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When Is The Right Time To Be Rich, In Your Youth Or When Old.?

Some say that it is better to be poor during your youth cos you can endure it and be rich when old than the reverse, while others say it is better to be rich while young because you will enjoy the wealth better and do many things you cannot do when old and may not even need the money. What do you think?

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12 answers

make the dough in your youth and preserve , increase, teach others how and distribute in that order in your old age

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If you are young and graduated from either high school or college landing good stable job for 40 years, you will still have excellent money management on saving money during 40 years. (smart money wise)

Let's give you an example:

Suppose you land a good stable job in law firm as parallegal secretary (female) or legal document clerk (male) in a salary of $40,000.00 a year, your bi-weekly paycheck you set up to deduct $300.00 for your retirement plan (401K pension) with interest rate(monthly 4.0 percent) every two week. (no withdraw allow)

By the time you turn 60s (age), you will be richer in retirement plan. Your retirement plan you will make roughly $3,594,240.00 million dollars in your 401k bank account, you will receive monthly check of $2,900.00 at your retired age.

Sample  Formula: (by the way this is not accurately, just give u example how it works)

$300.00 X 2 weeks = $600.00 (monthly)

$600.00 X .04 interest rate = $24 + $600.00 = $624.00 (interest rate monthly in first year, you should know that interest rate change every year)

$624.00 X 12 month = $7,488.00 (first year)

$7,488.00 X 480 months (40 years) = $3,594,240.00 total

Therefore, I am not financial advisor or retirement plan broker to do math correctly mentioned above.  In reality, all companies and bank in the US have their own 401K pension (retirement plan) on every employee's full benefits package when they hire employee on the job on the first day.

In a conclusion, starting young before 30s you invest money wise, by the time you reach 60s, you will be rich. But the problem in American (US), there are 40% of American FAILED TO START saving/401k investment as they were young, by the time when they were retired age (62), they are BROKE NO MONEY to take care of themselves, because of deep debt trouble they still struggle trying to pay off FIRST.

Does it make sense to you? I do not know about Nigeria/Africa have full benefits (health, life, retirement, disability insurance) package for all workers at their jobs.

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For me o.i prefer rich->richer->richest not from grace to grass. Owo ti omode ba ri akara loma fije.if d money come to u when you are old u will become old papa youngie

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I'll prefer being rich now am young so i can establish investments so that my family dowm to the 10th generation lack.

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don't matter as long as u're ricccccccchhhh!

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when you're young and rich it's interesting. Thats what my Daddy told me! . Donald Trump can't do things that cats with Young money do and then get away with it!!!!!!!!!!

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depends on ones defination of young and old.

I beleive its better to be rich by age 40, by then u would have married ur REAL woman, cos if u are rich earlier its easier to marry the wrong wife, every girl will want you.

again, you will utilise the money judiciously, no more peer pressure and youthful exuberance.

i no say make you u poor in ur 20s and 30s, like a church rat ooo, mean that you shd be struggling in ur 20s and 30s and well balanced in 40s.

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I agree. Start now when you're old the exprience will be by your side.

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You're more likely to have more money as you grow older and get promotions and start reaping the fruits you have sowed. I sincerely can't say exactly when it's better to be rich, but I can tell you that it'll be awful to be poor when you're old.

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SQ, when you are old so that u'll spend it for 2 days and die. Alternatively you can baff up in fubus when you are 84 and go for Ludachris' concerts. haha!

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all of the above, but to be rich all tru is the best......... some ppl will never lack from day 1 to end of their life...cos dem parent don even suffer wetin dem go feed upon for the rest of dem lives........

I thank God sey ma papa don suffer because of me and we no even plenty for my family self..so no suffering

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