There are banks that offer no fee savings accounts that return 1% of your balance in interest.
In other words, if you deposited $5,000,000 into one of these accounts and left it there, you'd earn $50,000 each year by just sitting on your ass. You could live quite comfortably on $50,000 a year and $5,000,000 isn't really a lot of money if you think about it.
This means if you spent your 20's committed to earning $5,000,000, and you manage to pull it off, you could spend the remainder of your life free to do whatever you wanted because you'd be able to live off of the 1% interest that $5,000,000 would be making you each year.
I bet if you put your mind to it and spent all of your time trying to come up with a way to earn $5,000,000 within 10 years, you could do it. You could probably do it by just living frugally instead of spending all of your money on the latest Apple products, video games, and designer clothes like some out of control millennial.
So why aren't you sacrificing your 20s trying to earn $5 million dollars?
>So why aren't you sacrificing your 20s trying to earn $5 million dollars?
how do i get this small loan of 5 million dollars?
Andrew Price
Because I don't want to waste my 20's working towards something and when i get to the end find out I can't even make 80k a year off it, let alone saving to 5 mill in the bank
>just work hard !
I would work like an absolute dog if 5 million was guaranteed by the time I was 30, but that isn't how it works.
You need to be/make/produce something people want. That is the hardest thing anyone can do. If it were easy, we'd all be millionaires
Jeremiah Morris
this
Easton Thomas
>5 million dollars isn't really a lot of money if you think about it.
Yeah.
Henry Lopez
OP is a fucking retard
Henry Lopez
You could make that same amount with $1,000,000 from 5% dividend paying stocks
Adam Gray
Deposits of over one million usually get a higher interest rate. In the 2-3% range.
That being said, earned interest is considered taxable earnings. Even if you did get 50-150 thousand a year, that money gets taxed to fuck.
Jack Hughes
fpbp
Ian Harris
Until the stock market collapses and you lose everything.
Wyatt Rivera
>working your ass off to make 5 million just to earn 1% interest and live like a poor man.
Evan Barnes
This. Government taxes your income before you put it into savings. Government then taxes the interest earned on that same money. Double dipping muhfuggas
Jonathan Robinson
5 mil isn't easy to get and banks do go under (washington mutual). Even if you diversify by putting only 500k in dozens and dozens of banks, you're still at risk. INB4 FDIC insured which usually only covers upto 250k at each bank.
James Green
>You need to be/make/produce something people want. No you don't, there are shortcuts.
Daniel Diaz
lol i could live the rest of my life on 1 million dollar.
Jaxon Martin
shits crazy
Christopher Ross
>Muh stock market collapse And what happens to your stack of gold/savings account?
Chase Ward
Inflation.
Also, you could literally live off of 5 million the rest of your life if you play your cards right.
Gabriel Lee
That too. $80,000/year for 60 years.
Jack Walker
> $5 million isn'the that much if you think about it
It would only take 50 years of working a $100,000 a year job, I'd we don'the factor in taxes
Does dumbfuck OP think you can make $500,000 a year as a 20 year old? Doing what, selling weed and trading cryptocurrencies?
Daniel Roberts
..like?
Nicholas Rogers
Because if I have 5 000 000 dollars in my bank account by the time I am 30, assuming I have another 50 years of life remaining, I could spend 100 000 per year, instead of the 50 000 interest generated per year. Also, how the fuck would an average 20 year old begin making 500k per year? >What is arithmetic >American education
Hudson Martinez
Cellulite Heroes
Chase Kelly
>what is inflation?
Josiah Perez
put that shit in an index fund, get a comfy 7% return
Jason Sanders
you suck at math
Christopher Campbell
more like >have 2-3M >make 5-8% a year >live off a tiny portion of that by being reasonably frugal, but still buying the things you want
I literally made 2% over the last 24 hours thanks to the DOW. That's huuuge
Jeremiah Gomez
If you earned that every month you would need 7 years to get 5 million. Assuming you wont spend a single $$
Jaxon Morris
Jesus Christ op you're retarded. First, if the average mean is $30,240, assuming that's pre taxed, but I'll be nice and give you the benefit of the doubt and say if you started working at 18 by the time you're 32 making an average of $50,000 you'd still only have made $500,000. Unless if you can completely free load off mommy and daddy, you wont event have half of that, no matter how frugal you were.
The only way you'd make $5,000,000 is if you were able to invest it in the stock market but honestly even the best investors take years and years of investing. And at that point why would you stop investing if you're that good? You're severely retarded to think that you'd be a better investor than some of the best who have been doing it for decades.
Andrew Bennett
In 10 years 5 million will only be worth 3 million.
Eli Adams
What is the Time Value of Money?
Camden Richardson
to get 5Mil in 10 years you would have to _save_ 500k each year.
Please tell me what job I should do by working really hard in which I can put away 500k each year after paying for housing and food. Then tell me why I should quit that job to live on 50k a year for the rest of my life?
Austin Davis
>somebody can't will themselves into 5 million dollars liquid cash >must be an out of control millennial! you must be underage, did mommy just teach you how compound interest works?
Joshua Cruz
more like 5 years at the speed the fed is injecting
Asher Brooks
seriously. what a dipshit. you can make a pretty easy 5-7% a year just keeping your cash in the stock market. $5MM is more than enough for fuck-you money.
Benjamin Watson
>Just pull up your bootstraps and make yourself rich, it's easy! Post your bank statement with timestamp OP or don't post again.
Carter Wood
>Earn 5,000,000 dollars >Just so you can live off of 1% of that every year for the rest of you life >Because people live to be 200 years old and inflation doesn't exist
Mason Nguyen
>if you started working at 18 >at 18 get a load of this nigger
Bentley Watson
just buy bitcoins you fuggin nerds
Noah Reyes
> what is volatility
Wyatt Richardson
>shalommmmmmmmmmm goyim, why aren't you investing in our fiat currency that we make out of thin air?
Brandon Diaz
Market always comes back.
James Reed
volatility is a good thing when speculating
Jacob Bell
Go on then user. Show us all how easy it is to make 5mil in 10 years
Easton Roberts
> that the stockmarket collapse would never effect the bank?
Oh right you are one of those "too big to fall" guys? >inb5 4u
Jacob Walker
> just buy the dip and sell the rip you idiots
Joseph Parker
write an app and sell it to jewegle.
Landon Gray
The most I made working before I was 18 was when I was working in a warehouse a family friend owned. This was in 2005 and I was making $8.50 or so, which was still above minimum wage and I could only work that for two months when I could work a 40+ hours a week
Nathaniel Morales
settle down leaf.
you're never going to make money with that attitude
Jack Parker
I don't know why I did this, but I found where this is.
if you somehow manage to save up 200-300k you could buy a bunch of cheap apartments and rent them for money. you're not going to get 50k a year but it's still enough to live a decent life without having to do any actual work.
Matthew Sullivan
...
Oliver Gonzalez
Inflation is like 8% a year right now OP.
>inb4 1.2%
Aaron Harris
Interesting thread OP but as others said inflation can be a problem but it can also give you more money
Nicholas Hughes
>US of a is filled with thousands of THICC asses per m square >white americans are not impregnating that white THICCness body made for breeding and family making >richest country in the world with all the public and private possibilities of having multiple baby mommas americans are literal faggots
Noah Long
>you spent your 20's committed to earning $5,000,000
I don't think you've thought this through at all
How is a 20 year old (most likely without post secondary education) supposed to earn a half million a year for 10 years, also assuming you have zero help and start with zero dollars?
You might want to start a business, but you'll need capital to get off the ground and that means investments and loans and one hell of a good idea that's proven to have success. But then again, most people who start a business from nothing don't take salaries for like 5 years
you mentioned living frugally. I hate to break it to you, but living frugally does not save you 5mil. living frugally means saving maybe 500,000 in 10 years, assuming you don't have debt from any kind of education
So lets assume you have ace grades and are a ivy-league prodigy and get a full ride scholarship to an ivy-business school, you graduate in 4 years and get hired right away by The Corporation and you fight you're way up the corporate latter working 6 days a week for ten years and also live frugally. You MIGHT then be able to have $5mil in the bank.
But then you're supposed to quit the life you've built and the routine you've been repeating for 10 years and live off a salary that presumably is 1/4th or less of the annual salary you're used to? And at THIS point in life you're supposed to find out what makes you happy? Keep in mind living frugally means not getting married (unless she's rich) and not having children and not taking vacations and zero big purchases.
Sounds like shit to me my man
Jose Murphy
>save up Borrow you mean.
Elijah Gomez
>inflation is 8%
Not that high yet, but inflation does increase in the current economic frontier.
Levi Wilson
Why not just work towards buying some property and then live off the rent?
At the very least you can use any rent as a supplement to your income.
Michael White
Oh god. That's before taxes you shit.
Joseph Nguyen
And then the bank goes bankrupt
Carter Johnson
HAHAHA yeah Ookay OP. So you would have to make 500,000 year without paying taxes. So you made $50 an hour as a 20 year old; you would still need to work 24 hours a day for 365 days of the year just to make almost 500k.
Christopher Fisher
Thats some gud gud
Brayden Evans
>What is inflation
Also, where the hell are you finding a savings account that pays even 1% interest?
Robert Thomas
...
Levi Wood
>Also, where the hell are you finding a savings account that pays even 1% interest?
Bob's Interwebz Bank
Liam Parker
hahaha god damnit how old are you? The interests don't include taxes. You got to pay taxes on your interests. Even in burgistan the state wants a big chunk of your earned money. The moeny you get is recognized as income and therefor you got to pay taxes on it. From your 50k per year you can say goodbye to a good portion of that. Dunno how you tax income over there. But just assume it is 20 percent. That's sudenly 10k less. Then you have got to pay for all the long lasting investmetns you pay like a rent, some healthcare I think... these are a lot less again. You got to keep in mind no company pays for that, you pay for that shit on your own. These 50k got less and less before you even start giving it out for yourself.
Julian Johnson
These accounts are fast to be found. The hook is you got to park your money there for a couple of years (at these rates I would say a minimum of 5 years).
Wyatt Price
>im a retard and this is my thread episode.
keep this dumb shit off pol and back to b with you or wherever you reside mainly.
Jose Perez
>The median salary in the U.S. is ~$30,240.
Really? I made a little under $36k last year. For once I feel good about myself
Thomas Ramirez
this is one of the more retarded posts I've seen
for one, you've completely ignored the impacts of inflation, rising standard of living, planned obsolescence etc.
Moreover, the vast majority of people who try to make 5m will fail spectacularly, and everyone that does so would be a full decade behind where they should have been in terms of making income and building assets.
Nolan Wright
>the bank gives you free money because you have money in the bank
I call really major bullshit on this
Ryder Cooper
>stocks
Nolan Brown
Ummm...
Carson Wood
That's what you call interests. You give the money to your bank, they work with it (that's what banks do) and you get an percentage on your money. But, and that's the big but, but only if you let this money stay in the bank. Let's say you got 1 million and you deposite it. Make a contract with your bank. You let your money stay there for 1 year and you get interests. It's nothing unusual.
Nathan Bailey
>tfw making more than twice the median US salary
Am I allowed to call you third worlders now?
Ayden Smith
>if you deposited $5,000,00 I found a flaw in you're plane.
Jaxon Lewis
thats the dumbest idea i've ever heard
Samuel Miller
> in bushels of cabbage
James Hernandez
I always wondered what was in there.
Angel Peterson
in late 2011, i bought 2000 bitcoins for about 1700 dollars total. Sold them when they were at roughly 1300 per coin in 2015. I've just been chillin' since then... comfy as fuck.
Gabriel Jones
>earn $5,000,000 within 10 years
>You could probably do it by just living frugally instead of spending all of your money on the latest Apple products, video games, and designer clothes like some out of control millennial.
>$5,000,000 within 10 years
Matthew Scott
Planes can crash. With no survivors
Jack Wilson
Can someone give sauce on the webm?
Jonathan Fisher
>guyz all you have to do is make 500,000 a year >itz so eazy >just be frugal >median income is 30,000 but im sure you can make half a million if you try
Ethan Torres
$30,240 is like suicide tier, why would you even bother to get out of bed for that?
Levi Lopez
>1% it used to be like 4% or something. Now my bank is way less than 1%, I just transferred all my money to my checking account because I was getting literally like $1 a year in interest on $20,000 in savings.
Also I thought median US salary was more like $50k now?
Caleb Sanchez
hah
Landon Martin
I did almost the same thing. The only difference is is sold a lot of them soon after and i lost the rest
Robert Wood
I run my own business for a little under that; admittedly, I don't want to stay at this level forever.
Jacob Long
That's cute but what about paying taxes. The account would be considered and asset and you would have to pay tax, right?
Luis Foster
>This means if you spent your 20's committed to earning $5,000,000,
20's = 10 years $5,000,000/10years = $500,000/year
But OP I was making $20,000/year in my 20. I would fall short of your plan by more than 20 times. I cant live on 20 times less retirement.
Austin James
If it's mostly passive, involves less than 40 hours a week and doesn't require a lot of direct interfacing with clients it might be worth it I guess
Hunter Perry
Then you still made more money then me, cus i was just talking shit. Sigh...
Liam Walker
Earnings potential over the lifetime of the average citizen is less than 3 million dollars.
Also, inflation makes that 50k much less by the time you're 60. Banks are the worst investment vehicle in the fucking world.
I understand you're underage, but that's the reason why we ask you to lurk more.
Oliver Clark
I only made a few thousand tho
Aaron Cook
>dividend paying
But dividends are theft m8
Your total net worth stays the same, except now you have to pay taxes for the dividends you earned.
Josiah Hill
rolling for the digits I will use to win the lottery soon. Praise Kek.