Monday, May 5, 2008

Another way to make a million dollars

Going through Motley Fool they had an article on how you can become a millionaire on $20 a day. Basically, if you can sock away $20 a day into a "low-cost market index tracker like the iShares S&P 500 (AMEX: IVV) exchange-traded fund" in about 26 years you will be a millionaire.

Okay, that sounds fine until you realize that $20 a day is $140 a week or $560 a month.

A lot of us don't have $560 a month in which to invest in anything, but I'm ready for the challenge. I pledge that as soon as my current money-making efforts create a regular salary of three times that amount ($1,680), I will dutifully put away $560 into an S&P fund and in 26 years I BETTER have a millionaire dollars in that account.

Don't worry, I'm still pushing for $2,000,000 in 3 years with my other endeavors.

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Let me know what you think! Really, I am interested.