- According to government statistics, the average person drives 12,200 miles a year in a vehicle that gets 21 miles to the gallon.
- According to energy industry statistics, the average price of a gallon of gasoline nationwide over the past year was $2.50.
- Divide 12,200 by 21, and you'll see the average person uses about 580 gallons of gas annually. Multiply that by $2.50, and you'll see the average person spends about $1,450 per year for gasoline.
- So how much money do you need to put into an investment that yields 6% per year to get $1,450 in annual income? I'll spare you the rest of the equations, but the answer is about $24,000.
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