Comments on: How to Save a Million Dollars at Any Age: 35 Years Old http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: George Fisher http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-140021 George Fisher Sat, 15 Mar 2008 10:01:35 +0000 http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-140021 This online spreadsheet will allow you to figure out how much you will need to accumulate, taking inflation into account. This online spreadsheet will allow you to figure out how much you will need to accumulate, taking inflation into account.

]]> By: thomas http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-136684 thomas Wed, 13 Feb 2008 06:16:52 +0000 http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-136684 I still don't understand why having a 529 plan is part of retirement. I don't plan on going to school when I retire, and saving for your kids will only kill your retirement account. Maybe one day I'll be in a position to pay for my children's education, but until then they can work a job and get student loans just like me (or be smarter and get grants and scholarships). I still don’t understand why having a 529 plan is part of retirement. I don’t plan on going to school when I retire, and saving for your kids will only kill your retirement account.

Maybe one day I’ll be in a position to pay for my children’s education, but until then they can work a job and get student loans just like me (or be smarter and get grants and scholarships).

]]> By: siva http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-136540 siva Mon, 11 Feb 2008 21:16:53 +0000 http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-136540 Experience is teaching me that it is all about properly investing. I bought 2 homes after investing about 50K in each home. and now those two homes lost this whole value 100K and now still going down. However, I also invested 75K in my own country and there the values raised to 300K in just 5 years. So, I am thinking that US is not a very good destination for savings. So, what I suggest is the following. 1. Buy a home, which is enough for you now, for which you can put 20% down payment. This will reduce your tax rate and you can enjoy your own house. 2. Put money in stocks in emerging markets like India, China, Philippines, Russia etc... you can put it in the mutual funds representing those countries. 3. As everybody says, keep 3 months of emergency funds and put them in a CD. 4. Be vigilant on the investments you are making and once any investment gives you more than 20-25%, just come out of that. 5. Never go for huge debts. Experience is teaching me that it is all about properly investing. I bought 2 homes after investing about 50K in each home. and now those two homes lost this whole value 100K and now still going down. However, I also invested 75K in my own country and there the values raised to 300K in just 5 years. So, I am thinking that US is not a very good destination for savings. So, what I suggest is the following.
1. Buy a home, which is enough for you now, for which you can put 20% down payment. This will reduce your tax rate and you can enjoy your own house.
2. Put money in stocks in emerging markets like India, China, Philippines, Russia etc… you can put it in the mutual funds representing those countries.
3. As everybody says, keep 3 months of emergency funds and put them in a CD.
4. Be vigilant on the investments you are making and once any investment gives you more than 20-25%, just come out of that.
5. Never go for huge debts.

]]> By: Ed http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-136060 Ed Wed, 06 Feb 2008 04:04:11 +0000 http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-136060 I am 5 years past the 35 y.o. mark, but I have already been planning on at least $2m to retire on due to inflation eroding away the value of a dollar. I am 5 years past the 35 y.o. mark, but I have already been planning on at least $2m to retire on due to inflation eroding away the value of a dollar.

]]> By: pfodyssey http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-135958 pfodyssey Tue, 05 Feb 2008 05:11:24 +0000 http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-135958 When I initially read the post, I thought to myself...how does this make any sense? I'm putting up $2000+ per month in savings and am still not sure it's enough! I then read the reader comments and really appreciated the feedback about inflation, and Dan's in particular, which gave us some real numbers. I think it's a very significant omission not to highlight this in the article. In fairness, given the personal savings rate in our country, amassing $1,000,000 dollars at 65 still may be quite an accomplishment for many. However, as Dan pointed out, it's hardly the same million dollars that people may be expecting...and far far away from what I am personally targeting for my own retirement. When I initially read the post, I thought to myself…how does this make any sense? I’m putting up $2000+ per month in savings and am still not sure it’s enough!

I then read the reader comments and really appreciated the feedback about inflation, and Dan’s in particular, which gave us some real numbers. I think it’s a very significant omission not to highlight this in the article. In fairness, given the personal savings rate in our country, amassing $1,000,000 dollars at 65 still may be quite an accomplishment for many. However, as Dan pointed out, it’s hardly the same million dollars that people may be expecting…and far far away from what I am personally targeting for my own retirement.

]]> By: Dan http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-135698 Dan Sun, 03 Feb 2008 18:55:30 +0000 http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-135698 Inflation is not a mere side note. If inflation continues its long-term average, your $1,000,000 in 2038 dollars is equivalent to $363,583 in today's dollars. To have what is equivalent to $1M today, you need to accumulate $2.75M in 30 years. With Kiplinger's 8% APY, that means you'd need to save $1,845 per month. Those would $50,000 already saved would need to add $1,478 each month to reach inflation-adjusted millionaire status. These numbers are the truth, unfortunately they don't sell magazines. Inflation is not a mere side note. If inflation continues its long-term average, your $1,000,000 in 2038 dollars is equivalent to $363,583 in today’s dollars. To have what is equivalent to $1M today, you need to accumulate $2.75M in 30 years. With Kiplinger’s 8% APY, that means you’d need to save $1,845 per month. Those would $50,000 already saved would need to add $1,478 each month to reach inflation-adjusted millionaire status. These numbers are the truth, unfortunately they don’t sell magazines.

]]> By: The Saving Freak http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-135695 The Saving Freak Sun, 03 Feb 2008 18:04:39 +0000 http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-135695 If you are 35 you should be able to have more than one million at retirement. It will just take some will power and ingenuity. If you are 35 you should be able to have more than one million at retirement. It will just take some will power and ingenuity.

]]> By: Pete http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-135687 Pete Sun, 03 Feb 2008 17:19:02 +0000 http://www.consumerismcommentary.com/2008/02/03/how-to-save-a-million-dollars-at-any-age-35-years-old/#comment-135687 I have a similar post about this Kiplinger's article on my blog. I was thinking about that same thing when reading it, however - just how much inflation will hurt that money - how much will 1 million be worth when i'm 65? good point. I have a similar post about this Kiplinger’s article on my blog. I was thinking about that same thing when reading it, however – just how much inflation will hurt that money – how much will 1 million be worth when i’m 65? good point.

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