How To Spend A Million Dollars On Gas
MoneyNing has calculated that paying $200/month on gasoline over a 45 year period totals over a million dollars.
Thats pretty depressing. But by the same train of thought, the $400 car payment you spend to drive a new car every 4 years will work out to be another $2 million over your lifetime. Add in another $200 for insurance and maintenance and thats another million, bringing your grand total to $4 million dollars just to get from one place to another!
I’m buying a bicycle tomorrow!
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June 12th, 2007 at 4:30 am
uhh, $200/month for 45 years is $108,000 in today’s dollars.. i haven’t bothered to look at the article, but can only imagine that they used some crazy inflation rate and that the $1,000,000 is in fuure dollars.. which doesn’t mean a whole lot, but makes for a great headline!
June 12th, 2007 at 9:07 am
True, but you didn’t read the article did you?
If you invest the money at 8% you’re left with approx 1 million 60 thousand.
I cross checked it over at http://wealthbuildinglessons.com – go to calculators and click on compound interest.
start with 0, put 2400/year over 45 years at 8% and see what you get.
June 13th, 2007 at 2:06 am
They’ve taken the age old idea of compounding interest and used the word ‘gas prices’ to get people’s attention, which I think is lame because it brings no new ideas to the table. Gas for most of us is the cost of earning our incomes, so it’s absurd to make anyone feel guilty of driving a car. It’s like saying, why don’t we all go homeless and take those ’savings’ and invest them to become multimillionaires in 45 years?
June 22nd, 2007 at 2:25 pm
Ah, Adventures Boy, thank you so much for being our little ray of sunshine! I’m off to drive my Hummer to the corner 7-11 for a Frappuccino to drown my sorrows….