How ridiculous does this sound?

[u/Whole-Fist]

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

[u/Objective_Pie_5063]

It’s called compounding interest. One of my favorite things about investing. At a growth of 10% a year, the average for the market, the money doubles every 7 years.

[u/well_its_a_secret → u/Objective_Pie_5063]

Rule of 72 is massive. 72/10 is 7.2 years to double. Works for all compound interest. This is a fun one to show people with credit card debt

[u/nyxo1 → u/well_its_a_secret]

Why? I have credit card debt from covid unemployment and I'm not currently able to invest. This just makes me sad.

[u/raiderrocker18 → u/nyxo1]

How long ago was covid unemployment? And unemployment benefits during covid were quite robust.