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My accounting professor just worked out the math on how much we'll have in retirement if we want to be able to spend 80% of our 30-year salary, and people are it all up. "I'll have $6,000,000 in 30 years?! I'll only be 55!" No. You won't.
We assumed a $60,000 starting salary will become $300,000 in 30 years and he assured us that it was a conservative estimate for public accountants. We also assumed a "conservative" estimate that our savings will grow at 8% with stock market investments.
It's pretty amazing how pervasive the Slowlane model is, even within the walls of a graduate business school. My classmates scoff at me when I suggest that they'd be better off trying to start their own business, or that there might even be an alternative to working for 30+ years for a shot at comfort.
Most businesses fail within 5 years? If you're doing it right, it won't take you that long!
You don't have any good ideas? Let other people TELL you what your idea should be!
In a class of 47 "business-minded" students, I swear I'm the only one actually thinking about starting one instead of becoming a cog in someone else's machine.
We assumed a $60,000 starting salary will become $300,000 in 30 years and he assured us that it was a conservative estimate for public accountants. We also assumed a "conservative" estimate that our savings will grow at 8% with stock market investments.
It's pretty amazing how pervasive the Slowlane model is, even within the walls of a graduate business school. My classmates scoff at me when I suggest that they'd be better off trying to start their own business, or that there might even be an alternative to working for 30+ years for a shot at comfort.
Most businesses fail within 5 years? If you're doing it right, it won't take you that long!
You don't have any good ideas? Let other people TELL you what your idea should be!
In a class of 47 "business-minded" students, I swear I'm the only one actually thinking about starting one instead of becoming a cog in someone else's machine.
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