Probably most don’t, especially right now. but it’s still not unusual for 40+.
Saving $2,000 a month from age 22 to 42 while getting 7% returns puts net worth at $1,000,000. The recent inflation has made it hard, but it used to be pretty doable to save $2000 a month on a $55-70K salary (spend under $2000/mo) - especially with good 401K matching.
Good investment companies typically return well over 7%, too, often in the 15% range. At 15% returns, just $1000 a month over that same 20 years results in $1.4m.
https://bankrate.com/banking/savings/save-million-calculator
Let’s please stop making me defend Patches by moving on to something he’s actually guilty of. I’d much rather post my anti-Patches memes.
Probably most don’t, especially right now. but it’s still not unusual for 40+.
Saving $2,000 a month from age 22 to 42 while getting 7% returns puts net worth at $1,000,000. The recent inflation has made it hard, but it used to be pretty doable to save $2000 a month on a $55-70K salary (spend under $2000/mo) - especially with good 401K matching.
Good investment companies typically return well over 7%, too, often in the 15% range. At 15% returns, just $1000 a month over that same 20 years results in $1.4m.
https://bankrate.com/banking/savings/save-million-calculator
Probably most don’t, especially right now. but it’s still not unusual for 40+.
Saving $2,000 a month from age 22 to 42 while getting 7% returns puts net worth at $1,000,000. The recent inflation has made it hard, but it used to be pretty doable to save $2000 a month on a $55-70K salary (spend under $2000/mo) - especially with good 401K matching.
Good investment companies typically return well over 7%, too, often in the 15% range. At 15% returns, just $1000 a month over that same 20 years results in $1.4m.
Probably most don’t, especially right now. but it’s still not unusual for 40+.
Saving $2,000 a month from age 22 to 42 while getting 7% returns puts net worth at $1,000,000. The recent inflation has made it hard, but it used to be pretty doable to save $2000 a month on a $55-70K salary (spend under $2000/mo) - especially with good 401K matching.