One Million Dollars: How Much Will It Buy In Thirty Years?

Want to get more out of one million dollars much without the guesswork? Below we walk through the essentials in plain language, with practical steps you can use right away.

Key Takeaways

• The number itself doesn’t mean anything - the purchasing power of those dollars is what counts.
• Cost of a Stamp in 1980: $0.19 Cost of a Stamp in 2011: $0.44 Projected Stamp cost in 2041: $1.07 Who knows if stamps will even be near in 30 years!
• Are you shocked by these figures?  What other items are you curious about?
• More importantly, mention them in the comments and I’ll run a similar projection.

How One Million Dollars Much Really Works

SharePin1Tweet31Share941 SharesI don’t have a million dollars just yet; in fact, I’m far from it!  If I’m diligent with my savings, my retirement account will reach the large M, but what does that genuinely mean in 30 years? I know you realize how inflation eats away at the purchasing power of our dollars year after year, but when we put it into perspective it becomes genuinely apparent how one million dollars may not be as large of deal in 40 years.

Average Cost of a New Home in 1980: $86,400 Average Cost of a New Home in 2011: $246,000 Projected Cost of New Home in 2041: $597,000 That just sounds scary… over a half million dollars for a home on average!  I would hope that home prices don’t bubble like they did these last few decades, but for consistency we’ll apply the same rates.

Getting the Most From One Million Dollars Much

Worth noting: average Cost of a New Car in 1980: $5,413 Average Cost of a New Car in 2011: $28,400 Projected Cost of New Car in 2041: $68,934 Almost $70,000 for an average car?  That sounds crazy.  If a new car increased in price by five times in thirty years, who’s to say it couldn’t double in the next thirty. I’m still hopeful to have saved a million dollars one day, but if I’m spending $10 for a gallon of milk, I might feel better if my account had $2 million.

Frequently Asked Questions

How can I save money on one million dollars much?

Compare prices across a few retailers, look for active coupon codes, and time bigger buys around sales events. I know you realize how inflation eats away at the purchasing power of our dollars year after year, but when we put it into perspective it becomes genuinely apparent how one million dollars may not be as large of deal in....

Is it worth shopping around for one million dollars much?

Usually yes. Average Cost of a New Home in 1980: $86,400 Average Cost of a New Home in 2011: $246,000 Projected Cost of New Home in 2041: $597,000 That just sounds scary… over a half million dollars for a home on average!  I would ho....

What should I check before buying?

Read the terms, confirm any code still works, and factor in shipping or returns. Worth noting: average Cost of a New Car in 1980: $5,413 Average Cost of a New Car in 2011: $28,400 Projected Cost of New Car in 2041: $68,934 Almost $70,000 for an average car?  That sounds crazy.  If a new car increased....

Smart Ways to Save More on One Million Dollars Much

• Sign up for the retailer newsletter to catch first time and seasonal discounts.
• Compare the final price including shipping, not just the headline number.
• Check for student, military, or first order offers you may qualify for.
• Time non urgent purchases around major sale events for the deepest cuts.
• Leave items in your cart for a day; some stores send a follow up discount.

Final Thoughts

Before you check out, line up one million dollars much against current promotions and any codes you can stack. Small habits like these add up to real savings over a year.

Originally published at biblemoneymatters.com.