Quote from: o_e_l_e_o on September 03, 2018, 10:34:37 AM

Quote from: franky1 on September 02, 2018, 05:58:37 PM

as for those saying waiting for 40's for a bettr paid job.. well yea. $15k a year mcdonalds job. vs $40k career after training, promotions puts you in a better place than saving a bit of your mcdonalds wage per year

Well yes, it's obviously easier to save a percentage of your income when you have a larger income, but you are missing the point that by starting to save earlier, you can make exponential returns on your savings. Look at the following graph:

https://i.imgur.com/NKwEpDX.jpg

Investing less money in your 20s gives you a bigger pension at 65 than investing triple that amount in your 30s-60s as it has less time to grow. Everyone should be paying in to some sort of retirement plan as early possibly in your life.

READ SMALL PRINT: "this example assumes 7% returns"
LOL.. bank account offering 7% interest.. pfft

dare you to open excel and do a chart with REAL interest rates.
ill give you a hint at 0.05% interest Chris would invest $200k and get $200,390 bank balance after 40 years
imagine above is chris was on $15k a year for 40 years and put in a 3rd($5k)

then imagine he had inflation rate increasing payrise of 3% a year. but didnt start paying a 3rd of salary for first 20 years
at the 20th year his salary would be $27k so if he the put in a 3rd of salary. he would have a balance of over $240k

compounding bank interest is only good if the interest is better than inflation.. but with banks you wont get inflation beating interest rates. so you wont be better off banking your money

anyway we are going off topic

we need to educate people better and stop jumping on the unrelated 'memes'
EG since when did remote hosting have anything to do with evaporated water in the sky (the cloud)