Comment on If investing in the S&P 500 is such a surefire way to make money, then why isn't everyone doing it?

adespoton@lemmy.ca ⁨21⁩ ⁨hours⁩ ago

A large number of us CAN be millionaires. Which is a problem.

It took me roughly 40 years to become a millionaire. 40 years of investing in stable stocks and bonds and scrimping and living well below my means. I was finally able to afford to buy a house. Then the market boomed and suddenly I’m worth over a million.

Unfortunately, almost all of that is tied up in owning a small plot of land. If I sold it, I’d need to immediately use it to buy another small plot of land, or leave my city or go back to extortionate rent.

Where I used to spend $90/month on food, now I spend well over $500/month.

Essentially, if you’re over 55 and you’re not a millionaire and you’re living in a major city, you’re screwed because of inflation.

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