Can a 32 year old die with more than a million?

**Broken Arrow** · 05-30-2006, 08:37 AM

Re: Can a 32 year old die with more than a million?

This is an interesting question, but one that will undoubtedly tread into the controversial waters of "what is a net worth", and how does one calculate it? I suppose we would also have to consider how much we can invest per given period (paycheck, month, year, etc.) and what kind of investments we will be using to get there (and hence the likely returns).

In general, if we were able to contribute 10,000 per year, every year, and we invest it with a net return of 7%, it would take roughly 29 years to reach one million.

**cbmeeks** · 05-30-2006, 08:41 AM

Re: Can a 32 year old die with more than a million?

I'm thinking $20 - $30k/year in savings after I am debt free.

**Broken Arrow** · 05-30-2006, 08:52 AM

Re: Can a 32 year old die with more than a million?

Wow. Assuming the same 7% of net returns....

It would take 21 years with 20k annual contributions, and 17 years with 30k.

**sweeps** · 05-30-2006, 09:08 AM

Re: Can a 32 year old die with more than a million?

There are several calculators on the web that can help you run scenarios. CNN Money has a good one, for example.

**cbmeeks** · 05-30-2006, 09:57 AM

Re: Can a 32 year old die with more than a million?

would 7% be a good average to estimate? I mean, I plan on having a diverse retirement. :-)

**Broken Arrow** · 05-30-2006, 10:18 AM

Re: Can a 32 year old die with more than a million?

I am not an expert, but a NET return of 7% is quite good I think. As in, after Uncle Sam, your broker, and whoever else takes a cut, you end up with 7%.

Also, I didn't bother to consider inflation.

Great link, sweeps!

**slimcustomer** · 05-31-2006, 05:06 AM

Re: Can a 32 year old die with more than a million?

Saving a million dollars is a reasonable goal for someone starting at 32, but unfortunately a million dollars may not be worth that much down the line.

**cbmeeks** · 05-31-2006, 05:11 AM

Re: Can a 32 year old die with more than a million?

yeah, I thought about that too. A million now might not be worth that much 30 years from now.

**Broken Arrow** · 05-31-2006, 05:53 AM

Re: Can a 32 year old die with more than a million?

But... it's still better than not having a million, right?

I too am an aspiring wannabe millionaire.

**cbmeeks** · 05-31-2006, 06:04 AM

Re: Can a 32 year old die with more than a million?

well, yeah, but here is what is scary.

I am 32 years old and I am already saying the stuff my dad and grand-dad said. Things like "when I was a kid...."

Anyway, in my LONG 32 years, I remember when gas was $0.58/gallon. I remember when a movie, pop-corn and coke could be purchased for less than $10.00. I remember when if you wanted to play the best games, they were at the arcade. And they cost $0.25 or LESS to play.

Now, gas is $3.00/gallon, movie popcord and coke are $15 - $20 PER PERSON and arcades are nearly extinct for $600 PS3's.

So, 30 years from now when gas is $65/gallon, movie popcorn and coke are $250 and virtual reality games are $20/minute, a million won't last long

lol

**CJsoccerchic** · 05-31-2006, 06:55 AM

Re: Can a 32 year old die with more than a million?

Scary, isn't it?

**cbmeeks** · 06-01-2006, 05:20 AM

Re: Can a 32 year old die with more than a million?

well, I do. I even remember when I was a small kid a gas war in the 70s. It might have even been less that $0.58/gallon.

I especially remember filling my car up with $8 many many times when I was younger. Now, the same size car takes $30.

**asha** · 06-03-2006, 06:43 AM

Re: Can a 32 year old die with more than a million?

ok yes but why wopuld you want to leave the kids a fortune? I am not a parent so I don't understand. But, once you have raised them and educated them, why do parents want to donate all their hard earned life savings to their kids? I would say enjoy it yourself and give it to worthy causes. I am truly baffled by my parents FORCING $100,000 gift on me for my house deposit which I basically refuse to accept and am paying back as fast as I can. Once kids get married and have their own kids, the most impt people to them are their spouse and children and they treat parents as a burden, anyway, many of them, so why work all your life to donate it all to them? (I am not married, either!)

Can a 32 year old die with more than a million?