I read this book, this spring and there is a graph in it which shows in black and white, the saving and results of 3 people.
Kim started saving $2000/mon at 27 until 65, saved $78,000.00 to have $$805,185.
Susan started saving $2000/mon at 19 for 8 years ($16,000) and had $1,019,148 at 65.
Here's the best one. Lucy started saving $2000/mon at 14 for 5 years only ($10,000) and had $1,174,600 at 65.
This is based on a 10% return which wouldn't work this year but there have been years when I've got 28% + returns. The money has to sit there until age 65.
I've challenged my teen grandsons and grand nieces to become millionaires. It is going to be interesting to see what they do. Don't I wish I'd known this when I was 14 or had my own kids do it. I think there is more of a chance of some success when the minimum wage is $8/hr than when I got $1? hour at Woodward's when I was 16.
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