Now don’t get me wrong. I think when you are young, college is an invaluable tool towards gaining a great career. So no, I am not knocking a good college education. I have every intention of my children attending college or a vocational school.
But, if your are going to college to make lots of money in the future, there is a much simplier way to do accomplish this goal. Time and dedication.
What to do: Put away $450 a month (you know that typical car payment?) into an interest bearing mutual fund averaging 12 percent (the seventy-year stock market average) from the age 25 to the age of 65 and you will have $5,458,854.45.
I really wish someone told me this plain and simple advice when I was younger!
Hi there!! Wow, thats a tantalising piece of information!! I so wish I was financially savvy in my late teens to early 20s! Still its never too late! Well done on the credit card payment too-I suppose, one good thing, at least that fee is now out of the way:-{
$5,458,854.45! Wow.
I need to get my retirement fund set up, before i’m 30 😉
Happy Monday to you!
sharon rose: haha. least the fee is out of the way. i never did like that card once i opened it.
it’s funny, the advice is so simple. perhaps we harbor this mentality that simple is not good. perhaps our culture purposely raises us with this conception to fund the economic world. Kind of like a conspiracy theory. 🙂
frugal dreamer: ya, what a trip huh? I am definitely going to try and install this saving mentality in my children. Oh ya, myself, too! 😉
I wish I knew that at 25-I wasn’t saving a thing!
I can’t wait to make a new goal about getting rid of my car payment, then I can put more money away.
congrats on the payment! going from 1700 to 600 is huge!!
Good job on the credit cards! I wish my cards were lower balances that it showed a difference – that is amazing — I have less cards but higher balances 🙁 what do you do? keep up the great job.
Yes – I am with you — if you have the time – stocks will go up — now is the best time to invest! Atleast, I hope — lol
Ha ha. Between ages 25-35 was the “lost decade” for me. I was totally irresponsible and didn’t consider saving much of an importance. Sigh… youth is wasted on the young!
budget mama: such simple advice yet so hard to accept. I wish someone would of told me that plain and simple plan, too. I think I would have saved a lot of life’s chaos that I created. lol!
jpkittie: thanks. it’s been a challenge. but i make sure I don’t put on any new CC debt and find a way to make more money for those things I would normally put on the CC. 😉
tends to make a person creative by figuring out ways to collect extra funds.
shtinkykat: I am seriously right there with you. The seriously lost decade. But, I try not to regret. Some people just find themselves later in life. I’m gettin’ there. ha!