The Roth IRA limit is $7,000 in 2024. That's only $135 a week. If you invest $135 a week into S&P 500 index funds for 30 years, you'll only spend $210,000 of your own money. But at retirement, you should have $1,300,000. This is the power of time and compound interest.
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@FluentInFinance Past performance is not indicative of future results
@FluentInFinance Nobody has 30 years but everybody has 30 years
@FluentInFinance But $1mil in 30 years will be worth very little? Money now is worth more than money in the future so how do you best keep value of your money
@FluentInFinance The Roth IRA limit for 2024 is $7,000, equivalent to $135 a week.