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re: Games of Skill - "Casinos" Skyrocketing in Arkansas
Posted on 2/9/14 at 9:18 am to WonderWartHawg
Posted on 2/9/14 at 9:18 am to WonderWartHawg
quote:
As I was walking down the 'gangplank' walkway, an elderly African American couple were walking in, clutching what was obviously their social security check, which they were going to cash - and you could see it in their eyes: This time they were going to hit it big. Most likely left there with much less than they went in with.
That is sad yet I don't feel that sorry for her.. My generation won't even have a social security check to spend yet her generation helped kick the can down the road on our massive problems. Heck, she might be old and is bored therefore just wanting something to do knowing the next check will just keep on coming like it always does. Thanks to us who let it happen. She is to far behind the eight-ball to invest anyway. I'm all for helping people but giving them money is not the right way to help someone in need. Education and food in my opinion.
If you invested for a 10% return over 40 yrs it would take you $2,300 a month put away to have $1 Million dollars in year 40. Good luck finding anything besides the stock market that pays a continual average rate of 10% return.
Why would y'all not want to keep the money in-state?
This post was edited on 2/9/14 at 9:50 am
5
Posted on 2/9/14 at 9:29 am to SunHog
Keep the casinos out.
Posted on 2/9/14 at 10:44 am to SunHog
quote:
If you invested for a 10% return over 40 yrs it would take you $2,300 a month put away to have $1 Million dollars in year 40. Good luck finding anything besides the stock market that pays a continual average rate of 10% return.
I love statements like this that are intended to prove a point to people that don't even make that $2,300 a month to begin with.
Posted on 2/9/14 at 10:58 am to SunHog
quote:
If you invested for a 10% return over 40 yrs it would take you $2,300 a month put away to have $1 Million dollars in year 40. Good luck finding anything besides the stock market that pays a continual average rate of 10% return.
No.
Let's say a kid decides to start saving money at age of 19 instead of hitting up casinos. Say he finds an account to start saving in that is a 10-12% return. He can stop putting money in by the time he is 26 yrs old and he will have over $2 mil saved by the time he is 65.
Invest $2,000=$2,240
20: $2,000=$4,749
21: $2,000=$7,558
22: $2,000=$10,706
23: $2,000=$14,230
24: $2,000=$18,178
25: $2,000=$22,599
26: $2,000=$27,551
Stop putting in $2k
30: $0=$43,352
40: $0=$134,636
50: $0=$418,191
60: $0=$1,298,837
65: $0=$2,288,996
Posted on 2/9/14 at 12:44 pm to SunHog
I can't quote but I can tell sunhog didn't get his highschool diploma.
You math is awful.
You math is awful.
Posted on 2/9/14 at 5:58 pm to SunHog
quote:
If you invested for a 10% return over 40 yrs it would take you $2,300 a month put away to have $1 Million dollars in year 40. Good luck finding anything besides the stock market that pays a continual average rate of 10% return.
Was your original post.
As I said, no, a person doesn't have to invest $2300 a month to have 1 million in 40 years at 10% interest.
By your math, $2300 a month would be just over 27k saved a year. After 40 years that's 1,104,000 in savings.
At no point did you account for interest.
I showed you how a person can save $2000 a year for 7 years then only reinvest the interest made on money to have over $2million by the time they're 65.
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