this post was submitted on 20 Feb 2024
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[–] gamermanh@lemmy.dbzer0.com 33 points 8 months ago (5 children)

That's setting aside $33,333/yr

That's not easy for most people

[–] BlueMagma@sh.itjust.works 32 points 8 months ago (2 children)

Have you tried to have your parents buy you a house when you were 18 ? Many people forget to do this simple step. /s

[–] gamermanh@lemmy.dbzer0.com 7 points 8 months ago (1 children)

Funny enough I actually did get parental help to buy a house a couple years back. Just a bit extra on our down payment to ensure we got this house rather than 3 more months of hunting for a good deal, but help is help

And even with an expensive Californian house added to my net worth I'm not even halfway to a millionaire and wouldn't be able to save money to get there like was suggested. A million dollars is a fuck load

[–] BlueMagma@sh.itjust.works 3 points 8 months ago

Haaa, but you missed out on the most important point, you need your parent to get you a house as soon as you stop living in theirs, that way you never pay rent, by the time you are 30 you would have saved 12 YEARS of rent, so probably enough to invest, create a business, buy houses to rent to other people (or whatever else rich people do to steal money from the workers).

[–] Honytawk@lemmy.zip 5 points 8 months ago (1 children)

Silly me, they only bought me a mansion. Guess I missed the boat if I'm past 18 now huh?

[–] BlueMagma@sh.itjust.works 5 points 8 months ago

yes, too late, I'm sorry I should have mansioned it.

[–] Roekoee@kbin.social 4 points 8 months ago (1 children)

I mean, that would be considering there is no interest at all. Yes if you would put it under a mattress, sure. If you would put it in s&p for instance, even on the low end you'd be getting about 6%. At that interest compounded monthly, you'd be able to be a millionaire at about $1000 a month, or $12000 a year. Still a buttload, but not unfeasible for dual earners without children, depending on where you're located and in what industry of course.

[–] pseudo@jlai.lu 7 points 8 months ago (1 children)

If it takes two people bringing money together to have a million, they are not millionnaires unless they can find another million.

[–] raynethackery@lemmy.world 4 points 8 months ago (1 children)
[–] fishbone@lemmy.world 1 points 8 months ago

73 cents, 7 lighters, and a ton of cat toys. That like halfway there, right?

[–] ryathal@sh.itjust.works 1 points 8 months ago

It is between retirement savings and a. Net worth includes a home, that crazy expensive half million dollar house is going to seem cheap 30 years from now and is likely going to be a million dollars on it's own.

[–] tlf@feddit.de 1 points 8 months ago

If you were saving it. Actually you would be investing it so no need to actually save up 1 million. 30 years is on the optimistic side though. The more common problem seem to be low wages, as those leave nothing to be safed (for 30+ years) at the end of the month.

[–] AFKBRBChocolate@lemmy.world 0 points 8 months ago

Those are the numbers of you're not investing your savings. You can use an investment calculator to see what it is if you're investing it, with an assumption of average returns. Non trivial to get a million dollars in 30 years, but way less than $33k.