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!
Towering 150 feet over the Mississippi River, the 32-year-old Hale Boggs Memorial...
Celebrating its 50th anniversary this year, Magnolia Companies in St. Rose has a...
All schools deal with the issue of bullying. St. Rose Elementary School is taking...
Call it awesome, a great cause or an amazing achievement from everyone pulling...
On Feb. 6, John Fowler’s life changed drastically.
When the Winn-Dixie shopping spree that Paul Triche of Hahnville had won was over,...
Over 25 Years of Quality Sales, Service and Repairs on YAMAHA, MERCURY, EVINRUDE and JOHNSON Motors.
Area hit by rash of auto crimes - 675 views
On Sept. 20, Sheriff Greg Champagne posted on his Facebook page that there were several attempts to steal automobiles in the Luling, Boutte and Mimosa areas within a 10-day time frame.