From the course: Finance and Accounting Tips

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Save early, save often

Save early, save often

From the course: Finance and Accounting Tips

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Save early, save often

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- Have you given any thought to when you're going to retire? - Sure, I figure I have about 10 years left until I ride off into the sunset and move onto my next great adventure. - So you have you given any thought to saving for retirement? - Well, I figure that since I've picked a retirement date, I should start saving, so that I might enjoy that retirement. - How much would you like to have when you retire? - Oh, let's say $1,000,000. - 1,000,000, okay. So let's figure out how much you have to start saving today, so you can have $1,000,000 on the day you retire. Now, while we're at it, you have a son named Skyler, right? - That is correct. - Well, if I recall correctly, you were 30 years old when Skyler was born. So let's do this, let's also figure out how much money Skyler would need to save, starting today, to accumluate $1,000,000 when he retires. - Okay, I have 10 years until I retire. Let's assume that Skyler has 40 years to retirement. How much will we each need to save each…

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