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re: Games of Skill - "Casinos" Skyrocketing in Arkansas
Posted on 2/9/14 at 5:58 pm to SunHog
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.
1
Posted on 2/9/14 at 6:14 pm to Hawgeye
quote:
By your math, $2300 a month would be just over 27k saved a year. After 40 years that's 1,104,000 in savings.
That is correct.
What industry standard would you like to use?
Checking 0.5-1.5%
Savings 0.75-3%
Money market 1-2%
IRA 3.25%
We also have Junk Bonds, REITS, and I think I'm missing two others that fluctuate with tax implications.
Let's not add capital gains tax or net income to this either, we can stick to gross. You realize I'm trying to keep this as simple as possible for all to see.
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