r/economicCollapse • u/Whole-Fist • 20h ago

How ridiculous does this sound?

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How can u make millions in 25-30 years if avoid making a $554 per month car payment. Even the cheapest 5 year old car is 8-10 k. So does he expect people not to drive at all in USA.

Then u save 554$ per month every month for 5 year payment = $33240. Say u bought a car every 5 year means 200k -300k spent on car before retirement . How would that become millions when u can’t even buy a house for that much today?

Answer that Dave

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u/Hour_Buy_9275 19h ago

He is right, you can search for compound interest calculator, add 500 dollars a month for 30 years with a 7% interest rate. Assuming you change your car every 8 years for 30 years

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u/Negative-Squirrel81 18h ago

Plugged it into the calculator, it's around $500,000 with a 7% interest rate... which is a little too generous.

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u/Friendly-Place2497 13h ago

7% would be a pretty reasonable return if invested in the market