That doesn't take into account inflation. Presuming you do keep paying $350/month and not increasing that with inflation, that gives you $1,229,998.43 for 40 years.
If you apply the same U.S inflation rate as seen from 1965 > 2015 to cover a 40 year period, that gives you a cumulative inflation rate of -86.7%, leaving you with the equivalent value in todays money of $163,249.36
You might be a millionaire in 40 years, but you're not going to be rich..
If you apply the same U.S inflation rate as seen from 1965 > 2015 to cover a 40 year period, that gives you a cumulative inflation rate of -86.7%, leaving you with the equivalent value in todays money of $163,249.36
You might be a millionaire in 40 years, but you're not going to be rich..