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Author Topic: Start on your first $1 million at age 16  (Read 4331 times)

lanux128

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Deozaan

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Re: Start on your first $1 million at age 16
« Reply #1 on: December 06, 2006, 12:15:59 AM »
Oh carp I'm a few years late and I'm making more money than I'd ever make at McDonald's. What do I do now?  ;D


app103

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Re: Start on your first $1 million at age 16
« Reply #2 on: December 06, 2006, 12:41:35 AM »
Actually the concept of putting money into a retirement account starting when you are a teen isn't very new...goes all the way back to a book published in 1995 called More Wealth Without Risk. (probably even older than that)

But they took it a step further in their idea by suggesting that parents not put money away for their kid's college education, and instead dump it into an IRA for them and let the kids take over the payments as soon as they are old enough to work. And the amount they suggested teens put away was $1 a day.

I made a post in my blog a long time ago about the whole idea in response to something I read about people that make regular trips to Starbucks are wasting $1 million over the course of their life.

http://cranialsoup.b...ee-is-expensive.html

Deozaan

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Re: Start on your first $1 million at age 16
« Reply #3 on: December 06, 2006, 12:51:38 AM »
So from my understanding Scott Burns is saying that from an $8,000 investment in a Roth IRA you can have a million dollars in ~50 years?


cranioscopical

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Re: Start on your first $1 million at age 16
« Reply #4 on: December 06, 2006, 07:50:23 AM »
Fair enough but, if I pay $1 million can I be 16 again?

Darwin

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Re: Start on your first $1 million at age 16
« Reply #5 on: December 06, 2006, 08:39:38 AM »
The Wealthy Barber has been spouting this kind of advice for Canadians since 1989 (oh that I had heeded that advice...).
"Some people have a way with words, other people,... oh... have not way" - Steve Martin
« Last Edit: December 06, 2006, 08:42:52 AM by Darwin »

mitzevo

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Re: Start on your first $1 million at age 16
« Reply #6 on: December 06, 2006, 10:46:37 AM »
this kind of stuff is logical and well talked about, covered, written about, etc. just takes dedication and commitment.. the main reasons why people fail at any thing. so what's the big deal?
The clock is running. Make the most of today. Time waits for no man. Yesterday is history. Tomorrow is a mystery. Today is a gift. That's why it is called the present.

Deozaan

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Re: Start on your first $1 million at age 16
« Reply #7 on: December 06, 2006, 05:13:11 PM »
this kind of stuff is logical and well talked about, covered, written about, etc. just takes dedication and commitment.. the main reasons why people fail at any thing. so what's the big deal?

Exactly -- I've heard all throughout my life that if I start saving early it will be no problem to  become very rich in 15-25 years. Although back when I first was hearing this information I didn't know anything about Roth IRA and all that stuff. I actually still don't know much of anything about them, but at least I know they exist now.

I'm particularly fond of David Ramsey's book The Total Money Makeover, which has great advice on how to get out of debt, keep a budget,  and start saving money in a way that will get you plenty of money over a couple decades.

David Ramsey was a person who had assets of about $4 million but lost it all and went bankrupt due to poor spending and deep debt and has since, in about 15 years, become a multi-millionaire, so I tend to believe his advice. Be warned that the first chapter or two sounds just like an infomercial so you'll probably start feeling like it can't be believed, but once you get to the meat of the book it really seems like sound advice.


rossi46

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Re: Start on your first $1 million at age 16
« Reply #8 on: December 23, 2006, 10:17:16 AM »
So how much is a million dollars worth in 47 years exactly? Will it buy me a Big Mac? :-\