2007-02-23 17:11:43 · 10 answers · asked by anonymous 1 in Business & Finance ➔ Investing
Depends on how old you are, and what rate of return you are receiving. Link below is for you to put in your specific data to determine your outcome. Typical mutual fund investment will yield avg 10%. Do your research to find the best one. May want to look at morningstar.com, www.clarkhoward.com, www.fool.com for more guidance. No loads are the best way to go. IMO.
You are never too old to start investing. Even if you don't hit a million, you will be better off than the peeps writing below with discouragement of saving. They will have little to nothing when you have a nest egg large enough to live like you never thought possible. Don't waste $$ on the lotto. It is a poor person's tax. Even if you win, you will wish you hadn't. Do a google search on lotto winners if you don't believe me.
Good Luck!
2007-02-23 17:24:01 · answer #1 · answered by needabuck 2 · 0⤊ 0⤋
Calculated at a constant 6% return, $350 invested every month without fail, you could retire in 45 years, 7 months with just over $1 million. Depending on what the actual rate of return is, it could take longer or be sooner.
2007-02-24 01:30:53 · answer #2 · answered by Brian G 6 · 0⤊ 0⤋
It could be a lot sooner than what you expect. If you can spare and invest $350/ month and get 15%+ returns every year, you're probably some 30 years away but remember , you can always get better returns. Build a portfolio which invest 50% in the states and 50% into the emerging BRIC economies (Brazil, Russia, India, China) and you'll get there in uder 20 years.
2007-02-24 01:23:41 · answer #3 · answered by momach21 2 · 0⤊ 0⤋
It can be done pick a good mutual fund and reinvest all div and gaines. Try to add any income tax refunds the $350 and maybe 25 to 30 yrs. Most funds return 10 to 15% per yr but my fund did 23 % last yr. Vanguard Eqiuty Income fund.
2007-02-24 01:38:24 · answer #4 · answered by ? 6 · 0⤊ 0⤋
assuming you mean you're saving $350/mo in an account earning you 5% after-tax, after-inflation yield, it should take 51 years and 4 months.
2007-02-24 01:21:00 · answer #5 · answered by ammarmarcusnaseer 3 · 0⤊ 0⤋
If you buy 350 lotto tickets a month, probably in about 6 months.
2007-02-24 01:15:40 · answer #6 · answered by Debi in LA 5 · 0⤊ 0⤋
46 years @ 6%, 32 years @10%, 24 years @15%
Interest rates are annual.
2007-02-24 04:57:56 · answer #7 · answered by Warrin' Buffit 1 · 0⤊ 0⤋
25 Years. (In a Mutual Fund with at least 15% annual returns)
This answer does not consider inflation.
If you do consider inflation it will take a very long time.
2007-02-24 14:05:00 · answer #8 · answered by Anonymous · 0⤊ 1⤋
a really long time
2007-02-24 01:14:25 · answer #9 · answered by ashleynicole452 4 · 0⤊ 0⤋
woah, longer then you could ever live dude!
2007-02-24 01:15:23 · answer #10 · answered by Bl3ss3dw1thL1f3 4 · 0⤊ 0⤋