And even if it could sound surprisingly for you – you can do it if you start with $ 10,000. This is possible because you are going to use your 7% solution, which means that you assume 7% inflation, like this is the risk that you are willing to take if you were trading with stocks, and start living with the means that you will have left after that. Of course, there will be obstacles and bumps along your road of saving, but you should not give up. It is not really so important where you are going to invest your money, because there is more then one variant, but to stay disciplined in doing that. You have to be constant in your actions if you want to succeed. And you have to be realistic about how much you can achieve and be honest before yourself.
1. Start at 25
So what is the main idea?
It is calculated that if you start saving at 25 with initial amount of $10,000 and
invest $320 a month with 7% annual compound rate of return,
then at the age of 65 you will have one million.
Of course this is not an easy job to be done, so if you want to have the money for this investment, you really need to work on your career. You can count on your company` s RRSP/401 (k) plan, and if you do not have one, then open a TFSA, RRSP, or Roth IRA as long as you qualify for that.
2. What is the situation if you start saving at 35
3. Halfway done at 45
4. At 55 you are almost there
So think carefully how you are going to proceed from now on.
"Turning Ideas Into Reality. Daily"
P.S. This is how I did it.
All Weather: A Passive Fund Designed for Any Economic Climate
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How Ted Johnson, Ex-UPS Employee Banked $70 MillionAbout the author: Sam Kakembo is an international investor, entrepreneur, and known as one of the most sought after Branding, Lifestyle Design, and Real Estate Re-developers in the online business community. He is an expert in creating wildly profitable online promotions that also skyrocket brand loyalty and good will without being obnoxious or even remotely "salesy". His e-letter and crash course is about using the experiences from his life and network to help you achieve more freedom.