Lux Investing

Is $4000/month good money for a 21 year old? If I invest $3000 a month, how long will it take me to get rich?

Public Comments

1. it depends on what you constitute as being "rich". also, you have to keep in mind there will be taxes taken out, probably about 22% and unless you are living rent free, you will have to pay rent, utilites and living expenses unless you see an immediate profit from your investments you might not be able to put back that $3000
2. I'm pretty sure it is, alot of people dont make $4000 in a year
3. It depends on how you invest. However, it sounds like a good start!
4. No. That's pretty bad pay for a 21 year old. I was making that when I was 13.
5. yes, very good. can i marry you? LOL im just kidding
6. You wont get " rich ' without a good tax advisor and stockbroker
7. With the price of gas. forever
8. Yes that is good money for a 21 year old. Save the 2500 a month for a year. Put a downpayment on a house and pay off your mortgage quick. the other 500 put into RRSPs Then begin investing what you can. But by then you'll probably be getting married and starting a family and you will not be able to invest as much, but you may also be making more money,
9. yea thats really good
10. YES! that is like a 50k salary rich with your investments or rich with the 1000 a month? with investments thats 36k a year so it depends on what 'rich' is to you if its buying a 400,000 dollar house then it would take you about 10 years and thats only if you can live life for 10 years on 1000 dollars but do you get a yearly raise? Franchise help!: http://answers.yahoo.com/question/index?qid=20080523083050AAqbrgK&r=w
11. It depends on how you invest, what the market does, and how you define rich. You should probably read about investing strategies and then talk to a knowledgeable advisor. Yes, $3k a month would give you a considerable nest egg, but you must invest wisely.
12. Where I live, I'd say 'dang, that's good money for a kid, but if you lived in the bigger cities there may be janitors earning that much. Now if you are going to invest a supposed $3k a month and live on 1k, that $4k had better be net, because you've got some substantial taxes to deduct. Again, it depends on where you live, you may be able to live so cheap, but you will have to resign yourself to the slums in order to stay on that budget. I'd say turn the figures around, invest $1k and live on the rest. You are young, so unless you are going gagga over stories of stock market riches and don't let greed cloud your thinking, you will be quite comfortable with what you amass. Check out solid companies with dividend reinvestment plans and let it ride, then you will be comfortable when the time comes. So, in the meanwhile, take it easy and enjoy your life. What you described is a miser's plan, and miser is the base to the word miserable.
13. Better put your money in bank in Eastern Europe. You will get a 12% APY with NO RISK AT ALL because all deposits are insured by the government. No fees. No risk. No taxes. 12% annual return is guaranteed I have opened such a high yield account 5 years ago. Email me for more info. http://answers.yahoo.com/my/profile;_ylt=Ap9ifY4h5JvKtIDOdCMa0q2vxQt.;_ylv=3?show=UF6Pbs8Eaa