How to make $1,000,000+ by the time you are retired ( assuming you are a teen)

An easy way to put your hard earned cash to work to earn you money.

$$$$

Step 1: Get a Social Security number.

This is the official ID number you'll need before you can set up your get-rich investment.

Good news: Chances are your mom or dad already took care of this for you. (They have to enter your Social Security number on their tax return to claim you as a dependent.) All you need to do is find out what it is.

Hint: If you need to get a Social Security number, click here to get one.

Comments

[fegundez1]

Unfortunately if you list your parents as your employer you do 2 things to them. first you kill their tax break for taking care of you, this is in the thousands yearly! also they will have to file tax info on you also take taxes out of your pay like social security disability etc. I commend you on the desire to have a retirement acct but you cant sink your own family to do it. The better way to do this type of thing is to start a business doing something you are interested in, think small to start, for instance you seem to have an interest in the financial world learn as much as you can and set up an internet advice column, blog etc aimed at young persons who have need of this charge nominally for your advice ans put that into your savings. Many universities have their classes online for free, you wont get college credit but you will get college knowledge. Another thing you can do is sell plants to those in your neighborhood, don't try the 10 a yard race mowing gig you will never get anywhere, help people get their homes looking nice, this requires work!! But it will pay well as you get better at it. Just remember to save!! Recycle, and keep learning.

[Wolf Seril]

Too bad the economy is going to collapse soon and this will be worthless.

[8bit]

Yup. Time to learn trading.

[lioneatr]

lol

[PikminRed]

(removed by author or community request)

[iNate]

we need to fix that

[Scammah]

It's comments like that that don't help the economy. Have some faith... otherwise just stuff your money in your mattress and hope for no fires.

[tinker234]

i agree think abut it reality is perception so we think something it will happen think walking same with others we have hit some rough spots but this a good way to try so don't worry about it

[guitarmonk15]

who's laughing now?

[8bit]

Realism in thought leads to appropriate planning.

[ksully994]

i hear that

[i make shooting things]

dont be such a downer.

[kbawcutt]

This is a great instructable. Young people like me need to learn that if you save when you're young that compound interest practically works for you

[lil jon168]

if you are 12 (me) and u put 10 $ in the bank till ur 65 u will have over 200K

[seamaas]

did you change the average rate of return to 11.5?

[bowmaster]

I'm 15 and I can put in up to $75 a week. How much money will I have when I'm 50?

[seamaas]

$32,102

[seamaas]

The maximum contribution you can put in 2010 is $5,000

[seamaas]

it is $6,000 if you are 50

[coolcoolsunpower]

save now BEFORE the economy totally crashes

[PikminRed]

Fine, but id still use gameshark when it does. I have a simple fix... the cheatcode izzz



af534as6f6asd54gh6a547s8674tg564h5d4yhe64j564gte65y4sxf654j6 fs57fy684dkf654t684j6984k,s6d84g98dj4ds84g69d84ju4g6d8as4f65a
scfgasdgyusdiufsdykfsa545sgd756s6dh5zfx45bhx46sd56r65aw46fas
5f35a54fa5s4f65as46a5s4gf65a4g654a65g765ae4h654qawf64965g
h4h654tj65ds4t6a54g89aw4y65a1w465g4a6874f86a7gw897t89aw5a
4f6aw64sa6w4ea6w54ag64r64h6gk46jio46dtk461k6es4j48n8seh4e6
8n67h68486n 4g68awj1eak6546g54a6hb5h4aw324wn654d6f54a6d46



THERE! I SAID IT! THE CHEATCODe TO SAVE THE ECONOMY!

[RedFlash]

I think it just did... lol

[higgrobot]

Oops too late

[coolcoolsunpower]

ik lol but start now unntil it is soooooooooooooooooooooo bad

[nerd12]

why don't you post an instructable that shows you how to get the money easily to put in the account.

[kachup]

the price you pay is that you wont enjoy your money much, at 65 the fun you can have is limited.

[bowmaster]

Keep in shape.

[teslafan100]

Wow.........Cool

[squarepants]

frankly id rather spend the money when im young- when im old i will probably just sleep all day,like i do on weekends. also, when i make my withdrawal ill probably get run over by a car on the way home from the bank cos ill be too slow with my zimmerframe to get out of the way and ill be like "waaaaaaaaaaaaahhhhhhh.....splat!" and so yeah.....uhhhhhhh......yep thats whatll happen

[bowmaster]

I will use my money to buy a new body from a young, dead person. Then I will have my brain put in the body. Then I will start this process over again. I will keep repeating it so I live FOREVER!! MWAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!

[lioneatr]

lol u funny

[bowmaster]

I nose it.

[A good name]

Good idea for people in the USA, not for me unfortunately I'm in Canada :(

[akagoldminer]

This would be a good idea if we actually had money to begin with which we don't. All we have is Federal Reserve Notes. Real money was confiscated by the Government during the 30's to 60's when money was made from gold or silver and thus worth someting of value. Read the articles on unexplainedmysteries.com by Phillip Tilley and all wil be explained.

[LinuxH4x0r]

Or just get an account in Iran with 15% interest (yes, I said 15)

[ac1D]

can we do this without leaving our house? lol

[LinuxH4x0r]

No, not unless you give me 1/2 of it :P

[ac1D]

i give you 100000$ when ill be 65yo.

[tradergordo]

Hey I like that you are encouraging people (particularly young people) to save. Yes, the power of compounding interest can be a wonderful thing! That said, people should have realistic expectations too, especially older people trying late in the game to save & invest. 11% annual returns is unrealistic in my opinion, particularly if you are investing when prices / peak earnings ratios are high. Still over 50 years you should get at least 7-8%. Next you should consider inflation. $1,000,000 50 years from now will probably be like $65,000 today. You can't retire on that alone. An average, normal sized house will probably cost over $3 million dollars at that time, a new car, $375,000. This is not an exaggeration. If you want to plan to retire in style - you are going to have to be much more aggressive than $10/week. And finally, don't assume the government won't back out of their promise not to tax ROTH withdrawals, if ROTHs even still exist in the future. Although they are probably more likely to get their money in other ways (including depreciating the currency to inflate away debt).

[westfw]

• consider inflation

In principle, I think investments in stocks 'automatically' adjust for inflation. The "value" of a company (which is what you are investing in when you buy stocks) shouldn't change much just because the value of the underlying dollar changes. Acme Bread company, capable of baking 10k loaves of bread each day, is still going to have a value somewhat relative to the cost of a loaf of bread, regardless of whether that cost is "$0.20" or "$20.00"...
(Presumably, this is part of why stocks seem to do so well over the long term. All other things being exactly equal (which they never are, of course), a stock's value should always go up at the same rate as inflation.