Sometimes Being an Adult Sucks (kinda gaming related, all finances)

[Tanstalas]

Kasz216 said:

Khuutra said:

dtewi said:

Khuutra said:

It's more of a ramble, yeah, but it's meant primarily to appeal to people who can identify with the problem

Like other people who have to mind their finances

Though, you know, if you started investing at your age (even just fifty bucks a quarter)...

Don't you start turning me into an adult Khuutra, I like my free time to play video games and not care about stuff.

I don't mean playing the stock market or anything. It's like a high-yield savings account, only moreso.

But yeah I guess you're right.

Yeah, how's that thing go.... put 50 dollars in the bank every month when your 15,(or a mutual fund or something) and by the time your 60 you'll have a million dollars.

I feel for you... well kinda anyway.  I've put off buying games for months, not for investing but for making sure I have money saved up for the future... and am in my late 20's so I'm behind you a bit actually.

I can feel where your coming from for sure though.

 

Early 20's, for some reason you seem older.

 

Edit: Well actually maybe I'm not behind you.  I keep forgetting I have money invested soley because it's a "DO NOT TOUCH EXCEPT FOR HOUSE DOWNPAYMENT" type thing.  Not sure if you own or rent or whatever.

More like $175 a month from 15 - 60 :)

Numbers put in 0, 175, 552 (46 years * 12 months in a year) @ 8%

And that gives you

$1001835.45

Though do it for an additional 5 years (612 months) and you end up with another 500,000.... man compound interest is awesome

 

 

 

http://www.patrickschneider.com/compound_interest_calculator.php 

 

http://moneycentral.msn.com/content/investing/startinvesting/p73751.asp <- neat little article talking about if you invest $2,000 a year while you are a teenager for 4 years

 

Small Excerpt from article:

 

A million dollars. It has such a nice sound.

So let me show you how four summer jobs can become your first million.

Let's suppose that you are 16 years old, in high school, and willing to work. Let's also suppose that you can clear about $2,000 over the course of a summer, if only because a doting grandparent puts money in the Roth while you take your earnings to school. If you invest in a Roth IRA, it will grow, tax-free, for as long as you have the account. All withdrawals from the account after age 59 1/2 will be tax-free.

If your money is invested in common stocks and you achieve the average compound annual rate on large-capitalization U.S. stocks, 10.7%, your account will grow to $9,378 at the end of the fourth year. You will be 20 years old. Invested in the same way, with no additional savings, the account will grow to:

• $25,917 by the time you are 30
• $71,625 by the time you are 40
• $197,943 by the time you are 50
• $547,037 by the time you are 60
• And $1,114,423 by the time you are 67

And you will have started and finished all of your saving before turning age 21.