How can I have 300,000 in the bank by the time I am 55? I am 31...?

Question

What amount do I need to put in the bank and how much a month do I need to put into.

I did not mention this would be my life savings. I want to take that amount and out it away for 15-20 years and take it out and give it to my daughter. Not for me, but for my child.

Answer 1

this calculator is for "retirement", but you could use it the same way...you can adjust the rates of return and what not...

so, at a VERY conservative 5% rate of return (assuming you invest it in a diverse folder of stocks/funds/etc), you'd need 609 dollars a month.
At a 10% rate of return, 337 dollars a month....

Calculator link is below...

Answer 2

Hi there!
I am no pro in investing or biz.. but sure i know if u want to have 300,000 in ur bank just by saving and getting interest for 20yrs, u will have to put in a huge amount every month! and without fail not touching them at all..
However, if u can spot the right opportunity u will be able to double or increase ur money at a higher % rather than the banks pathetic 3.25%(for my bank fixed deposit). I do have something that have been generating as high as 13% per mth. If you would be interested in it, pls add me on msn or email me at [e-mail]!
Cheers and all the best to you! =)

Answer 3

Well the best answer I can give is go to a primerica office and talk to them.

Citi Bank offers a high yield savings. The highest I have seen yet at 12%
Which means every 6 years your money that you put in would double. If you had 20,000 to invest right now in 6 years it would be 40,000 and 12 years 80,000 and 18 years 160,000 and 24 years it would be 320,000 and with just another 6 years added on again a nie 640,000

Now also keep in mind when a bank offers interest they are taking your savings and playing on stocks. Granted these people know what they are doing but it is very likely you could earn 12% and then at another time earn 9 or even nothing. Most likely that won't happen we are talking about Citi. They are the largest bank in the world they didn't get that way by being money ignorant.

Rule of 72. If you find a bank with a interest yielding account you take 72 and divide the interest back they are offering and that is how long it would take for you money to double

BTW I started with 20,000 because by adding that amount you never have to add to it again to have it earn up to 320,000 in 24 years.
If you don't have 20,000 you just have to start smaller. But thats is your best bet for having 300,000 or more in 24 years like I said though if you invested that and waited just another 6 years you would have 640,000 and in just another 6 years 1, 280,000. Sounds good huh!
Can you invest 20,000 and wait 36 instead of 24?

The average bank yields 3% interest and if you used one like that it would take 24 years for you money to double just once. So to aquire 300,000 you would need to invest 150,000 now.

Contact your local Primerica office this is what they do and it doesn't cost you anything
But they also like to work on debt consoladation and will try to talk you into that to.

BTW the plan with citi is a roth and is for retirement so if your not looking for that Im not sure what else they have. with a roth you can withdrawl but you are heavily pentalized and taxed if you wait till you retire they don't touch your money.


I corrected that at the bottom I meant Roth through stocks and mutural funds. Its for retirement and yes you can pull out early but u are heavily pentilized. Looking that this person wwants to know till 55 then he is looking for retirement. If he wants to have 300,000 then he doesn't need to touch it anyways inless he wants to the be one contributing it all.

Yes citi is 12% Roth excuse the savings I called it that but I knew what I meant lol sorry for the confussion.

We are with them for our retirement plan.
We couldn't start out with 20,000 but we started with 10,000 from my hubby's vest union retirement. We moved it to Citi! We have more than 24 years to go so it will still accumulate alot by the time we retire.
Im looking forward to a good retirement.

If your looking for a savings the highest I have seen is still citi with 5% and then ingdirect with 4.5%

Answer 4

jessica , no way you are getting 12% from a savings account at citibank, more like 4.8 or so, it just isnt happening, you say its a roth, is it in mutual funds? if so it isnt a high yield savings account, huge difference, if you could get 12% in a savings account everyone in the country would be at citi bank

Answer 5

invest about 500 to 600 bucks a month earning around 7% a year will get you around 300 000 bucks

Answer 6

jeez i dont know but i guess your a little behind hope you get lucky why you think 300k going to last till you die if you retire when youre 55 good luck

Answer 7

Is the 300,000 in USD or Rupiah? If latter, then you can achieve it easily.