As a bike rider, I forget this is a thing. Asked my neighbor, he pays $350/month in insurance alone 🙃
As a bike rider, I forget this is a thing. Asked my neighbor, he pays $350/month in insurance alone 🙃
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Assuming you begin investing at the age of 20 and invest $554 per month for 45 years at a 6% growth rate, you would yield 1.4 million. Definitely not MILLIONS.
6% is very conservative though. Even at 7%, which is a widely accepted inflation adjusted number, it's over 2 mil.
It's still faulty math because it assumes people keep a car payment that high their entire career. Does he think no one ever pays off their car?
The other thing is that the monthly investment amount should increase when income does, which at minimum should match inflation.
And then you add the inflation and you actually just owe money. Got to get that third job at 65
Inflation historically has been 1 to 4 %.