heres a little money saving thing my dad found in a book that i found pretty interesting. if your 15 or under take good notice of this. or maybe even do it for your young kids!

at age 15, put $3000 away every year into a savings account of some sort (mutual fund or whatever) that pays 10% a year, for 5 years then leave it(you dont need to keep investing in it at all, just the 5 years). after leaving this fund, at age 65 you will have approx. 1.6 million dollars saved up.

if you start doing this at age 19, you have to put $3000 away in the account for 8 years. then stop. at age 65 you will have about 1.5 million saved up.

if you wait until you're older, its not as easy. at age 27, you need to put $3000 away EVERY year until you are 65 to have similar results, and it will equal out to about 1.3 million.

i just thought the litle charts that were in the book my dad was reading that showed this was pretty cool. wish i knew about that when i was 15

but im 18 now and im gonna start doing that for sure.

 

where is a 15 year old gonna get $3,000 and where is any parent thats strapped for cash gonna get that for them if they wanna be that generous? [img]graemlins/dunno.gif[/img]

 

thats what i said, but if you think about it, its worth it. i know you can make 3K plus when your 15, i was 15 just a few years ago. just think about the future and stop blowing money on expensive video games, bikes, clothes etc. that you dont really need. its only for 5 years, and i know for sure that id rather put 3k away for 5 years opposed to 38 [img]graemlins/thumb.gif[/img]

 

The only way i ever made 3k in a Min Wage job was working full time, students have school

 

yeah i realize that. thats what summers for. at age 15 a lot of my friends had fulltime jobs for the summer. believe me, you can make 3k in a whole year if you work for it. it may be hard, but its worth it if you ask me. its not like most 15 year olds have to pay for rent and groceries. even if you dont get 3k to put away, maybe you only get 1500 or so. its still worth it, you can then put more away as you get older to make up for it. (not sure if it would work out exactly the same though.)

 

it's not that hard to make 3k

I made 10 when I was 15 working part time

 

ye my thoughts exactly, its just that when your 15 most dont think of being a millionaire when your 65. instead they spend a lot of it on stupid things (great ideas at the time though). i know for a fact i did that [img]graemlins/headbang.gif[/img]

 

hellz ya man i gotta start saving right now. k lets see iff i go get another job and week days not just friday night once a week i should have 3 grand by the end of summer. man i wish i still had my last job. 400-500 dollar pay checks every 2 weeks. i made just over 2k last summer. if i do that every year for like 7 years that should make up for the 2 years that i have missed. now i just gotta make it so i can't tuoch any of that money(money seems to slip through my fingurs like a hot knife on butter). this is going to be a hard 7 years(a very tempting 7 years).

 

ya it may be hard, but definately worth it when your older.

 

really, I heard similar financial plan. you start the plan at 17 yrs old. Put 100$ a month into a savings program until you are 25, and then you will have like 1 mill when your 60 yrs old. same idea I guess. You just need to have money before you can save it.