When is 30k worth 90k?

[Code Blue]

When Is $30K Worth $90K? When You Save It In Your 20s

Dope article for others who are also interested in saving during their 20s.

 

[Mr. Somebody]

How much money do you have to save per month to be a millioare by 60

 

[Serious]

cool story breh...

 

[Slaimon Khan Shah]

BISMILLAHIR RAMANIR RAHEEM. AVOID DEALING WITH INTEREST. INTEREST IS SINFULL TO DEAL WITH. GOD INCREASES CHARITY AND DESTROYS USURY (INTEREST). WHEN IT COMES TO INTEREST IT GETS WORSE AS GOD AND HIS MESSENGER WILL GO TO WAR WITH YOU FOR DEALING WITH INTEREST IN CERTAIN CIRCUMSTANCES.

 

[the cac mamba]

22, sittin on 30k

 

[PrinceDeeDer]

Saving is for LOSERS....

 

[88m3]

How much money do you have to save per month to be a millioare by 60

At your age? A couple hundred thousand a year more than you make.

 

[Domingo Halliburton]

One of the first rules of finance is:

Nominal rate - inflation = real rate

As in I put my money in a savings account at your local bank for 5% per year, inflation is 3% so 5-3=2%

2% is the real amount of interest is what you are getting on your money/ year.

Multiply that by 20, 30, 40 years and you see how that eats away at your investments.


edit: this nowhere near reflects interest rates today.

 

[Domingo Halliburton]

22, sittin on 30k

Good for your well-off parents...

 

[BlvdBrawler]

At your age? A couple hundred thousand a year more than you make.

 

[the cac mamba]

Good for your well-off parents...

fukk outta here. only a thousand outta that that i didnt earn by myself

 

[KingSamie]

I'm thinking that inflation will eat up a BIG chunk of that though. Inflation is a motherfukker.

 

[The Coochie Assassin]

that article is BS and any 20 year old thinkin about retirement and saving up the infamous "1 million" is a fool drinking the kool-aid....the whole concept of retirement and saving pennies for your medical expenses in your 60s is a sad life especially since most people won't even be able to retire with that amount....how about u spend ur 20s trying to figure out how to not work for someone else and stop playing it safe

 

[Gold Chain]

Pretty good article.

 

[88m3]

that article is BS and any 20 year old thinkin about retirement and saving up the infamous "1 million" is a fool drinking the kool-aid....the whole concept of retirement and saving pennies for your medical expenses in your 60s is a sad life especially since most people won't even be able to retire with that amount....how about u spend ur 20s trying to figure out how to not work for someone else and stop playing it safe

Yeah, the Government is going to throw us in concentration camps long before we reach 60.