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(CNN) Spiffy How to save a million dollars by age 65   (money.cnn.com) divider line 208
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32662 clicks; posted to Main » on 01 Aug 2010 at 3:13 AM   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»   |    Get this fabulous T-Shirt and impress the methane out of your friends! shirt it!



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2010-07-31 10:38:08 PM
Equities work.
 
2010-07-31 10:38:28 PM
Become an awesome untraceable, ninja-esque thief.
 
2010-07-31 10:38:32 PM
Open an ING or Chase savings account, or whatever money market account pays more than 1% interest, link it to your checking account, setup an automatic withdrawal of whatever amount maximizes your savings yet doesn't impact your standard of living, review it every time you get a raise from your work or change jobs, and wait 30 years or so.

/been doing that for 6 months now, got a nice chunk already
 
2010-07-31 10:39:32 PM
1) Win lottery
2) ???
3) Profit
 
2010-07-31 10:39:47 PM
I'm sticking to the stock market, thankyouverymuch.

I'm on the ground floor of a biomed company with a nontoxic cancer drug that showed incredible data in phase II trial. 50 cents now and could make me a millionaire in 3 years.
 
2010-07-31 10:40:28 PM
lerry: I'm sticking to the stock market, thankyouverymuch.

I'm on the ground floor of a biomed company with a nontoxic cancer drug that showed incredible data in phase II trial. 50 cents now and could make me a millionaire in 3 years.


And the name of this company is?
 
2010-07-31 10:40:40 PM
General rule of thumb is to put away 10% of your income.
 
2010-07-31 10:42:53 PM
nunyabidness: lerry: I'm sticking to the stock market, thankyouverymuch.

I'm on the ground floor of a biomed company with a nontoxic cancer drug that showed incredible data in phase II trial. 50 cents now and could make me a millionaire in 3 years.

And the name of this company is?


Seriously.....don't leave us hanging! Sharing is caring.
 
2010-07-31 10:43:10 PM
I dunno. I won't be 65 for another 42 years.

I've started trying to put some money away in a few different places, but it's not going well. Not only that, but with inflation and the way things are going, I'm not sure that if I had a million dollars at 65, it'd even last a year.
 
2010-07-31 10:44:43 PM
lerry: General rule of thumb is to put away 10% of your income.

Between 401K and savings plan I'm doing about 15% right now. Not too bad.

When I have perhaps $10K liquid in savings the bank I'll probably start an investment fund with the guy who made my mom and dad their nest egg over the last 20 years and put some of the cash into that as well. He's really done well for them.
 
2010-07-31 10:47:23 PM
make me some tea: Between 401K and savings plan I'm doing about 15% right now. Not too bad.

I've got a union pension and a mutual fund (also through the union) and I'm also putting money aside.

As for the company people are asking about...

Cel-Sci. drug name is Multikine. Do your research before you invest. I'm confident but I still consider it a very high risk investment. They haven't even started Phase III trials. (Should start later this year)
 
2010-07-31 10:51:06 PM
lerry: Cel-Sci. drug name is Multikine. Do your research before you invest. I'm confident but I still consider it a very high risk investment. They haven't even started Phase III trials. (Should start later this year)

Meh, I'm not going to get into stocks until I have about 6 months' living expenses tucked away into savings. I might dabble in stocks again, the last time I did I always made a little bit of profit. Have yet to lose money on the stock market as yet. But it is basically gambling.
 
2010-07-31 10:52:19 PM
TehNacho: I dunno. I won't be 65 for another 42 years.

I've started trying to put some money away in a few different places, but it's not going well. Not only that, but with inflation and the way things are going, I'm not sure that if I had a million dollars at 65, it'd even last a year.


Keep at it dude, you are way ahead of most people your age. Heck you are way ahead of most people my age
 
2010-07-31 10:53:19 PM
nunyabidness: TehNacho: I dunno. I won't be 65 for another 42 years.

I've started trying to put some money away in a few different places, but it's not going well. Not only that, but with inflation and the way things are going, I'm not sure that if I had a million dollars at 65, it'd even last a year.

Keep at it dude, you are way ahead of most people your age. Heck you are way ahead of most people my age


Yeah, well my wife is nearly 40 and doesn't have a penny saved at all, so I'm going to have to provide for two retirements. Which is going to completely suck balls.
 
2010-07-31 10:54:55 PM
make me some tea: But it is basically gambling.

Short-term speculating is basically gambling, sure. Investing is not.
 
2010-07-31 10:55:42 PM
TehNacho: Yeah, well my wife is nearly 40 and doesn't have a penny saved at all, so I'm going to have to provide for two retirements. Which is going to completely suck balls.

Why? Is she not working?
 
2010-07-31 10:56:26 PM
make me some tea: TehNacho: Yeah, well my wife is nearly 40 and doesn't have a penny saved at all, so I'm going to have to provide for two retirements. Which is going to completely suck balls.

Why? Is she not working?


I don't think she can yet
 
2010-07-31 10:56:28 PM
Belize Bank is paying 7% on one year CD's.
 
2010-07-31 10:56:54 PM
lerry: They haven't even started Phase III trials.

That's pretty key. Tons of drugs crap out at Phase III. It's an interesting read, though. How did you pick it over other drugs in the pipeline or companies?
 
2010-07-31 10:58:10 PM
make me some tea: TehNacho: Yeah, well my wife is nearly 40 and doesn't have a penny saved at all, so I'm going to have to provide for two retirements. Which is going to completely suck balls.

Why? Is she not working?


She's working but because her degree wasn't secured at a US college (she's fixing that, going to school now), and she doesn't speak good English, she got just over minimum wage at work. And I'm a total farkup, and only make $10.50 an hour, and she has a billion stupid things to spend money on instead of saving it, so what the fark ever. I don't even know. What. Ever.
 
2010-07-31 10:59:03 PM
feckingmorons: Belize Bank is paying 7% on one year CD's.

There's also bonus checking accounts in the US that are FDIC-insured, that pay 5%. Completely liquid.
 
2010-07-31 11:00:29 PM
TehNacho: make me some tea: TehNacho: Yeah, well my wife is nearly 40 and doesn't have a penny saved at all, so I'm going to have to provide for two retirements. Which is going to completely suck balls.

Why? Is she not working?

She's working but because her degree wasn't secured at a US college (she's fixing that, going to school now), and she doesn't speak good English, she got just over minimum wage at work. And I'm a total farkup, and only make $10.50 an hour, and she has a billion stupid things to spend money on instead of saving it, so what the fark ever. I don't even know. What. Ever.


You don't have to retire in this country. Heck show up at her family's doorstep in 20 year with your baggage.

That is what I plan on doing.

/not her relatives you get the idea though.
 
2010-07-31 11:01:07 PM
TehNacho: She's working but because her degree wasn't secured at a US college (she's fixing that, going to school now), and she doesn't speak good English, she got just over minimum wage at work. And I'm a total farkup, and only make $10.50 an hour, and she has a billion stupid things to spend money on instead of saving it, so what the fark ever. I don't even know. What. Ever.

Oh okay. Well don't sweat it dude, I was about where you're at at your age. When you're 30 or so you'll start getting serious about future stuff. Hell, I didn't even start saving until this year. I foolishly had my hopes on the real estate market, but now I'm doing the right thing finally.
 
2010-07-31 11:02:06 PM
CTaylor80: feckingmorons: Belize Bank is paying 7% on one year CD's.

There's also bonus checking accounts in the US that are FDIC-insured, that pay 5%. Completely liquid.




Yeah, but does your bonus checking account bank have a dive shop next door?
 
2010-07-31 11:03:30 PM
CTaylor80: That's pretty key. Tons of drugs crap out at Phase III. It's an interesting read, though. How did you pick it over other drugs in the pipeline or companies?

I came across it about 5 years ago. I was 20 years old and was just getting started in the stock market. I literally found it by typing random letters into a stock symbol search and researching whatever came up. I knew nothing about drug development back then.
 
2010-07-31 11:04:43 PM
feckingmorons: CTaylor80: feckingmorons: Belize Bank is paying 7% on one year CD's.

There's also bonus checking accounts in the US that are FDIC-insured, that pay 5%. Completely liquid.



Yeah, but does your bonus checking account bank have a dive shop next door?


That's a good point. Perks are key.
 
2010-07-31 11:04:52 PM
don't you own like a hundred guns, nacho? i figure when you're old you can sell them, or you can use them to make money ifyouknowwhati'msayingwinkwink
 
2010-07-31 11:05:04 PM
If I took this advice, I'd buy you all exotic pets. Like llamas. or emus.
 
2010-07-31 11:06:01 PM
Blipvert: If I took this advice, I'd buy you all exotic pets. Like llamas. or emus.

But not a real green dress, that's cruel.


/just saw them in concert where the rocks are red. Sincerely, your friend, Ed.
//They put on a great show.
 
2010-07-31 11:21:53 PM
I plan on winning the Lotto.
 
2010-07-31 11:24:38 PM
feckingmorons: TehNacho: make me some tea: TehNacho: Yeah, well my wife is nearly 40 and doesn't have a penny saved at all, so I'm going to have to provide for two retirements. Which is going to completely suck balls.

Why? Is she not working?

She's working but because her degree wasn't secured at a US college (she's fixing that, going to school now), and she doesn't speak good English, she got just over minimum wage at work. And I'm a total farkup, and only make $10.50 an hour, and she has a billion stupid things to spend money on instead of saving it, so what the fark ever. I don't even know. What. Ever.

You don't have to retire in this country. Heck show up at her family's doorstep in 20 year with your baggage.

That is what I plan on doing.

/not her relatives you get the idea though.


I dunno if I could live in Peru... maybe if I could ship my truck, and all of my guns, maybe.

Maybe.
 
2010-07-31 11:40:19 PM
TehNacho: I've started trying to put some money away in a few different places, but it's not going well. Not only that, but with inflation and the way things are going, I'm not sure that if I had a million dollars at 65, it'd even last a year.

I came here to say this. Right now, I just give my money to Vanguard to put in a fund with a middling amount of risk. I've only been working for a year, though.
 
2010-07-31 11:51:12 PM
i302.photobucket.com
 
2010-08-01 12:12:55 AM
fark that. When I'm 65 I'll be too old to have sex with two women at the same time.

What's the point of having a million dollars otherwise?
 
2010-08-01 12:14:35 AM
ksdanj: What's the point of having a million dollars otherwise?

So you wouldn't have to walk to the store.
You could take a limousine 'cause it costs more.
 
2010-08-01 01:20:14 AM
ksdanj: When I'm 65 I'll be too old to have sex with two women at the same time.

Hmmmm, I just turned 62. So you're saying I only have three more years?

I'd better get even busier than usual, then.
 
2010-08-01 03:17:37 AM
How to save a million dollars by age 65:

Step 1. Start with two million dollars.
 
2010-08-01 03:21:33 AM
CTaylor80: feckingmorons: Belize Bank is paying 7% on one year CD's.

There's also bonus checking accounts in the US that are FDIC-insured, that pay 5%. Completely liquid.


Please tell me where to find this these days............?
 
2010-08-01 03:21:58 AM
make me some tea: Open an ING or Chase savings account, or whatever money market account pays more than 1% interest, link it to your checking account, setup an automatic withdrawal of whatever amount maximizes your savings yet doesn't impact your standard of living, review it every time you get a raise from your work or change jobs, and wait 30 years or so.

/been doing that for 6 months now, got a nice chunk already


Yup, got a huge chunk stacked away just like that. The gig economy's a pretty nice lifestyle, when the gettin's good i'll always toss a nice chunk into savings. if it's dry then transfers can go back to supplement income (if need be.) Get more in and qualify for a higher interest rate or a different class of account. financial literacy is important, and enjoying your money responsibly is pretty easy to do.

//read: USE CASH
 
2010-08-01 03:23:25 AM
Gun: $100.00
Bullet: $0.50

My retirement plan.
 
2010-08-01 03:24:48 AM
FTFA: "and then figuring out what combination of saving and investing, along with other resources like Social Security, gives you a reasonable shot at hitting your goal."

Social Security...the year 2047...HAHAHAHAHAHA.

/28
 
2010-08-01 03:31:41 AM
I have about $90k in Johnny Lightning NASCAR toys and $40k in Franklin Mint exclusives. Should be worth about $500k in a couple years. Once I rake in my profit, I'm going big-time; regional infomercial franchises.
 
2010-08-01 03:32:31 AM
lerry: I'm on the ground floor of a biomed company with a nontoxic cancer drug that showed incredible data in phase II trial. 50 cents now and could make me a millionaire in 3 years.

www.themoviemind.com

/First thing I thought of
//hot
 
2010-08-01 03:37:49 AM
FarkinFarker: FTFA: "and then figuring out what combination of saving and investing, along with other resources like Social Security, gives you a reasonable shot at hitting your goal."

Social Security...the year 2047...HAHAHAHAHAHA.

/28


I love it when people try to biatch that they don't get enough Social Security. Oddly, these are often the same people that biatch about unemployment extensions. At least the ones I've met are.
 
2010-08-01 03:38:21 AM
Well that was depressing.

I don't have an extra 650 a month to sock away. Maybe I could just sell 100 bucks worth of drugs a month for the next 40 years. I think I could mark that up 13% easy.

Or is anyone hiring someone with drafting, land surveying, and landscaping experience in the Atlanta area? 2 years, 3 years, and 2 years experience respectively.

All those things tie in together for something, I just haven't found what yet.
 
2010-08-01 03:39:02 AM
Step 1.) Save 10%-15% of your income every year from the time you start working. Managed funds such as your 401k are an acceptable place for this money.
Step 2.) ????
Step 3.) Be able to retire at a reasonable age with enough money to enjoy your retirement.



It's pretty sad that people need a speech that basically says "If you don't SAVE money for retirement, then you won't HAVE money for retirement".
 
2010-08-01 03:42:30 AM
Xetal: Step 1.) Save 10%-15% of your income every year from the time you start working. Managed funds such as your 401k are an acceptable place for this money.
Step 2.) ????
Step 3.) Be able to retire at a reasonable age with enough money to enjoy your retirement.



It's pretty sad that people need a speech that basically says "If you don't SAVE money for retirement, then you won't HAVE money for retirement".


If public school doesn't teach it, then the public gets to pay for it.
 
2010-08-01 03:42:55 AM
How to be a millionaire:

1) Don't get married, best to keep women hoping.

2) Don't have children.

3) Don't buy or lease cars. Buy a dependable car until the wheels fall off.

4) If you got married, do not get a divorce.


In a few years, you'll have a nice amount of money and still get to be a mean old man with fat wallet ans a pretty mistress.
 
2010-08-01 03:44:36 AM
Dialectic: 3) Don't buy or lease cars. Buy a dependable car until the wheels fall off.

Wait, what?
 
B
2010-08-01 03:44:48 AM
fark the world, I don't want to live to be old
 
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