How Much Money Do I Need to Invest to Become a Millionaire?

People tend to think that it’s difficult to start with nothing and end up a millionaire, but in actuality it’s not that difficult if you take advantage of the magic of compound interest. Business Insider recreated a chart from a David Bach book to illustrate this point. My only issues are that it assumes a 12% return every year which is a little optimistic and that it focuses on age 65 when the full retirement age for social security has now been raised to 67 to people born after 1960.

BACH-bi_graphics_building a million-dollar retirement account

A 10% return is more probable and an 8% return is a bit conservative. I prefer to be conservative.

Book-Contributions-to-Become-a-Millionaire

If  you start when you’re younger is takes less money, over more time, to become a millionaire. Regardless of when you start, it’s important that you start. Having something is always better than having nothing.

Scholarships for Undocumented Students

During today’s radio show, Paying for College, we talked about scholarships available for undocumented students. We wanted to make sure to post some scholarships that we know of that don’t require a social security number. Feel free to add ones you know about.

NY Gear Up has a wonderful list already put together. Visit them.

Que Llueva Cafe Scholarship

LULAC Community Scholarships

A.R.E. Scholarships

If you know of others, please post them. If people desire to attend college, we want them to have the ability to do that.