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Easy way for teenagers to become millionaires!

BigBrianC

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http://www.daveramsey.com/blog/how-teens-can-become-millionaires/

I saw this article on Facebook and I read it and almost choked. By putting $2000 a year for a couple of years into an account/mutual fund by the time you're 58 you'll make million dollars and by the time you're 65 you'll have a little over 2 million! Wow! So in just 40+ years, while slaving away at a crappy job, spending all of your time as a drone, you can become a millionaire! Doesn't this sound like the greatest plan ever? Why become an entrepreneur when you can invest your money and hope it's there and kept that 12% annual return for 40 years??????????
 
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Guest24480

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From Google:

"If there's even mild inflation, $1 million of today's dollars would be worth much less in the future. Assuming just 3% annual inflation over 30 years, if you had $1 million in the bank in 2040, that would only have the purchasing power of about $412,000 in today's dollars."
 

diforenzad

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He picked investment funds that averaged a 12% interest rate..
how can a 19yrs old average a 12% interest rate over 45 years? C'mon, let's be real.
Sure it makes sense to try out (it's just a couple thousands a year), but we're definitely forgetting something here.
Like, for example, that hedge funds kick asses in terms of failure rate.
 

Gsuz

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Really wondering why so many people on here waste time reading advice that doesn't apply to them. Also the main purpot of the article for me is more about the importance of financial education of the youth and the power of interest which is an amazing tool coupled with a high paying career or business.
 

MJ DeMarco

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Slowlane prognosticators LOVE for their drones to use TODAY's THINKING with TOMORROW's MONEY. OMG, one million! I can buy a Lambo! And yet, the Lambo in 30 years will run you $10 million. Duh.
 

BigBrianC

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Slowlane prognosticators LOVE for their drones to use TODAY's THINKING with TOMORROW's MONEY. OMG, one million! I can buy a Lambo! And yet, the Lambo in 30 years will run you $10 million. Duh.

but compound interest!
 

Trivium iz rC

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I once knew a place were everyone was a Millionaire...

Zimbabwe

The USA is getting to that same point, one day people will understand there is no "Set Amount" to retire on. Retirement depends on what you produce. The more you produce the earlier you can retire.
 
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MJ DeMarco

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Heard of fees?

Yup, and inflation has the same power of compound interest. Question is, do you trust the government to be a good fiduciary for monetary policy? If so, go ahead and save your nickels hoping for millions in decades.
 

Dwight Schrute

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Question is, do you trust the government to be a good fiduciary for monetary policy?
The words in bold: NO. Everyone on this planet should be paid for the change/results they produce, not by their title.

Sorry, I know this forum must be kept free of political discussion, but this had to be said.
 
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MJ DeMarco

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That's not how Dave Ramsey made HIS money.

Shhhhhhh!!!!

17r04qf5ywrv4jpg.jpg
 

ddzc

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http://www.daveramsey.com/blog/how-teens-can-become-millionaires/

I saw this article on Facebook and I read it and almost choked. By putting $2000 a year for a couple of years into an account/mutual fund by the time you're 58 you'll make million dollars and by the time you're 65 you'll have a little over 2 million! Wow! So in just 40+ years, while slaving away at a crappy job, spending all of your time as a drone, you can become a millionaire! Doesn't this sound like the greatest plan ever? Why become an entrepreneur when you can invest your money and hope it's there and kept that 12% annual return for 40 years??????????

But wait, you didn't hear, 58 is the new 28 ;)
 

wbrett1027

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Yea noway you will be a millionaire in 40 years with only 2000 a year, now say about 10k a year yea it's possible




Brett.W
Brettco LLC
Southern Maryland
"If your scared Go to Church, bored get to work"
 

michalo

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Oh guys it's always the same. Nobody will bring you money for free it's so easy. If you want to get rich you have to bring you heart and soul to the deal not the money. Money is not bad but it's nothing comparing to your abilities.

Don't forget that nobody can see future. Don't forget that money is just side effect. Life spending doing what you love and what bring other people some value is much more important than being fixed on money.

If you are the best, do products that people love and bringing heart with it than even if you don't get millionaire until 50 you will be happy with you life. Probably from this group of people will be more millionaires than from this fanatics thinking "what I can do to earn million".
 
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ClaytonAlbright

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That's not how Dave Ramsey made HIS money.

This is what ultimately made me turn away from much of the advice out there on the subject. Many authors, self-help "guru's" and get rich advice dispensers never used their own advice. I wanted someone that wrote a book on the foundations of what they actually used themselves, not by writing what many people want to hear and selling it to them.

Comments :
I was born into a working class family. Both parents grew up during the depression of the 1930's and learned thrift at an early age. At the age of 5, my sister and I were told we would start getting an allowance. We would get 5 cents (in the 1950s that bought a candy bar!) a week as long as we made our beds each day and emptied the wastebaskets each Saturday. The next week we were handed 5 pennies along with a savings jar and a spending jar. My mother asked us what we might like to buy and explained that most of those things cost more than 5 cents so we would have to save for it. If we blew the whole amount each week, we would never get what we wanted. They passed on their motto of never borrow and always save. Get a good education and only buy what you need and only occasionally what you want. When I first heard Dave Ramsey on the radio a few years ago I thought my parents had come back to life and were speaking through him!

My sister and I are now both retired with healthy savings in place.

A lot of people settle for this. I think at some point in almost everyone lives they have lots of ideas flowing, how they can create something or change the way things currently work for the better. Then somewhere along the way society feeds us into this thought process of "good enough" and "safe, secure, comfortable". Then they forget about all of the stuff they thought of and start going with the flow of society, calling everyone else they see swimming upstream making their own path crazy. For me at least, deep down there was always that nag of things from the past (and present), what if? I think they still have it to but then use excuses that's impossible and those that have made it are "just lucky".

The though process is critical.
 

The-J

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Well they got one thing right... it's easy.

Building a business is harder than shoving your money in an account and forgetting about it.

Hope + time = a shitty financial plan. Action + value = set for life.
 

smarty

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Dave Ramsey is a joke, a con artist selling crappy books that will never make you rich. Even a few years ago when I was pretty clueless about finances and fastlane, I came across his blog, read a few articles similar to this one and was like "Really? WTF is he talking about?"

But then of course he was an "authority figure" on that particular site and I didn't actively refuse his advice. Pretty naive when I think now. But subconsciously I could smell bullshit nonetheless.

Sent from my GT-I9195 using Tapatalk
 

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