Comments on: How $5,000 Can Turn Into $1,000,000 For Retirement https://www.youngadultmoney.com/how-5000-can-turn-into-1000000-for-retirement/ Make More. Save More. Live Better. Mon, 01 Apr 2019 17:35:42 +0000 hourly 1 https://wordpress.org/?v=6.6.2 By: Erin https://www.youngadultmoney.com/how-5000-can-turn-into-1000000-for-retirement/#comment-28889 Mon, 17 Oct 2016 18:19:05 +0000 http://www.youngadultmoney.com/?p=22923#comment-28889 In reply to Keith Shin Schindler.

Thanks Shin! At least it’s never too late to start, and catching up can be done when you’re diligent about it.

]]> By: Keith Shin Schindler https://www.youngadultmoney.com/how-5000-can-turn-into-1000000-for-retirement/#comment-28827 Fri, 14 Oct 2016 19:21:34 +0000 http://www.youngadultmoney.com/?p=22923#comment-28827 Erin,
This is another awesome post.

I sure wish I’d known at your age what you know. I’d be way ahead financially.

Thanks for sharing more great stuff!

All the best! Shin

]]> By: Colin // RebelwithaPlan https://www.youngadultmoney.com/how-5000-can-turn-into-1000000-for-retirement/#comment-27547 Thu, 04 Aug 2016 13:55:16 +0000 http://www.youngadultmoney.com/?p=22923#comment-27547 Good job on breaking it down. Really makes the thought of compound interest all the more real. As with many things, it’s important to just start, even if a small amount.

If you don’t have a lot of money to start investing, look into robo-advisors like Betterment, which has no account minimum or Wealthfront, which only requires $500 (a lot better than Vanguard & Fidelity’s $2,500-3,000 minimums!). Just be in the know about what fees you’re being charged on the investments!

]]> By: Dividends Down Under https://www.youngadultmoney.com/how-5000-can-turn-into-1000000-for-retirement/#comment-27500 Tue, 02 Aug 2016 03:30:04 +0000 http://www.youngadultmoney.com/?p=22923#comment-27500 Hey Erin, thanks for the reminder of how powerful compounding is! I think a powerful thing about compounding is when it’s working against you (like a loan) – you have to pay so much more for stuff, which sucks!

Tristan

]]> By: Abigail @ipickuppennies https://www.youngadultmoney.com/how-5000-can-turn-into-1000000-for-retirement/#comment-27489 Mon, 01 Aug 2016 19:02:11 +0000 http://www.youngadultmoney.com/?p=22923#comment-27489 Various, unavoidable life expenses have definitely set back our retirement savings. We’re going to do our best to compensate (inasmuch as that’s possible) starting next year by throwing a bunch into a SEP IRA. But in the end I’m also accepting the fact that I may just only ever be able to go down to part-time work. That said, I’ll also be working to save for a rental property, which could help supplement our retirement income.

]]> By: Kalie @ Pretend to Be Poor https://www.youngadultmoney.com/how-5000-can-turn-into-1000000-for-retirement/#comment-27486 Mon, 01 Aug 2016 18:11:36 +0000 http://www.youngadultmoney.com/?p=22923#comment-27486 Thanks for breaking this down–it is so important to start early and consistently make contributions. What do you recommend for those in debt? We always made sure to get the full employer match, and invested 15% of our income until we paid off our student loans, then increased the amount. Do you have any advice?

]]> By: Erin https://www.youngadultmoney.com/how-5000-can-turn-into-1000000-for-retirement/#comment-27483 Mon, 01 Aug 2016 16:55:06 +0000 http://www.youngadultmoney.com/?p=22923#comment-27483 In reply to Michelle.

I hope they do! It’s a nice way to reframe retirement into something a bit more exciting. =)

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