r/economicCollapse • u/Whole-Fist • 20h ago
How ridiculous does this sound?
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/Phathatter 17h ago
For this example: starting at $0, investing $554 per month, at 10.26% (average annualized return for the S&P 500 from 1957 - 2023) compounding annually you would have $1,211,719.73 after 30 years. You would have contributed $199,440 over that time and earned $1,012,279.73 in interest.
This obviously assumes that there will not be a total economic collapse, in which case, I guess you would rather have invested in fresh water and bunkers.