do you think it is really possible to just save a million $$$?

Question

i figure i am only 18 if i start now and start off at a reasonable price reaching this goal shouldn't be impossible. i know $50 a check isn't much but that is $200 a month. i like to give myself a little for back up so when i see i'm cutting it close i cut back on thing i know i don't really need. so i can soo the $50 going to $75 really soon plus if working extra hours i could act like they don't exist and just put the money strait over. i know this would take years and i mean years, but do you think it is possible? and if so do i have to invest it or can i keep it in a savings account? will they eventually start taking money from me if i'm not spending it? and if they do is that right since i've paid taxes on it already?

i am in school have a full time job and honor roll grad and grauated early already have a cosmetology license and going for a business degree

by the way people who have nothing but negative things to say generally have nothing going for them and even if i was going no where as least i was going there with a dream

Answer 1

You're not dreaming by any means. You are one of the only people I've ever seen on here who wants a mil and is actually aware of what you have to do to get it. At your age it's definitely doable. If you don't end up with a mil if you follow your plan you'll still have plenty. IMO you should learn about index mutual funds. That's the best way to make your money grow. I say religiously put aside 10% of your income starting now. Invest it like I said and don't touch it. Live below your means with the other 90%. Eventually you'll have enough to be totally financially independant. Okay, it'll take 30 years or so but 48 is young to have that. I wish I had done that when I was your age. Do it kid! You'll be glad you did! I'm rooting for you!

Answer 2

Yes, there is a way.

Save all you can now, in a high-interest account such as ING online. You may have others in your country that do much the same thing.

When you have enough for a deposit (it depends on where you live, but about $10 000 will do nicely) get yourself your first investment property such as a condo in a big city, or a small house in the suburbs.

Whoever lends you the money will need proof that you can service the loan, so you need a steady source of income, such as a good job. These monthly payments will be instead of saving cash every month, get it?

You do not have to live in the property yourself - as a matter of fact, your tenant's rent is important, because it will help you pay off the loan.

Most properties double their value in 8 - 10 years, depending on where they are. In this time, you can accrue enough equity to obtain a second and a third property by the time you are 35 or so. (Equity is the value that belongs to you after you subtract what you owe the bank. It can be used as collateral to borrow more.)

When you have four or five investment properties, you will see that they will be worth much, much more than a million by the time you are 40.

Cash is not the go - investments work better for you in the long run. And those are the most important words I have written... in the long run. Investment in real estate really works, but you have to be patient. It makes a bit less than the stock market, but it is reliable, steady and for sure. And you can drive past it and say "That's mine." It is not subject to the whims of speculators, nor to the exploits of crazy CEOs.

Buy a property investment book, subscribe to a real estate investment magazine, and you are on the way.

Good luck.

Answer 3

Your plan is a great way to treat money. Without doing something fancy by way of investing your best bet is to make sure you have your money in the highest possible intrest rate on your savings account. You can usually find these at a credit union. They can have rates upwards of 4-5% per year. There are also money market accounts similar to checking accounts that are as high as 4-5%. It is true that it will take some time but you can acheive this goal. I would suggest you keep up with this program and take a class about money matters to help you acheive your goals quicker. Good Luck.

Answer 4

The bank may take out taxes on the interest, you only file the interest on your tax return, most likely you will get it back or it is not that much to worry about.

You are best finding a high rate CD, the military credit union should have good deals. Go to the account manager, they should be happy to help you!

If can chose from 30 , 60, 90 days or 1-5 years, usually the longer the more interest rate.

Whether you get a million or not doesn't matter, but it will help your credit report to have a savings.
You will need this for a loan on a house or car, the more you have saved, the less interest the bank charges you on your loan.
So the more you save, the more you save.

Good luck!

Answer 5

I'm investing 100 a month into Edward Jones Mutual Funds. I have 1000 in there from a few years ago and with compounding interest they told me that would turn into at least 75,000 by the time i retire (40 years). It builds over time, very little risk. You can put your money at great risk and get great rewards with stocks, it's a personal preference I guess. Bank accounts just eat at your money. I would advise you to go to an Edward Jones representitive or someone you trust in Mutual Funds and put a little bit like you said 200 a month into it, and forget about it, don't cash it in ever. I know some people who take out loans just to put money into RRSP's. It's the smartest way for young people.

Answer 6

taking under consideration your modern-day existence form I could desire to ask your self purely why you like a million in the 1st place. As to are you able to do it, specific, it is going to take an prolonged time however and in the time of the time you get there it is going to probable purchase you what one hundred,000 could purchase immediately, if that. 40 years in the past human beings used to dream of triumphing one hundred thousand on the soccer swimming pools, which via the factors of the day, replaced into assumed could shop them in convenience for something of their existence. you may desire to no longer purchase a house for that now. As your saving plan could advise residing hand to mouth for many some years, with an end results of a million in the financial corporation that during uncomplicated terms has the spending ability of say 50 grand via todays standards, i could question no count number if that's a pragmatic purpose in any respect.

Answer 7

You can EASILY save a million given enough time. Never underestimate the power of compounding interest! Plus, you can invest your money when you gain more understanding of our financial market.

The way it works is that if you save enough money, you will earn interest. That interest is subject to tax. You pay a certain percentage out of your interest. No, they will not force you to spend it or take it out for you. What you save is yours to keep. (less tax)

What you are thinking is retirement saving. When you reach a certain age, you will have to start withdrawing, but you don't have to worry about that until you are 60+ years old.

Yes, start saving. That is a great plan.

Answer 8

You you can save a million

take the $2400 a year and invest in municipal bonds that are not taxable, and check into 401K index and get a balanced portfolio

if you open an account with $50 and contibute $220 a month for 12 at 4.5% intrest you would save 2510.36 compared to 2450.68 no intrest
At 4.5% 20 years from now you would have $91000.00 compared to $55000.00 no intrest

Answer 9

they don't take money away from you if you don't spend it, they give you more. its called interest.

since you don't seem to know much about money, it'd probably be best to just put your money in a savings account until you learn about investing.

at 50 bucks a week it'll take you about 84 years to save a million dollars (3% APY). hopefully though, you'll be able to get a better job in the future and be able to save more.

Answer 10

I'm going to have to agree with the other guy saying go to college and get yourself a good job that pays well. You don't want to work some retard job for $12 an hour for the rest of your life and scrap by and save a little each paycheck. Live is F'n expensive!! It would take years and years and years to save that much after taxes and that's if you even invest it correctly.