http://www.freethedrones.com/blog/2006/08/27/work-a-few-summers-as-a-teenager-and-retire-a-millionaire/ A personal finance blog dedicated to achieving financial freedom for those drones slaving away in jobs they hate. Thu, 29 May 2008 18:17:05 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.freethedrones.com/blog/2006/08/27/work-a-few-summers-as-a-teenager-and-retire-a-millionaire/comment-page-1/#comment-100 Example of Saving Money While You’re Young Thu, 07 Sep 2006 14:42:36 +0000 http://www.freethedrones.com/blog/2006/08/27/work-a-few-summers-as-a-teenager-and-retire-a-millionaire/#comment-100 [...] CNNMoney regularly does profiles of people with various financial problems or accomplishments, and today they’ve got one on Jessica Nixon, a 23 year old who started saving when she was 16. The result is that she’s got about $50,000 put away for retirement now and is busily saving for a downpayment on a house. This is the payback on a strategy similar to the idea of working as a teenager and being able to retire on that money. If she’s got her money in stocks, she will - with $1.9 million dollars by my calculations, even if she puts no more money in and only earns 9%. [...] [...] CNNMoney regularly does profiles of people with various financial problems or accomplishments, and today they’ve got one on Jessica Nixon, a 23 year old who started saving when she was 16. The result is that she’s got about $50,000 put away for retirement now and is busily saving for a downpayment on a house. This is the payback on a strategy similar to the idea of working as a teenager and being able to retire on that money. If she’s got her money in stocks, she will – with $1.9 million dollars by my calculations, even if she puts no more money in and only earns 9%. [...]

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