this post was submitted on 04 Sep 2023
1379 points (87.3% liked)

Memes

45889 readers
2509 users here now

Rules:

  1. Be civil and nice.
  2. Try not to excessively repost, as a rule of thumb, wait at least 2 months to do it if you have to.

founded 5 years ago
MODERATORS
 
you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] -1 points 1 year ago* (last edited 1 year ago) (1 children)

I've got 70 years? At 500 per month and 4% interest that's 2.3 million, with a contribution of 0.42 million. https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator If you start with 210k and never input anything else you'll even end up with more.

I know it sounds like magic, but it's just simple math.

[–] [email protected] 1 points 1 year ago* (last edited 1 year ago) (1 children)

No, you have 35 years to earn interest, because the first 35 years was spent saving the principal, remember? And remember how I said with interest alone? So no more $500/month contributions either.

So with that calculator, $210k at 4% interest for 35 years puts you at $849,611.66 with monthly compounding.

So not a million.

[–] [email protected] 0 points 1 year ago

If you spend 35 years to accumulate money and never earn interest on it, yeah, if somebody is that stupid, your comment is correct. That's nothing I ever claimed though, I assume people who save aren't total dunces.