In this article, the author discusses the real cost of phone data plans. The author creates a scenario in which “Jim” purchases a data plan at a cost of $30 per month. If Jim pays the fee for the next forty years until he reaches age 65, the author estimates Jim will pay $14,760 for his selected plan. If Jim invests the same $30 every month instead of paying for his Smart phone’s data plan, the author estimates he will have a total of $175,626.65 in savings when he retires at 65 because of the compound interest his monthly investments will have earned. The author recommends that people consider the true costs of their plans and whether they are really worth the money spent on them.
Posted At My Personal Finance Journey