At what age did you reach your first $1 Million

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
diydocwifejd
Posts: 123
Joined: Tue Apr 07, 2020 11:34 am
Location: South

Re: At what age did you reach your first $1 Million

Post by diydocwifejd »

35 (last year) then again at 36 (this year)
"An investment in knowledge pays the best interest." -Benjamin Franklin
YeahBuddy
Posts: 2503
Joined: Tue Oct 31, 2017 12:55 pm

Re: At what age did you reach your first $1 Million

Post by YeahBuddy »

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.
Light weight baby!
User avatar
racy
Posts: 413
Joined: Sun Mar 30, 2008 7:38 am

Re: At what age did you reach your first $1 Million

Post by racy »

In 1998 at 45 I had $570,000. In today's money that's $1,000,000.
Topic Author
SmoothieJ
Posts: 50
Joined: Tue Jun 30, 2020 10:47 am

Re: At what age did you reach your first $1 Million

Post by SmoothieJ »

RobLyons wrote: Tue Feb 07, 2023 7:23 am 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
Posts: 3809
Joined: Fri Jul 06, 2012 11:43 am
Location: NYC

Re: At what age did you reach your first $1 Million

Post by z3r0c00l »

SmoothieJ wrote: Sun Feb 05, 2023 4:15 pm
H-Town wrote: Sun Feb 05, 2023 4:05 pm
SmoothieJ wrote: Sun Feb 05, 2023 3:41 pm [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.
70% Global Stocks / 30% Bonds
Topic Author
SmoothieJ
Posts: 50
Joined: Tue Jun 30, 2020 10:47 am

Re: At what age did you reach your first $1 Million

Post by SmoothieJ »

z3r0c00l wrote: Tue Feb 07, 2023 7:49 am
SmoothieJ wrote: Sun Feb 05, 2023 4:15 pm
H-Town wrote: Sun Feb 05, 2023 4:05 pm
SmoothieJ wrote: Sun Feb 05, 2023 3:41 pm [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
Posts: 1279
Joined: Sun Jan 12, 2020 8:44 am

Re: At what age did you reach your first $1 Million

Post by invest2bfree »

SmoothieJ wrote: Sun Feb 05, 2023 3:41 pm 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.
36% (IRA) - Individual LT Corporate Bonds , 33%(taxable) - schy, 33%(taxable) - SCHD Dividend Growth
Sax32
Posts: 197
Joined: Wed Jan 11, 2023 8:44 am

Re: At what age did you reach your first $1 Million

Post by Sax32 »

Grt2bOutdoors wrote: Sun Feb 05, 2023 3:51 pm 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
Posts: 277
Joined: Mon Sep 04, 2017 8:25 pm

Re: At what age did you reach your first $1 Million

Post by 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
Posts: 186
Joined: Wed Jun 09, 2021 11:36 pm

Re: At what age did you reach your first $1 Million

Post by nhs76 »

Unvested stock options were worth >$1M on paper juuuuuuuuust before the NASDAQ crash of 2000. Oops!
User avatar
warner25
Posts: 934
Joined: Wed Oct 29, 2014 4:38 pm

Re: At what age did you reach your first $1 Million

Post by warner25 »

diydocwifejd wrote: Mon Feb 06, 2023 10:46 pm 35 (last year) then again at 36 (this year)
Haha, yes, very similar for me.
Sic Vis Pacem wrote: Tue Feb 07, 2023 10:03 am 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.
YeahBuddy
Posts: 2503
Joined: Tue Oct 31, 2017 12:55 pm

Re: At what age did you reach your first $1 Million

Post by YeahBuddy »

SmoothieJ wrote: Tue Feb 07, 2023 7:39 am
RobLyons wrote: Tue Feb 07, 2023 7:23 am 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!
Light weight baby!
Sax32
Posts: 197
Joined: Wed Jan 11, 2023 8:44 am

Re: At what age did you reach your first $1 Million

Post by 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
Posts: 1007
Joined: Wed Oct 27, 2010 9:24 am

Re: At what age did you reach your first $1 Million

Post by Van »

Age 41, but that was in 1982. What would be the equivalent today to 1 million 40 years ago?
Nicolas
Posts: 4923
Joined: Wed Aug 22, 2012 7:41 am

Re: At what age did you reach your first $1 Million

Post by Nicolas »

Van wrote: Tue Feb 07, 2023 4:47 pm 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/
Last edited by Nicolas on Tue Feb 07, 2023 4:59 pm, edited 1 time in total.
LiterallyIronic
Posts: 1577
Joined: Sat Dec 05, 2015 9:36 am

Re: At what age did you reach your first $1 Million

Post by 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
Posts: 584
Joined: Thu Jan 29, 2015 3:34 pm

Re: At what age did you reach your first $1 Million

Post by chicagoan23 »

LiterallyIronic wrote: Tue Feb 07, 2023 4:59 pm 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!
"The Basic Choices for Investors and the One We Strongly Prefer" | | https://www.berkshirehathaway.com/letters/2011ltr.pdf
chicagoan23
Posts: 584
Joined: Thu Jan 29, 2015 3:34 pm

Re: At what age did you reach your first $1 Million

Post by 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.
"The Basic Choices for Investors and the One We Strongly Prefer" | | https://www.berkshirehathaway.com/letters/2011ltr.pdf
User avatar
Brianmcg321
Posts: 1875
Joined: Mon Jul 15, 2019 8:23 am

Re: At what age did you reach your first $1 Million

Post by Brianmcg321 »

Tooth wrote: Sun Feb 05, 2023 3:45 pm At 35. However, a million is the new 100 grand with inflation.
LOL. No it isn't, not for me at least.
Rules to investing: | 1. Don't lose money. | 2. Don't forget rule number 1.
LiterallyIronic
Posts: 1577
Joined: Sat Dec 05, 2015 9:36 am

Re: At what age did you reach your first $1 Million

Post by LiterallyIronic »

chicagoan23 wrote: Tue Feb 07, 2023 5:12 pm
LiterallyIronic wrote: Tue Feb 07, 2023 4:59 pm 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.
Topic Author
SmoothieJ
Posts: 50
Joined: Tue Jun 30, 2020 10:47 am

Re: At what age did you reach your first $1 Million

Post by SmoothieJ »

Sax32 wrote: Tue Feb 07, 2023 4:11 pm 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
Posts: 66
Joined: Tue Dec 26, 2017 10:04 pm

Re: At what age did you reach your first $1 Million

Post by sir_throckmorton »

Age 35 in 2022
ramram22
Posts: 152
Joined: Sun Aug 29, 2021 3:57 am

Re: At what age did you reach your first $1 Million

Post by ramram22 »

AnnetteLouisan wrote: Sun Feb 05, 2023 9:46 pm
davidferrer31 wrote: Sun Feb 05, 2023 9:45 pm 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
Posts: 978
Joined: Tue Dec 15, 2020 10:59 am

Re: At what age did you reach your first $1 Million

Post by strummer6969 »

Deleted. TMI.
Last edited by strummer6969 on Tue Feb 07, 2023 10:44 pm, edited 1 time in total.
Maverick3320
Posts: 1115
Joined: Tue May 12, 2015 2:59 pm

Re: At what age did you reach your first $1 Million

Post by 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.
User avatar
Beensabu
Posts: 5657
Joined: Sun Aug 14, 2016 3:22 pm

Re: At what age did you reach your first $1 Million

Post by Beensabu »

Maverick3320 wrote: Tue Feb 07, 2023 10:28 pm 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:
LiterallyIronic wrote: Tue Feb 07, 2023 6:02 pm
chicagoan23 wrote: Tue Feb 07, 2023 5:12 pm
LiterallyIronic wrote: Tue Feb 07, 2023 4:59 pm 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.
"The only thing that makes life possible is permanent, intolerable uncertainty; not knowing what comes next." ~Ursula LeGuin
gtrplayer
Posts: 860
Joined: Sat Dec 08, 2018 3:13 pm

Re: At what age did you reach your first $1 Million

Post by gtrplayer »

Maverick3320 wrote: Tue Feb 07, 2023 10:28 pm 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
Posts: 4880
Joined: Wed Mar 31, 2010 4:39 pm

Re: At what age did you reach your first $1 Million

Post by Wannaretireearly »

I’d guess age 30 incl house equity?
Perhaps 33-35 not incl house equity.
“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?“
strummer6969
Posts: 978
Joined: Tue Dec 15, 2020 10:59 am

Re: At what age did you reach your first $1 Million

Post by strummer6969 »

Maverick3320 wrote: Tue Feb 07, 2023 10:28 pm 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
Posts: 367
Joined: Wed Oct 07, 2015 2:45 pm

Re: At what age did you reach your first $1 Million

Post by 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 ...
Topic Author
SmoothieJ
Posts: 50
Joined: Tue Jun 30, 2020 10:47 am

Re: At what age did you reach your first $1 Million

Post by 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
Posts: 765
Joined: Thu Jan 24, 2008 12:20 pm
Location: California

Re: At what age did you reach your first $1 Million

Post by 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. 8-) :beer
NiceUnparticularMan
Posts: 6103
Joined: Sat Mar 11, 2017 6:51 am

Re: At what age did you reach your first $1 Million

Post by 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
Posts: 371
Joined: Thu Apr 24, 2014 7:17 pm

Re: At what age did you reach your first $1 Million

Post by 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.
User avatar
White Coat Investor
Posts: 17413
Joined: Fri Mar 02, 2007 8:11 pm
Location: Greatest Snow On Earth

Re: At what age did you reach your first $1 Million

Post by White Coat Investor »

Grt2bOutdoors wrote: Sun Feb 05, 2023 3:51 pm 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.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
User avatar
White Coat Investor
Posts: 17413
Joined: Fri Mar 02, 2007 8:11 pm
Location: Greatest Snow On Earth

Re: At what age did you reach your first $1 Million

Post by White Coat Investor »

ramram22 wrote: Tue Feb 07, 2023 9:55 pm
AnnetteLouisan wrote: Sun Feb 05, 2023 9:46 pm
davidferrer31 wrote: Sun Feb 05, 2023 9:45 pm 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.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
Normchad
Posts: 5648
Joined: Thu Mar 03, 2011 6:20 am

Re: At what age did you reach your first $1 Million

Post by Normchad »

White Coat Investor wrote: Wed Feb 08, 2023 6:20 pm
Grt2bOutdoors wrote: Sun Feb 05, 2023 3:51 pm 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
Posts: 2996
Joined: Wed Aug 15, 2018 6:33 pm

Re: At what age did you reach your first $1 Million

Post by Starfish »

This thread is invaded by poles!
CMD1
Posts: 179
Joined: Tue Nov 28, 2017 7:10 pm

Re: At what age did you reach your first $1 Million

Post by CMD1 »

strummer6969 wrote: Tue Feb 07, 2023 11:07 pm
Maverick3320 wrote: Tue Feb 07, 2023 10:28 pm 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.
User avatar
warner25
Posts: 934
Joined: Wed Oct 29, 2014 4:38 pm

Re: At what age did you reach your first $1 Million

Post by warner25 »

White Coat Investor wrote: Wed Feb 08, 2023 6:22 pm
ramram22 wrote: Tue Feb 07, 2023 9:55 pm
AnnetteLouisan wrote: Sun Feb 05, 2023 9:46 pm
davidferrer31 wrote: Sun Feb 05, 2023 9:45 pm 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
Posts: 2930
Joined: Wed Apr 27, 2022 2:21 pm

Re: At what age did you reach your first $1 Million

Post by billaster »

White Coat Investor wrote: Wed Feb 08, 2023 6:22 pm 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
Posts: 15368
Joined: Fri Dec 31, 2010 8:53 am

Re: At what age did you reach your first $1 Million

Post by stoptothink »

Normchad wrote: Wed Feb 08, 2023 6:26 pm
White Coat Investor wrote: Wed Feb 08, 2023 6:20 pm
Grt2bOutdoors wrote: Sun Feb 05, 2023 3:51 pm 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
Posts: 2996
Joined: Wed Aug 15, 2018 6:33 pm

Re: At what age did you reach your first $1 Million

Post by Starfish »

White Coat Investor wrote: Wed Feb 08, 2023 6:22 pm
ramram22 wrote: Tue Feb 07, 2023 9:55 pm
AnnetteLouisan wrote: Sun Feb 05, 2023 9:46 pm
davidferrer31 wrote: Sun Feb 05, 2023 9:45 pm 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
Posts: 136
Joined: Thu May 14, 2020 9:31 pm

Re: At what age did you reach your first $1 Million

Post by 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
Posts: 1506
Joined: Thu Jan 24, 2013 5:58 pm

Re: At what age did you reach your first $1 Million

Post by MoonOrb »

Age 39.
rule of law guy
Posts: 525
Joined: Mon Jun 07, 2021 9:35 pm

Re: At what age did you reach your first $1 Million

Post by 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.
Never wrong, unless my wife tells me that I am.
Grt2bOutdoors
Posts: 25625
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: At what age did you reach your first $1 Million

Post by Grt2bOutdoors »

White Coat Investor wrote: Wed Feb 08, 2023 6:22 pm
ramram22 wrote: Tue Feb 07, 2023 9:55 pm
AnnetteLouisan wrote: Sun Feb 05, 2023 9:46 pm
davidferrer31 wrote: Sun Feb 05, 2023 9:45 pm 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.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
gips
Posts: 1760
Joined: Mon May 13, 2013 5:42 pm

Re: At what age did you reach your first $1 Million

Post by gips »

White Coat Investor wrote: Wed Feb 08, 2023 6:22 pm
ramram22 wrote: Tue Feb 07, 2023 9:55 pm
AnnetteLouisan wrote: Sun Feb 05, 2023 9:46 pm
davidferrer31 wrote: Sun Feb 05, 2023 9:45 pm 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.
ROIGuy
Posts: 2452
Joined: Sun May 08, 2016 10:10 am

Re: At what age did you reach your first $1 Million

Post by ROIGuy »

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.
Topic Author
SmoothieJ
Posts: 50
Joined: Tue Jun 30, 2020 10:47 am

Re: At what age did you reach your first $1 Million

Post by 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.
Last edited by SmoothieJ on Thu Feb 09, 2023 2:14 pm, edited 1 time in total.
Post Reply