As your income increases year over year you can increase your contribution rate correspondingly. I went through university so i started working at 22 and now at age 30 i am in a job where i earn 50k year.
Let me show you.
How to make money at 22 years old. As a single 22 year old i had an amazing apartment on 2 nd avenue in downtown seattle. I had the cutest vw convertible with a car payment that matched a car payment i had. It s cheaper and easier to save for retirement in your 20s versus your 30s or later.
And only 26 of people start investing before the age of 25. For starters i wish i would have had this nifty 22 year old survival guide with more than 150 lessons on how to get everything you want out of your career and life. More importantly make sure you have a financial plan.
Drive a used car i am incredibly shocked when i meet 22 year old kids straight out of college who go to their local. Financial sins of my past. Let s say you invest 300 per month starting at age 20 and don t stop until you re 60 years old.
Watch what you drink. If you start investing with just 3 600 per year at age 22 assuming an 8 average annual return you ll have 1 million at age 62. But the math is simple.
This says williams is the easiest way to invest on autopilot in your 20s. Prior to this i only had 8 years to save money when my income was in the 30k to 40k year range while paying off student loan debt. If you managed an 8 percent return during that time you would have more than 1 million.
I also wish when i was a 22 year old i had a few more of the ingenious inventions others created. Well here are the 15 best things you can do for yourself at 22 years old. If you don t who cares that you go those 100 jeans on sale for 50 you still spent 50.