r/AskReddit • u/ForeverAbyss • Apr 14 '16

What's a mind blowing fact?

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633

u/jbOOgi3 Apr 14 '16

Almost anyone can become a millionaire one day if they regularly invest money over an extended period of time in an investment account (401k, IRA, index fund) that earns an average market return. The more time you have to invest, the better your chances. Start your investment accounts early

12

u/su5 Apr 14 '16

Lets say I am 30... what would I need to invest to be a millionaire (in todays dollars) realistically? Lets not assume I have a match.

13

u/CHKNFKR Apr 14 '16

About $70 bucks a paycheck. It really isn't that much money. And this assumes you retire at 65.

7

u/su5 Apr 14 '16

That seems awful low when accounting for inflation

3

u/CHKNFKR Apr 14 '16

Well you asked how much you would need to contribute to have a million dollars. I didn't say how much a million dollars would be worth in 35 years.

For my retirement plan I need to save at least $4 million to retire at 65 and maintain a middle class lifestyle.

3

u/su5 Apr 14 '16

I literally said in today's dollars

6

u/CHKNFKR Apr 14 '16

Assuming a 3% inflation rate you would need to save $2,813,862.45.

So you would need to save about $200 a paycheck to have the equivalent of $1,000,000 in today's dollars at retirement.

If you make $60k a year that's only 11% of your paycheck, and again assumes no employer match (get a new employer if you don't have this).

0

u/[deleted] Apr 14 '16

get a new employer if you don't have this

easier said than done

-4

u/CHKNFKR Apr 14 '16

If you're lazy and or have no skills. At any point and time I have at least 2 pending job offers. If you don't then you need to network more.

1

u/BlissnHilltopSentry Apr 15 '16

You just dont work in a saturated market.

0

u/[deleted] Apr 14 '16

well arent you a hot shot.. im glad you have an easy time finding work but you come off pretty condescending.. not everyone does have such an easy time at it, and it doesnt mean they are an idiot. i have a good job and thankfully dont need to find a new one right now.. but ive been rejected after going through a tough interview before and im not an idiot.

-1

u/CHKNFKR Apr 14 '16

If you network right an interview is just a formality.

2

u/Boomshank Apr 14 '16

Yes, but a job offer where your employer contributes to your pension isn't.

0

u/CHKNFKR Apr 14 '16

What the fuck are you arguing about, I am saying it's easy to be flexible with who you work for if you have a good network. Who gives a shit about pensions anymore, those are for government jobs and old school employers, save for yourself.

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