You’ll need $5 million to achieve the American Dream. That’s according to Investopedia……….. yet another website most people have never heard of. But they have “pedia” in their name so I’m going to assume that they know what they’re talking about.
After a poll and some number crunching, they said, over your lifetime, it costs:
—- $1.6 million in order to retire comfortably.
—- $957,594 to own a home that includes mortgage interest, taxes, repairs, etc.
—- $900,346 owning cars; upkeep, gas, and taxes
—- 2 kids and college for both is $876,092
—- Health care bills of $414,208; I think I’ve got that beat
—- $180,621 if you take a yearly vacation
—- $39,381 for pets which is probably the most well spent money
—- And $38,200 for a wedding.
Just and FYI. Americans with a Bachelor’s degree earn an average of $2.8 million in their lifetime.
Ramen, it’s not just for college students anymore.