Go Back  Bike Forums > The Lounge > Foo
Reload this Page >

Becoming a Millionare

Notices
Foo Light hearted off-topic chit chat with no general subject.

Becoming a Millionare

Old 09-24-11, 09:32 PM
  #1  
fuzzbox
Your imaginary friend.
Thread Starter
 
fuzzbox's Avatar
 
Join Date: Jul 2007
Location: Wandering aimlessly.
Posts: 2,211

Bikes: A sweet Quamen ATL custom, GT Mach 2

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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.
fuzzbox is offline  
Old 09-24-11, 09:45 PM
  #2  
gitarzan
Lost Again
 
gitarzan's Avatar
 
Join Date: Jul 2009
Location: Columbus, Oh!
Posts: 1,041

Bikes: Soma Saga, 1991 Sirrus, Specialized Secteur Elite, Miele Umbria Elite.

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 4 Post(s)
Likes: 0
Liked 1 Time in 1 Post
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.
gitarzan is offline  
Old 09-24-11, 09:46 PM
  #3  
robberry
Senior Member
 
robberry's Avatar
 
Join Date: May 2011
Location: Brooklyn, New York
Posts: 386

Bikes: Trek 3900, Trek 2.3

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
Making the first million is the hard part.
robberry is offline  
Old 09-24-11, 09:50 PM
  #4  
StupidlyBrave 
Chepooka
 
StupidlyBrave's Avatar
 
Join Date: Sep 2006
Location: South Central PA
Posts: 1,178

Bikes: 1990 Trek 1400 7spd; 2001 Litespeed Arenberg 10 speed

Mentioned: 5 Post(s)
Tagged: 0 Thread(s)
Quoted: 898 Post(s)
Liked 788 Times in 489 Posts
Actually, making the first hundred is hard. Once the plates are made, it's just paper and ink.
StupidlyBrave is offline  
Old 09-24-11, 10:04 PM
  #5  
fuzzbox
Your imaginary friend.
Thread Starter
 
fuzzbox's Avatar
 
Join Date: Jul 2007
Location: Wandering aimlessly.
Posts: 2,211

Bikes: A sweet Quamen ATL custom, GT Mach 2

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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.
fuzzbox is offline  
Old 09-24-11, 10:12 PM
  #6  
contango 
2 Fat 2 Furious
 
contango's Avatar
 
Join Date: Nov 2010
Location: England
Posts: 3,996

Bikes: 2009 Specialized Rockhopper Comp Disc, 2009 Specialized Tricross Sport RIP

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 6 Post(s)
Likes: 0
Liked 1 Time in 1 Post
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.
contango is offline  
Old 09-24-11, 11:24 PM
  #7  
ilikebikes
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!"
Posts: 6,133

Bikes: to many to list

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 16 Post(s)
Liked 54 Times in 30 Posts
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
ilikebikes is offline  
Old 09-25-11, 06:17 AM
  #8  
Minesbroken
It is what it is...
 
Minesbroken's Avatar
 
Join Date: Aug 2005
Location: Long Island NY
Posts: 811

Bikes: Trek 6500 w/ stuff

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 3 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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
Minesbroken is offline  
Old 09-25-11, 06:23 AM
  #9  
Alfster 
long time visiter
 
Alfster's Avatar
 
Join Date: Oct 2005
Location: in the Northern Tundra
Posts: 654

Bikes: 2005 Trek 6700 disc 2007 Orbea Onix 2009 Raleigh One Way

Mentioned: 2 Post(s)
Tagged: 0 Thread(s)
Quoted: 33 Post(s)
Liked 1 Time in 1 Post
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.

Alfster is offline  
Old 09-25-11, 07:51 AM
  #10  
pgoat
Batw Griekgriek
 
pgoat's Avatar
 
Join Date: May 2005
Location: NYC - for the moment...
Posts: 2,911

Bikes: 1986 Trek 500 Tri Series, 2005 Cannondale R1000

Mentioned: 2 Post(s)
Tagged: 0 Thread(s)
Quoted: 24 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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.
__________________
Originally Posted by jsharr View Post
People whose sig line does not include a jsharr quote annoy me.
pgoat is offline  
Old 09-25-11, 08:23 AM
  #11  
Alfster 
long time visiter
 
Alfster's Avatar
 
Join Date: Oct 2005
Location: in the Northern Tundra
Posts: 654

Bikes: 2005 Trek 6700 disc 2007 Orbea Onix 2009 Raleigh One Way

Mentioned: 2 Post(s)
Tagged: 0 Thread(s)
Quoted: 33 Post(s)
Liked 1 Time in 1 Post
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.
Alfster is offline  
Old 09-25-11, 05:31 PM
  #12  
tizeye 
Senior Member
 
tizeye's Avatar
 
Join Date: Aug 2007
Location: Orlando, FL
Posts: 103

Bikes: 1985 Falcon, 2008 Jamis Dakota Sport

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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.
tizeye is offline  
Old 09-25-11, 08:35 PM
  #13  
pgoat
Batw Griekgriek
 
pgoat's Avatar
 
Join Date: May 2005
Location: NYC - for the moment...
Posts: 2,911

Bikes: 1986 Trek 500 Tri Series, 2005 Cannondale R1000

Mentioned: 2 Post(s)
Tagged: 0 Thread(s)
Quoted: 24 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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.
__________________
Originally Posted by jsharr View Post
People whose sig line does not include a jsharr quote annoy me.
pgoat is offline  
Old 09-26-11, 07:04 AM
  #14  
ModoVincere
Riding Heaven's Highways on the grand tour
 
ModoVincere's Avatar
 
Join Date: Aug 2006
Posts: 1,675
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 2 Post(s)
Likes: 0
Liked 3 Times in 3 Posts
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?
__________________
1 bronze, 0 silver, 1 gold
ModoVincere is offline  
Old 09-26-11, 09:47 AM
  #15  
overthehillmedi
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)
Quoted: 1 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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.
overthehillmedi is offline  
Old 09-26-11, 10:17 AM
  #16  
Alfster 
long time visiter
 
Alfster's Avatar
 
Join Date: Oct 2005
Location: in the Northern Tundra
Posts: 654

Bikes: 2005 Trek 6700 disc 2007 Orbea Onix 2009 Raleigh One Way

Mentioned: 2 Post(s)
Tagged: 0 Thread(s)
Quoted: 33 Post(s)
Liked 1 Time in 1 Post
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.
Alfster is offline  
Old 09-26-11, 10:41 AM
  #17  
ModoVincere
Riding Heaven's Highways on the grand tour
 
ModoVincere's Avatar
 
Join Date: Aug 2006
Posts: 1,675
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 2 Post(s)
Likes: 0
Liked 3 Times in 3 Posts
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.
__________________
1 bronze, 0 silver, 1 gold
ModoVincere is offline  
Old 09-26-11, 01:01 PM
  #18  
Taerom
Hazardous
 
Taerom's Avatar
 
Join Date: Jun 2005
Location: Quarantine
Posts: 727

Bikes: 2005 Trek Liquid 55, 2009 Haro Mary SS

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
$450 a month could buy you a lot of really good beer.
Taerom is offline  
Old 09-26-11, 01:05 PM
  #19  
ModoVincere
Riding Heaven's Highways on the grand tour
 
ModoVincere's Avatar
 
Join Date: Aug 2006
Posts: 1,675
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 2 Post(s)
Likes: 0
Liked 3 Times in 3 Posts
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.
__________________
1 bronze, 0 silver, 1 gold
ModoVincere is offline  
Old 09-26-11, 01:07 PM
  #20  
Taerom
Hazardous
 
Taerom's Avatar
 
Join Date: Jun 2005
Location: Quarantine
Posts: 727

Bikes: 2005 Trek Liquid 55, 2009 Haro Mary SS

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
Originally Posted by ModoVincere View Post
$100/ month can make a lot of really good beer.
ooohh, that leaves you with $350 for coffee!
Taerom is offline  
Old 09-26-11, 02:01 PM
  #21  
RUOkie
Scarlet Knight
 
RUOkie's Avatar
 
Join Date: May 2009
Location: In a Haggard Song
Posts: 11,271

Bikes: 2009 ORBEA Onix Rival. 2012 Felt Breed, 1999 Raleigh 500

Mentioned: 26 Post(s)
Tagged: 1 Thread(s)
Quoted: 285 Post(s)
Liked 14 Times in 4 Posts
Originally Posted by Taerom View Post
ooohh, that leaves you with $350 for coffee!
now, I really like coffee, but that is a lot!!
RUOkie is offline  
Old 09-26-11, 02:11 PM
  #22  
ModoVincere
Riding Heaven's Highways on the grand tour
 
ModoVincere's Avatar
 
Join Date: Aug 2006
Posts: 1,675
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 2 Post(s)
Likes: 0
Liked 3 Times in 3 Posts
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
https://www.google.com/products/catal...9164530815858#

Some coffee's are going upwards of $100/lbs.
https://www.forbes.com/2006/07/19/pri...0featA_ls.html
__________________
1 bronze, 0 silver, 1 gold
ModoVincere is offline  
Old 09-26-11, 10:31 PM
  #23  
fuzzbox
Your imaginary friend.
Thread Starter
 
fuzzbox's Avatar
 
Join Date: Jul 2007
Location: Wandering aimlessly.
Posts: 2,211

Bikes: A sweet Quamen ATL custom, GT Mach 2

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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.
fuzzbox is offline  
Old 09-26-11, 11:15 PM
  #24  
dahut
Ridin' South Cackalacky
 
dahut's Avatar
 
Join Date: May 2010
Posts: 1,918
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 1 Time in 1 Post
Originally Posted by pgoat View Post
Foo Post of the year, so far.
+1
dahut is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.