Pru 401(K) just started showing up in paycheck?
- Thread starter Brasswolf
- Start date
Brownslave688
You want a toe? I can get you a toe.
Well that's something I sure as hell won't have to worry about.
Government aid for college will be about zero for my kids I'm sure.
Save now brother. Just paid my last college bill. Can't imagine what it's going to cost in another 20 years.
Brownslave688
You want a toe? I can get you a toe.
If it keeps up it won't be worth it.
There's a huge student loan bubble building and something will have to be done in the next 20-30 years.
Unfortunately a college degree might be required by then. Good paying blue collar jobs,will be a thing of the past.
Start a 529 asap.
joesmith
Active Member
Just consider yourself lucky i bet there are dozens of old timers around that building who wished they started the 401k earlier.. i know at the moment you were pissed and didn't want anyone messing with you money..but dont be old man in the center with less than 100k in the 401k and cant afford to retire.
start saving $100 a month every year at the age of 25 in a 401k or ira
and at the age of 65 you could be a millionaire.. i wish i had
start saving $100 a month every year at the age of 25 in a 401k or ira
and at the age of 65 you could be a millionaire.. i wish i had
We had the thrift plan when I started. No 401k.
upschuck
Well-Known Member
I didn't get in that either. Thought I needed the money elsewhere, when I was really wasting it. Oh well Live and learn.
Can't live in the past. Just look forward . Wish I had some more put away. But I have a lot more than others.
Um, no. One hundred dollars a month is $1200 a year. Or $48,000 over the course of 40 years. You'd need a VERY aggressive investment strategy to turn 48k into One million dollars
F
FrigidAdCorrector
Guest
Student loans are going to be the biggest thing stopping me from saving. These universities love to talk about how they are preparing us for the future. But they're preparing many of us for bankruptcy.
You'd be surprised. Unless both you and your wife make an absolute boatload of money it's pretty easy to get financial aid. My mom makes great money, but I can still get about 75% of my tuition covered by loans. Sure it sucks having to pay it all back. But it's better than no help.
Something needs to be done now. I think that bubble burst is a lot closer than many think. Shame on the schools for driving costs up. Corporations aren't the only greedy ones.
Brownslave688
You want a toe? I can get you a toe.
Paragraph two has lead to paragraph three.
I can't really blame the schools. I blame the government loan programs. Tuition was largely kept in check until the government started backing loans.
Brownslave688
You want a toe? I can get you a toe.
40 years would give you somewhere about 700k at 10% growth. Aggressive yes. Unheard of no. 45 years would get you there.
oldngray
nowhere special
10% is possible but unrealistic. You should plan for less with the possibility of being pleasantly surprised with more money. 5-8% is probably more likely.
Brownslave688
You want a toe? I can get you a toe.
I agree and like I said yes 10% is aggressive but more than anything it shows how important years are not just money.
If you save those $100 a month from 25 on you'll Likely be better off than if you start throwing thousands at it when you're 50+.
brownmonster
Man of Great Wisdom
I enjout watching the government do great things with my money.
Insaneasylum
Well-Known Member
Over 40 years 100$ a month @7% interest is just over 250$k. @10% it's 550$k
Browndriver5
Well-Known Member
It's actually not unrealistic for a 10 percent growth over 40 years. I try to do just about everything he advises
http://www.daveramsey.com/blog/the-12-reality/
http://www.daveramsey.com/blog/the-12-reality/
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