How do i save my money to be a millonair by 65?

buy a house!

they will cost millions by then!

hi there, your question is very interesting. the only concern i have is that there so many many ways to save your money to be a millionaire by 65 and so many many factors to consider to reach that goal.

in my humble opinion, first you much have a plan and of course you must act on this plan. since money is a very volatile subject, meaning you must deal your personal emotional and psychological loop holes or i would say blind spots on this subject. moreover, you must have a very high degree of integrity to achieve your goal, meaning, your word is your honor in reference to money.

the how to:
a simple mathematical approach. say you're 30 this time and your target is 65 then you have 35 years remaining. 35 year times
12 months then you have 420 months to work your plan.
1,000,000 divided by 420 = $2381 per month to save to reach your goal. that is without counting the time value of money.

if you have this much saving per month, then you just have to honor your word to save this much for the next 420 months.

if you can't save this much, then we will use the 8th wonder of the
world. i got it from warren buffet, compount interest. meaning you invest, NOT save, your money at a rate for a predetermined time which is 35 years.

however, it will be too long for me to discuss the present, future value of money or time value of money. i suggest you get a financial book to start with and get the mathematics of it.
once you get the amount, rate and timeline, then you can shop around on what investment vehicle you wish to use with the rate
you have calculated. some might offer you mutual funds, stocks, property, unit trusts, foreign currencies, precious metals, derivatives like future, options, and others. there are so many
many vehicles out there to play with that can bring you to that goal.

hope my opinions helps and enjoy the journey to financial freedom.

regards.

I would first learn how to spell. Without a proper education, one will not make it far in life.

Invest in oil companies such as Exon Mobile. Everytime you see the price of gasoline at the pump rising, just look at it as a few more cents closer to being a millionaire at 65.

invest it, it's the only way.

The smartest thing to do is open a closed account, and one that grows intrest, So if you open an account with a thousand dollars, and let it grow, and keep adding money, any money is good. and not touch it for about a 20-40 years you will open it and find a miillion and more, It's a great think, Im opening one once i get a few more hundred, When you open it, Close it. Make sure you can't get into it.... You might spend it...
Good luck, take to your banker person.
Piece

I am actually reading a book about how "smart women finish rich". One of the major points of this book is that it is not how much you earn but how much you save. The average millionaire lives in a relatively cheap house and drives a cheap car. If you spend what you earn keeping up with the Jones' you won't have anything to retire with when you are 65.

Getting rich in America is a simple 4 step process that anyone can do.

1. Start a business
2. Grow your business
3. Sell it
4. Repeat

Is it hard work? Yes. I said it was simple, not easy.

you transfer the money to me and at your 65 get back the million nandiajit@yahoo.com

Save your money and spend it only as needed and invest it thats what i did and today i own my own company and live life high on the hog

Enter Your Message or Comment

User Name:
User Email:
Post a comment:

Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.024
Copyright (c) 2011 Financial Crisis Monday, May 28, 2012 - Terms of use - Privacy Policy