Posted on 12/19/2011 9:08:52 AM PST by Hojczyk
Age: 18 Age started saving: 11 Amount saved: $300,000 Hometown: Princeton, N.J.
When I retire, I want to have enough money to live comfortably.
There are a lot of other things to save for [right now] since I'm only in my first year of college, so I try to put away the most that I can. I don't have a constant amount that I contribute, but when I'm working I'll try to put in at least $50 a month to my savings account. At this point, I'd say I have a little over $300,000 saved up. My parents encourage me, and sometimes they'll match the amount.
I got my first paycheck when I was 11 and right away I wanted to put it in a bank account. I started out working as a mother's helper, and then as a babysitter. Then I did lots of retail work and worked for DoughMain, where I really learned about saving and financial education.
I'm in college now, and trying to get a job, so I'm only doing a little at a time. There are always people who will say people like me who save this early are crazy. But just think: for the next 35 years that money is only going to keep growing.
Most people my age don't think about saving for retirement, and I see peers and adults alike buying so much more than they can afford. People should really start taking saving more seriously.
*In addition to saving the money she earns or is given as a gift, Grace does side jobs, like tutoring, and sells textbooks and clothing so that she is able to put even more money into her savings.
(Excerpt) Read more at finance.yahoo.com ...
Kudos to this young man! And I thought my son was doing well to graduate with no loans to repay and 5 grand in the bank.
She sounds like a Dave Ramsey disciple.
I don’t wanna sound negative, but what will she do with all her millions of dollars in savings when - at age 65 - Obamanomics has created so much inflation that that it’ll take a million dollars or more just to buy a car?
My wife and I retired with $800,000 in our 401k. We’ll be ok but in looking back I could have done so much more. Save.Save.Save.
I call BS.
Age: 18 Age started saving: 11 Amount saved: $300,000 Hometown: Princeton, N.J.
I don't have a constant amount that I contribute, but when I'm working I'll try to put in at least $50 a month to my savings account. At this point, I'd say I have a little over $300,000 saved up. My parents encourage me, and sometimes they'll match the amount.
Now I'm no great mathematician, but I know BULL when I see it. In 7 years this kid "saved" $300,000 by putting away $50, when he's working, occasionally getting matched by his parents? Let's assume he worked EVERY month. And his parents matched him EVERY month. He would have a grand total of $8400. You can add interest, compounded however you like... but you're still getting nowhere near $300,000 unless he somehow picked some kind of miracle investment.
My guess? It's Mommy and Daddy's little trust fund. Not a bad thing, but not a great virtue by the kid.
powder..patch..ball FIRE!
I second your BS. and raise you a family inheritance or birthday checks that have more zero’s than my weekly paychecks.
I'll say. This person's parents must be "matching" their contributions with a significant amount, or they're getting awfully good investment advice.
She’s probably not going to Occupy Wall Street protests.
too busy working. Smart gal.
Things were looking sweet until President Obama siezed all private 401Ks in 2013. “We’ll decide how much you need when you retire. There are just too many people who don’t have enough to get by.”
| Monthly Contribution | Yearly Rate of Return |
|---|---|
| $500.00 | 45.59% |
| $1,000.00 | 31.03% |
| $1,500.00 | 21.89% |
| $2,000.00 | 15.01% |
| $2,500.00 | 9.37% |
| $3,000.00 | 4.53% |
It's bull.
I've heard it called other things than side jobs and gifts but whatever.
WANT.
Yes, complete bull. Who are they trying to kid?
Another stupid journalist gets duped. Just too easy to do.
Bank savings accounts pay what? One percent? Fifty dollars a month at 1% hardly works out to $300K. I pay $100 into a MM account, and it barely grows. I call BS, too.
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