• surewhynotlem@lemmy.world
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    7 months ago

    This is a really cute concept. Many people don’t have an extra $5 a day. Do you know what you get when you invest $5 a day over 12 years at a 4% interest rate? It’s not a million dollars.

    • EatATaco@lemm.ee
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      7 months ago

      About 28000 dollars. Even with a super safe investment that gives you 4%. S&p is like 10% a year. In that case (assuming you lose 1% to the market) you would have 36k.

      If you do that over 40 years (25 to 65) you have 640k.

      • surewhynotlem@lemmy.world
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        7 months ago

        You need to look again. I have a 5% standard savings account right now. Fed rates are very high right now.

        • Aniki 🌱🌿@lemm.ee
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          7 months ago

          yeah the rates are way better than last time i looked! gonna have to put some savings into good use.