Do you trust anyone to do that? How do you think we ended up with billionaires? By people being gracious? Too many people are too greedy for that to work.
So? Anybody who works their entire life and can save a few hundred bucks per month can be a milliionaire. You make it sound like those working people are you enemies.
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.
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.
Getsmarteraboutmoney.ca - go to their compound interest calculator.
If you have 210k and put it into VEQT on questrade and set up a DRIP, in 35 years you’ll have something like $3 million
Can you link to the actual calculator you’re using for that? That page you linked is just their homepage. I’ve never seen a calculator that accounts for a DRIP.
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.
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.
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.
Yes, 2500 are not a few hundred, nobody ever said that, you’re just stating truisms while ignoring the context. You might want to read about what compound interest is.
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.
I’d rather slave to own a house than to survive, but I don’t because I’m self employed and work for myself. Each their own. However, it’s good that you’re aware of inflation, maybe you can use the fruits of your slavery to do something against it.
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.
Lol, you’re the one twisting everything I say. I say “people can do X” you answer with “I don’t wanna do X”. You don’t have to do what other people can do, I’m not suggesting you do what others can do. I get it, you sound angry and bitter, probably because you see no perspective for yourself. As somebody who has been sober for more than six years I’ve seen a lot of people who feel attacked when simply shown that different lives exist. I feel you.
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.
Small-scale landlords also usually have full time jobs and use rent to supplement their income. Not every landlord is just rolling in cash.
Choosing to use a basic human right as a form of income is scummy. All landlords are scum, whether they are rich or not.
People need a place to stay and not everyone has piles of cash for a down payment. Vote for the change you want, but in this system we need rentals.
Those rentals should be a social project not a profit driven one.
There’s more demand for rentals then there are government resources to provide social projects.
Then we should pay more taxes.
That’s why i said go vote.
What makes you think I don’t? Greed wins every time.
Fuck taxes, the government needs to control all money and pay for all our needs. Anything left over can be split evenly among everyone.
Do you trust anyone to do that? How do you think we ended up with billionaires? By people being gracious? Too many people are too greedy for that to work.
It’s survival.
Can I come to your house, eat all your food, empty your bank account, and have your things?
That makes no sense at all.
And becoming wealthy by withholding human rights from others isn’t “survival”.
In a lot of places if you own any land you are a millionaire, it’s coming to the point that if you own a condo you are a millionaire.
So? Anybody who works their entire life and can save a few hundred bucks per month can be a milliionaire. You make it sound like those working people are you enemies.
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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.
Your comment shows exactly why not many become millionaires, because many people don’t know how to invest.
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.
Getsmarteraboutmoney.ca - go to their compound interest calculator. If you have 210k and put it into VEQT on questrade and set up a DRIP, in 35 years you’ll have something like $3 million
Can you link to the actual calculator you’re using for that? That page you linked is just their homepage. I’ve never seen a calculator that accounts for a DRIP.
It’s just a compound interest calculator https://www.getsmarteraboutmoney.ca/calculators/compound-interest-calculator/
Use this one to calculate the value with inflation (average historically is 3.25% over the last century) https://www.wealthmeta.com/calculator/compound-interest-calculator
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.
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.
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.
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.
Yes, 2500 are not a few hundred, nobody ever said that, you’re just stating truisms while ignoring the context. You might want to read about what compound interest is.
And you might want to read about cost of living
I was writing about people who earn enough to save, just read my comments.
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.
I’d rather slave to own a house than to survive, but I don’t because I’m self employed and work for myself. Each their own. However, it’s good that you’re aware of inflation, maybe you can use the fruits of your slavery to do something against it.
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.
Lol, you’re the one twisting everything I say. I say “people can do X” you answer with “I don’t wanna do X”. You don’t have to do what other people can do, I’m not suggesting you do what others can do. I get it, you sound angry and bitter, probably because you see no perspective for yourself. As somebody who has been sober for more than six years I’ve seen a lot of people who feel attacked when simply shown that different lives exist. I feel you.
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.