As a bike rider, I forget this is a thing. Asked my neighbor, he pays $350/month in insurance alone 🙃
As a bike rider, I forget this is a thing. Asked my neighbor, he pays $350/month in insurance alone 🙃
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Your math is ignoring compound interest. 40 years of monthly installments of 554 earning 8% would ultimately compound to $3.2M
Your calculation is ignoring inflation adjustment. net interest rate would be %4 at most.
He's not suggesting to put that $554 under your mattress. He means to put it in some sort of retirement account, where that sweet sweet compounding interest goes to work.
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