At what age did you reach your first $1 Million

[diydocwifejd]

35 (last year) then again at 36 (this year)

[RobLyons]

I don't have the interest in the topic to calculate it. There's far more important things to life than counting our monopoly moneys.

[racy]

In 1998 at 45 I had $570,000. In today's money that's $1,000,000.

[SmoothieJ]

I don't have the interest in the topic to calculate it. There's far more important things to life than counting our monopoly moneys.

But you took the time to respond anyways...

[z3r0c00l]

[url]viewtopic.php?t=120071&start=50/url]

I found this pole from 2003. Interested in restarting the thread, or posing the same question.

I am 46, wife at 43. We are at this milestone and just curious where we are compared to our peers.

$1 million mark is so 2003. I’m interested to see $10 million mark.

Compete with yourself rather than compare yourself with others.

Yes. $1 Million doesn't seem like much of a milestone. But $1 million still doubles a bit nicer than a lesser amount.

No competing on my part. Just perspective and reflection.

I wouldn't share that attitude in public. The reason why $1M doesn't seem like much anymore could be because you are wealthy, not because that isn't much money anymore. The median family net worth at any age hardly goes above $250,000, and that is in a very prosperous country. There is another pole out there that interviews people asking if they are wealthy. Even people with multiple millions tend to say no i.e. they are delusional about their wealth.

[SmoothieJ]

[url]viewtopic.php?t=120071&start=50/url]

I found this pole from 2003. Interested in restarting the thread, or posing the same question.

I am 46, wife at 43. We are at this milestone and just curious where we are compared to our peers.

$1 million mark is so 2003. I’m interested to see $10 million mark.

Compete with yourself rather than compare yourself with others.

Yes. $1 Million doesn't seem like much of a milestone. But $1 million still doubles a bit nicer than a lesser amount.

No competing on my part. Just perspective and reflection.

I wouldn't share that attitude in public. The reason why $1M doesn't seem like much anymore could be because you are wealthy, not because that isn't much money anymore. The median family net worth at any age hardly goes above $250,000, and that is in a very prosperous country. There is another pole out there that interviews people asking if they are wealthy. Even people with multiple millions tend to say no i.e. they are delusional about their wealth.

It is a significant amount to me and feel very fortunate to have reached this milestone...I was simply responding to other commentary that seemed to diminish the achievement in comparison to other factors.

The pole is not surprising. My barber and I were discussing the gentleman who owns and rents out the building. The building owner is no doubt a multi-millionaire but belly aches to the guy cutting hair (who rents from him) all of the expenses he has, as though it has any significant impact on his bottom line. Maybe the pole has significance because many who have money hoard it and live as if they do not have any money.

[invest2bfree]

At what age did your net worth reach $1 million? (July 20, 2013)

[Link formatted by admin LadyGeek]

I found this pole from 2003. Interested in restarting the thread, or posing the same question.

I am 46, wife at 43. We are at this milestone and just curious where we are compared to our peers.

Got mine at 41. Yes it is getting lot easier nowadays.

It was very difficult in 2000s, Good IT Salary was 100k.

[Sax32]

Peers should be based on more than just age alone. A couple which earns $75k a year and accumulates $1 million has a much tougher hurdle or rather a set of hurdles to cross compared to a couple which earns $100k+. Wouldn’t you agree?

These polls really don’t mean much.

Exactly. Someone who earns 75k a year, but manages to put away $1 million versus another couple who earns $100k, but only has a net worth of 250k, the lower wage earners have done a much better job of stashing money away in investments. Per the book "The Millionaire Next Door", that book would call this person a PAW (Prodigious Accumulater of wealth) whereas the couple earning 100k, but not putting much away is a UAW (Underachiever accumulated of wealth).

[Sic Vis Pacem]

We crossed the two comma threshold at 35 (NW). We hit $1M in investments at 37.

But following the discussion above, these numbers only make sense with appropriate context. My wife received a mid six-figure inheritance when we were in our early 30's, and our incomes have shot up over the last few years with my legal career taking off and my wife transitioning to management. Given our tailwind and and incomes, that threshold was nearly a foregone conclusion with even modest contributions over the years.

[nhs76]

Unvested stock options were worth >$1M on paper juuuuuuuuust before the NASDAQ crash of 2000. Oops!

[warner25]

35 (last year) then again at 36 (this year)

Haha, yes, very similar for me.

But following the discussion above, these numbers only make sense with appropriate context.

Yes, in my case, my wife and I both graduated from college with no debt and five figures in savings, thanks to scholarships and gifts. We've never earned much more than $100k per year (combined in the first few years, and then single-income after starting to have kids) but we continued "living like college students" for most of a decade in some low-cost areas, saving the difference (almost 70% one year) while the market climbed upwards. So we hit $1M quite early, but I'm sure that we'll be left in the dust by many late bloomers with higher incomes over the next couple of decades.

[RobLyons]

I don't have the interest in the topic to calculate it. There's far more important things to life than counting our monopoly moneys.

But you took the time to respond anyways...

Yes because we share our thoughts and opinions here! It doesn't take much time at all. Welcome to the board!

[Sax32]

It matters where you choose to live with $1 million dollars. If you are in one of the top urban cities in US, $1 million doesn't go very far. Rent and home costs alone, would eat that alive. If you lived in a reasonable Midwest region, you could retire on that kind of money with a modest withdrawl rate of 4%. Personally, 1 million is just a milestone, I'd rater be in the 3-5 million area, so that I feel like I could travel, purchase new cars, live in a couple of homes (One south and one north) and not have to worry as much about medical and dental issues that arrive in retirement.

[Van]

Age 41, but that was in 1982. What would be the equivalent today to 1 million 40 years ago?

[Nicolas]

Age 41, but that was in 1982. What would be the equivalent today to 1 million 40 years ago?

$3,032,694.30

Cumulative rate of inflation: 203.3%

https://www.usinflationcalculator.com/

[LiterallyIronic]

I'm 39 and our retirement account balances just broke through $250k on February 1st. I do not expect our retirement accounts to reach $1m at any point in my life.

[chicagoan23]

I'm 39 and our retirement account balances just broke through $250k on February 1st. I do not expect our retirement accounts to reach $1m at any point in my life.

If you do not contribute another dollar and do not take distributions until age 59, you should have $1 million in your retirement accounts, assuming 7.2% average annual returns. Stay the course!

[chicagoan23]

-$70k at age 25 (student loans)

$1 million at age 38

$2 million at age 44

$2.965 million at age 46....but then we hit January 2022.

Sitting tight at $2.7 million now and hoping the markets allow us to pass $3 million this year at age 48.

[Brianmcg321]

At 35. However, a million is the new 100 grand with inflation.

LOL. No it isn't, not for me at least.

[LiterallyIronic]

I'm 39 and our retirement account balances just broke through $250k on February 1st. I do not expect our retirement accounts to reach $1m at any point in my life.

If you do not contribute another dollar and do not take distributions until age 59, you should have $1 million in your retirement accounts, assuming 7.2% average annual returns. Stay the course!

I appreciate the encouragement, but I plan on retiring at 50.

[SmoothieJ]

It matters where you choose to live with $1 million dollars. If you are in one of the top urban cities in US, $1 million doesn't go very far. Rent and home costs alone, would eat that alive. If you lived in a reasonable Midwest region, you could retire on that kind of money with a modest withdrawl rate of 4%. Personally, 1 million is just a milestone, I'd rater be in the 3-5 million area, so that I feel like I could travel, purchase new cars, live in a couple of homes (One south and one north) and not have to worry as much about medical and dental issues that arrive in retirement.

We are looking good. Midwest (Ohio). The plan is to have at least 3M, but preferably more than 4M, with a withdrawal rate 2-3% I can retire with a pension in two years, but will likely enter a Deferred Retirement Option Program with a pension freeze. After 8 years in DROP, another significant lump sum of at least 500K contribution to 457b. Also max deferral x 2 or 3 likely this point forward. Plus first house/rental house.

I was actually just reading another post that I may need to consider upon retirement 10-12 years from now...rollover of traditional to Roth while in a lower tax bracket.

As others have eluded, income does play a factor in how much we can accumulate. For transparency in this light - I currently earn around 85K, sugar mama has been upwards of 170K more recently, but typically under 140K. Now that debt has been payed off, she will be half time, hence around 90K.

Debt is a huge drag on financial resources, and has to be tamed in order to build wealth, no matter the income level. Stash the money before you can get your hands on it, and you will learn to live on what you have. No car loans, no credit cards (not even for perks).

[sir_throckmorton]

Age 35 in 2022

[ramram22]

Haven't hit it yet, but I hope to between 10-15 years. Currently 26

Being 26 is worth a lot more than $1 million.

Maybe for women. I remember being 26 and broke; it wasn’t fun. I’d much rather be 40 with $1 million.

[strummer6969]

Deleted. TMI.

[Maverick3320]

I guess I'll be the curmudgeon here...is there anything actionable about this thread other than to compare yourself to others?

Posts with titles like this could be misconstrued by those that aren't Bogleheads.

[Beensabu]

I guess I'll be the curmudgeon here...is there anything actionable about this thread other than to compare yourself to others?

Personally, I think the whole point of this thread was to get this nugget out in the universe:

I'm 39 and our retirement account balances just broke through $250k on February 1st. I do not expect our retirement accounts to reach $1m at any point in my life.

If you do not contribute another dollar and do not take distributions until age 59, you should have $1 million in your retirement accounts, assuming 7.2% average annual returns. Stay the course!

I appreciate the encouragement, but I plan on retiring at 50.

You can go the path of OMY (one more year) or YAM (yet another million).

Or you can know that you don't need much and once you get there, you just don't have to work any more gosh darn it.

[gtrplayer]

I guess I'll be the curmudgeon here...is there anything actionable about this thread other than to compare yourself to others?

Posts with titles like this could be misconstrued by those that aren't Bogleheads.

Feels an awful lot like a humblebrag to me. “Your first million” implies we’ll have an eventual “I’m 45 and just now reached eight figures, am I doing ok…” This isn’t a get-rich-quick forum.

[Wannaretireearly]

I’d guess age 30 incl house equity?
Perhaps 33-35 not incl house equity.

[strummer6969]

I guess I'll be the curmudgeon here...is there anything actionable about this thread other than to compare yourself to others?

Posts with titles like this could be misconstrued by those that aren't Bogleheads.

Agreed. Wealth comparisons are silly. I don't see any benefit at all to these types of threads.

[AnonJohn]

This thread has some obnoxious replies. Anyone who saves a lot, and knows the sacrifice of doing so should be proud. It's never easy, and life always happens. If you're born with it that's different, and what "saving a lot" means varies wildly by circumstance.

I've about gotten there in my late 40's. Or not, since I do my accounting in year 2000 dollars. It is still a big accomplishment. Onward ...

[SmoothieJ]

Agreed. I understand the concern about misguided people misinterpreting the purpose of the post, but perhaps the respondents have also misinterpreted the post.

Congrats to everyone who shared in their achievements. May it help inspire others to do the same, by self educating, indexing, hard work, patience and time. Boglheads is a great resource for people who attempt to do things the sensible way.

I started my first Roth at the age of 22 and learned a lot of things the hard way. Had I known of a resource like this back then, I would have greatly benefited (and not misled by crummy "financial advisors").

[AlohaBill]

Reached $1,000,000 in liquid assets in 2013 at age 63.
Social security and pension cover almost twice our spending.
I used to worry if my wife would have enough to live on, but now I worry that she’ll be fairly cold in bed (when I finally go) for many years to come.
Time seems way more valuable than money near the end.

[NiceUnparticularMan]

I am among the people who has no idea as I never tracked our net worth. I do an annual rebalancing of our retirement accounts and usually I report the total to my spouse, and there must have been some year where for the first time that particular total was above $1 million. But I don't recall which year that happened. And it is possible we passed $1 million in net worth at least a year earlier than that, but again I don't actually know.

I say all this not to suggest being a prudent long-term saver who then succeeds at long-term saving is a bad thing. I just have never seen net worth as an important measure of success at saving, and I am in fact skeptical it is a helpful to encourage others to think in such terms.

[A-Commoner]

Using the CPI inflation calculator, if you plug in say $5 million for December 2022, it’s the same as having $1 million in 1977.

So if you have a $5 million net worth today, can you claim that you became a millionaire in 1977 when you were probably not even born yet?

I know it’s a silly way of looking at it, just putting it out there as food for thought.

[White Coat Investor]

Peers should be based on more than just age alone. A couple which earns $75k a year and accumulates $1 million has a much tougher hurdle or rather a set of hurdles to cross compared to a couple which earns $100k+. Wouldn’t you agree?

These polls really don’t mean much.

Can't really be just income and age either though because most high earners have only had that high income for a few years. Same issue with the calculations in the Millionaire Next Door.

We were 38. 80%+ of it was brute force savings.

[White Coat Investor]

Haven't hit it yet, but I hope to between 10-15 years. Currently 26

Being 26 is worth a lot more than $1 million.

Maybe for women. I remember being 26 and broke; it wasn’t fun. I’d much rather be 40 with $1 million.

Would you switch places with Warren Buffett? Probably not. I'd pay a lot to drop 22 years off my age. Would I pay it all (my NW at 26 was $0)? I don't know. I'd have to think about that. There are a lot of nice things about being 48 this year.

[Normchad]

Peers should be based on more than just age alone. A couple which earns $75k a year and accumulates $1 million has a much tougher hurdle or rather a set of hurdles to cross compared to a couple which earns $100k+. Wouldn’t you agree?

These polls really don’t mean much.

Can't really be just income and age either though because most high earners have only had that high income for a few years. Same issue with the calculations in the Millionaire Next Door.

We were 38. 80%+ of it was brute force savings.

That’s a good point about the income. I’m one of those that makes really good money now, but that really only started when I was 43 or so.

And also, your relative age matters too. If you’re 65 today with $2M, that’s very different than somebody aspiring to have $2M when they turn 65 in 2055.

[Starfish]

This thread is invaded by poles!

[CMD1]

I guess I'll be the curmudgeon here...is there anything actionable about this thread other than to compare yourself to others?

Posts with titles like this could be misconstrued by those that aren't Bogleheads.

Agreed. Wealth comparisons are silly. I don't see any benefit at all to these types of threads.

I find these very motivational and reinforces to keep going and do more where possible.

[warner25]

Haven't hit it yet, but I hope to between 10-15 years. Currently 26

Being 26 is worth a lot more than $1 million.

Maybe for women. I remember being 26 and broke; it wasn’t fun. I’d much rather be 40 with $1 million.

Would you switch places with Warren Buffett? Probably not. I'd pay a lot to drop 22 years off my age. Would I pay it all (my NW at 26 was $0)? I don't know. I'd have to think about that. There are a lot of nice things about being 48 this year.

That's a fun thought experiment. I'm 36 now and the last year or so has really made me grapple with age for the first time. I definitely wouldn't switch places with Buffett. When I was 26, my wife and I already had a net worth of about $250k, and I'd probably take a deal that involved going back to that age and starting with less... but maybe not "broke." Does my wife also go back to being in her mid-20s with me, and do I get to keep the wisdom that I've accumulated over the last ten years?

[billaster]

I'd pay a lot to drop 22 years off my age. Would I pay it all (my NW at 26 was $0)? I don't know. I'd have to think about that. There are a lot of nice things about being 48 this year.

I bet you will think a lot quicker when you are 68. With all the advances in gene therapy you might even get a chance to make that choice. If not you, surely your kids.

[stoptothink]

Peers should be based on more than just age alone. A couple which earns $75k a year and accumulates $1 million has a much tougher hurdle or rather a set of hurdles to cross compared to a couple which earns $100k+. Wouldn’t you agree?

These polls really don’t mean much.

Can't really be just income and age either though because most high earners have only had that high income for a few years. Same issue with the calculations in the Millionaire Next Door.

We were 38. 80%+ of it was brute force savings.

That’s a good point about the income. I’m one of those that makes really good money now, but that really only started when I was 43 or so.

And also, your relative age matters too. If you’re 65 today with $2M, that’s very different than somebody aspiring to have $2M when they turn 65 in 2055.

Everybody's situation is different, without context any of this data (while fun) is pretty pointless. Similarly, wife and I started out at 32 and 27 with pretty close to nothing (divorces and school) and with an HHI of ~$70k/yr and expecting her to stay at home with the kids. It then took another 3yrs to even break $100k/yr HHI. Now (aged 41 and 36) we're triple that and brute force saved well past $1M. Our path was our path; as long as we reach our goals I shouldn't really care about the path of others (but like everybody else, I am human).

[Starfish]

Haven't hit it yet, but I hope to between 10-15 years. Currently 26

Being 26 is worth a lot more than $1 million.

Maybe for women. I remember being 26 and broke; it wasn’t fun. I’d much rather be 40 with $1 million.

Would you switch places with Warren Buffett? Probably not. I'd pay a lot to drop 22 years off my age. Would I pay it all (my NW at 26 was $0)? I don't know. I'd have to think about that. There are a lot of nice things about being 48 this year.

For me it's a very easy choice. It's nice now but it was way better to be broke and young. I was broke until 30, and dropping 22 years would put me in my 20s. I would go back in a blink. And I bet I would be a lot richer than I am now after 22 years.

[lazybones18]

I reached $1 million at about age 32 .. $2 million now age 35 / Wife age 30

I am a immigrant ( came to USA at age 17 ), started from negative Net worth, fully financially supported my mother and father ( till date )

quite a bit of my friends are doing very well financially and probably reached this milestone about the same age as me

[MoonOrb]

Age 39.

[rule of law guy]

do you do double entry accounting? we defeased future obligations well into our 40s...meaning, funded 529 accounts and retirement accounts to the max. also maxed out our home buy so that it would suit our family for decades, which it has.

so $1MM in assets minus $1MM in future college education/retirement funding liabilities left us at the starting place.

[Grt2bOutdoors]

Haven't hit it yet, but I hope to between 10-15 years. Currently 26

Being 26 is worth a lot more than $1 million.

Maybe for women. I remember being 26 and broke; it wasn’t fun. I’d much rather be 40 with $1 million.

There are a lot of nice things about being 48 this year.

One of the nicest things is you are still here, but I'm sure you already know that.

[gips]

Haven't hit it yet, but I hope to between 10-15 years. Currently 26

Being 26 is worth a lot more than $1 million.

Maybe for women. I remember being 26 and broke; it wasn’t fun. I’d much rather be 40 with $1 million.

Would you switch places with Warren Buffett? Probably not. I'd pay a lot to drop 22 years off my age. Would I pay it all (my NW at 26 was $0)? I don't know. I'd have to think about that. There are a lot of nice things about being 48 this year.

who says this thread is not actionable
would i go back in time to when i was 26 and not have my family, no. at 66, i’m retired, good health, but feel I’ve done what I’ve wanted to in life and the next 40 years on this earth, to my eye, looks rough. for my kids sake, I pray I’m wrong but I believe a great
number of job are about to be disrupted. (does this break forum rules? let me check..couldnt find anything but i guess i’ll know soon enough.)

we crossed the 7 figure threshold 23 years ago when i was 44. my comp was around $300k, so sounds easy but we live in a vhcol area, three kids, crazy maint costs on home, so basically it was about maxing 401k and sep, spending the rest. what an intense struggle.

[Mr.BB]

If you go back to an earlier age without the knowledge you have now, the value of giving up your current money/income for those years is neutralized. Technically without having that learned knowledge you'll just end up back where you are now when you gain back the years you gave up.

[SmoothieJ]

Struggle is good and necessary to be able to look back and say, “we did it”.

I would reinforce to my old self to stay away from booze and women, particularly when in the combination. Would have saved a ton more money, and earned less stitches.

“Good judgement is the result of experience and experience the result of bad judgement.” -Mark Twain.