It’s true that “few hundred bucks” is enough to reach one million. But it is not for anybody. Let’s take 999 bucks, which is the maximum of “few hundred.”
If you were to save 999 bucks and didn’t consider any interest or investments, it would take you approximately 84 years to accumulate one million dollars.
However, it’s important to consider interest when planning for financial growth. Let’s assume an interest rate of 2%. Even with this interest, it would still take around 49 years to reach one million, and you’d also need to account for the impact of inflation, which can erode the value of your money over time.
To achieve your financial goals more efficiently, you might need a higher interest rate or explore investment opportunities where your money can work for you, such as becoming a landlord…
A few hundred per month. Let’s do some math. Let’s say you work and earn some form of income for 35 years, or 420 months. If you save 500 every month, you’ll have a grand total of 210.000. That’s 790k off of a million. Even at 1k per month, you’re still less than halfway into being a millionaire.
You need to have a consistent salary of over 2.380/month (28.5k/year) to accrue a total of 1 million during those 35 years. So, supposing you earn 5k a month (60k/year), and can put half of that into savings, yes, you can “become a millionaire” by the time you’re retiring.
Please explain how to turn $210k into $1m with interest alone. I’ll even be generous and say you can take an additional 35 years of time to grow said interest.
Ah yes, tell me more about how everyone has an extra 2.500 lying around every month which they don’t need to spend at all, which they could just leave in a savings account and never ever have to deal with unexpected, unpleasant, expensive surprises.
Yeah I’m going to slave a large part of my entire life so I can own a house, so I can then rent it it in 50+ years. I’m sure by the time you save a million dollars the houses will be worth 3 million. They are already pushing 1.5 million in major cities.
Yes because everyone wants to finally own a house when they pushing their late 60’s that was always the dream. Okay cool story it’s funny how you manage to twist everything everyone says but actually contribute almost nothing intellectually to the conversation. You would think someone so knowledgeable and moral like you would share their strats instead of being dismissive and ant intellectual. But hey maybe you have inherited wealth and your “job” is checking in on your building managers once a week. Each their own.
I think this is the most privileged comment I’ve read since I got to Lemmy. Congratulations on being incredibly sheltered and out of touch. /s
