• nte
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      1 year ago

      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…

    • I Cast Fist@programming.dev
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      1 year ago

      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.

        • nanoUFO@sh.itjust.works
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          1 year ago

          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

        • Rodeo@lemmy.ca
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          1 year ago

          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.

        • I Cast Fist@programming.dev
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          1 year ago

          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.

                • I Cast Fist@programming.dev
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                  1 year ago

                  Anybody who works their entire life and can save a few hundred bucks per month can be a milliionaire.

                  Literal copy-paste of your first post. The math in my first reply showed you were wrong, that “saving a few hundred” wasn’t enough. Your take, somehow, was, I quote:

                  Your comment shows exactly why not many become millionaires, because many people don’t know how to invest.

                  I have literally no idea how “500 per month for 35 years will only get you 210k” and “You need ~2500 per month every month for 35 years to earn a million” could ever mean “people don’t know how to invest, that’s why they don’t become millionaires”.

                  My reply was a snarky “Ah yes, tell me more about how everyone has an extra 2.500 lying around every month”. Which you simply dodged because I “ignored the context” and because interest rates exist - they still won’t make less than 250k into 1 million if you start from zero. Also, allow me to remind you the context that you set up:

                  Anybody who works their entire life and can save a few hundred bucks per month can be a milliionaire.

                  Now:

                  I was writing about people who earn enough to save, just read my comments.

                  At no point in any of your other replies, to me or other posters, you ever mentioned “people who earn enough” in a direct or indirect manner. The only time you ever pointed to any group was “anybody who works their entire life”.

    • nanoUFO@sh.itjust.works
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      1 year ago

      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.

        • nanoUFO@sh.itjust.works
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          1 year ago

          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.

            • nanoUFO@sh.itjust.works
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              1 year ago

              No you don’t say people can do X you make passive aggressive remarks on how people don’t know how to invest (you never really give an intelligent response beyond this). More passive remark, I don’t even know what “no perspective for yourself” means is that supposed to be no future but you realized it was too aggressive even for you so you changed it and now it makes no sense. I have no idea what your sober comment is in the context of. I don’t feel you, you never say anything of substance and feel you can just deflect with passive aggressive insults.

    • Crazypartypony@lemmy.world
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      1 year ago

      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