tag:blogger.com,1999:blog-37697766.post3107972269927232714..comments2023-10-01T07:59:30.295-07:00Comments on Grad Money Matters: 10 Steps Using Which Even a Lazy Person Can Be a MillionaireUnknownnoreply@blogger.comBlogger15125tag:blogger.com,1999:blog-37697766.post-39940572967429212282008-02-05T11:16:00.000-08:002008-02-05T11:16:00.000-08:00Each step seems simple and obvious...but the fact ...Each step seems simple and obvious...but the fact is that few people actually follow these steps.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-37697766.post-12867865615805873312007-10-15T12:05:00.000-07:002007-10-15T12:05:00.000-07:00It seems a lot of people have mentioned that a mil...It seems a lot of people have mentioned that a million dollars won't be worth as much in the future as it does now but what about our salaries? Twenty years in the future I would hope to be making much more than I am now. As my salary goes up so will my 401K contributions as well as their match. A million might not be worth as much but what's to say I won't have much more than a million?Free From Brokehttps://www.blogger.com/profile/09862383642592972914noreply@blogger.comtag:blogger.com,1999:blog-37697766.post-46601868179369436662007-10-09T13:13:00.000-07:002007-10-09T13:13:00.000-07:00Very good advise. Thanks.Very good advise. Thanks.noreakhttps://www.blogger.com/profile/06813537238968943758noreply@blogger.comtag:blogger.com,1999:blog-37697766.post-41421999927205239212007-10-09T11:40:00.000-07:002007-10-09T11:40:00.000-07:00Very big, glaring, error... Just as the author say...Very big, glaring, error... Just as the author says that static money in your savings account will actually lose value as inflation eats away at it, the "million dollars" you earn following this article's advice is a million dollars in "today's money"... which will be substantially less come retirement time.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-37697766.post-88289618595181031842007-10-09T09:11:00.000-07:002007-10-09T09:11:00.000-07:00Worried about the future or money, you forget to l...Worried about the future or money, you forget to live. What stories are you going to tell your grandchildren by the age of 65? That you did nothing but save and watch TV in your life? The best advice I have ever recieved ... Before you invest in anything, invest in yourself.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-37697766.post-62549963999393511442007-10-09T02:13:00.001-07:002007-10-09T02:13:00.001-07:00If the the dollar suffers the same drop in value i...If the the dollar suffers the same drop in value in the next forty years as it did in the last (1967 to present) 1 million dollars in 2047 dollars will be worth roughly 160K today, make sure some part of your investment portfolio is hedged against inflation.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-37697766.post-66995676286387448502007-10-09T02:13:00.000-07:002007-10-09T02:13:00.000-07:00For people that say invesment is useles....wake up...For people that say invesment is useles....<BR/>wake up!!! 1 million in the future is better than nothing...<BR/>spend all your money now and ejoy life, get kicked like a dog in the future when you don't have moneyAnonymoushttps://www.blogger.com/profile/06934156823307647875noreply@blogger.comtag:blogger.com,1999:blog-37697766.post-27532928846265654282007-10-08T23:33:00.000-07:002007-10-08T23:33:00.000-07:00To the anonymous person who obviously does not kno...To the anonymous person who obviously does not know the power of investing. Here is a little bit of info for you:<BR/>Given the numbers that you state, 30 years, 15%, 1 million dollars. You say that the 1 million dollars in 1970 is worth 9 million of todays dollars.<BR/>If you put that 1 million dollars in a bank account and invested it at 15% and withdrew it today. You would NOT have 1.15 million dollars.<BR/>You would have $197,879,875. So.... please, learn the magic that is compound interest before you go spouting off garbage about the value of a dollar at some point in time. Unless inflation is higher than your rate of ROI(return on investment). You're money will not be loosing value.<BR/><BR/>Benjamin Franklin knew about this concept and left two investments to philidelphia and boston when he died in 1790. He left in his will, 1000 pounds(around 2000$ nowadays) to the two cities, on two conditions. The cities had to invest it at a measely 5% interest for 100 years, when they could take out 75% for city improvement. They then had to invest the rest for another 100 years before they could remove the rest. The value after 100 years, ~$657000.<BR/>Their first withdrawel in 1890 was <BR/>on the order of ~$493,000.<BR/>The rest of the money was reinvested at 5% for another hundred years.<BR/>The value was ~21,000,000.<BR/><BR/>If they had not withdrawn any money, they would've been able to withdraw ~$34,000,000.<BR/><BR/>And that is only at 5% interest. Money Market, CD's, bonds all get this or higher rates.<BR/><BR/>The U.S. stock market average 10% over the long term. <BR/><BR/>So, if they had invested in the stock market, that original 1000 pounds that Benjamin Franklin left, to each city would be worth now almost $380,000,000 and doubling about every 7.2 years.<BR/><BR/>Want to learn more?<BR/>Read the book:<BR/>"The Random Walk Guide to Investing"<BR/>By Burton G. Malkiel<BR/><BR/>You can fire your financial advisor after reading this book, because if you follow Dr. Malkiel's advice, you will be more successfull in investing than almost every financial advisor in existance. Period!battledragonhttps://www.blogger.com/profile/12958191152972831265noreply@blogger.comtag:blogger.com,1999:blog-37697766.post-54436263911901168762007-10-08T23:14:00.000-07:002007-10-08T23:14:00.000-07:00At the exponential rate the USA is borrowing money...At the exponential rate the USA is borrowing money, in 20 years a million dollars will buy a cup of coffee.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-37697766.post-38669857000880055042007-10-08T22:51:00.000-07:002007-10-08T22:51:00.000-07:00THINK PEOPLE MORONS OUT THERE. You think 10% over ...THINK PEOPLE MORONS OUT THERE. You think 10% over 30 years seems good since its "free money" but, you put away a dollar today its worth 1 dollar.. Now factor in 1 dollar in 1977 just 30 years ago.. Is worth 9 times the dollar we use today. so in actuality 1 million dollars then is worth 9 million dollars now. You use 15% increase. You now put away 1 million dollars and well. It's 1.15 million not worth nearly as much in perspective. As well as gas. It was 70 cents a gallon in america. Now it should be over 7 dollars a gallon so its actually CHEAPER per gallon now than it was. So you want free money.. All free money does it make your money worth less. Unless you make it big and bust your ass you won't make it via simple chartsAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-37697766.post-41403996009371474442007-10-08T21:17:00.000-07:002007-10-08T21:17:00.000-07:00W_tapscott: You are right. Having enough money to ...W_tapscott: You are right. Having enough money to live like a millionaire before retirement ain't quite that "easy". But hey, keep you mind open for opportunities and you never know when your ship will come in :)<BR/><BR/>Lazy: Good catch. On all three accounts! But the point of the post is that anyone can become a millionaire with very little money and very little effort, if only they commit to it.<BR/><BR/>Anonymous 1: Please see what anonymous 2 has to say.<BR/><BR/>Anonymous 2: Thanks for the comment. It sounds a lot better coming from someone who has already made it. I am not there yet, but someday, I will be - have a reasonably good life *and* make my million(s). And your comment only strengthens my resolve - Thanks!ispfhttps://www.blogger.com/profile/00928097981905476759noreply@blogger.comtag:blogger.com,1999:blog-37697766.post-73136614465218927942007-10-08T17:54:00.000-07:002007-10-08T17:54:00.000-07:00"...you're NOT entitled to have kids..., absolutel..."...you're NOT entitled to have kids..., absolutely no vacation overseas..., and no buying new CDs, books or any other artistic/culture product... But that's ok since you'll have a million when you're 65.<BR/>That is if you don't die of a heart attack, stroke or something before.<BR/>Enjoy your million!"<BR/><BR/>-------<BR/><BR/>Ah, where to begin. First, books and CDs don't amount to squat. Go ahead and buy them (or use the library). Kids? You're being melodramatic. I have three children (adults now). You're overestimating their cost. Overseas vacations? Sorry Bub, but if that's your excuse for not saving for the future, you're being a wimp. <BR/><BR/>I'm a millionaire+. I retired early, raised three kids, and never earned more than $65,000 in any single year. You can come up with excuses all day, but most people have the ability to do this. If you choose not to do it, power to you. But don't come on here and claim that it's not possible to have a good life and become a millionaire by 65. The truth is, most people could do it without breaking a sweat. They just choose not to.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-37697766.post-5883706841230024492007-10-08T15:27:00.000-07:002007-10-08T15:27:00.000-07:00You forgot to mention that you're NOT entitled to ...You forgot to mention that you're NOT entitled to have kids (you how much they cost), absolutely no vacation overseas (they really are a pain in the... wallet) and not buying new CDs, books or any other artistic/culture product means you'll be able to enjoy the world surrounding you with a 5-8 years delay.<BR/>But that's ok since you'll have a milion when you're 65.<BR/>That is if you don't die of a heart attack, stroke or something before.<BR/>Enjoy your million!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-37697766.post-22429678376140931292007-10-08T13:27:00.000-07:002007-10-08T13:27:00.000-07:00With a zillion ways to make free money, I just to ...With a zillion ways to make free money, I just to earn a dollar from each of them, right? ;-)<BR/><BR/>On a serious note, my last 4 jobs did not have a 401k match, so I'm wondering how much people can depend on this "free money" source.<BR/><BR/>It's also worth noting that in 40 years one million dollars will only but as much as $300,000 does today, so while it's a good chunk of change, it's basically enough to buy a good house somewhere, not really enough to live an extravagent lifestyle or anything.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-37697766.post-84035759994961658132007-10-07T20:38:00.000-07:002007-10-07T20:38:00.000-07:00That is a good explanation of how to amass a milli...That is a good explanation of how to amass a million dollars by age 65 (i.e., retirement). If you do that, then you won't have to worry about money in old age.<BR/><BR/>Having enough money to live like a millionaire before retirement takes something more, though -- I am still trying to figure out what.Anonymousnoreply@blogger.com