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Cake day: July 15th, 2023

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  • elrik@lemmy.worldto196@lemmy.blahaj.zoneREMOVED
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    22 days ago

    Yes, it’s equally as unrealistic as leaving money idle for 532 yrs.

    The only point I was making was that multiplying $5,000 a day by so many years is a silly comparison as it ignores the dominating factors to building wealth.

    Billionaires shouldn’t exist but also they don’t exist because they stuff X dollars under their mattress every day.


  • elrik@lemmy.worldto196@lemmy.blahaj.zoneREMOVED
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    23 days ago

    Not really with that amount of time. Suppose you put away $1,000 a year for 532 years, at 3% you still end up with $225 billion.

    The deposits are completely dwarfed by the compounding interest. If you only start with $1,000 and add nothing else but let that original $1,000 compound at 4% you’ll have over $1 trillion.