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Monday, November 5, 2018

$3,000 accumulation

Following off the $1,000 and $2,000 accumulation strategies, the strategy for $3,000 may be slightly different.

In the United States, Summer vacation can last from 10 to 12 weeks. And accumulating $2,000 can be achieved completely during 12 weeks given the correct circumstances.

Accumulating $3,000 during Summer vacation could be possible but the task would be more difficult to do as accumulating $2,000 would take 8.88 weeks based off of the same parameters.

For this particular scenario, we will assume the $2,000 was accumulated within 9 weeks and we will drop the hours worked due to high school hours taking a priority.

Player One is making minimum wage but after 9 weeks, drops his hours to 20 per week. We also assume that Player One has zero living expenses so all take home pay can be retained.

$7.50 hourly multiplied by 20 hour work weeks equals $150 weekly. Assuming 25% is taken out of every paycheck, Player One's take home pay would be about $112 weekly.

Saving up the extra $1,000 would take an additional 8.88 weeks bringing the total time to about 18 weeks to accumulate $3,000. This is possible to do as a 16, 17, or 18 year old kid.

Now if high school is not an issue for the following reasons:

Graduated high school
Home schooled
High school dropout

The strategy remains unchanged for the $2,000 accumulation strategy and the time to accumulate $3,000 would be about 13 to 14 weeks.

This sort of goal would be reasonable for buying a cheap used car if desired.

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