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Monday, October 29, 2018

$2,000 accumulation

Following off the strategy for $1,000 accumulation, reaching $2,000 does not require that much more effort or a change to the existing strategy.

Keeping the same variables in place, Player One just needs to work for 8.88 weeks at $7.50 hourly with 40 hour weeks. This assumes a weekly take home paycheck of about $225 (assuming 25% deductions from gross earnings).

This is the situation that a high school kid around the age of 16 or 17 can face during summer vacation.

With Summer being around 12 weeks long, a high school kid can reasonably accumulate $2,000 while living with parents and no real expenses to take care of.

This sort of strategy can be very useful for saving up for a first car such as a 90's Toyota or Honda.


Saturday, October 27, 2018

$1,000 accumulation

Accumulating $1,000 is not a difficult task depending on circumstances.

Consistent wages from a W-2 job can be available to teenagers from the ages of 14 to 16 depending on location. Entry level jobs tend to have a minimum wage around $7.50 hourly.

If $1,000 is the end goal, one possible path to achieve the goal is as follows.

Player one is age 16 and currently lives with his parents during high school.
Where he lives, he has access to various retail stores, restaurants, or grocery stores.

During summer vacation, he takes on one or two jobs at minimum wage and makes sure to get 40 hours per week.

His home is in close proximity to work sites (walking or biking).

$7.50 at 40 hours per week is $300. Assuming 25% is withheld for deductions, his weekly take home pay is $225 per week.

Further assumptions include that player one has no living expenses as those are covered by the parents.

$1,000 goal can be achieved in 4.44 weeks.