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

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.

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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.

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

Kent Toh

5d 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, reinvest any dividends, and maintain a long-term perspective.

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Hypothetically yes assuming the market is on a bull run all the way/most of the time. But I suggest ...

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