re: At what age did you become a millionaire

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Those of you who made $1M (without inheriting it), how did you get there? Are you a brain surgeon? Do you live way beneath your means? Do you day trade on the side? 

I'm more interested in the "how" than the "when."

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my wife was an attorney at a new york firm in the mid 2000's. We were in our 20's then and it gave us a big head start in our savings. It didn't hurt that we lived in student housing at the time which saved a ton of money.

Since then I was able to get an ex pat position overseas which was the next big surge in savings.

Those two things were the main factors. It wasn't anything gimmicky, just married right and had some good luck.

Well, I figure it took me about 20 yrs to make a million. After raising four kids, two daughters married, one in college, I don't actually have that million any more. But I think I'll retire ok. I won't be rich but I won't starve either.

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Those of you who made $1M (without inheriting it), how did you get there? Are you a brain surgeon? Do you live way beneath your means? Do you day trade on the side?

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I've inherited/gifted about 100k out of my almost million... I drive a 12 year old honda... I started contributing to my roth IRA in my early twenties... I never used my work HSA account... I've always taken full advantage of company 401k match .. the only debt I've ever carried is a couple of mortgages .... I own a rental house and clear +20% annual return .... I've started picking better stocks and trading them well... I do all my shopping on slickdeals.net ... groceries from walmart and aldi .... we don't make dumb purchases ... Lastly, my late mother was very savvy with money and taught me a lot ....

My wife got a million dollar business loan 2 yrs ago, does that count?

Got there at 37. No inheritance just a good job, minimal debt, and saved a good portion of my paycheck for last 15 years

When I got married

ETA: I didn't marry a rich girl. I simply married someone who saved like I did. Therefore, when we put our nest eggs together, viola.

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We simply live below our means, avoid debt, save most of my raises along the way and limit lifestyle inflation. Too many Americans are too busy wealth signaling to strangers that they don't save and invest what they've earned. Having a spouse with the same outlook is also key. This book reinforced our approach and helped us stay the course and gain momentum.

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this

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I can't wait to say the second million was much easier then the first.

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It is. And the 3rd is easier than the second and gets ever easier from there. Letting that money work for you

And 33.

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I'm not there yet, but should be in 2-3 years. I started by graduating without loans, which allowed me to save money aggressively early in my career. After college, I always kept a roommate which wasn't ideal but I did keep my expenses down. Once I saved 20%, I bought a multi-unit house to finally live alone while keeping my expenses down. I was living nearly rent free and building equity. My career improved over time and my increases went to savings. Eventually got married (this more than doubled my household income) allowing us to buy another house and maintaining the rental property. My wife and I are very aggressive savers but still enjoy our youth (relative) and DINC lifestyle. Neither of us drive a car over $30k (I'm a lifelong toyota driver), and our house is inexpensive compared to our income. We're fortunate enough to be able to live off of either of our income and save the rest. Our primary goals now are to retire her student debt(7-8 years) and saving for our next/long term house. Her student debt expense is $600/mo higher than our mortgage payment. Our lives will be completely different once that is finished.

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i literally could have made that post

We’re millionaires now, not far from billionaires now...

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We simply live below our means, avoid debt, save most of my raises along the way and limit lifestyle inflation. Too many Americans are too busy wealth signaling to strangers that they don't save and invest what they've earned. Having a spouse with the same outlook is also key. This book reinforced our approach and helped us stay the course and gain momentum.

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That times a million. And this goes for all income levels. Stay behind your income. Don't deprive yourself, but don't blow money on shite that's just for show. Invest it in things that will allow you more enjoyment in life than just a status symbol. Avoid debt, but if you have to assume debt, make sure it's "good" debt. Tax deductible and for something that will increase in value and not depreciate. I consider myself debt free because I'm not upside down on anything. My debt is my home, second home which was bought after the housing crash at a deep discount, construction and business loans for the wife and I's businesses and a zero percent loan on my truck. We got all those at very low rates and considering our tax bracket, it essentially costs us half the stated rate due to the tax benefits. Any nondeductible debt is serviced immediately to avoid interest. And when something is paid off, we roll that into another payment instead of squandering that "free money".

Max out tax favorable retirements options. Any investments outside of that, try to keep as tax favorable as possible. Don't be scared to take on debt if you have a good business idea either. Some people are too debt phobic. Owning your own business is a great way to really hit those milestones fast, but that's not for everybody. But the same advice goes for running a successful business. Don't spend more than you make. Watch CASHFLOW!!!!! Reinvest money back into your business instead of spending it on all that shite you don't need mentioned earlier. Not only does it grow the value of your business and income, if done correctly it can decrease your tax burdens.

But as stated again and again, no magic bullet. Spend less, save more. Don't be afraid to invest in yourself. But enjoy life!!!!! Don't be too frugal. But I can honestly say, the shite I enjoy the most don't cost much or can be done on a lower budget. Luxury is overrated to a great degree.

Except 1st class airline tickets on long arse flights...that IS worth it.

ETA...sorry Guess I mistook this for a subtle brag thread.