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Happy Labour Day to people who are not landlords. (lemmy.world)
submitted 3 years ago by to c/memes@lemmy.ml
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[–] 1 point 3 years ago (6 children)

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.

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  • [–] 0 points 3 years ago (2 children)

    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

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  • [–] 1 point 3 years ago (1 child)

    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.

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  • [+] -1 points 3 years ago* (last edited 2 years ago) (2 children)
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  • [–] 1 point 3 years ago* (last edited 3 years ago) (1 child)

    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.

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