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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.

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Getsmarteraboutmoney.ca - go to their compound interest calculator. If you have 210k and put it into VEQT on questrade and set up a DRIP, in 35 years you’ll have something like $3 million

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Can you link to the actual calculator you’re using for that? That page you linked is just their homepage. I’ve never seen a calculator that accounts for a DRIP.

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No, you have 35 years to earn interest, because the first 35 years was spent saving the principal, remember? And remember how I said with interest alone? So no more $500/month contributions either.

So with that calculator, $210k at 4% interest for 35 years puts you at $849,611.66 with monthly compounding.

So not a million.

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Your comment what so intellectual and full of information I was about to save up 10 million+ dollars and own a cheap 3 story apartment complex. I now drain the legal maximum amount of money out of my tenants. Thanks! I can now buy that 2 million dollar house I was eyeing

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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.

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And you might want to read about cost of living

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Memes

!memes@lemmy.ml

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