How long would it take you to save $100,000.00 cash?
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Thread: How long would it take you to save $100,000.00 cash?

  1. #1
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    How long would it take you to save $100,000.00 cash?

    Like the title says:

    How long would it take you to save $100,000.00 cash? And once you do save it up, where and how would you invest it?

    Post your thoughts, ideas and tips!


  2. #2
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    About 25 months... If we decide to kill our mortgage, we could do it in less than 20 months. Living below one's means WORKS. It's nice not having to rely on market returns to get ahead.

  3. #3
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    I think we could do it in 3 years if we were really motivated (which we're not). Five is more likely.
    Mike Holman
    Money Smarts Blog Investing and Personal Finance

  4. #4
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    At my current savings rate, about 4 - 5 years.

  5. #5
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    You mean like saving it into a sock drawer? IE, not allowing for interest to accumulate? Given current savings rates: 20 years, If we for some reason really pushed it: 7 years. If we forsake all else (ie house upkeep, car upkeep, any gifts, holidays or anything) 5 years.

    As I've said before, we're on the lower end of the income scale as compared to others on cmf. Our current savings rate is about 8% of gross income. We could easily push that to 16% if we put mortgage prepayment and RESPs on hold.
    Last edited by crazyjackcsa; 2011-10-18 at 10:12 AM.

  6. #6
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    6-8 months. Now that the mortgage is paid off we are putting aside tons of dough. I take quarterly bonuses on top of a $112k base and the first three this year have added up to $209k so I should be around $350k this year depending on Q4. Not bad for a commissioned sales guy.

  7. #7
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    If we reallocated all of our current savings (RSPS, RESP, etc), stopped extra mortgage payments, but maintained the a general same lifestyle, about 1.5 years. If we went into frugal crisis mode, we could probably do it in about 8 months but it would be tricky to pull out because wouldn't have the same flexibility with taxes.

  8. #8
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    Why not ask a more meaningful question....

    "I have $X saved already, I gross $Y in salary, plan to retire at age Z. How much should I continue to save each year such that I can maintain a constant lifestyle (budget) out to a comfortable age (95 say)?"

    Why do we persist in these simplistic planning mantras such as the '4% withdrawal rule', 'how much do I need to retire on?', etc.

    We are, each of us, sitting on computer power unprecedented even 2 decades ago. Why don't we use it?

  9. #9
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    On my current single income, about 6-7 years I guess. Once saved, I would invest half in the local real estate, and the other half split between gold bullion and dividend paying stocks.

  10. #10
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    Quote Originally Posted by crazyjackcsa View Post
    You mean like saving it into a sock drawer? IE, not allowing for interest to accumulate? Given current savings rates: 20 years, If we for some reason really pushed it: 7 years. If we forsake all else (ie house upkeep, car upkeep, any gifts, holidays or anything) 5 years.

    As I've said before, we're on the lower end of the income scale as compared to others on cmf. Our current savings rate is about 8% of gross income. We could easily push that to 16% if we put mortgage prepayment and RESPs on hold.
    No, by "cash" I meant not invested in a stock, GIC, mutual fund or property, $100,000.00 cash in a checking or savings account that you have access to anytime, anywhere etc.


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