xboxgreen said:
Anyone can be wealthy if they get a job, make smart decisions and invest money in an index fund. Voo had around 95% return in last 5 years. |
You do know this actually doesn't help your case right. If cost of living exceeds the amount or just the amount of money you actually bring home, exactly how much investment can you actually do. Also, what you say isn't addressing the actual issue of trickle-down economics which doesn't works. That is the main issue, investing in the rich does not mean they invest in the working class, it's the absolute opposite. Rich people horde money, they do not spend money like the working class. Wages have not come close to meeting the rise of inflation and salaries have not gone up to match inflation.
While you can become well off if you invest in REIT, indexes, High yield savings accounts etc, even those takes decades to mature into anything of real substance and by the time if you are in your twenties and retire, the money in your account will have even less value than it does today. So just having a job and doing what you say actually will not make you wealthy, you would need a pretty damn good high paying job before you see any real results. Right now, at least in the US, you would need to be making north of 70K before you can do a decent amount of investing especially if you are single and either renting or owning a home. You definitely will not be living anything of a wealthy life and you will definitely have to sacrifice a lot to build your investment portfolio for decades. Usually the mark before you actually see any real gain in your investment is when they reach 100K. Now tell me how long it takes to get to that level because I can use enough tell you from my own personal experience. Even after reaching 100K, getting into a million while doesn't take as long does still take a significant amount of time and that still would not mean you are wealthy, just well off.
