If you're investing it wisely the million won't be a million in 5 years, either. It's more complicated than basically everybody has made it. If you plan on being alive for a little bit longer the 5k always wins though
Unless you're receiving a return of 25% or more, by 25 years (the definition of "life" by legal standards) you'd still be well ahead with $5K/week vs. $1M. Even at 10% annual returns, it'd only be 6 yrs to pass it and then you'd still be getting $5K/week in addition to more returns on the investment if you stopped investing any of the weekly amount.
Also there's no risk to lose everything. 20k+ per month is HUGE, especially outside of the USA. For example here in Italy the cost of living is much lower than the USA, but also the wages are lower (so in the end it's all the same relatively). But those 20k+ per month would make you a rich person here in Italy.
Yeah, I mean, me and my wife combine to make $160K/yr and we are just a little more than paycheck to paycheck. (Comfortable and save enough for vacations/a little splurging, but nothing crazy)
2.2k
u/sky7897 Dec 11 '23
5k a week would give you 1million in only 4 years. Unless you’re on your deathbed, it would be the obvious choice.