click "Advanced" and check "Ignore Taxes" and "Ignore Fees"
:amogus:
Obviously the poors are subhuman and aren't counted as part of "everyone". It's like you haven't even read the book.
Also, $150 in 1975 is the equivalent of $650 in today's money. If a person could set aside an extra $650 a month (in real dollar terms), every month, for 30 years I guess the stock market would have delivered some good returns. There are downturns of course, but I've heard that the overall trend is line go up.
What the author is doing is dishonest, though, by pretending like $150 is as doable then as it is now. $150 in 2021 is equivalent in purchasing power to about $29.98 in 1975. I suspect if the author plugged in these numbers, the return would be much less impressive.
Stopped at middle class wage earner. Having that there means that NO not everyone can be a millionaire. Case closed. Just resort to childish name-calling. You don't need to prove to anyone that your smarter than this nonsense.
skims quickly
Ah yes just invest in January 1975, let me get my fucking time machine.
If you invest just $150/month starting in 2021, and you're lucky enough not to experience anything that forces you to dig into your savings (like, I don't know, getting sick), by 2061 there's a real chance that climate change will have rendered this whole fucking thing moot.
Watch out for that recession in 1980 and that 10.6% unemployment rate in 1982!
Assumes infinite growth at normal rates would hold in the face of a massive change of investment levels, first of all.
But also, Citations Needed has you covered, naturally.
Imagine the permanent 5-10% drop in consumer spending if everyone actually did this. Instant Depression
It's true, if you're in the middle class (the top 20% of earners in today's hellworld) and you don't retire a millionaire, you did something wrong. What's all the suffering of the lower classes for if the top slice of society doesn't get to own three houses in their sixties?
Plenty of people in that income bracket do nothing wrong but get fucked by a health crisis, the price of college for their kids, etc. And if you make less, you can get fucked by progressively smaller things -- your car breaks down, you have a more moderate medical expense, you have to move a few times in a short period.
written in the same tone as every self-help huckster
the way the author does the 985k example first before the full million is just fucking insulting, the written equivalent of jangling keys
Start by pointing out that the median household income in 1975 was $12000. $1560 back then would be over 10% of the median household's pretax income. Pretty sure income taxes were higher back then too.
looks at footnotes
"... and check "Ignore Taxes" and "Ignore Fees"
"If you can live on $7000 a year...." :sit-back-and-enjoy:
This has the same vibe as those PBS Suzie Orman lectures where she gets to be a rich person, telling other rich people that their financial problems can be fixed by not going on more than ONE vacation to the Alps this year or not eating $100 meals three times a day.
Yeah, if you work your entire life and never spend any money it is possible to see it bwfore you die.
I mean, that is if you start working and saving at 16, never spend any money and retire at 90. Also never get sick. Enjoy the century of low protein gruel but your line will go up.
He was burning through more than $175,000 every three months. Financial independence was a distant dream for him
Was he paying off the fucking mob holy shit. Were his kids going to a Montessori on the moon. Where was the money going????
:agony-consuming:
Looking at the date I expect 25k on super expensive houses/cars/travel. 150k on Coke
they're citing a fucking online calculator as a source, they couldnt even take the time to do the math themselves
