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re: For those of you have have made it to this milestone, how old were you when...
Posted on 5/9/21 at 8:07 am to Strannix
Posted on 5/9/21 at 8:07 am to Strannix
quote:
From birth to 32 this was me
About 38 for me. Some people learn the hard way.
Glad both of us are doing better though despite our squabbles on the poliboard
0
Posted on 5/9/21 at 9:42 am to Hammond Tiger Fan
Early 40’s and about $450k in retirement accounts and $125k in house equity. The goal a couple of years ago was $1M in retirement accounts by 50, but we are shooting for 47 now. No massive job loss or market issues and I think we should get there in time.
The hardest part is that we want a new house, and can afford a new house, but every year we stay in our current house we are basically cutting off about a year off of our working years because of the amount we are able to put back to work for us in investments or a rental house.
The hardest part is that we want a new house, and can afford a new house, but every year we stay in our current house we are basically cutting off about a year off of our working years because of the amount we are able to put back to work for us in investments or a rental house.
This post was edited on 5/9/21 at 9:49 am
Posted on 5/9/21 at 10:18 am to TigerGrad2011
Thought the question was how old were you when you crossed the million dollar net worth mark. Not how much do you have and how big is your dick. People with money never talk about money. That said, my answer is 56.
Posted on 5/9/21 at 10:29 am to Hammond Tiger Fan
I’m trying to get back there
Apparently stonks go down too
Apparently stonks go down too
Posted on 5/9/21 at 6:49 pm to Hammond Tiger Fan
I’m 39 so probably around 37 or 38 for me.
Posted on 5/9/21 at 7:25 pm to Hammond Tiger Fan
quote:
you crossed the $1M net worth mark?
I hit it at age 41 in Dec. 2019. It's over $1.5 MM today just 17 months later.
Posted on 5/9/21 at 8:59 pm to Hammond Tiger Fan
Combined wife and myself...
Mother was in banking, I was the kid contributing 10-15% to his 401K at age 22. Didn’t come from much; but, she really drilled in the value of compounding interest.
Missus and I worked in healthcare. Average salary of $75K each.
As for the age I hit $1M, I’m gonna say age 42 +/- 1 year.
I became an entrepreneur at age 40. Not factoring in the value of the company or retirement accounts we are well in excess of $1M in cash and equity between our two homes. Both of which are paid for.
Valuable lessons..
Earning an MBA changed my life. Gave me the confidence to invest in myself and the knowledge to make sound financial decisions.
Debt equals slavery. Things really turned for us when we were effectively debt free. No student loans, no car notes, no mortgage. How did we get there? 3 year car loans and 10-15 year mortgages.
The S&P Index remains the most effective and time proven way to have your money make money. All this crypto and meme shite will ultimately prove to be a flash in the pan.
Mother was in banking, I was the kid contributing 10-15% to his 401K at age 22. Didn’t come from much; but, she really drilled in the value of compounding interest.
Missus and I worked in healthcare. Average salary of $75K each.
As for the age I hit $1M, I’m gonna say age 42 +/- 1 year.
I became an entrepreneur at age 40. Not factoring in the value of the company or retirement accounts we are well in excess of $1M in cash and equity between our two homes. Both of which are paid for.
Valuable lessons..
Earning an MBA changed my life. Gave me the confidence to invest in myself and the knowledge to make sound financial decisions.
Debt equals slavery. Things really turned for us when we were effectively debt free. No student loans, no car notes, no mortgage. How did we get there? 3 year car loans and 10-15 year mortgages.
The S&P Index remains the most effective and time proven way to have your money make money. All this crypto and meme shite will ultimately prove to be a flash in the pan.
This post was edited on 5/9/21 at 9:00 pm
Posted on 5/9/21 at 10:08 pm to wiltznucs
38
Posted on 5/10/21 at 5:45 am to wiltznucs
quote:
Things really turned for us when we were effectively debt free. No student loans, no car notes, no mortgage. How did we get there? 3 year car loans and 10-15 year mortgages.
So you’re telling me you got rid of your car note by getting a permanent car note?
Posted on 5/10/21 at 8:20 am to Upperdecker
He’s saying that he’s not a slave to the lender. Pays his stuff off quick which is right on target. I’ve saved more money in my 50’s than all my other years due to becoming debt free.
Posted on 5/10/21 at 8:52 am to Hammond Tiger Fan
I'll never hit $1M, wife and I combined won't. We don't buy much and live pretty well within our means. I've figured between my 457b, drop money, and stay at home wife's Roth (I contribute to it for her and she has worked in the past and contributed to it) I'll retire with around $600k or so. I'll have a pension for life though. Well at least as it stands now I will. ETA: Just to add, traveling when retiring isn't a "thing" with us. Wife does want to make a trip either to Ireland or Italy, just one or the other. I have lots of family in Guatemala so I'd like once to go there and visit them. Other than that, we will be happy staying home and chasing around grandkids (don't have any yet, but do have 4 kids) that's where we get our happiness.
This post was edited on 5/10/21 at 9:03 am
Posted on 5/10/21 at 10:40 am to Popths
quote:
He’s saying that he’s not a slave to the lender. Pays his stuff off quick which is right on target. I’ve saved more money in my 50’s than all my other years due to becoming debt free.
How is that any different though? Either he has a 3 year lease perpetually, or he can buy a car on a 4 or 5 year note, pay it off, and then have no note. Just bc a lease isn’t actually debt doesn’t mean it’s not a heavy drain on your household budget, and that’s what matters here - the free cash flow
Posted on 5/10/21 at 10:57 am to Hammond Tiger Fan
46 and around half way there....thanks to a bad 1st marriage i have a 12 year "dark ages" period
Posted on 5/10/21 at 11:05 am to tigeraddict
I didn’t read perpetual anything. He’s getting at not having 30 year mortgages or 72 month car notes. Living within your means. That’s what I understood.
Posted on 5/10/21 at 12:32 pm to Popths
quote:
I’ve saved more money in my 50’s than all my other years due to becoming debt free.
Ok, but that money saved earlier in life (by investing it instead of putting extra towards debt) is worth way more than what you saved in your 50s.
Psychologically it can be great to get rid of debt. No argument there. And to some (most?) people that’s worth it. But at interest rates we have seen over the last several years, paying off debt early is inefficient. Being in debt doesn’t necessarily make you a slave to it. Debt can be a very powerful wealth building tool if you understand how to use it.
Posted on 5/10/21 at 1:21 pm to Popths
quote:
I didn’t read perpetual anything. He’s getting at not having 30 year mortgages or 72 month car notes. Living within your means. That’s what I understood.
But living within your means usually means buying a car that you can afford. Usually so you aren’t making a car payment. The guy said he lives off of 3 year leases, meaning he’s always making a car payment
Posted on 5/10/21 at 1:26 pm to Upperdecker
quote:
3 year car loans
Posted on 5/10/21 at 2:12 pm to Hammond Tiger Fan
Our investment accounts should cross the $1mm mark in four years. I will be 41 then.
Posted on 5/10/21 at 2:19 pm to Hammond Tiger Fan
54.
Posted on 5/10/21 at 2:25 pm to Hammond Tiger Fan
38
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