Posted: 1/13/2026 4:52:52 PM EDT
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Years ago SGM Lamb gave a briefing about surviving with the quote "Don't just survive, thrive" The words made a major impact on me. Mindset is key and in desperate situations hope is often the difference between living and dying. I had ChatGPT write the following plan up for me to explain to the young'ns not just how to financially survive, but thrive. It's based on the way most people build wealth, but in an exceptionally taxed advantaged method. Title: Plan to Become a Multimillionaire Introduction: This plan is designed for a young person who wants to leverage the power of compounding to become a multimillionaire by retirement using tax-advantaged retirement accounts like a Roth IRA. Step 1: Start Early - Begin contributing to a Roth IRA as soon as you have earned income. - Minimum age is flexible, but you must have a documented earned income. - Early contributions massively benefit from compound interest. Step 2: Annual Contributions - Contribute the maximum allowed annually ($7,000 for 2025 under 50). - Even if you can’t contribute the full amount initially, contribute as much as possible and increase over time. Step 3: Investment Strategy - Invest contributions in a diversified portfolio with a focus on growth (e.g., index funds tracking the S&P 500). - Target historical average annual return: ~10%. - Reinvest dividends automatically. Step 4: Long-Term Growth - With $7,000/year at 10% return: - $1 million in ~28 years - $2 million in ~36 years - $3 million in ~42 years - The vast majority of wealth comes from compound interest rather than the contributions themselves. Step 5: Avoid Early Withdrawals - Keep funds in the Roth IRA until retirement to benefit from tax-free growth. - Avoid tapping the account except for qualified reasons to maximize compounding. Step 6: Increase Contributions Over Time - As income grows, consider increasing contributions or adding additional tax-advantaged accounts. - Explore other investment vehicles like 401(k)s or taxable investment accounts once Roth IRA limits are reached. Step 7: Track Progress - Regularly review your investments and ensure contributions are made yearly. - Adjust investment allocations as needed for risk tolerance and time horizon. Conclusion: Starting a Roth IRA as a young person and contributing consistently with a long-term growth mindset can turn small annual contributions into a multimillion-dollar nest egg by retirement. The key is starting early, contributing regularly, and letting compounding do the heavy lifting. Visual Projection Table: Year Account Value (~) 0 $0 10 $113,000 15 $211,000 20 $395,000 28 $1,059,000 36 $2,004,000 42 $3,003,000 |
per aspera ad astra
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This is not wrong. I have never had a high paying job....I worked, maxed Roth IRA contributions. Later, as income increased, I started contributing to 401k. Many years my total retirement contributions were on order of 15-17%. I started saving this way at age 28. Had I started at 19-20, Id be worth twice as much... I lost half , more than half, in a divorce five years ago. Even though I lost half, I have sufficient cash, bonds, and mutual funds to fully find my retirement. No social security. The projections are entirely feasible. Step son is 19... Instead of putting cash in a Roth, he spent $2,800 on a shitty old snowmobile...he was congratulating himself on his good deal. I told him straight up: that sled just cost you $186,000. That's the value of the $2,800 invested in his Roth until early/ mid 50's. |
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Preppers like buying stuff. We all do. We like stuff. Feeds our dopamine rush. Financial topics are not popular for preppers. Gadgets and gear are popular. Training…..sort of. Financial management…..not so much. Physical fitness is another topic many preppers avoid. It’s sad because we might never experience a true SHTF event like weather, war, famine etc. The vast majority of us will get old and eventually be unable to work. Having money is one of the best preps you can have. |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
Joined:
Jan 2026
Posts:
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EE: 0% (0)
MT, USA
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Originally Posted By MartinMuckle87: AI and robotics. What about them? |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
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Originally Posted By ColtRifle: What about them? Originally Posted By ColtRifle: Originally Posted By MartinMuckle87: AI and robotics. What about them? There's a lot of stuff going around about how AI and robotics are going to put lots of people out of work or nobody will need to work anymore. So some predictions are high unemployment... others suggest A future without work? Saving money while you can earn it makes a lot of sense in the first case. |
per aspera ad astra
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Originally Posted By R_S: There's a lot of stuff going around about how AI and robotics are going to put lots of people out of work or nobody will need to work anymore. So some predictions are high unemployment... others suggest A future without work? Saving money while you can earn it makes a lot of sense in the first case. If that’s a person’s concern, find a career that can’t be replaced by either. There will be plenty of those careers both now and in the future. Adapt or fail. In reading a lot of stuff about different worldwide SHTF situations, what has stood out to me the most was (regardless of when or where it happened) the people who did the best were the ones who adapted to a new normal the quickest. Those who didn’t adapt….struggled greatly….or died. |
"It behooves every man to remember that the work of the critic is of altogether secondary importance, and that, in the end, progress is accomplished by the man who does things."
Theodore Roosevelt
Theodore Roosevelt
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