Friday, January 16, 2009

Start Early and Retire with $1,500,000

I'm determined to teach my kids from my mistakes. Hopefully they won't have some of the same financial struggles, because I'm honest about what I've done wrong. I didn't start saving when I was young and now I'm trying to play catch up. Saving is so easy to do if you get started early. But, it's a big burden if you start saving late. If young people determine not to take on any debt and to not spend all of their income each month, they will have money to save.

At 22, start saving $238 a month (at 10% interest) - Total: $1,500,000 at 62.

That's more than enough to use for retirement and to give generously to God's work.

Or - At 30, start saving $539 a month (at 10% interest) - Total: $1,500,000 at 62.

That's twice the amount you'll have to save each month just by waiting an additional 8 years to start saving (used the Savings Goal Calculator).

Or - If you wait until 40, you'll have to save $1574 a month to have $1,500,000 at 62.

Here are some of my ways to Lower Your Expenses, so you have more to save.

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