It depends on what you call “itty bitty” and “wealth”. Saving $1,000/month is doable for many people and will make you a millionaire by retirement age, even adjusting for inflation.
$1,000/mo in savings is pretty difficult for most people.
$300/mo, invested earning 8% for 40 years, does get to a million though (10% rate of return + 2% interest safe assumption.) This is as $60k/yr job, contributing 3% to a 401k with an employer match, not something that’s particularly rare.
I know prices are high and people are hurting… but there’s a lot of people who are just not really trying.
Itty bitty savings will never lead to wealth either. The working class and “middle class” that remains has a low enough income to recognize this.
It depends on what you call “itty bitty” and “wealth”. Saving $1,000/month is doable for many people and will make you a millionaire by retirement age, even adjusting for inflation.
You’re not being serious, right?
Crackitalism is a serious drug Jimmy, it’s deadly serious.
And don’t call me Shirley.
Bro, what?! Who the fuck can save $1000/month with current rents and home prices? 🤣
I thought you were serious for a second! Good one.
lol. It’d actually be kinda disrespectful if it wasn’t clear you’ve never met a struggling American in your life
$1,000/mo in savings is pretty difficult for most people.
$300/mo, invested earning 8% for 40 years, does get to a million though (10% rate of return + 2% interest safe assumption.) This is as $60k/yr job, contributing 3% to a 401k with an employer match, not something that’s particularly rare.
I know prices are high and people are hurting… but there’s a lot of people who are just not really trying.
Not if you’te middle aged by the time you get a job that allows you to save.