The $1.7 Million Auto Detailer
How a 16 year old turned a side hustle into a $1.7 million investment account
The Afford
July 16, 2023
Joseph started cleaning and detailing cars as a way to earn extra cash when he was just 16.
He invested $200 per week from his side business into a S&P 500 low cost ETF (VOO).
Joseph continued his auto detailing side-hustle for 10 years through high school and college and continued to contribute $200 every week. He stopped contributing after 10 years when his account had grow to over $189,000.
Joseph let his investment account compound for the next 20 years. By the time he was 46, the account was worth over $1.7 million.
The takeaway: Invest early and invest often.
The Numbers
Total contributions: $104,000 ($200 per week for 10 years)
Interest earned over the first 10 years: $85,555
The average Interest rate on investment (Vanguard S&P 500 Index Fund VOO): 11%
Balance after 10 years (contributions and interest) $189,755.12
Compound interest on investment of $189,755.12 over 20 years: $1,518,812
Balance after 30 years: $1,708,568.80
A 28-year-old sold over $5 million worth of wallets on Amazon in the last 12 months. He shares the first steps he took and how he went from breaking even to profiting over $100,000 per month.
Intelligent Minds Like Tim Cook and Jeff Bezos Embrace the Rule of Awkward Silence. You Should Too. The rule of awkward silence has always been valuable. But in a world of instant gratification, it's more useful than ever.
Become a Millionaire… With 500 Bucks a Month
Self Improvers Are Creating Their Own Careers Online (Here’s How)
I’m a nutritionist from Japan, home to the world’s longest-living people—here are 5 longevity foods we eat every day.
"Ambition is the path to success. Persistence is the vehicle you arrive in."