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BonesOfTheMoon@lemmy.world to Memes@lemmy.ml · 2 years ago

Happy Labour Day to people who are not landlords.

lemmy.world

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Happy Labour Day to people who are not landlords.

lemmy.world

BonesOfTheMoon@lemmy.world to Memes@lemmy.ml · 2 years ago
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  • Rodeo@lemmy.ca
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    2 years ago

    Please explain how to turn $210k into $1m with interest alone. I’ll even be generous and say you can take an additional 35 years of time to grow said interest.

    • Hexadecimalkink@lemmy.ml
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      2 years ago

      Getsmarteraboutmoney.ca - go to their compound interest calculator. If you have 210k and put it into VEQT on questrade and set up a DRIP, in 35 years you’ll have something like $3 million

      • Rodeo@lemmy.ca
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        2 years ago

        Can you link to the actual calculator you’re using for that? That page you linked is just their homepage. I’ve never seen a calculator that accounts for a DRIP.

        • Hexadecimalkink@lemmy.ml
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          2 years ago

          It’s just a compound interest calculator https://www.getsmarteraboutmoney.ca/calculators/compound-interest-calculator/

          Use this one to calculate the value with inflation (average historically is 3.25% over the last century) https://www.wealthmeta.com/calculator/compound-interest-calculator

    • SwingingKoala@discuss.tchncs.de
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      11 months ago

      deleted by creator

      • Rodeo@lemmy.ca
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        2 years ago

        No, you have 35 years to earn interest, because the first 35 years was spent saving the principal, remember? And remember how I said with interest alone? So no more $500/month contributions either.

        So with that calculator, $210k at 4% interest for 35 years puts you at $849,611.66 with monthly compounding.

        So not a million.

        • SwingingKoala@discuss.tchncs.de
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          11 months ago

          deleted by creator

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