facebookListened to Dave Ramsey, he said if you invest $100/mth from 25, you will be a millionaire in your 60s. I am investing 2k/month so does that mean i can reach it sooner? Is this true?? - Seedly

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Anonymous

28 Nov 2024

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General Investing

Listened to Dave Ramsey, he said if you invest $100/mth from 25, you will be a millionaire in your 60s. I am investing 2k/month so does that mean i can reach it sooner? Is this true??

For context, i am investing in growth stocks/etf, bonds.

Discussion (22)

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Cryotosensei

20d ago

Blogger at diaperfinancingfund.blogspot.com

Congratulations on having the discipline to set aside so much money for investing every month!

No. Not unless you inflate your monthly savings in accordance with inflation. If you average a realistic 6.5% APR compounded over 420 months (35 years) you'll have about $160K at age 60. With $2K a month you'll have about $3.2 million.

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You can do these calculations yourself with simple compound interest calculators available online.

Kent Toh

25d ago

Consultant at Sprinklr

Its all about consistency. and compounding effect.

Thats why 1M65 for CPF is possible for most singaporeans.

That would assuming no major disruptions such as no bear run. The key is still to stay consistent, r...

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