Be a Millionaire at Age 16

The key to becoming a millionaire is getting an early start saving and having the discipline not to raid the piggy bank.

Here are some steps on how you can be a millionaire at the age of 16:

-Save the income in a Roth IRA account.

-Invest it in a simple, low-cost equity portfolio

-Simmer slowly for 47 years.

-Serve untouched and untaxed at age 67.

Demonstrating different ways for small amounts of money may be turned into a large amount of money.

Many people fail to succeed because the end goal seems so far away. Therefore, it is with saving and investing: Most people fail because it is nearly inconceivable that a few dollars a day or a well-timed gift can be turned into that magical sum. Start investing with $100.

By Troy McKirk
Market News (http://www.marketnews.biz)

Have a rich father is the easiest way to be a millionaire at the age of 16. :)

There are 3 ways to get rich:
You can earn it.
You can marry into it.
You can inherit it.

I recommend the last two.

Why start at 16? - Start even earlier (http://financialbabysteps.blogspot.com)! ;)

Have a rich father is the easiest way to be a millionaire at the age of 16. :)

LOL, thats true

Assuming you dont have a rich Family...

the Key to success is to invest early and invest wisely.
only about 50% of Americans hold stocks today ...although that's up from probably 15% from when I started in 1987.

Don't Listen to the pessimist...Good Investment will always be around in Good or Bad market's in any market (real estate, stocks etc...)

I signed up my 2 grandkids to do market research for a company. What happens is that I made a payment to this company and then the company 'hires' the kids. The end result is that they were able to both start Roth IRAs. My youngest grandchild just turned 13 and hers is invested with T. Rowe Price. Even though the fund only did so-so year to date she has plenty of years ahead of her to wind up doing great. It was the best gift I could give them and I would recommend it.
-MurrayF

The title suggests that you become a million at age 16...not get started at 16.

In any case...you can get started far earlier by saving money in a piggy bank as a toddler, using allowance to buy stocks, and not wasting money on things like candy and video games.

Simmering for 47 years also assumes you never make more than you're allowed to with a ROTH IRA.

Assuming 4% inflation for 47 years, $1,000,000 then will only buy you $158,283 today.

one more thing a lot of companies are offering DRIPS : dividend reinvestment programs
plenty of companies will allow you to buy stocks directly from them for a little as $25.00 (no monthly fee). some even offering discount when you reinvest the dividends.

There are 3 ways to get rich:
You can earn it.
You can marry into it.
You can inherit it.

I recommend the last two. --- The question is How ?

I've been looking for this type of opportunity for my kids. Is it common? Where would I find one of these market research companies?

d3

I signed up my 2 grandkids to do market research for a company. What happens is that I made a payment to this company and then the company 'hires' the kids. The end result is that they were able to both start Roth IRAs. My youngest grandchild just turned 13 and hers is invested with T. Rowe Price. Even though the fund only did so-so year to date she has plenty of years ahead of her to wind up doing great. It was the best gift I could give them and I would recommend it.
-MurrayF

First post, but I just want to say that I am the niece of 2 young adults in their mid 20's and they already are in the process of buying their own homes. They don't have high salaries by any means but they have been methodogically saving since they were little kids.. their parents started their IRAs since they were toddlers... and they kept on saving their allowances, cash from summer jobs, cash from gifts, etc... it's just amazing how the money keeps adding up..

Domingo,
Sorry to be responding so late to you but the market research company is called Remington Regent and they are located in NY.
I just double checked and the website is remingtonregent.com.
Good luck,
M. Frent

Everyone keeps telling me that "no one is going to hand it to you" and you know what I'd like to know more than anything? Why the hell not?

It is a known fact that if you invest $100 at 7.2% for 10 years, it will double to $200.

Also $100 invested at 10% for 7 1/2 years will become $200.

I agree that whatever investment vehicle you use, it is best to start early.

I started investments for each my grandchildren as soon as they were born. Unfortunately, I didn't know enough about investing when their parents were born to help secure a financial nest egg in their adult lives. However, it's never to late to start. I know the date I will be totally debt free and a cash millionaire. We can show you how @ www.ad_deleted.

If you become a movie star, you can be a millionaire at even more tender age. Though they say that one needs talant to be a movie star, looking at the latest Hollywood crops (and the one before them), probably talant is the last thing you need! :D

Or a basketball player :) .. I think it is better to invest on your kids' education, training etc etc .......

i didn't start at 16 ..i started at 20 and earned allot by 23 i run bankrupt... at the age 20 and 23 i really though that its easy to earn money....i got many business back then that only require my marketing skills...at night i always party i go to clubs and try everything a person could dream to.. now i learned my lesson the hard way..im 24 now and im still paying my debt when i was 22...now i really think that i should be wise on budgeting and spending money...soon i will be done in paying my debts....and im much wiser now..

Having established business practices at an early age (7 is a good starting point) carries on til you're an adult. Having a passion and finding your niche will help pave your way.

f $4,000 is invested each year between the ages of 16 and 21 and not another cent after they are 21 years-old, their tiny retirement fund will grow to over two million dollars by age 65.

Not too shabby, huh?

damn i should've read this when i was 15. :))