Tuesday, January 23, 2007

Millionaire by 21?

I have been tossing around this idea (between Halis and I) about putting away enough money for Isaac so that when he is 21 years old, he will already be a millionaire. That way he can choose to do whatever he wants in life, without money being an object (I am secretly hoping that he spends his life travelling). Of course, Mommy and Daddy would dole it out appropriately ... but I believe that we will raise a responsible human being who will be wise with his money (my fingers are crossed).

I know this is a lofty idea, but I believe that ALL things are possible!

Isaac has his own bank account right now and every week he puts money (coins found around the house) into it and delivers it to the lovely ladies at Sebasticook Valley Savings Bank. He has quite a bit saved already. And we plan to invest every birthday dollar, found penny, and lemonade stand earnings :)

But, I must tell you that I just did the calculations ... and Isaac and I had better get to work on selling some lemonade because the numbers are staggering! If I want Isaac to be a Millionaire by 21, then we need to put away or invest $52,631.58 per year! (*gulp*).

Well, okay then! We will just have to start one penny at a time. Nothing ventured, nothing gained.

Got a penny to spare?


Angela said...


Michelle said...

Don't give up Jodi. That's $52,631.38 assuming you make 0% interest. There are great investments out there and when they compound....well anyway, it could happen.

Angela said...

Yes, it definitely can happen. It's just intimidating.