Personal Finance

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

  • Last Updated:
  • Jun 28th, 2005 6:10 am
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Deal Expert
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Dec 19, 2001
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Fernando Po
You might be able to make a million if you grow pot, but then, you might land in jail too. What do they say, the higher the risk the greater the reward? ;)
"On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.” -HL Mencken
Member
Jan 24, 2004
400 posts
Ottawa, Ontario
hagbard wrote:You might be able to make a million if you grow pot, but then, you might land in jail too. What do they say, the higher the risk the greater the reward? ;)
Forget pot. Go cocaine!
Remember the movie "Blow", if you're going to go, go big! :cheesygri
Deal Expert
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Sep 4, 2003
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Toronto
PennyArcade wrote: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
Muahah.. which episoid is this from wat season?
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Apr 29, 2002
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Mississauga
CSR wrote:Muahah.. which episoid is this from wat season?
HAHAHA that's great!! I want to watch it again! :D
Deal Expert
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Dec 19, 2001
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Fernando Po
zeroace wrote:Forget pot. Go cocaine!
Remember the movie "Blow", if you're going to go, go big! :cheesygri
You don't want to actually hurt anybody in making your million. Go pot!
"On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.” -HL Mencken
Deal Guru
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Mar 1, 2004
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Pickering
I have had several friends that were on the track to success forever, but the all suffered the same fate...
THEY GOT MARRIED.
So their dreams are in the garbage can along with the diapers. I have met several successful people who made money from nothing, but they all did it BEFORE they tied the knot. Beware!
Banned
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Apr 15, 2002
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Somewhere in the BC …
It is very possible to have a $1M net worth by 30. 1,000,000 in your bank account? Highly unlikely.

So stop going on the internet and looking for the silver bullet. Get out and do it!
Deal Guru
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Dec 17, 2001
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Brossard, Quebec
Get a job with the Liberals and you will get that in no time :lol:
Deal Addict
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Apr 4, 2005
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Toronto
bug wrote:Get a job with the Liberals and you will get that in no time :lol:
ZING!!
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Aug 24, 2002
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Sask
charger wrote:It is very possible to have a $1M net worth by 30. 1,000,000 in your bank account? Highly unlikely.
Curious about this contradiction. If someone has a net worth of $1M that is actually very close to having $1M in the bank account. They would only need to liquidate their assets and clear debt and viola, $1M on the ATM printout.
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Aug 24, 2002
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AudiDude wrote:I have had several friends that were on the track to success forever, but the all suffered the same fate...
THEY GOT MARRIED.
So their dreams are in the garbage can along with the diapers. I have met several successful people who made money from nothing, but they all did it BEFORE they tied the knot. Beware!
I dunno about that. Some couples I know are well on the track for prosperity. These are people who each pulled an OK income but had individual mortgage & other expenses. When they got married & moved in, their household expenses stayed about the same but their earnings joined. This is a powerful financial combination for the couple if they can resist the temptation to spend more, and other costs don't get in the way like kids, new car every 3 years, etc.

Two can live almost as cheaply as one, so two $50k earners that combine forces can have over $25k per year to invest if they choose to do it that way.

Two $50k earners together watching their costs and not blowing too much on disposable stuff and each putting away $750/month each into a 10% average investment will have $1,000,000 in less than 20 years.

If they start this at say age 22, then we are talking about 42 year olds able to retire in affluence about 25 years sooner than most people.

Time is the biggest factor though. If they are willing to stretch it out over 25 years, each only has to put in $425/month, which should be pretty attainable for someone making $50k annually. Or if they match the timeline to that of their mortgage or their typical working life of probably 30 years, all they need to do is $250/month each.

Or assuming this couple has $25k each already saved, just $1000/each per month will have them at a million in 15 years, at $1.7 M after 20 years, or over $2.9 million if they keep at it for 25 years.
Deal Addict
Aug 24, 2002
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Sask
An interesting book is called Rich Dad Poor Dad. The author describes the traits and habits of his two dads, one educated and on a good salary with a secure job. The other dad was, well the opposite.

Through the tales that are told, we see that the dad who worked hard, took risks, controlled his spending, etc turned out to be the rich dad, essentially through being an entrepeneur.
Deal Fanatic
Jul 10, 2003
6730 posts
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this whole thread is reminding me of the book "The Millionaire Next Door." Good book.

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