The $1.7 Million Auto Detailer
How a 16 year old turned a side hustle into a $1.7 million investment account
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.
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
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