. One classic example is how Person A saving X each month can stop after 10 years to watch Person B who starts investing X at the time A stopped, but can never catch up due to the compounding interest effect on A's balance.
The best human beings start good new topics and vote on the better posts. |
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Marie5656 Forum-Blogger© Original500© Member Just hanging out
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Thing is, when I was 30, the last thing I was doing was thinking about saving for later. Retirement seemed ages away. Now, guess what, retirement for me is less than 10 years away.
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24HourNut Administrator Body pillows rock!
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I know, if you don't get trained early you are likely not to. That is why my kids each have to invest the majority of money they come into for various things, like birthdays, keeping a healthy amount to spend. That gets them in the habit of paying themselves first, better focused on the long-term with their decisions in general, and seeing how money can grow on its own and work for you. I'll be damned if my kids are going to be raised with bad habits and ignorance about money like my parents raised me! Thank God I rebelled during/after college and started learning how not to be like them in that regard.
The best human beings start good new topics and vote on the better posts. |
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MrPaseo Original500© Member  Peace Protector
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If anyone is interested, I developed an excel workbook that tells you how long it will take for you to make a Million dollars. It's pretty simple, you put in four veriables: Current investments Rate of return Your age The current year It will tell you at what age you will make a million (Actually it goes on for 100 years) and what year you will make it with steady investing and utilizing a DRIP. Just let me know, Ray
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24HourForums.com > Supported Forums > 24's Money Business > How to turn $451 a month into a Million..or so | ||||||||||||||||||||||||||||||||||||||||
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