Thursday, July 30th, 2009
How can I save 10,000 dollars by the time I am 22?
I am 18 now, a high school grauduate. I am going to school in january at a community college to become an EMT-B and then plan to become a Paramedic which will give me an associates degree. In themean time I want to save my money in the most effective way. I am working full time making 8.50 an hour as a dishwasher. how can I maximize savings now, before I start working as an EMT, which will be in June.
put 50 dollars a week into a bank account.
Topics: 10 ways to save money |
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put 50 dollars a week into a bank account.
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Work out how much you need to save day by day and put it away
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Truthfully, money can be questionative…if you have lofty goals in this regard you might do well to ask your self…what moral sacrifices am I willing to take…let me retract by saying yes, you may be able to scrimp and save in some fashion if you are determined enough…but you may encounter bills that will set you back..i.e. rent, food, utilities, cell phone etc…now some people through questionable means have turned smaller amounts of cash into large holdings, but their means are questionable….the company that owns the company I work for is a buy out fund…they started w/ 400k in their acct…in 20 years it grew to over 60b…but their means were questionable…they had dealings w/ Iran/contra…Enron etc…they were willing to sacrifice moral obligation for monetary wealth…now granted yours is a smaller set of numbers…but these are good questions for you to start to face now…I would submit that yours is the exact same set of variables…the difference is just a matter of semantics..
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based on a rough interest rate of 5% you need to put in approx $47.6 into an account weekly. this shld get you up to 10k nicely in 4 yrs time.
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Forget about 10,000 dollars infact you will save more than that.
save $10 in a bank x 365 days a year and voila in 4 years you have $14600. and listen for your hard work at age of 22 make a deal with yourself that $1000 from 14600/- will be rewarded to yourself for hardwork and spend $1000 the way u like.
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maybe become a waiter. They make pretty good tips. I use to eat happy hour food. It is free in a lot of places. Oh yeah your 18. Top Ramen and ketchup makes spaghetti. Don’t do anything that costs money that is not directly in relation to survival. I hate that but it works.
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To have an obtainable goal and time frame is the first step to accomplishing that goal and I congratulate you. You are better off with a higher yield CD (check http://www.bankrate.com for rates) than with stocks or IRA or anything else. You need the money liquid in 4 years so you don’t want to tie it up or have to worry about penalties, etc. From your job, take $2500 per year right off the top ($200/mo = $2400/yr) and put it into an interest bearing account. Now that $50 week might seem like alot of money but if you don’t see it, you cannot spend it. Let’s face it at this time in your life you don’t really need all of the toys that advertisers tell you that you need. Your education needs to be a primary goal and will allow you the income down the road to have more toys than you can have now. If you think you are tempted to take that money, put it into a bank that you don’t have access to and make sure to make automatic deposits (electronic) from every paycheck. If you can discipline yourself to do that, continue that $200 contribution to the rest of your working years and you will have millions of dollars by the time you retire from work and can even retire early. You have your age working to your advantage but savings is a discipline in these days of advertising telling you that you won’t be happy without this cell phone plan, that designer brand label for yourself or a gift, that brand new car for $35,000, etc. Life within your means and pay attention to the future that will be here before you know it.
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