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How To $save$ A Million

Discussion in 'General Entrepreneur Discussion' started by Autospun, Jan 29, 2008.

  1. Autospun
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    Autospun PARKED

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    ??? inflation, interests, economy, crisis, just to name a few,??? is this a train to a million while working on the way up an obtuse-angled corporate ladder?? i don't buy it.

    http://finance.yahoo.com/retirement/article/104258/How-to-Make-a-Million
     
  2. Allthingznew
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    Allthingznew Contributor

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    It's slow lane anyway. Don't look for how to save a million in a lifetime, look for how to make a million in a couple years.
     
  3. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    When I read articles like that it makes me want to barf.

    :puke:

    :slow:
     
  4. imirza
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    imirza Contributor

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    I'd rather read an article on how to 'Borrow a Million Dollars ( with no collateral)' . To me Fastlane is all about borrowing tons of money at low rates and investing at higher returns . If you can borrow $100 million imagine how rich you become. Borrow at 10% invest at 20%.
     
  5. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    Well, technically they are not lying....

    "To reach one million by age 65 you need to save $xxx"

    My problem is with the age. Why should I wait till 65 if I could do it this year, or the next one, or in 5 more years? Why do I have to wait 40, 30, 20, even 15 years?
     
  6. Merkin Man
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    Merkin Man Contributor

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    Ah, barf. A word I haven't heard in years!!! Thanks, MJ, for using it! I just flashed back to middle school!!! :hurray:


    As for the article, very slowlane stuff. I agree with the notion that I would rather borrow a million and invest it than save it.
     
  7. 6.0_bull
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    6.0_bull New Contributor

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    Its defiantly slow lane ......not for the fast laners!!!

    but there is some merit behind it for fastlaners , specially for some of you who have money in a basic low interest bank account and should have it in a managed account F/X etc earning 10-15%monthly instead now start compounding that.....whooohooo real money.

    But then again this article in practice is ideal for the 9-5 worker who can manage to save an extra few bucks every month and use the huge leveraging power of compound interest it is a very realistic approach to a comfortable retirement for the 9-5er
     
  8. kimberland
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    kimberland Bronze Contributor

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    Okay, even if you are targeting slow lane,
    you lost the 25 year olds as soon as you said "by age 65."

    This isn't even slow lane.
    This is filler (the polite word for garbage).
     
  9. venom
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    venom New Contributor

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    Well most wont ever make it to the million

    The things to consider are the factors involved.
    They mention age or time
    Then they mention return. They use 8 % .
    They only mention increasing the amount invested. The other choice is to increase your return
    Now the question is how do you do that ?
    Without taking on too much risk.
     
  10. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    well, they imply investing in packaged deals, like mutual funds. you don't have too much control. You are just a passenger. So yes, play it safe so you are not looking for high risk/returns. As you can't control the % of return they tell you to increase the amount.
     

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