CARY GRANT RACING MOVIE

Now look at it from the opposite angle, the extra money you spend on that new car you yearn for and must have now, will cost you $600,000 by the time you’re 65 and the car has long since been recycled into tin cans.

I’d probably buy the car too, but it’s useful to consider the consequences.

It gets harder to get rich slowly as you get older. If you wait until you’re 32 and put away $4000 at 10%, you would have about $975,000, still a respectable amount. At 42, you’d only be able to accumulate approximately $350,000. If you’re 50 and.

can start putting $5000 away today, you’ll have around $175,000 at age 65.

Everyone knows that Social Security is not going to allow for a comfortable retirement. Even if the plan can continue to pay out forever, which is questionable right now, the money you receive will be far from generous and is subject to taxation. And you might have a good pension plan at work now, but will you be able to hold your current job to.

• retirement?
• If you have a Roth IRA, you can withdraw the money tax free after age 59 Ѕ. Imagine having a million tax free dollars you can play with. It will well make up for the small sacrifices you have to make to get rich.
• No matter what your age, start saving what you can now - today. Even if you only amass $100,000, you’ll be better off than most people entering retirement.

Is it hard to get rich? Not really, if you’re young.

• Its fun to play with financial calculators and see what might happen.
• Assume you have just graduated from college, are about 22 years old and I just started your first real job. If you put $100 a month in an IRA that grows at 10% a year, you will have about $865,000 at age 65. 10% a year compound growth is about what you should exect if the money was invested in a no-load S&P 500 Index Fund.