Hoping somebody good with math and formulas can help me out here… Im about to turn 30, I work in a bar as my primary form of employment, I've been really getting into saving and investing heavily over the last few years, and aim to increase my annual income as fast as possible so I can reach financial independence. I'm doing other things on the side and hope to find a job that will allow me to earn a lot more money, but the last ten years have flown by and I guess I just never really progressed with my career due to a number of reasons.
I have a colleague who is also heavily into saving and has parents who are both financial planners, so her savings are in good hands and I'm sure they are helping her invest into good funds and other assets. We talk a lot about saving and different high interest bank accounts, however something I've been wondering is that because she is only 20, by the time she turns 30, I’m sure she’ll have a lot higher net worth than I currently have (on the basis that her hourly rate doesn’t increase, which I’m sure it will, but just for arguments sake)
Obviously there are a lot of hypotheticals that could make this question too ambiguous to give an answer to, but if we said that we were both able to save/invest the same amount weekly, we got the same returns on our investments and her annual income didn't increase (let's just ignore inflation), for us to both retire at the same age (let’s say 60) how much would my income have to go up by to compensate for my extra 10 years of age, with us both having the same end net worth?I hope this makes sense
Even if you could give me a general figure, I find these sorts of things interesting but I’m terrible with maths and building formulas