Advertise on Bikeforums.net



User Tag List

Results 1 to 24 of 24
  1. #1
    Your imaginary friend. fuzzbox's Avatar
    Join Date
    Jul 2007
    Location
    Wandering aimlessly.
    My Bikes
    A sweet Quamen ATL custom, GT Mach 2
    Posts
    2,209
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Becoming a Millionare

    So if I save $450 a month until I'm 65 I will definitely be a millionaire. At this point it is a possibility but I rather use it now than later. Ha.

    Every passing minute is another chance to turn it all around.

  2. #2
    Mystery Meat gitarzan's Avatar
    Join Date
    Jul 2009
    Location
    Columbus, Oh!
    My Bikes
    Soma Saga, 1991 Sirrus, Specialized Secteur Elite, Miele Umbria Elite.
    Posts
    1,035
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    I once figured that out too, when I was young.

    Back then I think it was $100 a month when savings accounts paid over 4%. Of course that never panned out. I always needed the money for staying alive.

    I've never been one to consider money to be the great scorecard, but I wish I had bothered to saving some a lot earlier than I actually did.
    Quote Originally Posted by Jseis View Post
    Is a ukulele player in a mandolin town and banned from all bars by the chief of police unless he leaves his strings and gravy at the front door.

  3. #3
    Senior Member robberry's Avatar
    Join Date
    May 2011
    Location
    Brooklyn, New York
    My Bikes
    Trek 3900, Trek 2.3
    Posts
    385
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Making the first million is the hard part.

  4. #4
    Chepooka StupidlyBrave's Avatar
    Join Date
    Sep 2006
    Location
    South Central PA
    My Bikes
    1990 Trek 1400 7spd; 2001 Litespeed Arenberg 10 speed
    Posts
    1,157
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Actually, making the first hundred is hard. Once the plates are made, it's just paper and ink.

  5. #5
    Your imaginary friend. fuzzbox's Avatar
    Join Date
    Jul 2007
    Location
    Wandering aimlessly.
    My Bikes
    A sweet Quamen ATL custom, GT Mach 2
    Posts
    2,209
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    If I hit $100,000 at an early age that would be amazing. So far I'm going at a steady rate but I doubt everything until I get a nice raise.

    Every passing minute is another chance to turn it all around.

  6. #6
    2 Fat 2 Furious contango's Avatar
    Join Date
    Nov 2010
    Location
    England
    My Bikes
    2009 Specialized Rockhopper Comp Disc, 2009 Specialized Tricross Sport
    Posts
    3,987
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by fuzzbox View Post
    So if I save $450 a month until I'm 65 I will definitely be a millionaire. At this point it is a possibility but I rather use it now than later. Ha.
    I found it pretty easy to become a millionaire. I've got something like 4,500,000 sitting in cash in my desk drawer. The downside of that is that the four-and-a-half million are old Turkish lira, which are probably worth just about enough to buy myself a coffee next time I'm out (as long as I can do without the sprinklies and whipped cream).

    The notes still look nice with all the zeroes on the end though.

  7. #7
    K2ProFlex baby! ilikebikes's Avatar
    Join Date
    Feb 2007
    Location
    My response would have been something along the lines of: "Does your bike have computer controlled suspension? Then shut your piehole, this baby is from the future!"
    My Bikes
    to many to list
    Posts
    6,100
    Mentioned
    2 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by fuzzbox View Post
    So if I save $450 a month until I'm 65 I will definitely be a millionaire. At this point it is a possibility but I rather use it now than later. Ha.

    Hey Fuzzy. Its really not as sweet as you think it is, just imagine you in your current situation, with a million dollars. Thats about it.
    You see, their morals, their code...it's a bad joke, dropped at the first sign of trouble. They're only as good as the world allows them to be. I'll show you. When the chips are down, these...These "civilized" people...they'll eat each other. See, I'm not a monster. I'm just ahead of the curve

  8. #8
    It is what it is... Minesbroken's Avatar
    Join Date
    Aug 2005
    Location
    Long Island NY
    My Bikes
    Trek 6500 w/ stuff
    Posts
    806
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    by the time your 65 a million dollars will be worthless lol
    sign here so we can do stuff to your stuff...

    myspace
    myplace
    my bike

  9. #9
    long time visiter Alfster's Avatar
    Join Date
    Oct 2005
    Location
    SW Ontario
    My Bikes
    2005 Trek 6700 disc 2007 Orbea Onix 2009 Raleigh One Way
    Posts
    585
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Just to be a nerd about your post, here's a spreadsheet I created for compound interest calculations with your numbers. It assumes that your $450 per month ($5400 per year) contribution increases by 2% per year based on keeping up with inflation, and assumes you get raises to cover the increase in contribution. It also assumes you can get a 6% rate of return on your investment. The last assumption, which is what compount interest means, is that you have it invested in a tax-free type savings account (ie: you don't pay income tax on your gains).

    As you can see, you make your first million after 38 years. If you don't increase your contributions by 2% each year, leaving them at $5400 per year, you will make your first million after 42 years.


  10. #10
    Ogr8nwmypstmksnosnse pgoat's Avatar
    Join Date
    May 2005
    My Bikes
    1986 Trek 500, 2003 Orbea Team Euskaltel, 2005 Cannondale R1000
    Posts
    2,785
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by StupidlyBrave View Post
    Actually, making the first hundred is hard. Once the plates are made, it's just paper and ink.
    Foo Post of the year, so far.
    Quote Originally Posted by jsharr View Post
    People whose sig line does not include a jsharr quote annoy me.

  11. #11
    long time visiter Alfster's Avatar
    Join Date
    Oct 2005
    Location
    SW Ontario
    My Bikes
    2005 Trek 6700 disc 2007 Orbea Onix 2009 Raleigh One Way
    Posts
    585
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Minesbroken View Post
    by the time your 65 a million dollars will be worthless lol
    If you assume a 2% inflation rate over the next 45 years (I'm assuming Fuzzy is approx 20 years old with 45 working years left ... ugh) a million dollars when she reaches 65 will be worth $418,000.00 in today's dollars. Not worthless, but certainly not what it can buy today.

  12. #12
    Senior Member tizeye's Avatar
    Join Date
    Aug 2007
    Location
    Orlando, FL
    My Bikes
    1985 Falcon, 2008 Jamis Dakota Sport
    Posts
    102
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by robberry View Post
    Making the first million is the hard part.
    Not if you start at $999,999.

    Sadly, some people invest it and even if they started at that level, still would not make it.

  13. #13
    Ogr8nwmypstmksnosnse pgoat's Avatar
    Join Date
    May 2005
    My Bikes
    1986 Trek 500, 2003 Orbea Team Euskaltel, 2005 Cannondale R1000
    Posts
    2,785
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    I'm old enough to remember when the term 'millionaire' carried a helluva a lot more weight than it does today.

    That said, It's never too late to start socking away something for your future.
    Quote Originally Posted by jsharr View Post
    People whose sig line does not include a jsharr quote annoy me.

  14. #14
    Banned. ModoVincere's Avatar
    Join Date
    Aug 2006
    Posts
    1,628
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Alfster View Post
    If you assume a 2% inflation rate over the next 45 years (I'm assuming Fuzzy is approx 20 years old with 45 working years left ... ugh) a million dollars when she reaches 65 will be worth $418,000.00 in today's dollars. Not worthless, but certainly not what it can buy today.
    perhaps, but would you rather she not prepare at all?

  15. #15
    Senior Member
    Join Date
    Feb 2005
    Location
    Nanaimo.B.C. The We't coast of Canada
    Posts
    1,287
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Thithe yourself first automaticcally then the pain is not so bad. Autodeposit of the paycheck with an automatic transfer of 10% before you do the budgetting works for a lot of people.

  16. #16
    long time visiter Alfster's Avatar
    Join Date
    Oct 2005
    Location
    SW Ontario
    My Bikes
    2005 Trek 6700 disc 2007 Orbea Onix 2009 Raleigh One Way
    Posts
    585
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by ModoVincere View Post
    perhaps, but would you rather she not prepare at all?
    I'm trying to say the opposite. This shows how important it is to start early, and that over the long run, she will have to likely save more to be able to retire comfortably. A million dollars today may allow a person to retire, however when Fuzzy is 65, a million dollars will not be enough for a comfortable retirement. Unless she's lucky enough to have a company pension plan.

  17. #17
    Banned. ModoVincere's Avatar
    Join Date
    Aug 2006
    Posts
    1,628
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Alfster View Post
    I'm trying to say the opposite. This shows how important it is to start early, and that over the long run, she will have to likely save more to be able to retire comfortably. A million dollars today may allow a person to retire, however when Fuzzy is 65, a million dollars will not be enough for a comfortable retirement. Unless she's lucky enough to have a company pension plan.


    just wasn't real clear. What you are describing is the time value of money. And yes, the quicker she starts, the more she will have.

  18. #18
    Hazardous Taerom's Avatar
    Join Date
    Jun 2005
    Location
    Quarantine
    My Bikes
    2005 Trek Liquid 55, 2009 Haro Mary SS
    Posts
    727
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    $450 a month could buy you a lot of really good beer.

  19. #19
    Banned. ModoVincere's Avatar
    Join Date
    Aug 2006
    Posts
    1,628
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Taerom View Post
    $450 a month could buy you a lot of really good beer.
    $100/ month can make a lot of really good beer.

  20. #20
    Hazardous Taerom's Avatar
    Join Date
    Jun 2005
    Location
    Quarantine
    My Bikes
    2005 Trek Liquid 55, 2009 Haro Mary SS
    Posts
    727
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by ModoVincere View Post
    $100/ month can make a lot of really good beer.
    ooohh, that leaves you with $350 for coffee!

  21. #21
    Free @coasting RUOkie's Avatar
    Join Date
    May 2009
    Location
    In a Haggard Song
    My Bikes
    2009 ORBEA Onix Rival. 2012 Felt Breed, 1999 Raleigh 500
    Posts
    10,226
    Mentioned
    52 Post(s)
    Tagged
    2 Thread(s)
    Quote Originally Posted by Taerom View Post
    ooohh, that leaves you with $350 for coffee!
    now, I really like coffee, but that is a lot!!
    Quote Originally Posted by Herbie53 View Post
    Being full of crap and depositing it here consistently is really nothing to be proud of.

  22. #22
    Banned. ModoVincere's Avatar
    Join Date
    Aug 2006
    Posts
    1,628
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by RUOkie View Post
    now, I really like coffee, but that is a lot!!
    depends on what you're drinking. Some of it (Kopi-Luwak is pretty pricey).
    $65 for 200 grams
    http://www.google.com/products/catal...9164530815858#

    Some coffee's are going upwards of $100/lbs.
    http://www.forbes.com/2006/07/19/pri...0featA_ls.html

  23. #23
    Your imaginary friend. fuzzbox's Avatar
    Join Date
    Jul 2007
    Location
    Wandering aimlessly.
    My Bikes
    A sweet Quamen ATL custom, GT Mach 2
    Posts
    2,209
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    At this rate with my budgeting I have a few extra hundred dollars but every so often I end up getting some expensive stuff.

    Every passing minute is another chance to turn it all around.

  24. #24
    Ridin' South Cackalacky dahut's Avatar
    Join Date
    May 2010
    Posts
    1,924
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by pgoat View Post
    Foo Post of the year, so far.
    +1
    "Watch out for giants; they are boorish fools with tongues wagging, drunk upon their own words.
    They will try to teach you a lesson if given the chance, and you will stumble over their stinking feet."

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •