Saving and Investing
Savings
Sources:
https://www.investor.gov/additional-resources/free-financial-planning-tools/compound-interest-calculator
http://www.investopedia.com/ask/answers/041015/what-rate-return-should-i-expect-my-401k.asp?scrlybrkr=e8fa0636
https://www.moneyadviceservice.org.uk/en/articles/should-i-save-or-invest
https://www.thebalance.com/the-complete-beginner-s-guide-to-saving-money-358065
- Emergency Funds: $1000 as anything can happen, and it's always good to have some money stashed away for when it is needed.
- Savings per Month: 10%, or $500 per month
- Saving will be through a 401k with my employer, as my field generally has match contributions.
- Savings after 36 years with 5% interest in my 401k and annual compound: $718,798
- 5% in Stocks if money is available, as starting stocks early is the best way to earn money as it can fluctuate largely, meaning I have a long time to grow my money compared to someone who will not have many years.
Sources:
https://www.investor.gov/additional-resources/free-financial-planning-tools/compound-interest-calculator
http://www.investopedia.com/ask/answers/041015/what-rate-return-should-i-expect-my-401k.asp?scrlybrkr=e8fa0636
https://www.moneyadviceservice.org.uk/en/articles/should-i-save-or-invest
https://www.thebalance.com/the-complete-beginner-s-guide-to-saving-money-358065