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What level of wealth are you talking about? Cancelling your Starbucks habit will save you 1-3k a year. What are you investing in to turn savings like this into
by ALittleLight 7y ago
What level of wealth are you talking about? Cancelling your Starbucks habit will save you 1-3k a year. What are you investing in to turn savings like this into real wealth?
- spectramax 7y agoStick it in a mutual fund or index fund. If that's too adventurous and risky, get a CD[1] or buy government issued bonds [1] https://www.schwab.com/public/schwab/investing/accounts_products/investment/bonds/certificates_of_deposit https://www.schwab.com/public/schwab/investing/accounts_prod...
- ALittleLight 7y agoIf you saved 150 dollars a month for 50 years and got 2% interest on your savings, at the end you'd have an extra 150k or so. That's nice, but not really wealthy. Especially because we're not taking into account fifty years of inflation. If you want to be wealthy you need to figure out ways to earn gigantic amounts of money, not save small amounts by cutting out the pleasant parts of life. Wealthy people tend to either inherit or produce their wealth, not save it by a lifetime of penny pinching.
- spectramax 7y agoYeah, save that money and may be invest in education or learning a new skill? Living paycheck to paycheck is a problem of lifestyle and not the problem of affordability.