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BignutzisBack 04/07/24 1:02:40 PM #1: |
You'll be a millionaire at 65 without putting in another cent. All you need is a small amount of $100,000
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FolkenRawr 04/07/24 1:04:07 PM #2: |
Okay. So now let's say,purely hypothetically of course, I don't have anything in it. How am I looking at 65?
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Crimson_Corsair 04/07/24 1:04:37 PM #3: |
I mean... I've got 365k in my 401k and I'm not 40 yet. It is very doable if you started early and kept up with it, I've been putting money away for retirement since I was 16.
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whitelytning 04/07/24 1:06:23 PM #4: |
You have no idea what the future rate of return will be.
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1337toothbrush 04/07/24 1:06:29 PM #5: |
A million dollars won't be worth shit by then. This is also assuming that the S&P 500 will have the same average returns forever and ever, which feels like the ultimate rugpull of all time.
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__aCEr__ 04/07/24 1:27:43 PM #6: |
1337toothbrush posted...
A million dollars won't be worth shit by then. This is also assuming that the S&P 500 will have the same average returns forever and ever, which feels like the ultimate rugpull of all time. It's been right at +10% for 100 years so it's a pretty safe bet. --- See you next Wednesday. ... Copied to Clipboard!
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DKBananaSlamma 04/07/24 1:30:25 PM #7: |
I have $1000 in SPY so far >_> I should put more in
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chrono625 04/07/24 1:50:47 PM #8: |
Ive got 600k in my 401k and im not 40.
unionized labor is a blessing. --- http://i.imgur.com/Rqk1DYV.gif - Super Bowl XXI/XXV/XLII/XLVI Champions - NY Giants Eli Manning SB tracker: 2/2 Superbowls 2/2 SBMVP's ... Copied to Clipboard!
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FolkenRawr 04/07/24 1:55:19 PM #9: |
chrono625 posted...
Ive got 600k in my 401k and im not 40. How much are you contributing O_O --- Cookin like a chef, I'm a 5 Star Michelin ... Copied to Clipboard!
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DKBananaSlamma 04/07/24 1:57:30 PM #10: |
chrono625 posted...
Ive got 600k in my 401k and im not 40.How? Did you max out contributions for like 20 years? --- Neon >_> ... Copied to Clipboard!
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chrono625 04/07/24 3:13:18 PM #11: |
DKBananaSlamma posted...
How? Did you max out contributions for like 20 years? FolkenRawr posted... How much are you contributing O_O been working as a union electrician for near 20 years. Havent maxed every year BUT I get 19% employee contribution on my gross. my investments over the last 5 years have cumulatively gained 50%. so theyve been doing great outside of 2022-2024. I also have an annuity thats almost at 100k outside of my 401k. --- http://i.imgur.com/Rqk1DYV.gif - Super Bowl XXI/XXV/XLII/XLVI Champions - NY Giants Eli Manning SB tracker: 2/2 Superbowls 2/2 SBMVP's ... Copied to Clipboard!
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1337toothbrush 04/07/24 3:18:56 PM #12: |
__aCEr__ posted...
It's been right at +10% for 100 years so it's a pretty safe bet.The British empire lasted for a long time and look at it now. --- https://imgur.com/a/FU9H8 - https://i.imgur.com/ZkQRDsR.png - https://i.imgur.com/2x2gtgP.jpg ... Copied to Clipboard!
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BignutzisBack 04/09/24 4:42:32 PM #13: |
Bump
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SauI_Goodman 04/09/24 4:44:14 PM #14: |
I have some money laying around around that amount. What is this s and p you speak of.
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bigblu89 04/09/24 4:49:58 PM #15: |
1337toothbrush posted...
A million dollars won't be worth shit by then. This is also assuming that the S&P 500 will have the same average returns forever and ever, which feels like the ultimate rugpull of all time. Assuming you don't touch it until then, and you have absolutely NO other savings, million dollars at 65 allows you to live about a $65k a year lifestyle. And, now I understand that "everyone is poor and no one owns a house", but at 65, a good majority of people that actually ARE homeowners will have their mortgage paid off (I know mine will be paid off by the time I'm 52) which accounts for A LOT of their expenditures. --- It takes zero effort to be a good person. ... Copied to Clipboard!
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boomgetchopped3 04/09/24 4:57:40 PM #16: |
Ill have more than that in my 401k and I dont need to start with a lump sum of 100k
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Prismsblade 04/09/24 5:10:57 PM #17: |
I liquidated my 401k of around 14k for a down payment on my first home. Now I only have about 18k at 33yo after 2 years in my new job.
but Im investing heavily at 20% to hopefully surpass that by 40yo. --- 3DS FC:3368-5403-9633 Name: Kaizer PSN: Blackkaizer ... Copied to Clipboard!
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project_night 04/09/24 5:14:22 PM #18: |
My goal is around 1.5-2.0 million by 55. It is probably overkill for me since I don't spend much and don't have or want any kids. . ... Copied to Clipboard!
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#19 | Post #19 was unavailable or deleted. |
DrizztLink 04/09/24 5:22:39 PM #20: |
If you have a million dollars at age 35 you will be a millionaire at age 35.
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Revisited 04/09/24 6:14:49 PM #21: |
Holy shit are you serious? I have $100,000 that I can part with but I don't know how to invest it, what sp 500? ... Copied to Clipboard!
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Trumpo 04/09/24 6:27:55 PM #22: |
chrono625 posted...
been working as a union electrician for near 20 years. Havent maxed every year BUT I get 19% employee contribution on my gross.Fuck you, congratulations --- Lancool II | Z690 Tomahawk |12700K | Fuma 2 | RTX 3070Ti | 16GB 3600MHz | FireCuda 530 1TB | Inland NVMe 1TB | RM750x ... Copied to Clipboard!
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BignutzisBack 04/09/24 9:55:50 PM #23: |
Revisited posted...
Holy shit are you serious? I have $100,000 that I can part with but I don't know how to invest it, what sp 500? VTSAX --- http://i.imgur.com/plA0Vg9.gif https://media.giphy.com/media/dgK22exekwOLm/giphy.gif ... Copied to Clipboard!
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sabin017 04/09/24 9:57:57 PM #24: |
You'll still be taxed up the wazoo and nobody will be hiring 60 somethings.
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ironman2009 04/09/24 9:58:11 PM #25: |
Revisited posted...
Holy shit are you serious? I have $100,000 that I can part with but I don't know how to invest it, what sp 500? FXAIX --- THRILLHO ... Copied to Clipboard!
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#26 | Post #26 was unavailable or deleted. |
CompatibleGreet 04/09/24 10:12:27 PM #27: |
Crimson_Corsair posted... I mean... I've got 365k in my 401k and I'm not 40 yet. It is very doable if you started early and kept up with it, I've been putting money away for retirement since I was 16.How much are u putting in it? Damn I'm trying to get my stuff together once my debt is gone ... Copied to Clipboard!
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#28 | Post #28 was unavailable or deleted. |
Gwynevere 04/09/24 10:22:42 PM #29: |
I've got 100k sitting in a low interest savings account right now, how do I get into the shit & piss 500?
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ironman2009 04/09/24 10:23:08 PM #30: |
sign up for fidelity
link bank account ez$ --- THRILLHO ... Copied to Clipboard!
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Slaya4 04/09/24 11:52:51 PM #31: |
The hardest part is getting 100k. Once you have it and start investing (smartly) in the stock market it's literally ez money.
You get there faster if your employer matches. --- Am I going too hard? ... Copied to Clipboard!
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Crimson_Corsair 04/10/24 4:41:10 AM #32: |
CompatibleGreet posted...
How much are u putting in it? Damn I'm trying to get my stuff together once my debt is goneMy contributions have varies greatly over the years. When I first enrolled in my 401k I started at 4% I think, and every year it automatically increases by 1% and then I just forgot about it. When I was planning on buying my house 6 years ago I was doing some budgeting and realized I was contributing 19% of my paycheck to my 401k lol. So I dropped that back down to the company match, which, if I did the math correctly, was around 4%. Now I'm back up to 10%. I'll probably drop it back down to 3 or 4% again though, so I can save more for projects around the house. I need to buy new windows this year. --- My head's not torn off, my sunglasses aren't broken. Amen, hallelujah, peanut butter. ... Copied to Clipboard!
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