I'm serious i'm lookin to get out of debt
2007-01-21 08:24:59 · 7 answers · asked by Jade 2 in Business & Finance ➔ Personal Finance
The interesting thing is EVERYONE has the chance and ability to become wealthy. There really is no reason that someone can't retire with over a Million Dollars in net worth. The sad thing is, most want everything now and don't have the patience or discipline to do it.
I too have to recommend Dave Ramsey. His Financial Peace is an excellent course. Please check him out.
Here is a small tidbit to get you thinking. If a 20 year old were to invest $200 in a Roth IRA (which allows you to have tax-free growth for retirement and a maximum of 5k per year per person) at 12% for 10 years. Yes you would stop investing at 30. You would have paid a total of 21k into it and it would be worth $1,600,000 when you hit age of 60. At 65 it would have grown to over $2,900,000 .
Now, the max for a Roth IRA is 5k right now. If you invested that much (416 per month), you would have $3,200,000 after 40 years. And all of it would be TAX FREE. It really is that simple. Inflation has averaged near 4% a year, so if you could take out 8% and get a price of living increase every year. That would be 256k per year (21.3k per month) in income to live off and all of it would be tax free.
Now there are several other things that really would benefit everyone, but it would take too long to go over. Please check Dave Ramsey program out, I wish everyone would.
2007-01-21 10:34:33 · answer #1 · answered by Nate 3 · 0⤊ 0⤋
Go to school and stop spending money! You could try a Dave Ramsey program. Just look him up on the internet. He teaches people how to get out of debt by budgeting etc. He's really amazing. He's also on the radio.
2007-01-21 17:48:12 · answer #2 · answered by psycho-cook 4 · 1⤊ 0⤋
Ok, This is worth checking out.
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2007-01-21 16:36:56 · answer #3 · answered by urnlov 2 · 0⤊ 4⤋
The best is to use multiple stream of income
2007-01-21 16:28:45 · answer #4 · answered by JJcoolJ 2 · 0⤊ 2⤋
hey, check this site out
2007-01-21 20:51:00 · answer #5 · answered by slipstar_182 2 · 0⤊ 1⤋
The secret is...... wait for it, wait for it..... spend less than you earn!
2007-01-21 18:42:30 · answer #6 · answered by Anonymous · 1⤊ 1⤋
ive been wondering myself
2007-01-21 16:27:19 · answer #7 · answered by bandi 2 · 0⤊ 1⤋