2007-07-17 11:51:44 · 7 answers · asked by Anonymous in Entertainment & Music ➔ Polls & Surveys
Win the lottery, or hope some rich relative kicks the bucket and leave you millions, or marry a millionaire thats about 90 years old!
2007-07-17 11:58:29 · answer #1 · answered by silver 5 · 0⤊ 0⤋
Yer talking to one right now....
Would you believe that if you are a young adult (21), that if you put 25$/week in a fund that earns 12% interest, and do this every week until you retire.... that you will end up with close to 1.4 MILLION $$'s... Yep.. it's true..and ya end up with MORE if you start YOUNGER..
Its called the law of 72's... divide 72 by the rate of return you get, and the number you come up with is the number of years it will take to double your $$
EXAMPLE:
$10K @ 12%
In 6 years.. its $20K
Another 6 yrs.. its $40K
Another 6 years..its $80K
Another 6 years..its $160K
Another 6 years...$320K
Another 6 years $640K
Another 6 years $1.2MILLION
If you started at 21... the last number is what you'd have at 63-yrs-old
And thats for doing absolutely NOTHING but letting your money work for you.. instead of you working for it.
2007-07-17 18:55:45 · answer #2 · answered by I Can Count To Potato 7 · 1⤊ 0⤋
Tomorrow? When you find out tell me.
Eventually....Start saving and investing.
If you put $4k a year into a savings/investments and make 10% a year simple interest in about 34 years you will have $1 million.
$10k a year...25 years.
It may seem like a long time, but believe me time will pass anyway and it is nice to have thought ahead to your future.
2007-07-17 18:59:37 · answer #3 · answered by ADF 5 · 1⤊ 0⤋
O never mind. Um u could hit the lotto.
2007-07-17 18:53:31 · answer #4 · answered by Kasey 3 · 0⤊ 0⤋
Either be born into it, or marry into it.
2007-07-17 18:54:51 · answer #5 · answered by johN p. aka-Hey you. 7 · 0⤊ 0⤋
play the lotto.........
2007-07-17 18:54:01 · answer #6 · answered by BlackGirLinTampa 5 · 0⤊ 0⤋
sell crack
2007-07-17 18:54:17 · answer #7 · answered by leslie c 2 · 0⤊ 1⤋