What will it take to become a millionaire?

Use this calculator to compute: What will it take to become a millionaire?


http://www.calcbuilder.com/cgi-bin/calcs/SAV1.cgi/


Suggest using 8% for "return you can earn", 3% for inflation, and zero for taxes IF you are computing this for a IRA, or 401K type account.

Try several different scenarios changing the "amount you save monthly" figure.

"But, I was right", so what, did you win???

"But, I was right", so what, did you win???

This is a hard theory to teach. If you can master this concept it will really help you in your careers, in your business dealings, and in life in general. The beauty part about it is 95% of people will NEVER "get it". So if you do it will give you a major edge.

For example:

There is a sharp young man that not only works FT in the summer, but cleans my cars for a side job. This weekend we had a plan for him to do the cars at 11:30 am. I forgot to tell my wife that. So when he came to do cars, not only wasn't I available to answer the door, but by coincidence my wife was in the shower at the same time and didn't hear the door. He then came back in an hour (and how's this for bad luck) at the same time I was in the shower, my wife had went to the store.
Now my point is he was 100% right. ( my screw up) but............... so what, did he win??? In other words he didn't make the money.

What I'm trying to get through to you is don't get so hung up on "but I was right". Instead say "did I win".

In this type of situation, always say to yourself "what can I try to do different to prevent this problem from repeating". Call an hour ahead to say "see you shortly", etc. etc.

BTW: in this case he ended up "winning" as he did the cars the next day. :)

Member advises his sister

Member writes:

Jack's sister Sally called and wanted to know what she should do with her $12,000 she has in the bank and is not making her anything....CHECKING ACCOUNT
Jack told her about "Laddering CD's and Bonds". Then we went into your Blogg and send her the copy of the article.
Now she can learn.


Money Prof:

Thanks for letting me know that. Glad you were able to advise her. Hearing that makes this Blog worth while for me.