21 – Years to build a $1 million nest egg saving $20,000 each year in a tax-deferred retirement account earning 8%. It takes 3 additional years if using a taxable account.
9.25 - Years to pay off a $10,000 credit card debt at 12% by paying off $150 each month.
$19,850 – Total after 9 years of saving $150 per month in a tax-deferred retirement account earning 8%.
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