twitterfacebookmyspace
Main Menu
Home
Subscribe Now! Order Online Here!
Call for Submissions
SUBSCRIPTIONS
Media
Links
Privacy
Contact Us
Does Your School Rock Contest
Explosive Teen Poetry - Writing Corner
Writing and Poetry Corner Archives
TNT Hali-Cares Fashion Show
10.jpg
teens 4 teens
BE SEEN
BE HEARD
BE THE VOICE
Advice
Politics Corner
Financial Corner
Health - Mind, Body & Soul
TNT Mall
Just for fun
Contests
Horoscope
Embarrassing Moments
local
DaBomb 411
Special Offers
Power Discount Card

tnt mall
submissions


 
Financial Corner - Who Wants to be a Millionaire? Print E-mail


Financial Corner

TNT Financial Corner is written by Maureen Babin of Amarack Financial.

People don't plan to fail.
They fail to plan.

 

Who Wants to be a Millionaire? 

Is it possible to be a millionaire?  If you weren’t born into money, haven’t won money or robbed a bank you may think it’s impossible to become millionaire, but it isn’t.  There is one tried, tested and true way to be come a millionaire, it’s called the magic of compounding interest. 

Just how magical compounding interest works depends on three factors;

  1. How much money you invest
  2. How much time you have to invest
  3. The rate of return you earn on your investment

So, let’s say you want to be a millionaire before you turn 50. The table below shows how much you’d need to invest monthly, using a rate of return of 12%.

AGE

 

MONTHLY INVESTMENT

AGE

MONTHLY INVESTMENT

16

$      24.77

17

$      28.50

18

$      32.78

19

$      37.72

20

$      43.39

21

$      49.39

22

$      57.46

23

$      66.12

24

$      76.11

25

$      87.61

26

$    100.68

27

$    116.14

28

$    133.77

29

$    154.09

30

$    177.57

31

$    204.67

32

$    236.00

33

$    272.23

34

$    314.17

35

$    362.77

36

$    419.15

37

$    484.56

38

$    560.88

39

$    649.73

40

$    753.53

41

$    875.10

42

$ 1,017.91

43

$ 1,186.24

44

$ 1,385.46

45

$ 1,622.40

46

$ 1,905.82

47

$ 2,247.17

48

$ 2,661.73

49

$ 3,170.31

50

$ 3,802.00

51

$ 4,598.80


As you can see the amount of money you need to invest gets larger as you get older.  This happens because your money doesn’t have the same amount of time to compound, say at age 40, as it would if you began investing at age 16.

Time is on your side, start investing now, you’ll be amazed how quickly your money grows.


Maureen Babin
Financial Advisor www.amarackfinancial.com
People don't plan to fail.
They fail to plan.

If you have financial questions which need answering, kindly send them to This e-mail address is being protected from spam bots, you need JavaScript enabled to view it attention Maureen and she’ll answer your questions!

Amarack Fianancial Consulting

 
< Prev   Next >

© 2006-10 Teens Now Talk Magazine Publishing Inc. All rights reserved. Use of this site constitutes acceptance of our Privacy Policy. The material on this site may not be reproduced, distributed, transmitted or otherwise used, except with prior written permission of Teens Now Talk Magazine Publishing Inc. Site designed by ODDesign Creative Services.
Monday, 06 September 2010
featured sponsor
featured sponsor
Login