sj_zero on Nostr: I know it's a joke, but it's entirely possible to become a millionaire without doing ...
I know it's a joke, but it's entirely possible to become a millionaire without doing much other than living within your means with a decent job.
If you can put $225 per bi-weekly cheque into investments that average about 7% per year, and you do that from the time you're 25 until the time you're 60, you're a millionaire without anything else going on. If you wait until you're 35, it'll be a bit tougher, but you can become a millionaire by saving about 600 a cheque.
The miracle is the combination of compound interest, but also compound saving. If you wait until you're 40 to start saving, it becomes quite a bit harder, requiring 1000 a cheque.
The most important key here is that a million dollars sounds like a lot of money, but a lot of regular people get there through boring savings plans over a very long time.
And imagine if you move to Canora to move into a creepy house that looks like a crackhouse for $25,000 -- who knows how much that can go up over the years once you clean all the heroin stains off the walls and floor and ceiling!
If you can put $225 per bi-weekly cheque into investments that average about 7% per year, and you do that from the time you're 25 until the time you're 60, you're a millionaire without anything else going on. If you wait until you're 35, it'll be a bit tougher, but you can become a millionaire by saving about 600 a cheque.
The miracle is the combination of compound interest, but also compound saving. If you wait until you're 40 to start saving, it becomes quite a bit harder, requiring 1000 a cheque.
The most important key here is that a million dollars sounds like a lot of money, but a lot of regular people get there through boring savings plans over a very long time.
And imagine if you move to Canora to move into a creepy house that looks like a crackhouse for $25,000 -- who knows how much that can go up over the years once you clean all the heroin stains off the walls and floor and ceiling!