Author Topic: Compound Growth Success Stories  (Read 1299 times)

bob999

  • 5 O'Clock Shadow
  • *
  • Posts: 50
Compound Growth Success Stories
« on: April 02, 2018, 04:08:27 AM »
Hi guys,

I know we have all heard about the 8th Wonder of the world (namely Compound Interest). We have seen multiple financial blogs where people give examples of how to turn $10000 to $1M by investing in the stock market over a long period of time. I was actually wondering if there are people out there who have actually done this or know of their friends/relatives who have done this?

I personally don't know anyone in real life who invested a small amount and then let it grow to some ridiculous amount. Except for an uncle in his 70s now, who bought some shares in a company for $200 many decades ago and they are now worth $50k (including inflation).

I am curious to know if this is a common occurrence.

sokoloff

  • Handlebar Stache
  • *****
  • Posts: 1051
Re: Compound Growth Success Stories
« Reply #1 on: April 02, 2018, 04:20:44 AM »
Account by account, many people have done this. My current 401K is nearly $1MM just from regular contributions. The IRA I opened and funded for only 2 years when I first graduated is now worth 29 times what I contributed.

Our house has nearly doubled in value in the 11 years weve lived here.

All you have to is put the money in, choose investments that will grow, and wait. Its easier than growing grass and look how many people can do that.
« Last Edit: April 02, 2018, 04:23:19 AM by sokoloff »

alanB

  • Stubble
  • **
  • Posts: 205
  • Age: 30
  • Location: PA, US
Re: Compound Growth Success Stories
« Reply #2 on: April 03, 2018, 10:56:57 AM »
Have you read this book?

bob999

  • 5 O'Clock Shadow
  • *
  • Posts: 50
Re: Compound Growth Success Stories
« Reply #3 on: April 05, 2018, 02:56:45 AM »
Have you read this book?

No but I will try my local library. thx.

Imma

  • Pencil Stache
  • ****
  • Posts: 969
  • Location: Europe
Re: Compound Growth Success Stories
« Reply #4 on: April 05, 2018, 03:26:29 AM »
We bought our current home in summer 2015. Almost 3 years later, the value is up 16%, while the local index is up 10,5% over that same period. We didn't buy this house as an investment, but it has outperformed the market every year since we've bought it, and it's expected prices will continue to rise over the next couple of years.

My parents used to own a house that tripled in value over 20 years. I have a friend whose parents are property millionaires because they bought a run down old farmhouse with some land in the early 80s when people didn't like rural living and land was cheap. They renovated their house over the years but did all the work themselves, so they didn't spend $$$. The house is now easily worth over a million and it's not even a luxury home. Rich people buy these kind of properties and then spend half a million putting in pools and massive kitchens.

So it does happen, but you need to invest in the right things, patience, and a bit of luck.