quote:
By 30 a professional should be somewhere around 1/2 million dollars net worth.

Double that by 40, double again by 50 and double again by 60, IMO.

The stats wouldn't back that up. I know too many professionals IRL who aren't close to those ranges, much less halfway there. Get a job with a PE firm, a physician with a high paying specialty, and don't blow shite tons of $ along the way, etc, maybe. Lawyers, bankers, CPA's, no unless they have gotten cashed out of a ton of options or sold a high valued business they held a significant stake in. Last I saw having a NW of $2M puts one in the top 3% in the US.

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Posted by Beerinthepocket

Dallas

Member since May 2011

856 posts

Posted on 7/28/13 at 6:40 pm to tirebiter

Law: $100k+ starting at age 25 at the big firms.

CPA: $55k starting at age 23 at the big firms.

Banking: $90k+ with the big firms starting at age 22.

So it's doable in all three of the careers you just stated that its not. Also, selling a business would not have an effect on your net worth if sold at fair value, as the cash you receive would be equal to the fair value of the company you previously owned.

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Posted by SmackoverHawg

Member since Oct 2011

27381 posts

Posted on 7/28/13 at 6:34 pm to tirebiter

quote:
many professionals IRL who aren't close to those ranges, much less halfway there. Get a job with a PE firm, a physician with a high paying specialty, and don't blow shite tons of $ along

This is the key. Not blowing shitloads of money. I lived beneath my means and invested. Most professionals, like most people in general, overspend. I know an ortho that make about 800k yr and lives paycheck to paycheck.

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