I'm a 29 yrs old mechanical engineer and my wife is a 24 yrs old high school teacher. I make around $8000 a month and she makes around $5000 a month. According to our agreement, at least 30 percent of our income should go to our savings and there will be no vacations, extravagance expenditure and etc. for the
I'm a 29 yrs old mechanical engineer and my wife is a 24 yrs old high school teacher. I make around $8000 a month and she makes around $5000 a month. According to our agreement, at least 30 percent of our income should go to our savings and there will be no vacations, extravagance expenditure and etc. for the next 20 yrs.
B: 30% of $13,000 after tax is about $3000 a month or about $36000 a year. Assuming you do this for 20 years you will save $720000 plus whatever earnings you can muster on the $36000 a year per year (assume 2% to be conservative) you have $892,000 BEFORE Taxes. So, you will have to get around 3% a year on your savings to achieve your $1,000,000.
Since there are so many of them, it must be possible.
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anything is possible but you are saying your income is $13000/mo and you expect to save $3900 of that every month for 20 yrs? unless you are really dedicated to this plan it won't happen, life isn't that regular
you can certainly invest in something that won't lose money as you go along, and as that investment grows and reinvests, it is possible to attain $1Mil but when is questionable
Many people are millionaires now. It is not worth what it used to be. Also, with inflation, it becomes less value each year.
People build equity in homes, save tax deferred or even tax free in retirement accounts, and usually take some risk investing.
Most people want to also enjoy their life while young enough to travel and enjoy some fine things.
There is no guaranty that you or your wife will live long enough or healthy enough to make use of that million. Besides which, money is only an accounting number now, to what it can buy. It is no longer backed by anything but faith, and a current $20 trillion national debt will weigh eventually. Social Security as a fund, is actually a pile of government debt and everything is just numbers in a computer.
If you save $3900 per month, at even a 4% Annual percentage earnings, taxes paid separately or deferred,
after 187 months, you have $1,006,511
That is 15 years, 7 months.
At $3000 per month, 226 months = 18 years, 10 months
$2750 a month takes 20 years.
Eventually, it has more to do with the earnings on savings than the actual saving money.
Money makes money when invested wisely.
Interestingly, in Australia, there are many millionaires based on net worth. The equity is in their home and Superannuation retirement, but one has to live somewhere.
And to me, a vacation trip after working long hours for many days was worth more than money.
Watching orcas jump from the ocean on an Alaska cruise was more than anything a movie or TV can show.
Nothing in the whole universe was worth any more than watching an ocean sunset with frozen pina colada in hand on a pure white sand beach with the carimba playing band behind me.
You can keep your money, which I did eventually save, but would not trade the vacations for it.
Wise use of cash is fine, but there are times to spend a weekend in Las Vegas to let loose and have fun also.
It would take around 20 years if you save 5,000 every month
Of course it's possible if you invest prudently. However, not having any vacations for 20 yrs. is a bit excessive. There are ways to have a vacation that are not overly expensive.