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As a bike rider, I forget this is a thing. Asked my neighbor, he pays $350/month in insurance alone 🙃 (slrpnk.net)
submitted 2 years ago by to c/fuckcars@lemmy.world
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[–] 14 points 2 years ago (1 child)

If you pay 500$ a month for 30 years at 5% interest compounded monthly you would contribute $180k and would have $416,129 so not really a million. You would need a little less than 9.5% interest to get a million. 2% interest is only getting you $246k which when you take into account inflation 2-3% normal average minus 5% one of the higher realistic interests that is what you are actually making .

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  • [–] 1 point 2 years ago

    If you pay 500$ a month for 30 years at 5% interest compounded monthly you would contribute $180k and would have $416,129 so not really a million. You would need a little less than 9.5% interest to get a million. 2% interest is only getting you $246k which when you take into account inflation 2-3% normal average minus 5% one of the higher realistic interests that is what you are actually making .

    Ramsey is always very optimistic about investment returns. His advice isn't too bad though.

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