To accumulate $1 million by age 60, an 18-year-old has 42 years to save and invest. Let’s calculate the required daily savings for different investment options, assuming different rates of return, and compare stocks, IUL (Indexed Universal Life), real estate, and bank savings.
Assumptions: Daily Savings Needed (rounded to nearest dollar) Investment Comparisons: Best Option: Recommendation: For a diversified approach, the student could consider a combination of: Anil Aggarwal, with his experience in real estate and financial planning, could offer personalized advice, especially regarding real estate and balancing these options for long-term growth.Continue Reading