Personal Finance

I want $1M in my bank account when I'm 30

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  • Jun 28th, 2005 6:10 am
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[OP]
Sr. Member
Dec 6, 2003
812 posts
Toronto

I want $1M in my bank account when I'm 30

I am in university now, and my personal life goal is to have $1M in my bank account when I'm 30 years old. I have about 10 years left to go, but do you guys think that's realistic goal? How about when I'm 40? So far my account doesn't have enough cash to even buy 10 lottery tickets. So essentially, I'm starting from scratch.
44 replies
Banned
Mar 21, 2003
3085 posts
Here in Toronto
It's possible, though not realistic. Seriously.. 10 years?

That's an average of $100,000/yr.. how the heck would you come about that, except for some unsual circumstance.
Sr. Member
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Feb 18, 2005
550 posts
5 upvotes
Toronto
Unless you .com it, to have $1M cash/stocks/bonds is not very likely, unless you are a member of the lucky sperm club. $1M net worth is theoretically possible, but to put away $100K after taxes, you have to make $200K, and then you have to live somewhere and eat something once in a while, so you better aspire for a high paying career. (and medical school takes many years, so by 30 is still unrealistic).

A dental hygienist makes $80K+ and school is only a year and a half to two years!

GOOD LUCK, YOU'LL NEED IT
RubRDucky
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Apr 6, 2004
954 posts
28 upvotes
Newmarket, Ontario
Not realistic if you go the 9-5 job route but perfectly possible if you become an enterpreneur. Your chances of failure are still high being an entrepeneur but is probably the most likely way to achieve your goal. Plus, when your young and have nothing to lose is the best time to get a business started. I often regret not going this route when I was young and single instead of older with wife, child, and mortgage to support.
Deal Fanatic
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Jul 27, 2004
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its not a realistic goal for 10 years, not even for 20. Some have done it in 20 but thats with good investments, good job, frugal living, and a lot of good luck.
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Deal Fanatic
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Oct 26, 2003
7014 posts
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Nepean
wow high standard

my goal is to save up a good 50-100k before 30
Banned
Mar 21, 2003
3085 posts
Here in Toronto
I'd be happy to be out of debt by 30! :eek:
Sr. Member
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Nov 12, 2003
672 posts
6 upvotes
Barton03 wrote:I am in university now, and my personal life goal is to have $1M in my bank account when I'm 30 years old. I have about 10 years left to go, but do you guys think that's realistic goal? How about when I'm 40? So far my account doesn't have enough cash to even buy 10 lottery tickets. So essentially, I'm starting from scratch.
I hope you aren't doing a Psych major with a Sociology minor.

Doing some quick calculations, you will need to put $69029.49 away every year starting NOW at a return of 8% to get to a future value of 1M. Contributing twice a year will mean payments of $33581.75. A weekly contributions will equal payments of $1847.32.

I hope that puts it into perspective.
Deal Fanatic
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Jul 27, 2004
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krazo wrote:I hope you aren't doing a Psych major with a Sociology minor.

Doing some quick calculations, you will need to put $69029.49 away every year starting NOW at a return of 8% to get to a future value of 1M. Contributing twice a year will mean payments of $33581.75. A weekly contributions will equal payments of $1847.32.

I hope that puts it into perspective.
and that's before taxes.
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Banned
Mar 21, 2003
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15-20_God wrote:and that's before taxes.
No that's assuming you've already paid taxes on the money you've earned to be able to put into savings.
Deal Addict
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May 10, 2005
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v00d00 wrote:I'd be happy to be out of debt by 30! :eek:
me too and good luck!!! :)
Deal Addict
Nov 24, 2002
2056 posts
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you could wh*re yourself out to 10000 fat chicks for $100 each...

or 1000 fat chicks for $1000 each....

"what? fat chicks need love too... but they gotta pay" -Family Guy
Banned
Dec 26, 2004
2987 posts
6 upvotes
Mississauga!
if you can get a job paying 1000 monthly after taxes as a second job (possible using the power of [rfdlink=/forums/autolink/redirectpage.php?linkid=78]eBay[/rfdlink]) you'll have only 537000 after 20 years. You need 2000 monthly saved to reach your goal in 20 years. 4000 for 10 years.
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[OP]
Sr. Member
Dec 6, 2003
812 posts
Toronto
krazo wrote:I hope you aren't doing a Psych major with a Sociology minor.

Doing some quick calculations, you will need to put $69029.49 away every year starting NOW at a return of 8% to get to a future value of 1M. Contributing twice a year will mean payments of $33581.75. A weekly contributions will equal payments of $1847.32.

I hope that puts it into perspective.

wow, thanks for putting it into perspective. i will start saving now and study hard!

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