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how much does my money worth?!?
I consider myself have a pretty good knowledge managing my money and I've heard that if I put aside as little as 2000 a year at age 20, I would have nearly 1 million at age 65. But how much does my money worth considering inflation and other factors? for example, if a house is 300,000 right now, will it likely to become 1.4 million or more when I become 65? then the money I have saved might be too little to buy a house. But again, I would still think that 1 million is a pretty good number at this time but will it be the same when I retire?!?
2 Answers
- Kelly LLv 51 decade agoFavorite Answer
That's why you buy a house now and not when your 65. Historically invested money would double every 7 years and property doubles every 10 or so; However if the corrupted bankers, multinational corporations and republicans don't stop screwing everything up, there will be no retirement for the youth. Inflation will be the least of your worries when the food no longer gets to your table.
- 1 decade ago
Kerry L is all screwed up! The Democrats put us in this bind saying it's a right to own a house whether you can pay for it or not and now we are paying the price! Pay yourself first (savings) buy a house that meets your needs and you will be fine!
