Chua Zhiming
Senior Member
- Joined
- Apr 26, 2007
- Messages
- 2,433
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To hit $220,000 at age 30 for diploma holders who start work at age 21 ,
Starting principal : $10,000
Monthly Savings : $1,500
Time : 9 years
Interest Rate, compounded annually : 5%
End Amount : $223,915
But for degree holders who start work at 25 to hit $220,000 at age 30,
Starting principal : $10,000
Monthly Savings : $3,000
Time : 5 years
Interest Rate, compounded annually : 5%
End Amount : $221,631
Is it possible to save $3000 a month when you already have a 25+K uni bank loan over you?
If one comes from a low-income family and cannot get a scholarship or bond, then its gonna be a long and tough 5 years.
Starting principal : $10,000
Monthly Savings : $1,500
Time : 9 years
Interest Rate, compounded annually : 5%
End Amount : $223,915
But for degree holders who start work at 25 to hit $220,000 at age 30,
Starting principal : $10,000
Monthly Savings : $3,000
Time : 5 years
Interest Rate, compounded annually : 5%
End Amount : $221,631
Is it possible to save $3000 a month when you already have a 25+K uni bank loan over you?
If one comes from a low-income family and cannot get a scholarship or bond, then its gonna be a long and tough 5 years.