Hello,
I'm 16 years old and started thinking about early retirement(35 to 40). I'm a junior in high-school, so I have one more of school, and don't plan on going to college. I already have a job with my father(siding and windows contractor) making 15$ an hour. When I graduate and work full time with him, I will recieve atleast a dollar raise every six months. Currently any money I make I'm saving 50% in a simple savings account(for now, just so I have somewhere to put it.) When I turn 18, I will start saving 70% towards retirement. This sounds a little unrealistic to some people, but since I'll be living at home for very cheap and not be real spendy, it is realistic in my book. I planned out a realistic year by year pay chart, and I just calculated me putting all the money I save in one year, into a 1-year CD, and when it matures taking that and combining it with the money I saved in the next year and doing the same thing year after year. I used the current percentage(4.5% about) and calculated I will hit a million around 40 years old. At 4.5% return annualy, thats 45,000 and I will be saving 50,000 a year then, so every year I work after 40, I will save about an extra 100,000. I'd like to move to Central America somewhere where I wake up roll over and see clear blue water(I guess thats a lot of peoples dream, but whatever.) Is there any better ways to invest thats virtually no risk other than CD's? Thanks a bunch.
I'm 16 years old and started thinking about early retirement(35 to 40). I'm a junior in high-school, so I have one more of school, and don't plan on going to college. I already have a job with my father(siding and windows contractor) making 15$ an hour. When I graduate and work full time with him, I will recieve atleast a dollar raise every six months. Currently any money I make I'm saving 50% in a simple savings account(for now, just so I have somewhere to put it.) When I turn 18, I will start saving 70% towards retirement. This sounds a little unrealistic to some people, but since I'll be living at home for very cheap and not be real spendy, it is realistic in my book. I planned out a realistic year by year pay chart, and I just calculated me putting all the money I save in one year, into a 1-year CD, and when it matures taking that and combining it with the money I saved in the next year and doing the same thing year after year. I used the current percentage(4.5% about) and calculated I will hit a million around 40 years old. At 4.5% return annualy, thats 45,000 and I will be saving 50,000 a year then, so every year I work after 40, I will save about an extra 100,000. I'd like to move to Central America somewhere where I wake up roll over and see clear blue water(I guess thats a lot of peoples dream, but whatever.) Is there any better ways to invest thats virtually no risk other than CD's? Thanks a bunch.