Road To Financial Independence
Challenge: It takes about $1,700 a month worth of savings for 17 years to generate enough wealth to be able to “earn” the average yearly income of a U.S. household (where the wage earners have Bachelors degree) in interest. Our challenge to you is the develop a plan to bake this level of savings into your budget and explain how you managed to do it.
References:
- Historic Rates of Return (Stern)
- Consumer Expenditures (2010, Bureau of Labor Statistics)
- Income in the United States (Wikipedia)
- Income, Poverty and Health Insurance Coverage in the US (US Census)
- Education Pays (BLS)
- Romney Tax Rate (USA Today)
- Compound Interest Calculator (Math.com)
