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Finance guru Dave Ramsey slams 'awful' Gen Zers and millennials who live with their parents: 'They suck. They can't buy a house because they don't work' (fortune.com)

submitted 7 months ago by return2ozma@lemmy.world to c/nottheonion@lemmy.world

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[–] surewhynotlem@lemmy.world 14 points 7 months ago (2 children)

This is a really cute concept. Many people don't have an extra $5 a day. Do you know what you get when you invest $5 a day over 12 years at a 4% interest rate? It's not a million dollars.

[–] EatATaco@lemm.ee 3 points 7 months ago

About 28000 dollars. Even with a super safe investment that gives you 4%. S&p is like 10% a year. In that case (assuming you lose 1% to the market) you would have 36k.

If you do that over 40 years (25 to 65) you have 640k.

[–] aniki@lemm.ee 2 points 7 months ago (1 children)

4%?!? where are you getting 4%?? Last time I looked at CD rates it was like 1.2%

[–] surewhynotlem@lemmy.world 4 points 7 months ago (1 children)

You need to look again. I have a 5% standard savings account right now. Fed rates are very high right now.

[–] aniki@lemm.ee 2 points 7 months ago

yeah the rates are way better than last time i looked! gonna have to put some savings into good use.