What kind of stable investment give you 7% of income yearly? Low risk investment or debentures in Poland (where I live) can give you from 1% to 3% of stable profit. You cannot assume that investing money in stock market or investment funds will give you money in the future. It is a game, you can win but you can lose as well.

Inflation is a thing. $50000 then is not $50000 now.

Another thing is a having car. Car is so expensive that I cannot believe that you put it on the list for saving money. Any car is expensive — insurance, gasoline, conservation, possible additional costs. Probably having car is a ‘must have’ in the US but in Europe we have such a good public transport systems that allow you get anywhere much faster, reliable and cheaper.