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Money and Finances
Reply to "Money...and time question!!"
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[quote=Anonymous]I'm not sure I understand the question, but I'll try: At 3 percent inflation, in 11 years $50,000 would be equivalent to $67,196. So the 29 year old is doing better - i.e. $75k is more than $67k. And since you are both earning $75k in the same year, you both have the same income. You are equal. I don't really understand what "on par" means in this context. Someone who is older and earning the same amount has the same salary as you. For what it's worth, $500k 11 years ago would be worth $671,960 (just add a zero to the above) given a 3 percent rate of return. FYI, it would take about 56 years for $500k to grow to $2.5 million at 3 percent (no withdrawals, all interest is reinvested). Does this answer your question at all?[/quote]
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