If your net worth is over $3 million, how did you do it?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
sc9182
Posts: 2178
Joined: Wed Aug 17, 2016 7:43 pm

Re: If your net worth is over $3 million, how did you do it?

Post by sc9182 »

Prodiver wrote: Sun May 26, 2019 7:39 am Well, I think we are around 8.5 at age 69.

4 year BS degree. Started a rep business and tonned it in the late 70’s. Made up to 35k a month. Sold it, and got into residential real estate sales. Absolutely killed it. Never under 250k, the highest was $700k. Inheritance twice from both families. Started new business at 65 and have someone wanting to buy me out at almost 2 million.

Had boats, airplanes, motorcycles, second homes. Lost 500-600k on various ventures. No 401k. Cashed in the ira to start new business but there wasn’t much in it. Paid for private health insurance for the family and it was EXPENSIVE!

So now I’m on Boglehead trying to figure out what to do. Going to sell out in a year or two. I’m actually scared of waking up with nothing to do! But it’s been a great ride...
Awesome you made killing in Real estate sales over a number of years, and multiple positive business exits! Would imagine some/portion of your splurges could be justified as business expenses - kinda nice!

You almost sound like your lifetime earnings match your lifetime savings - you may be a PAW (prodigious accumulator of wealth, per Millionaire Next Door). Kudos to you and success. What someone going to advise other than usual 3 fund portfolio, and some amount of Asset allocation!? :-)

Your best legacy may be to return some of that knowledge and success back to society! Help grow someone or .org succeed while you take a relaxed backseat !!
User avatar
TomatoTomahto
Posts: 17158
Joined: Mon Apr 11, 2011 1:48 pm

Re: If your net worth is over $3 million, how did you do it?

Post by TomatoTomahto »

Prodiver wrote: Sun May 26, 2019 7:39 am Well, I think we are around 8.5 at age 69.
4 year BS degree. Started a rep business and tonned it in the late 70’s. Made up to 35k a month. Sold it, and got into residential real estate sales. Absolutely killed it. Never under 250k, the highest was $700k. Inheritance twice from both families. Started new business at 65 and have someone wanting to buy me out at almost 2 million.
Had boats, airplanes, motorcycles, second homes. Lost 500-600k on various ventures. No 401k. Cashed in the ira to start new business but there wasn’t much in it. Paid for private health insurance for the family and it was EXPENSIVE!
So now I’m on Boglehead trying to figure out what to do. Going to sell out in a year or two. I’m actually scared of waking up with nothing to do! But it’s been a great ride...
Welcome to the forum. If I were a betting man, I’d bet we will have some interesting posts from you :beer :D
I get the FI part but not the RE part of FIRE.
armyhokie88
Posts: 2
Joined: Tue May 28, 2019 5:15 pm

Re: If your net worth is over $3 million, how did you do it?

Post by armyhokie88 »

So not there yet (still 700K short); but plan to be there in the not too distant future.Here’s my list of items that helped or are helping us get there
- Dual Income, 2kids, salaries started in the $30Ks in early to mid 90’s) now both making approx. $125K
- Saved approx. 20% of income since 1994/1995. Most all in 401K
- Bought house in 1997 for $200K; which now worth $600K. (Lucky time to buy)
- Spouse joined 2 firms over career that provided extra juice to savings with stock options (approx. 20% of current portfolio is due to options)
- Lost money on stupid investments in late 90’s.Fortunately, early in investing career so losses are/were relatively small. Learned multiple lessons.
- Kept investing costs low
- Always 70% plus invested in stocks; until recently, now heading towards 50%
- -Kept jobs during the little depression/great recession, able to stay invested in the recession.
- Stayed out of real estate investing (missed getting crushed in 2008); but may buy a rental property in the next couple of years
- Made no dramatic investment swings (e.g.going all in or all out of stock market) i
- My first boss more interested in the market than making extra money for the man (e.g our company). Taught me a lot about the market, finances and the Man
- Avg to above avg spendrate over the years, never really kept a budget but may have to in retirement
- Never really laid off or fired or sick
- Doesn’t look like we will have to spend much if anything to support our parents as they age, nor help with extended family finance issues
- Neither of us had to take loans for college, and both went to grad school (military helped me a lot), State school for 1 kid, waiting to see 2nd kids costs
- Probably 5% of current portfolio is due to family gifts/inheritance (so this coupled with options allowed us to live beyond “moderate spending” .
-So on the whole, have been very ,very lucky
Prodiver
Posts: 13
Joined: Sat May 11, 2019 11:32 am

Re: If your net worth is over $3 million, how did you do it?

Post by Prodiver »

My Dad always said he would rather be lucky than smart. But he was a brilliant man with 26 patents to his name. Passed at age 56....

But like the most recent poster, I’ve had a lot of luck both bad and good! Always worked hard. My first job out of college was working for company calling on grocery stores. Was supposed to visit about 10 a day. I called on about 20. After being told by the other sales guys to slow down, I was making them look bad, decided to work for myself.

Everyone has a different path to follow. Love reading how everyone evolves...
leftcoaster
Posts: 741
Joined: Mon Jul 23, 2007 4:04 pm

Re: If your net worth is over $3 million, how did you do it?

Post by leftcoaster »

Stock, cash. I spend about 10% of my gross income and save the rest.
investingdad
Posts: 2139
Joined: Fri Mar 15, 2013 10:41 pm

Re: If your net worth is over $3 million, how did you do it?

Post by investingdad »

investingdad wrote: Sat May 11, 2019 6:52 am We have a shot at hitting 3 million by the end of 2019. I need about a 3.5% market gain plus our normal contributions to break it. We'll be 46.

- engineering and business degrees for wife and I
- good paying jobs in our field, but not crazy high, we broke 100k each around age 40
- saved about 25% of gross over the years
- sensible home and car purchases
- each began investing at 23
- index funds, no trading
- that's it

Patient investing, sensible spending, good jobs.
Figured I would revisit this.

We did indeed break 3 million this year as I thought was possible. We will actually finish at 3.2 and change.

Nothing different about how we got here than I already posted in my original reply.
User avatar
watchnerd
Posts: 13614
Joined: Sat Mar 03, 2007 10:18 am
Location: Gig Harbor, WA, USA

Re: If your net worth is over $3 million, how did you do it?

Post by watchnerd »

ahmadcpa wrote: Mon Nov 10, 2014 11:41 pm Hello..just curious for those of you who has a net worth over $3 million, what was the most significant source of those savings? Inheritance, real estate, business income, salary or just appreciate in your stock market investments?
Venture capital, real estate (primary residence), stock awards, bonuses, stock investments, saving 130% of yearly expenses in the last 1/4 of work life, LBM, having a cheapskate CPA spouse.

And learning a lot, doing lots of spreadsheet work and modeling on risk return probabilities. Lots of singles and doubles, and a few lucky home runs.

Risking just enough money from a secure base, but never betting the farm.
Global stocks, IG/HY bonds, gold & digital assets at market weights 75% / 19% / 6% || LMP: TIPS ladder
flaccidsteele
Posts: 1339
Joined: Sun Jul 28, 2019 9:42 pm
Location: Canada

Re: If your net worth is over $3 million, how did you do it?

Post by flaccidsteele »

$3m late 30s

$5.5m today mid-40s

Luck + market timing + consistency

Never had high paying job

No inheritance

Thank god for the tech wreck and credit crisis. Otherwise I wouldn’t have been able to buy US stock index/Berkshire Hathaway and rental properties at firesale prices

Looking forward to the next one 👍
The US market always recovers. It’s never different this time. Retired in my 40s. Investing is a simple game of rinse and repeat
Rus In Urbe
Posts: 701
Joined: Sat Dec 09, 2017 1:12 pm

Re: If your net worth is over $3 million, how did you do it?

Post by Rus In Urbe »

Yes, "Millionaire Next Door" is correct, teachers are PAWs by nature.

We are both retired college professors. Neither of us made more than 100k until one broke through for last 3 years of earnings. Neither of us has a pension, only 401k-type retirement funds. We drove used cars or more recently, new Toyotas/Subarus. We minimized waste. No interest in keeping up with the Joneses, who are probably living on borrowed money anyhow. Great vacations but not extravagant in costs. Inherited 100k, which bought us a low-cost apartment in Manhattan, later sold for 700k; sheer luck. From the other parent, inherited another 100k which paid off a mortgage on LCOL house we currently live in. For these two windfalls, we celebrated with nice dinner out, which we enjoyed immensely.

How did we do it?

Both of us would pass the "Marshmallow Test"-----the ability to delay gratification for later, larger rewards. That, and cherishing low-cost experiences like museums, gardening, writing books, lectures, concerts, volunteering, hiking, friends and family (we live a busy, abundant life).

Our magic recipe? Index funds + Automatic savings maximized + Plowing extra money into the market + Luck in investing through the Great Recession and reaping the rewards (STC) + Einstein's "most powerful force in the universe" (the quote has various wordings) COMPOUND INTEREST.

You don't have to be Einstein to succeed. But it does help to be a teacher.

Good luck to all in achieving your goals! :beer Rus In Urbe
I'd like to live as a poor man with lots of money. ~Pablo Picasso
flaccidsteele
Posts: 1339
Joined: Sun Jul 28, 2019 9:42 pm
Location: Canada

Re: If your net worth is over $3 million, how did you do it?

Post by flaccidsteele »

Rus In Urbe wrote: Mon Dec 30, 2019 10:54 am Both of us would pass the "Marshmallow Test"-----the ability to delay gratification for later, larger rewards.
For those reading about the “Marshmallow Test”, it has been shown to be flawed

“We found virtually no correlation between performance on the marshmallow test and a host of adolescent behavioural outcomes. I thought that this was the most surprising finding of the paper,” Watts said.
Famed impulse control 'marshmallow test' fails in new research

“Affluence—not willpower—seems to be what’s behind some kids' capacity to delay gratification.

“The failed replication of the marshmallow test does more than just debunk the earlier notion; it suggests other possible explanations for why poorer kids would be less motivated to wait for that second marshmallow. For them, daily life holds fewer guarantees: There might be food in the pantry today, but there might not be tomorrow, so there is a risk that comes with waiting. And even if their parents promise to buy more of a certain food, sometimes that promise gets broken out of financial necessity.”
Why Rich Kids Are So Good at the Marshmallow Test
The US market always recovers. It’s never different this time. Retired in my 40s. Investing is a simple game of rinse and repeat
stoptothink
Posts: 15368
Joined: Fri Dec 31, 2010 8:53 am

Re: If your net worth is over $3 million, how did you do it?

Post by stoptothink »

flaccidsteele wrote: Mon Dec 30, 2019 11:25 am
Rus In Urbe wrote: Mon Dec 30, 2019 10:54 am Both of us would pass the "Marshmallow Test"-----the ability to delay gratification for later, larger rewards.
For those reading about the “Marshmallow Test”, it has been shown to be flawed

“We found virtually no correlation between performance on the marshmallow test and a host of adolescent behavioural outcomes. I thought that this was the most surprising finding of the paper,” Watts said.
Famed impulse control 'marshmallow test' fails in new research

“Affluence—not willpower—seems to be what’s behind some kids' capacity to delay gratification.

“The failed replication of the marshmallow test does more than just debunk the earlier notion; it suggests other possible explanations for why poorer kids would be less motivated to wait for that second marshmallow. For them, daily life holds fewer guarantees: There might be food in the pantry today, but there might not be tomorrow, so there is a risk that comes with waiting. And even if their parents promise to buy more of a certain food, sometimes that promise gets broken out of financial necessity.”
Why Rich Kids Are So Good at the Marshmallow Test
Makes logical sense. In these type of studies, there is no cut-and-dry answer; there are a multitude of factors and this explanation seems like a powerful one. I can tell you my +1, I grew up well below any poverty standard and I am kind of the epitome of waiting for the 2nd marshmallow (admittedly to a fault), but 5 of my 6 siblings are completely the opposite. I really was just born wired that way.
Rus In Urbe
Posts: 701
Joined: Sat Dec 09, 2017 1:12 pm

Re: If your net worth is over $3 million, how did you do it?

Post by Rus In Urbe »


Rus In Urbe wrote:
Both of us would pass the "Marshmallow Test"-----the ability to delay gratification for later, larger rewards.

flaccidsteele » Mon Dec 30, 2019 12:25 pm
For those reading about the “Marshmallow Test”, it has been shown to be flawed
“We found virtually no correlation between performance on the marshmallow test and a host of adolescent behavioural outcomes. I thought that this was the most surprising finding of the paper,” Watts said.
Famed impulse control 'marshmallow test' fails in new research
True that. However, I did not say that we would have passed that test as kids (I know I wouldn't have, since I was brought up in an atmosphere of scarcity, which often predicts failure on that test).

What I did write is that "we would pass the 'Marshmallow Test.'" Meaning today. Now. Over time (and given that we are in an environment of abundance, at least as we define it), we are able to delay gratification. Sorry if you misunderstood my wording there.

Rus
I'd like to live as a poor man with lots of money. ~Pablo Picasso
getthatmarshmallow
Posts: 1171
Joined: Mon Dec 04, 2017 8:43 am

Re: If your net worth is over $3 million, how did you do it?

Post by getthatmarshmallow »

flaccidsteele wrote: Mon Dec 30, 2019 11:25 am
Rus In Urbe wrote: Mon Dec 30, 2019 10:54 am Both of us would pass the "Marshmallow Test"-----the ability to delay gratification for later, larger rewards.
For those reading about the “Marshmallow Test”, it has been shown to be flawed

“We found virtually no correlation between performance on the marshmallow test and a host of adolescent behavioural outcomes. I thought that this was the most surprising finding of the paper,” Watts said.
Famed impulse control 'marshmallow test' fails in new research

“Affluence—not willpower—seems to be what’s behind some kids' capacity to delay gratification.

“The failed replication of the marshmallow test does more than just debunk the earlier notion; it suggests other possible explanations for why poorer kids would be less motivated to wait for that second marshmallow. For them, daily life holds fewer guarantees: There might be food in the pantry today, but there might not be tomorrow, so there is a risk that comes with waiting. And even if their parents promise to buy more of a certain food, sometimes that promise gets broken out of financial necessity.”
Why Rich Kids Are So Good at the Marshmallow Test
I'm just glad someone has noted this after YEARS of seeing upper middle class friends video their kids to prove how great their kids were at delaying gratification. Easy to do if you have reason to believe that gratification is coming. The poor kids who aren't are being rational given their circumstances, not demonstrating poor character.

Now, let me hide that soapbox. I'm enjoying this thread.
User avatar
sperry8
Posts: 3065
Joined: Sat Mar 29, 2008 9:25 pm
Location: Miami FL

Re: If your net worth is over $3 million, how did you do it?

Post by sperry8 »

Interesting to read the stories here. There is no one way to do it.

My ending is that I worked for a company that got sold, and I immediately vaulted past the $3mm mark. But that ending would have one believe the story was 100% luck. While luck is always a part of any story, it would mislead to leave it there.

In my teens I was in debt. Yup, teens. Had no concept of money and since credit card companies had decided I was worthy of credit, I took it. Eventually through cc's and other poor choices I ran up >$30k in debt. As a young man just starting out it was a crushing amount. I learned a lot about cash flow in those early days. I committed myself to paying it off (rather than wiping it out) and eventually did so many years later after holding multiple jobs, some all at once. I then, instead of increasing my standard of living, started saving what I was formerly paying towards debt.

However I soon realized no matter how much I saved, it would take a long time to garner the asset amount I identified as giving me freedom. So I thought about options for me at this point. Couldn't just become a doctor - that'd require years and more debt. Didn't have any special skills to speak of except what I had already learned at work.

So it would require me to work smarter and put myself in a position where I was treated as an owner. Luckily at that time the internet was just getting started and I identified that getting in on the ground floor of this new industry was my chance. No one had much experience in the area since it has just started. So we were all starting from basically the same level no matter our schooling or experience in other industries. So I moved to Silicon Valley (ground zero for this burgeoning industry) and started to work at internet companies. I was less concerned about which company as I was about building a resume and learning requisite skills that I could leverage in ever higher positions. I wanted to make myself indispensable and a true asset to companies in the Valley.

After a few exits with small money (I recall buying myself my first new car with all the money from one exit) I had built an impressive resume. And a new startup came calling. They were starting a company and needed someone with my experience. Even though still in my 20s, due to my "experience" I negotiated a package that included a more substantial level of stock options. And then... in my mid-30s when the company sold, I had achieved the >$3mm the OP asked about. After this windfall I went into the market and let compound interest work its magic. It's still working and I'm now being paid to not work.

I find it quite interesting many work in industries without thought and continue to chug along. You worry someone is smarter than you? Make up the difference (work harder, e.g.). Someone more experienced? Level the playing field (go to a burgeoning industry where no one has much experience, e.g.). My point is, be strategic. No one is handing out $3mm (or more). If you want it - you have be strategic about how to acquire it. Many here went without while saving. Strategic. Some entered learned positions (doctors, PhDs, etc). Strategic. Some realized that toys/vacation homes are not ways to accumulate wealth. They aren't chasing the Joneses. Strategic.

Come up with a plan to figure out how to accumulate assets and then put it into place. You'll be surprised at what you can achieve with a well hatched plan.
BH Contests: 23 #89 of 607 | 22 #512 of 674 | 21 #66 of 636 |20 #253/664 |19 #233/645 |18 #150/493 |17 #516/647 |16 #121/610 |15 #18/552 |14 #225/503 |13 #383/433 |12 #366/410 |11 #113/369 |10 #53/282
dekecarver
Posts: 704
Joined: Mon Feb 22, 2010 9:24 am

Re: If your net worth is over $3 million, how did you do it?

Post by dekecarver »

Not quiet there yet but the path has been:
Decent principal invested prior to marriage.
Bought house in 98' based on 3x gross salary before housing run up and have stayed in same house.
Two incomes for past 20 years.
His and Her maxing out Roths and Deferred Comp Plans annually.
Always invested in 90% equity/10% bond. Market has been good and when not, kept buying.
All expenses in check and accounted for without running a budget; makes for stress free living.
Carry no financed debt other than mortgage which is cheap interest.
Buy quality products that don't need replacing often e.g.just resupplied my Brooks Brothers dress shirts, now good for another 5 years.
Mowed my own lawn till last year; the kid now mows and edges for the cost of clothing, food and roof over his head.
Normally find that when I want something, I end up waiting long enough to confirm that I didn't need it therefore never bought it; guess I pass the marshmallow test on a weekly basis.
And, have always carved out time for family, friends and to self decompress when needed.
User avatar
Toons
Posts: 14467
Joined: Fri Nov 21, 2008 9:20 am
Location: Hills of Tennessee

Re: If your net worth is over $3 million, how did you do it?

Post by Toons »

Grasping and Understanding the Concept and Power of
Compounding(Reinvesting)
:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
davidsorensen32
Posts: 472
Joined: Wed Jul 24, 2013 9:57 am

Re: If your net worth is over $3 million, how did you do it?

Post by davidsorensen32 »

My story is really boring. 2 x W2 incomes in silicon valley - no FAANG, no stock options, no IPO, no house. Just investing in boring VTSAX both in 401(k), Roth and after-tax. New cars, private school, vacation, supporting extended family - we don't hold back and spend a lot every year. But the market gods seem to be bountiful. Hit $3M at 42 this year. Best wishes to everyone for another 30%+ return in 2020. Peace out. :sharebeer
texasdiver
Posts: 3937
Joined: Thu Jun 25, 2009 12:50 am
Location: Vancouver WA

Re: If your net worth is over $3 million, how did you do it?

Post by texasdiver »

We aren't there but are on track. Nothing really interesting to report:

1. Max out your retirement accounts, especially when young
2. Don't do stupid stuff (divorce, torpedo your career, stupid investments)
3. Be a little bit lucky (inheritance, no financial disasters with the kids, parents, etc.)
4. Get old. Last few years our portfolio has been earning more than we are.

Pretty much anyone can build a sizable portfolio simply by investing long-term and not being stupid. Rich and old is common. The really tough thing to pull off (without help) is rich and young.
User avatar
whodidntante
Posts: 13114
Joined: Thu Jan 21, 2016 10:11 pm
Location: outside the echo chamber

Re: If your net worth is over $3 million, how did you do it?

Post by whodidntante »

Toons wrote: Mon Dec 30, 2019 5:22 pm Grasping and Understanding the Concept and Power of
Compounding(Reinvesting)
:happy
Most of your posts end with a smiling emoticon. Maybe that generates money somehow. :wink:
User avatar
TechGuy365
Posts: 214
Joined: Mon Dec 30, 2019 9:57 pm

Re: If your net worth is over $3 million, how did you do it?

Post by TechGuy365 »

Deleted
Last edited by TechGuy365 on Fri May 15, 2020 10:23 am, edited 1 time in total.
User avatar
TomatoTomahto
Posts: 17158
Joined: Mon Apr 11, 2011 1:48 pm

Re: If your net worth is over $3 million, how did you do it?

Post by TomatoTomahto »

getthatmarshmallow wrote: Mon Dec 30, 2019 11:49 am I'm just glad someone has noted this after YEARS of seeing upper middle class friends video their kids to prove how great their kids were at delaying gratification. Easy to do if you have reason to believe that gratification is coming. The poor kids who aren't are being rational given their circumstances, not demonstrating poor character.

Now, let me hide that soapbox. I'm enjoying this thread.
Did you select your username hundreds of posts ago just waiting for this thread? :D
I get the FI part but not the RE part of FIRE.
User avatar
22twain
Posts: 4030
Joined: Thu May 10, 2012 5:42 pm

Re: If your net worth is over $3 million, how did you do it?

Post by 22twain »

We were small-college professors in a VLCOL area. Our net worth didn't pass that mark until our 60s.

About 2/3 from savings and growth, 1/3 from inheritances.

Stable jobs and lifestyle with adequate but not flashy house (which would probably sell now for about $160K), small cars, etc. We still live pretty much the same way as when we married and bought the house more than 30 years ago. This corresponded to our salaries not increasing very much, from about $120K to $150K combined, in today's dollars.

No kids. This was for personal reasons, not financial ones; but it certainly had a financial impact.
Last edited by 22twain on Wed Jan 01, 2020 9:21 am, edited 1 time in total.
Meet my pet, Peeve, who loves to convert non-acronyms into acronyms: FED, ROTH, CASH, IVY, ...
FoolMeOnce
Posts: 1397
Joined: Mon Apr 24, 2017 11:16 am

Re: If your net worth is over $3 million, how did you do it?

Post by FoolMeOnce »

Accident of birth (and the hard work of preceding generations).
Wannaretireearly
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Re: If your net worth is over $3 million, how did you do it?

Post by Wannaretireearly »

Two regular W2 tech jobs in the valley. Non SCARYFAANG.
Roughly split $2M in investable assets. $1.3M house equity.
2.5 year countdown to mortgage payoff. 5-6 year countdown to private school off the books (hopefully).

Many roads to Aruba (sorry, just got back)...
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
Wannaretireearly
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Re: If your net worth is over $3 million, how did you do it?

Post by Wannaretireearly »

Wannaretireearly wrote: Wed Jan 01, 2020 9:27 am Two regular W2 tech jobs in the valley. Non SCARYFAANG.
Roughly split $2M in investable assets. $1.3M house equity.
2.5 year countdown to mortgage payoff. 5-6 year countdown to private school off the books (hopefully).

Many roads to Aruba (sorry, just got back)...
Edit: to address 'how' --> while enjoying life, we've tried to do it below our means. E.g. full retirement contributions from graduate job 1. Wife continued to work balancing kids schedules (god bless her flexible job). Buy hyundai, not Maserati. Still spend way too much on travel & kids...but ce le vie. If I were to pinpoint one thing that helped put us on a good path, it was saving a high % post tax before kids. After kids it's not been the best saving % picture! I want to change that starting this year --> goal is to have $1M in our post tax vanguard brokerage. That to me is early FU/FI money
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
getthatmarshmallow
Posts: 1171
Joined: Mon Dec 04, 2017 8:43 am

Re: If your net worth is over $3 million, how did you do it?

Post by getthatmarshmallow »

TomatoTomahto wrote: Wed Jan 01, 2020 6:42 am
getthatmarshmallow wrote: Mon Dec 30, 2019 11:49 am I'm just glad someone has noted this after YEARS of seeing upper middle class friends video their kids to prove how great their kids were at delaying gratification. Easy to do if you have reason to believe that gratification is coming. The poor kids who aren't are being rational given their circumstances, not demonstrating poor character.

Now, let me hide that soapbox. I'm enjoying this thread.
Did you select your username hundreds of posts ago just waiting for this thread? :D
Ha, no, but I do want my #%# marshmallow after grad school....
User avatar
galving
Posts: 380
Joined: Wed Oct 07, 2009 12:47 pm
Location: US Gulf Coast

Re: If your networth is over $3 million, how did you do it?

Post by galving »

jebmke wrote: Tue Nov 11, 2014 8:02 am
Professor Emeritus wrote:Don't move
Many high reward, high risk job changes (either with the same employer or internal) involve relocation. I know with my employer, people who were unable/unwilling to relocate eventually got pigeon-holed and the best promotions went to those who moved around. All of the top-level jobs (the ones with high bonus, high stock grants) were filled by people who had worked in more than one location -- and often more than one country.
Fully agree with the above. After 4 moves in 6 years, we decided that we had enough.
One side benefit to frequent moves is that the accumulation of 'stuff' is sharply limited.

Assume the 'don't move' recommendation is unrelated to job moves and refers to upsizing the housing situation as income increases.
Wanderingwheelz
Posts: 3145
Joined: Mon Mar 04, 2019 8:52 am

Re: If your net worth is over $3 million, how did you do it?

Post by Wanderingwheelz »

Business income mostly. Wife and I each own our own. We a had substantial return on investments, too since were are 48 and 44.

No inheritances.
Being wrong compounds forever.
birnhamwood
Posts: 180
Joined: Sat Jan 19, 2019 4:34 pm

Re: If your net worth is over $3 million, how did you do it?

Post by birnhamwood »

1 child only
Never moved out of starter house
Car expense negligible; if perfectly maintained, you shoudn't need more than 3 or 4 cars in a lifetime
Good jobs. Wife always worked
Son worked, paid for his own cars and college degree
Always saved
Lived a long time
wrongfunds
Posts: 3187
Joined: Tue Dec 21, 2010 2:55 pm

Re: If your net worth is over $3 million, how did you do it?

Post by wrongfunds »

Anybody here who has a string of ex-spouses and your net work is still over $3 million? Anybody with double digit number of kids and net worth over $3 million?

No? There is your answer to the question :-)
flaccidsteele
Posts: 1339
Joined: Sun Jul 28, 2019 9:42 pm
Location: Canada

Re: If your net worth is over $3 million, how did you do it?

Post by flaccidsteele »

Prodiver wrote: Sun May 26, 2019 7:39 am Well, I think we are around 8.5 at age 69.

4 year BS degree. Started a rep business and tonned it in the late 70’s. Made up to 35k a month. Sold it, and got into residential real estate sales. Absolutely killed it. Never under 250k, the highest was $700k. Inheritance twice from both families. Started new business at 65 and have someone wanting to buy me out at almost 2 million.

Had boats, airplanes, motorcycles, second homes. Lost 500-600k on various ventures. No 401k. Cashed in the ira to start new business but there wasn’t much in it. Paid for private health insurance for the family and it was EXPENSIVE!

So now I’m on Boglehead trying to figure out what to do. Going to sell out in a year or two. I’m actually scared of waking up with nothing to do! But it’s been a great ride...
Amazing story!

It's crazy to think that I'm in my 40s with $5.3m and my portfolio only needs to increase at the rate of inflation to hit $8.5m by age 69

But when I think about how I did this, nothing as remarkable as this story stands out! I've never made $700k and I've never received an inheritance. But I've never had boats or airplanes either. That's probably where the difference is
The US market always recovers. It’s never different this time. Retired in my 40s. Investing is a simple game of rinse and repeat
flaccidsteele
Posts: 1339
Joined: Sun Jul 28, 2019 9:42 pm
Location: Canada

Re: If your net worth is over $3 million, how did you do it?

Post by flaccidsteele »

wrongfunds wrote: Wed Jan 29, 2020 2:11 pm Anybody with double digit number of kids...
Those people are dead already :D
The US market always recovers. It’s never different this time. Retired in my 40s. Investing is a simple game of rinse and repeat
wrongfunds
Posts: 3187
Joined: Tue Dec 21, 2010 2:55 pm

Re: If your net worth is over $3 million, how did you do it?

Post by wrongfunds »

flaccidsteele wrote: Wed Jan 29, 2020 2:45 pm
wrongfunds wrote: Wed Jan 29, 2020 2:11 pm Anybody with double digit number of kids...
Those people are dead already :D
You are right about that but let us change it to half a dozen? I think my statement still stands?

Contrary Anecdote:- While flying to Bora Bora, there was a family on our plane sitting in upper class which I counted almost double digit kids. Entire attire and demeanor was that of a high net worth family. And we were being led in the cattle class even though we had only couple of kids and they are already launched and were NOT with us on the trip.

That's life.
stoptothink
Posts: 15368
Joined: Fri Dec 31, 2010 8:53 am

Re: If your net worth is over $3 million, how did you do it?

Post by stoptothink »

wrongfunds wrote: Wed Jan 29, 2020 3:04 pm
flaccidsteele wrote: Wed Jan 29, 2020 2:45 pm
wrongfunds wrote: Wed Jan 29, 2020 2:11 pm Anybody with double digit number of kids...
Those people are dead already :D
You are right about that but let us change it to half a dozen? I think my statement still stands?

Contrary Anecdote:- While flying to Bora Bora, there was a family on our plane sitting in upper class which I counted almost double digit kids. Entire attire and demeanor was that of a high net worth family. And we were being led in the cattle class even though we had only couple of kids and they are already launched and were NOT with us on the trip.

That's life.
My boss has 13 kids, net worth likely in the 9-figures. I believe 6 of the kids work for the multi-billion dollar company he (with 3 others) founded, with the youngest (17) part of the weekend grounds crew.
tryingtogetahead
Posts: 153
Joined: Tue Apr 07, 2020 11:45 am

Re: If your net worth is over $3 million, how did you do it?

Post by tryingtogetahead »

I have made almost every personal finance mistake I can think of and I still hit $3mm in my mid 30s. Nothing about my story is remarkable. I read the "Millionaire Next Door" during my first semester in college and it changed my life. My wife and I both attended mediocre colleges, got jobs, and just kept our heads down and did what we needed to do to succeed at work. My wife and I have received no financial help from our parents, including college, and therefore focused on self-reliance. I am a professional with a decent income. My wife unfortunately earns quite a bit less than I do. We live well below our means and save everything we can but still enjoy our lives. We live in a normal 4 bedroom home (below avg for our town), drive 2 Japanese economy cars, shop at Marshall’s, buy used furniture, brown bag our lunches, eat home regularly, paid off all debt including our mortgage, and invest largely in low cost index funds. Consistency and time are key.
schachtw
Posts: 245
Joined: Mon Jul 06, 2015 6:15 pm

Re: If your net worth is over $3 million, how did you do it?

Post by schachtw »

Wife and I retired, turning 70 shortly.
6.5M


Nothing extraordinary, both worked, lived below our means and most importantly learned the value of saving from my Dad. Who by the way, worked two jobs his entire life to provide.
JS-Elcano
Posts: 992
Joined: Wed Jun 10, 2020 7:29 pm

Re: If your net worth is over $3 million, how did you do it?

Post by JS-Elcano »

tryingtogetahead wrote: Wed Nov 11, 2020 9:17 pm I have made almost every personal finance mistake I can think of and I still hit $3mm in my mid 30s. Nothing about my story is remarkable. I read the "Millionaire Next Door" during my first semester in college and it changed my life. My wife and I both attended mediocre colleges, got jobs, and just kept our heads down and did what we needed to do to succeed at work. My wife and I have received no financial help from our parents, including college, and therefore focused on self-reliance. I am a professional with a decent income. My wife unfortunately earns quite a bit less than I do. We live well below our means and save everything we can but still enjoy our lives. We live in a normal 4 bedroom home (below avg for our town), drive 2 Japanese economy cars, shop at Marshall’s, buy used furniture, brown bag our lunches, eat home regularly, paid off all debt including our mortgage, and invest largely in low cost index funds. Consistency and time are key.
This sounds amazing! Based on your post, you have been out of college/working for about 10-12 years. So, every year you amassed 300k. That's a remarkable feat.
flaccidsteele
Posts: 1339
Joined: Sun Jul 28, 2019 9:42 pm
Location: Canada

Re: If your net worth is over $3 million, how did you do it?

Post by flaccidsteele »

I’m in my 40s and will hit $6m soon

Graduated with $0, which in today’s student loan debt environment, was a huge advantage

How did it happen? The sig pretty much sums it up: Consistently bought US assets and increased buying during downturns

Read Buffett’s letters in the 1980s

Started investing in the 1990s

Started listening to Bogle shortly after turn of the century

No bonds

No pre-set asset allocations

No rebalancing

No ex-US

Berkshire Hathaway, US index and US real estate

Investing isn’t difficult when the US market always recovers. Always. It’s never different this time

It’s just a game of rinse and repeat

I don’t trade my Life for money at a job any more
The US market always recovers. It’s never different this time. Retired in my 40s. Investing is a simple game of rinse and repeat
Morford
Posts: 54
Joined: Tue Jun 20, 2017 8:42 am

Re: If your net worth is over $3 million, how did you do it?

Post by Morford »

Yeah wish this worked but this is b.s.
JS-Elcano wrote: Wed Nov 11, 2020 9:40 pm
tryingtogetahead wrote: Wed Nov 11, 2020 9:17 pm I have made almost every personal finance mistake I can think of and I still hit $3mm in my mid 30s. Nothing about my story is remarkable. I read the "Millionaire Next Door" during my first semester in college and it changed my life. My wife and I both attended mediocre colleges, got jobs, and just kept our heads down and did what we needed to do to succeed at work. My wife and I have received no financial help from our parents, including college, and therefore focused on self-reliance. I am a professional with a decent income. My wife unfortunately earns quite a bit less than I do. We live well below our means and save everything we can but still enjoy our lives. We live in a normal 4 bedroom home (below avg for our town), drive 2 Japanese economy cars, shop at Marshall’s, buy used furniture, brown bag our lunches, eat home regularly, paid off all debt including our mortgage, and invest largely in low cost index funds. Consistency and time are key.
This sounds amazing! Based on your post, you have been out of college/working for about 10-12 years. So, every year you amassed 300k. That's a remarkable feat.
Wannaretireearly
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Re: If your net worth is over $3 million, how did you do it?

Post by Wannaretireearly »

flaccidsteele wrote: Wed Nov 11, 2020 10:08 pm I’m in my 40s and will hit $6m soon

Graduated with $0, which in today’s student loan debt environment, was a huge advantage

How did it happen? The sig pretty much sums it up: Consistently bought US assets and increased buying during downturns

Read Buffett’s letters in the 1980s

Started investing in the 1990s

Started listening to Bogle shortly after turn of the century

No bonds

No pre-set asset allocations

No rebalancing

No ex-US

Berkshire Hathaway, US index and US real estate

Investing isn’t difficult when the US market always recovers. Always. It’s never different this time

It’s just a game of rinse and repeat

I don’t trade my Life for money at a job any more
Wow. $6M Incl or excluding your house value?
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
JS-Elcano
Posts: 992
Joined: Wed Jun 10, 2020 7:29 pm

Re: If your net worth is over $3 million, how did you do it?

Post by JS-Elcano »

Morford wrote: Wed Nov 11, 2020 10:40 pm Yeah wish this worked but this is b.s.
JS-Elcano wrote: Wed Nov 11, 2020 9:40 pm
tryingtogetahead wrote: Wed Nov 11, 2020 9:17 pm I have made almost every personal finance mistake I can think of and I still hit $3mm in my mid 30s. Nothing about my story is remarkable. I read the "Millionaire Next Door" during my first semester in college and it changed my life. My wife and I both attended mediocre colleges, got jobs, and just kept our heads down and did what we needed to do to succeed at work. My wife and I have received no financial help from our parents, including college, and therefore focused on self-reliance. I am a professional with a decent income. My wife unfortunately earns quite a bit less than I do. We live well below our means and save everything we can but still enjoy our lives. We live in a normal 4 bedroom home (below avg for our town), drive 2 Japanese economy cars, shop at Marshall’s, buy used furniture, brown bag our lunches, eat home regularly, paid off all debt including our mortgage, and invest largely in low cost index funds. Consistency and time are key.
This sounds amazing! Based on your post, you have been out of college/working for about 10-12 years. So, every year you amassed 300k. That's a remarkable feat.
I agree. My reply was meant to be tongue-in-cheek as in "unbelievable".
ensign
Posts: 133
Joined: Wed Jan 06, 2016 9:18 am

Re: If your net worth is over $3 million, how did you do it?

Post by ensign »

1. Marry a great partner who is highly successful.
2. Live well below your means and save, save, save!
User avatar
HomerJ
Posts: 21281
Joined: Fri Jun 06, 2008 12:50 pm

Re: If your net worth is over $3 million, how did you do it?

Post by HomerJ »

JS-Elcano wrote: Thu Nov 12, 2020 8:20 am
Morford wrote: Wed Nov 11, 2020 10:40 pm Yeah wish this worked but this is b.s.
JS-Elcano wrote: Wed Nov 11, 2020 9:40 pm
tryingtogetahead wrote: Wed Nov 11, 2020 9:17 pm I have made almost every personal finance mistake I can think of and I still hit $3mm in my mid 30s. Nothing about my story is remarkable. I read the "Millionaire Next Door" during my first semester in college and it changed my life. My wife and I both attended mediocre colleges, got jobs, and just kept our heads down and did what we needed to do to succeed at work. My wife and I have received no financial help from our parents, including college, and therefore focused on self-reliance. I am a professional with a decent income. My wife unfortunately earns quite a bit less than I do. We live well below our means and save everything we can but still enjoy our lives. We live in a normal 4 bedroom home (below avg for our town), drive 2 Japanese economy cars, shop at Marshall’s, buy used furniture, brown bag our lunches, eat home regularly, paid off all debt including our mortgage, and invest largely in low cost index funds. Consistency and time are key.
This sounds amazing! Based on your post, you have been out of college/working for about 10-12 years. So, every year you amassed 300k. That's a remarkable feat.
I agree. My reply was meant to be tongue-in-cheek as in "unbelievable".
All it takes is a "decent" income and it's not remarkable at all!

I'm not saying it's B.S., but his perspective on his place in the world is obviously skewed a bit.

$3 million at ANY age puts you in the top 1% - hitting it in your mid 30s is indeed "remarkable". I suppose it's possible one could be smart enough to achieve that but not wise enough to realize how remarkable it is.
Last edited by HomerJ on Thu Nov 12, 2020 9:14 am, edited 2 times in total.
"The best tools available to us are shovels, not scalpels. Don't get carried away." - vanBogle59
tryingtogetahead
Posts: 153
Joined: Tue Apr 07, 2020 11:45 am

Re: If your net worth is over $3 million, how did you do it?

Post by tryingtogetahead »

flaccidsteele wrote: Wed Nov 11, 2020 10:08 pm I’m in my 40s and will hit $6m soon

Graduated with $0, which in today’s student loan debt environment, was a huge advantage

How did it happen? The sig pretty much sums it up: Consistently bought US assets and increased buying during downturns

Read Buffett’s letters in the 1980s

Started investing in the 1990s

Started listening to Bogle shortly after turn of the century

No bonds

No pre-set asset allocations

No rebalancing

No ex-US

Berkshire Hathaway, US index and US real estate

Investing isn’t difficult when the US market always recovers. Always. It’s never different this time

It’s just a game of rinse and repeat

I don’t trade my Life for money at a job any more
Words of wisdom. This pretty much sums it all up. Thanks.
User avatar
TomatoTomahto
Posts: 17158
Joined: Mon Apr 11, 2011 1:48 pm

Re: If your net worth is over $3 million, how did you do it?

Post by TomatoTomahto »

JS-Elcano wrote: Thu Nov 12, 2020 8:20 am
Morford wrote: Wed Nov 11, 2020 10:40 pm Yeah wish this worked but this is b.s.
JS-Elcano wrote: Wed Nov 11, 2020 9:40 pm
tryingtogetahead wrote: Wed Nov 11, 2020 9:17 pm I have made almost every personal finance mistake I can think of and I still hit $3mm in my mid 30s. Nothing about my story is remarkable. I read the "Millionaire Next Door" during my first semester in college and it changed my life. My wife and I both attended mediocre colleges, got jobs, and just kept our heads down and did what we needed to do to succeed at work. My wife and I have received no financial help from our parents, including college, and therefore focused on self-reliance. I am a professional with a decent income. My wife unfortunately earns quite a bit less than I do. We live well below our means and save everything we can but still enjoy our lives. We live in a normal 4 bedroom home (below avg for our town), drive 2 Japanese economy cars, shop at Marshall’s, buy used furniture, brown bag our lunches, eat home regularly, paid off all debt including our mortgage, and invest largely in low cost index funds. Consistency and time are key.
This sounds amazing! Based on your post, you have been out of college/working for about 10-12 years. So, every year you amassed 300k. That's a remarkable feat.
I agree. My reply was meant to be tongue-in-cheek as in "unbelievable".
Or perhaps the bar for “professional with a decent income” has risen :D
I get the FI part but not the RE part of FIRE.
tryingtogetahead
Posts: 153
Joined: Tue Apr 07, 2020 11:45 am

Re: If your net worth is over $3 million, how did you do it?

Post by tryingtogetahead »

JS-Elcano wrote: Wed Nov 11, 2020 9:40 pm
tryingtogetahead wrote: Wed Nov 11, 2020 9:17 pm I have made almost every personal finance mistake I can think of and I still hit $3mm in my mid 30s. Nothing about my story is remarkable. I read the "Millionaire Next Door" during my first semester in college and it changed my life. My wife and I both attended mediocre colleges, got jobs, and just kept our heads down and did what we needed to do to succeed at work. My wife and I have received no financial help from our parents, including college, and therefore focused on self-reliance. I am a professional with a decent income. My wife unfortunately earns quite a bit less than I do. We live well below our means and save everything we can but still enjoy our lives. We live in a normal 4 bedroom home (below avg for our town), drive 2 Japanese economy cars, shop at Marshall’s, buy used furniture, brown bag our lunches, eat home regularly, paid off all debt including our mortgage, and invest largely in low cost index funds. Consistency and time are key.
This sounds amazing! Based on your post, you have been out of college/working for about 10-12 years. So, every year you amassed 300k. That's a remarkable feat.
I am late 30s now and well above 3mm but, yes, I was over 3mm by mid 30s. I started working at age 25 with over 200k of student loans. I am not sure that I saved 300k/yr, but that's certainly the average with investment gains, albeit the actual numbers were alot lumpier than that and skewed heavier on the later years as I made more money and got married and added a second income. My only mistake was buying a home in a less than hot area to save money while the hotter areas exploded and also paying off low interest debt instead of just investing. I guess live and learn but I have definitley corrected course since then.
Every things free
Posts: 84
Joined: Tue Mar 10, 2015 5:28 pm
Location: Rocky Mountains

Re: If your net worth is over $3 million, how did you do it?

Post by Every things free »

Health. For me it's about being healthy and staying healthy.
Because I'm healthy I can work with my body and think clearly.

Prosperity is a combination of wealth and contentment.

Kim
You know when you are rich. You can buy anything you want but want nothing.
Wanderingwheelz
Posts: 3145
Joined: Mon Mar 04, 2019 8:52 am

Re: If your net worth is over $3 million, how did you do it?

Post by Wanderingwheelz »

tryingtogetahead wrote: Thu Nov 12, 2020 9:17 am
JS-Elcano wrote: Wed Nov 11, 2020 9:40 pm
tryingtogetahead wrote: Wed Nov 11, 2020 9:17 pm I have made almost every personal finance mistake I can think of and I still hit $3mm in my mid 30s. Nothing about my story is remarkable. I read the "Millionaire Next Door" during my first semester in college and it changed my life. My wife and I both attended mediocre colleges, got jobs, and just kept our heads down and did what we needed to do to succeed at work. My wife and I have received no financial help from our parents, including college, and therefore focused on self-reliance. I am a professional with a decent income. My wife unfortunately earns quite a bit less than I do. We live well below our means and save everything we can but still enjoy our lives. We live in a normal 4 bedroom home (below avg for our town), drive 2 Japanese economy cars, shop at Marshall’s, buy used furniture, brown bag our lunches, eat home regularly, paid off all debt including our mortgage, and invest largely in low cost index funds. Consistency and time are key.
This sounds amazing! Based on your post, you have been out of college/working for about 10-12 years. So, every year you amassed 300k. That's a remarkable feat.
I am late 30s now and well above 3mm but, yes, I was over 3mm by mid 30s. I started working at age 25 with over 200k of student loans. I am not sure that I saved 300k/yr, but that's certainly the average with investment gains, albeit the actual numbers were alot lumpier than that and skewed heavier on the later years as I made more money and got married and added a second income. My only mistake was buying a home in a less than hot area to save money while the hotter areas exploded and also paying off low interest debt instead of just investing. I guess live and learn but I have definitley corrected course since then.
With a “decent income” and a wife who earns “quite a bit less”, saving hundreds of thousands of dollars a year, after taxes and household expenses is quite a trick, indeed.

I’m just short of 50, I’ve also made some big mistakes, paid none of my college (wife either), have a had years where joint income went well into the six figures, all others lower six, saved and invested a lot, and we are not way higher than $3MM at 45/49.

I tip my hat.
Being wrong compounds forever.
User avatar
HomerJ
Posts: 21281
Joined: Fri Jun 06, 2008 12:50 pm

Re: If your net worth is over $3 million, how did you do it?

Post by HomerJ »

tryingtogetahead wrote: Thu Nov 12, 2020 9:17 am
JS-Elcano wrote: Wed Nov 11, 2020 9:40 pm
tryingtogetahead wrote: Wed Nov 11, 2020 9:17 pm I have made almost every personal finance mistake I can think of and I still hit $3mm in my mid 30s. Nothing about my story is remarkable. I read the "Millionaire Next Door" during my first semester in college and it changed my life. My wife and I both attended mediocre colleges, got jobs, and just kept our heads down and did what we needed to do to succeed at work. My wife and I have received no financial help from our parents, including college, and therefore focused on self-reliance. I am a professional with a decent income. My wife unfortunately earns quite a bit less than I do. We live well below our means and save everything we can but still enjoy our lives. We live in a normal 4 bedroom home (below avg for our town), drive 2 Japanese economy cars, shop at Marshall’s, buy used furniture, brown bag our lunches, eat home regularly, paid off all debt including our mortgage, and invest largely in low cost index funds. Consistency and time are key.
This sounds amazing! Based on your post, you have been out of college/working for about 10-12 years. So, every year you amassed 300k. That's a remarkable feat.
I am late 30s now and well above 3mm but, yes, I was over 3mm by mid 30s. I started working at age 25 with over 200k of student loans. I am not sure that I saved 300k/yr, but that's certainly the average with investment gains, albeit the actual numbers were alot lumpier than that and skewed heavier on the later years as I made more money and got married and added a second income. My only mistake was buying a home in a less than hot area to save money while the hotter areas exploded and also paying off low interest debt instead of just investing. I guess live and learn but I have definitley corrected course since then.
We all believe you. But you should take pride in your accomplishment, and recognize that your income is far higher than "decent", and amassing a fortune like that before 40 is indeed remarkable, and not normal. You are in the top 0.5% in wealth.

Becoming wealthy is indeed fairly straight-forward as you describe. Work hard, do well at your job, live below your means, save your money.

Accumulating $3 million by your mid 30s takes a bit more than reading Millionaire Next Door, and keeping your head down and working hard at your job. Making that kind of income is indeed remarkable and not easy for 99% of people to replicate.
Last edited by HomerJ on Thu Nov 12, 2020 10:08 am, edited 2 times in total.
"The best tools available to us are shovels, not scalpels. Don't get carried away." - vanBogle59
JS-Elcano
Posts: 992
Joined: Wed Jun 10, 2020 7:29 pm

Re: If your net worth is over $3 million, how did you do it?

Post by JS-Elcano »

HomerJ wrote: Thu Nov 12, 2020 9:04 am
JS-Elcano wrote: Thu Nov 12, 2020 8:20 am
Morford wrote: Wed Nov 11, 2020 10:40 pm Yeah wish this worked but this is b.s.
JS-Elcano wrote: Wed Nov 11, 2020 9:40 pm
tryingtogetahead wrote: Wed Nov 11, 2020 9:17 pm I have made almost every personal finance mistake I can think of and I still hit $3mm in my mid 30s. Nothing about my story is remarkable. I read the "Millionaire Next Door" during my first semester in college and it changed my life. My wife and I both attended mediocre colleges, got jobs, and just kept our heads down and did what we needed to do to succeed at work. My wife and I have received no financial help from our parents, including college, and therefore focused on self-reliance. I am a professional with a decent income. My wife unfortunately earns quite a bit less than I do. We live well below our means and save everything we can but still enjoy our lives. We live in a normal 4 bedroom home (below avg for our town), drive 2 Japanese economy cars, shop at Marshall’s, buy used furniture, brown bag our lunches, eat home regularly, paid off all debt including our mortgage, and invest largely in low cost index funds. Consistency and time are key.
This sounds amazing! Based on your post, you have been out of college/working for about 10-12 years. So, every year you amassed 300k. That's a remarkable feat.
I agree. My reply was meant to be tongue-in-cheek as in "unbelievable".
All it takes is a "decent" income and it's not remarkable at all!

I'm not saying it's B.S., but his perspective on his place in the world is obviously skewed a bit.

$3 million at ANY age puts you in the top 1% - hitting it in your mid 30s is indeed "remarkable". I suppose it's possible one could be smart enough to achieve that but not wise enough to realize how remarkable it is.
I always forget that on this site 400-500k may be considered "decent income" (whereas in reality that would be considered super high). So, yes, with that kind of income in your 20s and early 30s, you can certainly amass 3 million in your mid30s.
Post Reply