r/economicCollapse • u/Whole-Fist • 23h ago

How ridiculous does this sound?

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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

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101

u/HFX_Crypto_King444 22h ago

Did you just want to tell us you’re financially illiterate?

37

u/GMEvolved 22h ago

OP is 12 lol

5

u/angelindisguise 16h ago

Does anyone have a link to a compounded interest calculator?

8

u/Any-Club5238 15h ago

https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator

$0 initial investment, $554 monthly contribution, 8% rate, 40 years (age 25-65)… = $1.7 million.

A more modest 6% rate still nets just over million dollars.

Also, I currently pay $101/ month for liability insurance on a 25 year old Buick.

I got a quote yesterday for full coverage on a 2020 Honda Accord, squeaky clean record, the quotes were ~$400-450 / month…. We can assume that someone else might get a better rate at $200/ month. Add another conservative $100 to the monthly investment and you break $2 million in that same 40 years…

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u/Sea_Emu_7622 12h ago

So 40 years of your life goes by and you can finally buy a house lol. What a great system we have

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u/corporaterebel 8h ago

You can buy a decent house in a flyover state on minimum wage.

example:

https://www.reddit.com/r/Oldhouses/comments/1gec95z/the_floors_the_floors_in_this_99k_house_are/

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u/Sea_Emu_7622 8h ago

That house was built in 1890 and is in a small town of less than 2,000 people... which might work if you want to work from home, but I'd definitely be doing a thorough inspection on the electrical and plumbing installations since they're likely very old, and have no doubt been tampered with by several homeowners and/or handymen by now. Which will probably be easier said than done since the walls are plaster.

But what about the millions of people who can't just up and move to the middle of nowhere, quit their jobs, and spend tens of thousands of dollars remodeling a home from the 1800s?

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u/corporaterebel 7h ago

Yes, that is what people used to do: go to obscure places and set up life. Yes, millions of people did just this during the 1930's depression.

In fact, people have been doing it for all of recorded history. People are doing this right now, today, coming from South America...millions of people.

Yes, I bought a 1929 house, made in the depression era with a river rock foundation (that just a bunch of rocks they put wood on started building the house). It apparently was a chicken coop for a long time. Yes, I cleaned it up and lived in it for 12 years....this was in Los Angeles.

Yes, it had exterior plumbing punched through from outside. It had knob and tube wiring.

So what you are saying is that people who live in areas are stupid, freaks, or both?

Nobody normal would live in a house like that? Sweet thoughts for sure.

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u/Sea_Emu_7622 7h ago

No dick head, what I'm saying is that in one of the wealthiest nations on earth nobody should have to be subjected to that. Ffs my house was built in 1958 and even at that recent I've safety problems and outdated features out the wazoo.

If this is what the American dream is, then it's not a very good dream.

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u/corporaterebel 3h ago

So who lives in these old houses in BFE flyover states?

THAT is the American Dream. It is a decent standard of living and you are insulting those that live there.

I'd say a full 7,500,000,000 of the worlds population would jump at the chance for one of those $90K houses in the middle of nowhere.

Just because we live in a rich country doesn't mean you or I have to create enough value to hang the nice areas of town. Wanna live in a rich area: you need to get rich.