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Yahoo
3 days ago
- Business
- Yahoo
How To Become a Millionaire While Working at McDonald's
Working at McDonald's has long been considered an entry-level job with low pay. The idea of a McDonald's employee building up a retirement fund of $1 million may seem far-fetched, but it just might be possible. Find Out: Read Next: In July 2024, McDonald's released a statement that all hourly employees earn more than the minimum wage, but it didn't clarify the exact amount. To determine what it would take to retire with $1 million from working at McDonald's, using the minimum wage as a guide is a safe approach. In 2025, the federal minimum wage is $7.25 per hour, which means states with no minimum wage law, like Alabama, Mississippi and South Carolina, must pay workers at least that amount. States like California and New York have very high minimum wages, ranging from $15.50 to $16.50, to match their high costs of living. This experiment will show how someone making the federal minimum wage could potentially have $1 million when they retire at 65. How Can You Become a Millionaire on Minimum Wage? If you have a job that pays $7.25 per hour, your annual salary would be $15,080, assuming you work 40 hours a week. If you didn't spend a dime and saved your entire salary, it would take you over 66 years to accumulate $1 million. However, it's not impossible to become a millionaire because of compound interest. Compound interest is the interest received from both the initial principal and the interest previously earned on it. For example, if you invest $100 and earn 7% interest over a year, you'll earn $7 and end up with $107 at the end of the year. If you leave your investment as is, you'll then earn 7% interest on $107, which is your initial investment and what you earned in interest. For your second year, you'll earn $7.49, and you'll enter your third year with $114.49. This might seem like a small amount, but the longer your investment earns interest, the larger the amount you receive each year. Putting money into a Roth individual retirement account after receiving a paycheck allows you to grow your money over time without paying capital gains tax on your profits. Assuming you earn a consistent 7% annual interest with a 3% rate of inflation, you can retire with $1 million if you begin investing $250 a month, or $3,000 annually, between the ages of 18 and 65. Your investment would break down like this: 19 years old: Interest – $112.57, Total – $3,112.57 25 years old: Interest – $1,671.13, Total – $26,936.38 35 years old: Interest – $6,188.83, Total – $95,992.47 45 years old: Interest – $15,075.82, Total – $231,836.43 55 years old: Interest – $30,231.65, Total – $499,062.07 65 years old: Interest – $66,947.71, Total – $1,024,735.36 Learn More: Can Your Mindset Make You Rich? Investing $250 a month while working a minimum-wage job would be extremely challenging, amounting to almost 20% of your pretax salary. However, it's also unlikely that someone who starts a minimum wage job at the age of 18 would continue to work in the same role without a salary increase for the following 47 years. Financial psychologist Brad Klontz believes that when it comes to wealth, it's all in our heads. Instead of focusing on money itself and how much you have now, taking a broader approach and planning for the future can make you wealthy no matter what you earn. While putting 20% of your income toward retirement may be unrealistic, adopting a rich mindset and investing even a small amount in your future early on will put you in a significantly better financial position. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on How To Become a Millionaire While Working at McDonald's 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Fox News
03-07-2025
- Business
- Fox News
Congress delivers one big, beautiful win for the middle class
The House and Senate have done their jobs, the "One Big Beautiful Bill" has crossed the finish line. For frontline members of Congress across the country, this is more than just a legislative victory, it is a political boon heading into the upcoming midterms. This bill delivers real relief to hardworking Americans, and our main street members now have a clear message to take home: We kept our promises. This law protects the middle-class tax cuts that have fueled economic growth, expanded the child tax credit that so many families rely on, and ends taxes on tips and overtime, giving hourly workers the raise Washington never let them keep before. These wins are not abstract. They are personal, tangible, and powerful. Let's start with taxes. For the last several years, millions of families have benefited from lower individual tax rates that helped stretch paychecks further and keep small businesses afloat. But those cuts were set to expire. Had Congress failed to act, families across the country would have faced a surprise tax hike in the middle of an already uncertain economy. Now, those cuts are permanent, and our members can proudly say they stood on the side of working Americans. Just as important is what this bill does for hourly and tipped workers. In main street districts from Pennsylvania to Arizona, we hear the same stories: parents picking up extra shifts, waiters working double time during the holidays, and young adults balancing multiple part-time jobs to pay for school. For too long, Uncle Sam took a bite out of every extra effort. With this new law, overtime pay and tips will no longer be taxed. That money stays in workers' pockets, where it belongs. Our main street members understand that rewarding hard work is not just good policy, it is common sense. This provision alone gives frontline Republicans a powerful contrast against the bureaucratic mindset that says Washington always knows best. Voters know who had their back, and who tried to block this relief. Then there's the child tax credit. Expanding it was a priority for our members because families are the backbone of every community. Under this bill, more parents qualify, and the benefit reaches further into the middle class. Whether it's used for groceries, childcare, or saving for the future, this credit will make a difference in homes across America. It is direct, it is simple, and it shows that main street Republicans are putting families first. Make no mistake, our members took tough votes to get this done. They stood strong in the face of partisan pressure, media spin, and the usual Washington gridlock. But now, they can return to their districts and point to a concrete achievement. Not rhetoric. Not talking points. Real, reform that helps the people they represent. That is the power of this moment. The "One Big Beautiful Bill" shows what happens when we govern with purpose and principle. It offers our frontline members not just a victory to campaign on, but a foundation to build trust with voters who are tired of excuses and hungry for results. Main street Republicans led this effort, and we are proud to stand with every member who helped make it a reality. Now, as the campaign season heats up, the message is clear: You worked hard. We worked for you. And we are just getting started.
