Saved by working, not invested or inherited.
Judith: Considering the fact that the AVERAGE person in the US saves nothing – I'd say a lifetime. Over 50% of Americans do not save anything because they struggle to make it from one payday to the next or they live beyond their income. So I guess you'll just have to figure out how much YOU can save – and then do it.
I'm retired and if I can save $100 a month, I figure it's a good month. It's not something I can do every month and it doesn't take much to wipe my small savings account out.
A long time. Most people don't have even a few hundred dollars available to save each month, for a variety of reasons that is another whole discussion.
$200 is going to take 500 months to save up to $100,000 ignoring any investment growth of the money.
a long time… most people don't have even a few hundred dollars available to save each month, for a variety of reasons that is another whole discussion…
$200 is going to take 500 months to save up to $100,000 ignoring any investment growth of the money…
Hmmm, without investing or buying a home and have it appreciated? It depends how much you earn, and how much you spend. In 2015, the the average person grossed $48,098.63,according to Social Security would Administration. If he could deposit $200 monthly/$2400 yearly into the credit union at .02%, it would take him 42 years to have 101,225, earning $425.00 total interest. In his first year, he'd earn 5 cents interest on $2,400 saved. If he invested his money at 7%, it would raise 574,287 in 42 years. He would have earned $473487 in interest and deposited only $100,800 of his money. In his first year, interest earned would be $168.00. Now you can see how the banks are ripping you off.
Very long time. People have lots of expenses like child's education, vacations, debts, save for marriage, retirement, buy vehicle, etc
Saving up money takes long time, unless you smartly manage to rob some bank
The average person never gets to 100k.