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Old 07-27-2012, 09:37 AM   #21
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Some people say no kids. Have 2 ourselves. Put them through college with our own money, all 4 years at a state university. No student loans. I did not know what FAFSA stands for until I read this forum.
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Old 07-27-2012, 09:40 AM   #22
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Originally Posted by UnderTheRadar View Post
Last page of this month's money magazine has a CNN poll results that asks "What is the surest way to reach $1M"?
Did the question ask in what form the $1M is?

For me, the most important would be investable liquid assets. That rules out such things as a business or real estate, for most folks.

Now, if you are speaking about gross (includes any taxes due) estate value (if you died today), than that's another question IMHO.

Heck, at one time in the distant past, a person in California could buy a shack and along the way it could have reached $1M in value. Assuming they had paid it off, it would make them meet the criteria without saving/investing a cent. That's why I ask the question.

The other being a business owner (as my father was, over many years - over many businesses, in retail, service, and RE). While he valued them much in excess of their value (IMHO, based upon cash flow and capital invested) in the end, they were sold for much less.

I guess that's the reason why I never owned a business, and let Mega-Corp fulfill my financial needs. I had too much "experience" gained during my younger years of what a business is, and what it needs to be successful.
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Old 07-27-2012, 09:40 AM   #23
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What about "making it the old fashioned way.......inheriting it!!"
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Old 07-27-2012, 09:43 AM   #24
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obgyn, I might be interested in that rate as well, if you are inclined.
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Old 07-27-2012, 10:01 AM   #25
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+1
Maybe this is it, NAVY FED has a 1yr 3.00%

https://www.navyfederal.org/products...ates-rates.php
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Old 07-27-2012, 10:32 AM   #26
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1. Get degree
2. Get well-paid job
3. Invest a good chunk of each paycheck in index funds
4. Do whatever necessary to avoid divorce
5. Retire in 20 yrs or so and go have fun

It's very, very simple if you follow the rules.

Of course, silly me didn't follow the rules, so it wasn't so simple.
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Old 07-27-2012, 12:21 PM   #27
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rbmrtn, a quick check of that site shows a 1.34% rate for 2 years. Have you seen something else?
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Old 07-27-2012, 12:23 PM   #28
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Get a good degree, and then a good job with a MegaCorp. Live below you means. Manage your tax liability. Marry someone who thinks similar. Don't have kids if you want to get there even faster.
Good strategy, I made it better
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Old 07-27-2012, 12:50 PM   #29
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Sorry for hijacking thread and for typos - typing from iPhone while traveling. Just wanted to mention there are 3% CDs available this week. Just bought some.

Great, at least you may be keeping up with inflation.
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Old 07-27-2012, 01:27 PM   #30
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Last page of this month's money magazine has a CNN poll results that asks "What is the surest way to reach $1M"?
- Invest in Stocks = 36%
- Buy Real Estate = 21%
- Own a Small Business = 31%
- Win the Lottery = 12%

WIN THE LOTTERY = 12% Really?
More than 1 in 10 people think this is the surest way to $1M...depressing.
I think CNN's pole asked the wrong question. They should have asked, "What is the surest way to be financially independent and retire early?" Too many people focus on the dollar amount. I know it sounds like a broken record and I wish Nords would write for "Money" cuz he would tell them it's not about how much you make.... it's how much you save and don't spend. For me ... I'll be too busy enjoying a work-free, debt-free retirement, thanks to your advice on this forum, than worrying about reaching a million$.
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Old 07-27-2012, 01:38 PM   #31
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rbmrtn, a quick check of that site shows a 1.34% rate for 2 years. Have you seen something else?
On their home page go to products and services tab, then certificates. The first tab is a special 1yr CD @3.00%
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Old 07-27-2012, 02:11 PM   #32
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The subject matter here regards the surest way to reach a million. While I know many who have started a business and made it, they are certainly in the minority. Not the surest way. Many excellent suggestions are offered above. Don't be discouraged by thinking that your not highly educated or able to start your own business. Diligent saving and a diversified investment plan over a long time horizon will get you there. Play the hand that is dealt you. LBYM and invest the rest.
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Old 07-27-2012, 03:05 PM   #33
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I will PM you - don't want to highjack the thread
Please tell me also. I tried to PM you but your PM count has been exceeded! You've caused quite a stir!

Mike D.
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Old 07-27-2012, 04:59 PM   #34
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Get a good degree, and then a good job with a MegaCorp. Live below you means. Manage your tax liability. Marry someone who thinks similar. Don't have kids if you want to get there even faster.

+1
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Old 07-27-2012, 05:17 PM   #35
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If you want to make it to $1 million by earning and saving, and you think you can work for 40 years, you'll need annual savings of

$13,260 if you can earn inflation + 3%
,,$6,460 if you can earn inflation + 6%

(Currently, TIPS are at inflation + 0%)

The median income for full-time, year-round workers in 2010 was
$50,360 for men, and
$38,300 for women.

So half the full-time, year-round workers made less than that.

I think $1 million is a challenge for lots of Americans, just because they don't have the income to support that level of saving.
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Old 07-27-2012, 05:20 PM   #36
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Get a good degree, and then a good job with a MegaCorp. Live below you means. Manage your tax liability. Marry someone who thinks similar. Don't have kids if you want to get there even faster.
I was gong to post this myself. LBYM, and be childfree. No debts (other than a mortgage which should be paid off early if possible) is good. I am not married so that is not a requirement.
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Old 07-27-2012, 05:49 PM   #37
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Surest way though not the fastest is to work a 9-to-5 job with a megacorp, keep your nose to the grindstone, live LBYM, maxing out 401k, save as much as possible with after-tax money. Invest in stocks. Rental properties if you have the knack for it.
Yup, this is exactly what worked for me. Not terribly fast but really didn't take that long. Got MBA summer of 76, ER end of 2002 so about 26 years or so, with one year sabbatical for navel gazing so really 25 years of work. Tried the rental property bit but really not my cup of tea. After dabbling with individual stocks and determining to my entire satisfaction that I am not remotely related to that Buffett fellow invested solely in mutual funds which did well for me.
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Old 07-27-2012, 06:01 PM   #38
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A few people have asked where I got the 3% CD. Instead of emailing everyone, a post might be better... I bought from Edward Jones, here are the details :

GOLDMAN SACHS BK USA NY CD 3%2
C/D FDIC INS TO LIMITS: DUE 09/02/2021 03.000% MJSD: SOLICITED: 1M
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Old 07-27-2012, 06:20 PM   #39
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I suppose you can argue the +/- of each option.....to each their own. I am just shocked that more than 10% say the "surest" way is the lottery. Clearly they do not understand the odds....

I guess I can see it from the point of view of despair " I am 50 years old w/ $35k in credit card debt, no ambition, and a minimal salary job"..... I suppose your only option may be the lottery. But hopefully this is not what you are teaching your kids/grand kids!
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Old 07-27-2012, 06:48 PM   #40
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I suppose you can argue the +/- of each option.....to each their own. I am just shocked that more than 10% say the "surest" way is the lottery. Clearly they do not understand the odds....
The option was not play the lottery - it was win the lottery. That probably IS the surest way to 1MM.
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