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thEneXtChaPter

YOU CAN ONEDAY BE WEALTHY.. EASILY..

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Ok Its very easy to oneday be wealthy especially for you teens out there. Now whats the real great thing about this? Honestly im not that fazed over money, I know for a fact money couldn't buy me happyness right now, but im doing it for the security. Right now looking for a job is a frustrating thing, and its really a pain. Well I dont wanna be doing this forever. My plans are to get into the FDNY, but if that doesn't happen (alot of competition) who knows what job I'll be working, chances are it will be for a jerk boss. Now i dont want that, I want to retire at age 40 and not have to work anymore (If I make the FDNY im planning on retiring past the 20 yr career, im not gonna retire until Im either forced out or have to retire because I possibly can't do it anymore).

Anyway when Im in m 40's I atleast wanna have financial security to the point where if worst comes to worst lets say I have an injury or health problem, or just simply dont want to work, I'll be able to do it and never ever work again. I really became aware of this a few months back when I was looking for a job and i attended a business conference for some company I was seeking employment for. Well the company was a bullshit company. It was an insurance company. But even though the whole job was bullshit and i decided not to waiste my time with it, they did give me a good education lesson. They told us in the presentation about how alot of people dont save up properly for retirement and they are in trouble after retiring. So this company was basically giving different sorts of insurance plans and retirement funds. but hey why get invovled with a company like this or any other company?

Heres how you can EASILY be wealthy one day by the time your older. Well its easy,but you HAVE to commit to this for a very long time.

Open up a CD at a local bank, and every month add $50 to it, thats it. Now $50 a month is nothing. You can be a 14 yr old kid working at mcdonalds and you should be able to afford that. do this for 20 yrs, and you will have a huge sum of money and will be set for life. Now all im saying to put away is $50 a month, thats easy money on a mcdonalds salary. when you start your actual career, you can put more money away each month such as $100 a month of even more.

I did the calculations. Banks offer over a 4% interest rate for Cd's, theres banks now offering 5.05% interest.

Well for my calculations I used a 4% variable interest rate. I started off with $50 a month, and after 5 yrs it grew to $12,332.27! now thats not nearly alot of money, but thats only after 5 yrs, the only reason I didn't do the whole 20 yrs is because its late and im dead tired and I wanna go to bed and now theres more numbers to calculate as the money sum is higher. It was easy calculating monthly interest on smaller amounts of money, but for 12k thats more numbers and im gonna finish this up tomorrow and then i'll repost my final results after 20 yrs.

now remember I used a %4 interest, so the numbers in reality will be even higher because interest rates are over 4% now. open up a 12 month CD, and when the Cd expires simply keep re-newing it.

now $12,332.27 after 5 yrs isn't wealthy money at all, so dont think you just simply multiply that by 4 to find the 20 yr total. the whole thing here is compound interest, which goes up after time and starts to get high. So each month your getting paid alot of money from a bank. Right now based on my calculations at 4% interest rate the bank is paying me over $400 a month. Thats $400 a month being paid to me just for having my money in a CD!

Right when I started this after my 1st month my interest pay out was $2 now the last month of the 5th yr my interest payout for the month was $474.31, and in yr 6 i'll be making over $500 a month interest. Now just imagine how much the compound interest will grow as 15 more yrs go by.

you dont need alot of money to be rich, you just gotta know how to manage it. I've scene wealthy people with money problems, and middle class people who became wealthy.

Now this is great because in 20 yrs when you retire, everyday you can sleep all day, sit on your ass, during the summer your priority will be going to the beach having a nice relaxing day and not having to ever even think about work. On those feezing cold winter mornings, you can just sleep in all day everyday for the rest of your life. You wont exactly have enough money to go buying luxury sports cars and stuff, but if you really want you can treat yourself to that car you always wanted, or a few really nice vacations every yr or so forth. and the best part? Your money will never run out because once you have this large sum of money, just simply split it up alil and manage it well, and it will never run out and you'll be comfortably wealthy for life!

Now its that simple. All you have to do, is save $50 a month in a CD. Make sure its a CD because regular savings accounts dont offer much interest rates.

$50 a month is nothing and is extemely easy. Im 18 and before im 20 I plan to have this started. im just waiting to land a steady job that pays enough for me to be able to pay a few other bills as well as this. Im starting it off at $50 a month, when I get my career in a few yrs I will increase to $100 a month. and By the time im 40,I will be living very comfortably and I wont ever have to worry about getting a job or having to work again. My everyday priority will be enjoying myself and having nonstop leisure time.

Seriously give it a shot, its an EASY way to be wealthy. You can get a job at mcdonalds and start easily saving up this money.

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Guest max_powers585

well its a good idea if you wanna live in ur parents house all your life and never marry..... i get ur 50 bucks a months that is easily do able but id bet very few people could do it and not take money out of it.....i probably could but i mean there comes times when u have to pay the bills and you need every dollar...not to mention ifu have a gf that means more money.......still this is a pretty good idea because every dollar counts and u can have a considerable amount of money in not such a long time....

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well its a good idea if you wanna live in ur parents house all your life and never marry..... i get ur 50 bucks a months that is easily do able but id bet very few people could do it and not take money out of it.....i probably could but i mean there comes times when u have to pay the bills and you need every dollar...not to mention ifu have a gf that means more money.......still this is a pretty good idea because every dollar counts and u can have a considerable amount of money in not such a long time....
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Guest max_powers585
well its a good idea if you wanna live in ur parents house all your life and never marry..... i get ur 50 bucks a months that is easily do able but id bet very few people could do it and not take money out of it.....i probably could but i mean there comes times when u have to pay the bills and you need every dollar...not to mention ifu have a gf that means more money.......still this is a pretty good idea because every dollar counts and u can have a considerable amount of money in not such a long time....

lol $50 a month is a small amount. When you especially start your career I doubt that $50 or even $100 a month would be a problem to put away. Unless you really wind up with a horrible minimum wage job for a career then I dont see how it will be cut down to you need every penny to pay bills with nothing left over.

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umm dont forget you have to pay capital gains on all that interest income.

that will put dreams to an end real quick.

a better option is a roth ira where nothing is taxed.

capital gains tax i think depends on how much your income was for a year if you are really porr and make like 20,000 a year its like 5-10%

and the higher income tax brakect you fall in, the more tax you pay on your interest income.

dont quote me word for word i am not a tax professional but this is basically how it works.

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i honestly think a combination of a roth ira and real estate is the best way to go.

with real estate you can spend 15,000 and own a 150,000 investment now at an average annual appreciation rate of 5%(depending ono market conditions), thats 7500.00 in equity you earn every year that you own your house for doing absolutly nothing.

now combining paying off your house as fast as you can and gaining 5% equity a year, at some point you can buy investment propetys using your house as collateral, now you have multiple propertys now with renters paying down your mortgage, and all the while your massive leveraging effect on those investments earning equity and paying down your mortgage. at some point all thos propertys will be paid off and all the rents will be your income.

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The word to learn to get rich is 'leverage'.

Only real estate lets you leverage your investment, i.e. a bank will borrow you money to buy a property. You put down 10% deposit, the property goes up 10% in a year, you make 10% on the total borrowed sum, not on your deposit. Therefore your return on investment is 100% in the year. Great in a rising market, terrible in a falling market as your losses are accentuated.

The $50/month strategy savings is good but if you are going to invest for such a long time it would be crazy doinmg it in a bank where your 4%-5% interest would be eaten up by inflation. For long term regular investing thew stock market is the only place to be. Buy a FTSE or Dow Jones Tracker.

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You can get the Roth IRA's for kids colleges, if I remember right, you save, then when you take it out you are not taxed if it is for college. 401 K plans are ok for retirement especially if your company matches you dollar for dollar. Also I have heard before how you can be a millionare when you retire by saving with all these things, but really how rich will a millionare really be in forty years? The standard of living goes up so much that it may really not seem like alot of money then. Of course it's better than nothing. Social security will surely be gone when I retire. Saving is good but you have to make more than 4% on a CD with $50 a month to retire at 40. But keep saving and don't spend over what you make!

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umm dont forget you have to pay capital gains on all that interest income.

that will put dreams to an end real quick.

a better option is a roth ira where nothing is taxed.

capital gains tax i think depends on how much your income was for a year if you are really porr and make like 20,000 a year its like 5-10%

and the higher income tax brakect you fall in, the more tax you pay on your interest income.

dont quote me word for word i am not a tax professional but this is basically how it works.

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i honestly think a combination of a roth ira and real estate is the best way to go.

with real estate you can spend 15,000 and own a 150,000 investment now at an average annual appreciation rate of 5%(depending ono market conditions), thats 7500.00 in equity you earn every year that you own your house for doing absolutly nothing.

now combining paying off your house as fast as you can and gaining 5% equity a year, at some point you can buy investment propetys using your house as collateral, now you have multiple propertys now with renters paying down your mortgage, and all the while your massive leveraging effect on those investments earning equity and paying down your mortgage. at some point all thos propertys will be paid off and all the rents will be your income.

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i honestly think a combination of a roth ira and real estate is the best way to go.

with real estate you can spend 15,000 and own a 150,000 investment now at an average annual appreciation rate of 5%(depending ono market conditions), thats 7500.00 in equity you earn every year that you own your house for doing absolutly nothing.

now combining paying off your house as fast as you can and gaining 5% equity a year, at some point you can buy investment propetys using your house as collateral, now you have multiple propertys now with renters paying down your mortgage, and all the while your massive leveraging effect on those investments earning equity and paying down your mortgage. at some point all thos propertys will be paid off and all the rents will be your income.

with a roth IRA your money is locked up though, and although it doesn't get taxed, once its up and you with draw the money, it then does get taxed some. I know you dont get taxed nearly as much with a roth but I dont like the fact of having it locked up.

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