Should I be proud of myself that I have 30,000 saved plus I bought a car for 26,000?

[Anonymous]

I feel like it’s nothing lately

[Anonymous]

Yes you should. But what is your ultimate goal. While saving is good it won’t accumulate wealth is you’re trying to save for retirement. Yes you’re very young but it comes quick. Most banks give you 1% interest if that in your savings. So while you may make $300 off you’re $30,000, inflation goes up each year I believe at the minimum 3%, sometimes higher. So you’re still losing money. Meaning you’re $30,000 might be able to purchase you a nice car. Not that you need it because you have one. But as an example, let’s say you see a car, it’s priced at $30,000. That $30,000 this year might be $32,000 next year because of inflation. Me sing your moneys purchasing power is worth less the following year. If I was you id learn about investing. Something that’s going to bring you more returns on your money. Look at real estate. Purchasing assets, not liabilities.

[molonski2]

You should be proud..

Now , invest the 30k in a dividend producing ETF , and start gaining those yields , I wouldn't have spent that much on a car , but you have it now so all good.

[Asker]

Thank u

[molonski2]

Well done by you..

[Anonymous]

It's quite a lot.

If you are 24 and add $100 a month at 5% interest you will have $300,000 when you're 60.

At 10% interest you would have $1.3 million when you're 60.

At various times if you take it out and put it into real estate instead of savings, you could end up with $5 or $10 million or more.

Read the Motley Fool web site and read Rich Dad, Poor Dad.

[Yannae]

It's still ways to go but it's more than a lot of people have saved. Keep going!

[Asker]

Thanks

[whereismyjohnny]

Yes, you should be! 😁

[Asker]

Yay thank u

[LadyBecks]

Yes, you should feel proud!

[Asker]

Awe thanks