How is it possible for me to make a million dollars by the time i am 65!?

Question

i was talking to my dad yesterday and he said that i could buy stocks,and once they get to a million i sell them in a roth ira,or a roth 401k,which will keep uncle sam out of it,how other than this can i make even more money? he said to put in $20,000 per year for 12 years, it could happen,i am 16 i have 50 yrs to go!

Answer 1

risk : if you invest in the wrong stock at the wrong time you can lose a lot too. Investing without research would be foolish. First pretend playing stocks and then do the real thing once you believe you know what your doing. There are pllaces on the web that teach you how to trade for free .  

Answer 2

  The first thing you should do,is to surround yourself with people who are not afraid to put in a  fu

ll honest days work for an honest days  pay  2nd .  Find peope you can  trust. and last but not least, people who trust you. give it a try. what have you got to lose?  Eric S

Answer 3

Foolproof Millionaire Plan: Live like it's 1999

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- Do not buy the latest fashions...purchase used post-grunge flannels from the Salvation Army.

- Do not buy the latest music...buy used CDs of 98 Degrees, A Tribe Called Quest, and Sublime.

- Do not follow current sporting events...buy old VHS tapes of 1999 baseball games and back issues of Sports Illustrated.

- Do not play the latest video games...scrounge up Golden Axe and Ecco the Dolphin on Sega Genesis.

- Do not go to see the latest movies...purchase someone's VHS collection of "Boy Meets World" and "Party of 5" instead.

- Do not use high-speed internet...think of dial-up Internet as the height of technology.

- Do not own a cell phone...land line only.

- Do not buy a new car...only purchase used Ford Aspires or Geo Storms.

- Do not spend money at bars or other establishments...find cheap hobbies like breakdancing, posting on the BBS, and playing Trivial Pursuit Genus edition.

- Take the money you have saved and put it in a long-term high-interest savings account.

- Live like it's 1999 for 50 years.

- TA DA! Millionaire!

Answer 4

Only thing that can keep your hope alive is to control your weight and never reach 65 (Kg). Just kidding.

Answer 5

Possible if you compound it, i have invested over 100k in asset management , made 3% to 10% monthly, they have 5 years in market ,The trader have only the Power of Attorney and i can revogate it and i watch the trader job 24 hours daily by platform online. i'm happy to make money with them safely. great and wonderful , take a look what i have shared with you.Recommended ! Good Luck!

Answer 6

You should be able to do this.  Even $4,000 per year at an 8% return (i.e., you earn 8% per year on your investments) for 40 years totals $1.1 million or so.    

However, you should also keep in mind that when you are 65, prices will be far higher than they are now, so a million dollars then won't be the same as it is now.  At even a 3% inflation rate, in 50 years, a dollar will only buy 25% of what it does today.  If inflation is even higher, it'll decrease the value even further.  

I would say that doing a diligent job of saving, $1 million plus is something that people growing up now should be able to achieve easily.  However, because of inflation, you'll likely need to save a lot more.  How much you need depends on what kind of lifestyle you want to lead.  I know that at 16, $1 million sounds like a lot of money, but today, $50K delivers a reasonably good lifestyle.  Fifty years from now, that lifestyle may be more like $200K/year.  $1 million sounds like a lot, but if you are spending $200K/year, it won't last long.  So, you will probably need to save more than $1 million to have financial security fifty years from now.

Answer 7

the limit of ROTH IRA contribution is 4000 a year. You can buy stock in your account that pays a good dividend. You suscribe to drip program which buys shares automatically without commission when the company issues dividends payment. It could happen but you need to be disciplined and not get emotional.