Interesting Survey from Scottrade + A million bucks

Over at Yahoo Finance! – I read this article from Marketwatch – Young investors heading to the Internet for financial help. If you are in your 20s or 30s and are reading this, you must check it out. After having read that, check out this article from Motley Fool – one of my favorite finance sites (even though they try to pitch their own services at the end of almost every article) – The Lure of Great Wealth. Let me give you some easier to acheive calculations than the article. What if you contributed only 4000 combined in the IRA and 401K, not the 19000 mentioned in the article?. With the rate of 15.4% in that article, you end up with 8 million instead of 37 million – not too bad eh? and doable for anyone! What if you get an average return of only 8% on that instead of 15% on the 4000 – you end up with a million – still not to shabby.

I’m a big supporter of automatic contributions to savings and to acheive 4000 a year, you only need to contribute 333$/month – an easy enough target to reach.

Leave a Reply

%d bloggers like this: