MONEYTALK with St. Charles Parish’s Al Suffrin
If I save $1 a day when will I become a millionaire?
And what's the best place to put my money so I can retire in the least amount of time? Thanks!
- Millionaire Wannabe in Luling.
Dear Millionaire Wannabe:
If you save $1 dollar per day for 365 days per year and earn 8% on average per year you will be a millionaire, before taxes, in approximately 67.5 years.
The best place to initially invest your money is in an S&P 500 index fund (inexpensive and historical rate of return in excess of 8% per year); however, you may need at least $250 to initially invest.
Through the years as you get older, you may want to diversify into other types of mutual funds and later into bonds.
Students' questions about finances answered - only in the St. Charles Herald-Guide. Financial expert and school board member-elect Al Suffrin, a certified public accountant, takes on the tough questions from parish kids- and their parents - in an important weekly column everyone should read. Send YOUR questions to: firstname.lastname@example.org or write: MONEYTALK, P.O. Box 1199, Boutte, LA
Subscribe Today and Save!!!
St. Charles Herald-Guide is an award-winning newspaper that covers all aspects of St. Charles Parish - from schools and parish government news to social events, features on our local residents and sports.
Order your subscription today!
Although 29th District Court Judge Timothy Marcel ruled against Tim Mayeaux’s...
By Kristen Higdon
By Lori Lyons
There comes a time in every athlete’s life when he or...
Des Allemands native Lindsay Nichols has been identified as the woman found in a...
A Pride, La., woman was arrested and charged with theft after a Luling man accused...
Your One Stop Home Improvement Shop...
Norco toddler beats doctors’ odds of survival - 1428 views
By Kristen Higdon
Trish Caples-Tierney has always dealt with whatever life has thrown her with resilience.