# \$1,000,000

#### N18040

##### Well-Known Member
So one of my students told me today that I would retire as a millionaire. For some background I am an A&P and CFI, and this is my second student ever. I thought that all you other CFIs would like to know that, at least according to some, this is a lucrative career.

If you start saving in your 20's and get a decent ROI over the years, it is not difficult to do.

Savings Calculator:Results
Opening Balance: \$0.00
Number of Deposits: 40
Deposit Amt: \$4,800.00
Annual Yield: 8 %
Predicted Inflation: 4.000 %

Ending Balance: \$1,243,471.29

The "Inflation Adjusted Balance" reflects the buying power of the "Ending Balance" in today's dollars.

Year Deposit Balance
Now \$0.00 \$0.00
2009 \$4,800.00 \$4,800.00
2010 \$4,800.00 \$9,984.00
2011 \$4,800.00 \$15,582.72
2012 \$4,800.00 \$21,629.34
2013 \$4,800.00 \$28,159.68
2014 \$4,800.00 \$35,212.46
2015 \$4,800.00 \$42,829.46
2016 \$4,800.00 \$51,055.81
2017 \$4,800.00 \$59,940.28
2018 \$4,800.00 \$69,535.50
2019 \$4,800.00 \$79,898.34
2020 \$4,800.00 \$91,090.21
2021 \$4,800.00 \$103,177.42
2022 \$4,800.00 \$116,231.62
2023 \$4,800.00 \$130,330.15
2024 \$4,800.00 \$145,556.56
2025 \$4,800.00 \$162,001.08
2026 \$4,800.00 \$179,761.17
2027 \$4,800.00 \$198,942.06
2028 \$4,800.00 \$219,657.43
2029 \$4,800.00 \$242,030.02
2030 \$4,800.00 \$266,192.42
2031 \$4,800.00 \$292,287.82
2032 \$4,800.00 \$320,470.84
2033 \$4,800.00 \$350,908.51
2034 \$4,800.00 \$383,781.19
2035 \$4,800.00 \$419,283.69
2036 \$4,800.00 \$457,626.38
2037 \$4,800.00 \$499,036.49
2038 \$4,800.00 \$543,759.41
2039 \$4,800.00 \$592,060.17
2040 \$4,800.00 \$644,224.98
2041 \$4,800.00 \$700,562.98
2042 \$4,800.00 \$761,408.02
2043 \$4,800.00 \$827,120.66
2044 \$4,800.00 \$898,090.31
2045 \$4,800.00 \$974,737.54
2046 \$4,800.00 \$1,057,516.54
2047 \$4,800.00 \$1,146,917.86
2048 \$4,800.00 \$1,243,471.29

That is saving \$450/mo. for 40 years with an average 8% ROI. That is not with inflation calculated, however.

i am going to die a poor, poor man with a poor, poor wife.

Jesus who can afford to save 450 bucks a month. i think my surplus MAY some months be as high as the upper single digits.

That is saving \$450/mo. for 40 years with an average 8% ROI.
I'm retiring at 35, screw that 40 years of saving stuff.

Jesus who can afford to save 450 bucks a month. i think my surplus MAY some months be as high as the upper single digits.
Eh...I could do it, but I'd cut my golf budget in half. Decisions, decisions...

-mini

Being a "millionaire" really isn't that unattainable of a goal over the span of 40+ years.

I think you'd be surprised at how many people actually have that much in total assets/net worth at retirement, even if they don't have a bank account with that many zeroes behind it or haven't had six-digit annual incomes during their earning years.

And that is if you are still living 40 years from now! And by that time your brain may go kaput never knowing just where the money is. I can think of so many other reasons against this idea. Live and spend money at the same time otherwise you are not helping the economy by tying it all up. :beer:

Jesus who can afford to save 450 bucks a month. i think my surplus MAY some months be as high as the upper single digits.

Lots of people could. With insurance included, lots of people drive brand new cars with payments much higher than that. I need to start doing it.

And that is if you are still living 40 years from now!
2012 is coming! Oh Teh Noez!

-mini

If I cut my booze fund down...

pshh, like that is going to happen.

I would hope you have more than that. 1 million in say 40 or so years will not have near the buying power that it has today. I would say you would need at least 2+ to have a chance of retiring with a decent quality of life. Start saving now or marry rich.

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