ilmscore | Prediction Details
"what I found is that a 10% savings rate is just enough for you to not only retire comfortably off of but you can also get to a millionaire status one day if not even higher so here's an illustration of that let's pretend you make 50k per year or $40,000 a year after tax now assume your salary stays fixed over your entire career so you do the same thing you make the same amount of money throughout your life but the main differences is that you're able to invest 10% of your income consistently so that's $4,000 per year from the ages of 25 to 67 this alone will let you hit a balance of 1314 million dollar by the time you're the age of 67 assuming 8% Returns on your money and this 8% return can be achieved through investing which can be done through investing in the S&P 500"
By Humphrey Yang | July 18, 2024 | Pending
From video
7 Major Differences Between Rich and Poor People 00:09:19 - 00:10:02
Interpreted Prediction
An individual consistently investing $4,000 per year (10% of $40,000 after-tax income) from age 25 to 67, assuming an 8% annual return, will accumulate $1.3-1.4 million by age 67.

Prediction Details

Topic
Personal Finance / Retirement Savings

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