Page 97 - Charles Calhoun Book Rich As You Want To Be

such a great, great thing. And by the way, there are

a number of such plans. There are IRA accounts,

Roth IRA accounts, 401(k) if you work for a
business, 403(b) if you work for a school system or

hospital, and SIMPLE IRA accounts for self-

employed. And there are a number of other types
as well.

Here is another example. Suppose a person

were to put $4,000 away per year starting with zero
and earn 12 percent per year on average. After forty

years . . . I know what you are thinking, “It’s great

to be a millionaire, but who wants to be sixty?” I
understand that. But this will take care of the

latter part of your life if you don’t become a mega-

millionaire at a young age, and most people don’t.
So just in case, you might want to consider this.

About $4,000 per year would grow to be $3.9
million, which would produce an income of

$317,000 per year or about $26,000 per month.

After taxes, that would be about $17,000 per
month. That is a pretty good outcome. Most people

don’t do that well, but it could be done. It is doable.

And if I were a young person, I’d be starting that
program like yesterday.

Sometimes people wait, and they don’t make
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