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Happy Labour Day to people who are not landlords.
(lemmy.world)
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this post was submitted on 04 Sep 2023
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Small-scale landlords also usually have full time jobs and use rent to supplement their income. Not every landlord is just rolling in cash.
In a lot of places if you own any land you are a millionaire, it's coming to the point that if you own a condo you are a millionaire.
It's true that "few hundred bucks" is enough to reach one million. But it is not for anybody. Let's take 999 bucks, which is the maximum of "few hundred."
If you were to save 999 bucks and didn't consider any interest or investments, it would take you approximately 84 years to accumulate one million dollars.
However, it's important to consider interest when planning for financial growth. Let's assume an interest rate of 2%. Even with this interest, it would still take around 49 years to reach one million, and you'd also need to account for the impact of inflation, which can erode the value of your money over time.
To achieve your financial goals more efficiently, you might need a higher interest rate or explore investment opportunities where your money can work for you, such as becoming a landlord...