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re: For those of you have have made it to this milestone, how old were you when...
Posted on 5/12/21 at 8:12 pm to Hammond Tiger Fan
Posted on 5/12/21 at 8:12 pm to Hammond Tiger Fan
quote:
For those of you have have made it to this milestone, how old were you when...
you crossed the $1M net worth mark?
I know there are a lot of variables that play into this, but I just wanted to get an idea of how long it takes to make it for the average, fiscally responsible, middle income household.
Im close to it on net worth. I have a small business with about 200k in cash, selling my assets minus my land and building for 325k next month, the building and land is worth around 400k-500k, my house is almost paid off but not worth nearly as much, around 125k, i have about 50k in investments. Small business is getting harder everyday so I am taking a job with retirement and I won't have to deal with managing a bunch of spoiled shite for brains anymore while breaking myself.
ETA, I'm 43. Retirement is my biggest concern down the line.
This post was edited on 5/12/21 at 8:13 pm
0
Posted on 5/12/21 at 8:15 pm to Jake88
quote:
150k isn't that much. Even with a modest lifestyle you aren't hitting 1 mil without something else like inheritance, etc.
Not true at all lol
Posted on 5/12/21 at 9:10 pm to Hammond Tiger Fan
31, my NW is ~350k.
Just married, wife finishes grad school soon with no debt & should make close to 100k.
Thinking we hit 1M in 4 years or so.
Just married, wife finishes grad school soon with no debt & should make close to 100k.
Thinking we hit 1M in 4 years or so.
Posted on 5/12/21 at 9:14 pm to LSUmajek
SOB I’m 28 and got my head a lil over 6 figs 
Posted on 5/12/21 at 9:17 pm to jimbeam
31
Prolly 100k or so in the hole.
I'm not good at money.
Prolly 100k or so in the hole.
I'm not good at money.
Posted on 5/13/21 at 10:24 am to DownshiftAndFloorIt
I probably shouldn’t post drunk 
Posted on 5/14/21 at 7:30 am to Hammond Tiger Fan
At about age 49. I didn’t really think about it till I added up my vanguard and fidelity accounts.
I called my Dad because he helped me with my first IRA when I was 18 and helped me get started.
That’s one of the many things he taught me.
I’m not including my wife’s investments nor our other assets.just strictly cash.
What’s amazing is that it’s at about 2.7 currently.
I called my Dad because he helped me with my first IRA when I was 18 and helped me get started.
That’s one of the many things he taught me.
I’m not including my wife’s investments nor our other assets.just strictly cash.
What’s amazing is that it’s at about 2.7 currently.
This post was edited on 5/14/21 at 7:55 am
Posted on 5/14/21 at 7:53 am to LSUmajek
quote:
31, my NW is ~350k.
Just married,
So make that $175K
Posted on 5/14/21 at 9:20 am to Gorilla Ball
Why the downvote? It was a honest answer to a question? I would think that the money board would be a place that adults could ask a question and expect a honest answer. This isn’t the OT.
Simply nuts.
Simply nuts.
Posted on 5/14/21 at 3:07 pm to Powerman
quote:
Probably going to take me until 50 because of an almost unlimited list of poor life choices.
that was me
poor financial decisions coupled with a divorce and the attendant child related obligations put me in a massive hand to mouth hole all thru my 30s and 40s. But I made to 2 commas in my early 50s and you can too
Posted on 5/14/21 at 7:20 pm to Hammond Tiger Fan
29
I put a 10k investment In 2003 into HANS (Hansen Natural Beverage) which is now MNST energy drinks.
I’m not going to tell you guys how much I made because I am actually a quite humble guy to some of your surprise.
I lost a lot of it back during the GFC in 2008 buying bank stocks while trying to catch a falling knife. One of them actually went completely under, but trading the swings in that market taught me a lot about the market, fear and greed, and a lot about life too. I have also struggled with gambling addiction since I was 14 years young.
I put a 10k investment In 2003 into HANS (Hansen Natural Beverage) which is now MNST energy drinks.
I’m not going to tell you guys how much I made because I am actually a quite humble guy to some of your surprise.
I lost a lot of it back during the GFC in 2008 buying bank stocks while trying to catch a falling knife. One of them actually went completely under, but trading the swings in that market taught me a lot about the market, fear and greed, and a lot about life too. I have also struggled with gambling addiction since I was 14 years young.
This post was edited on 5/14/21 at 7:28 pm
Posted on 5/14/21 at 9:24 pm to Hussss
Thanks for sharing
Posted on 5/15/21 at 1:25 am to Hammond Tiger Fan
Not sure but always had a goal of hitting $1M in cash/retirement accounts by 40. I missed that but probably had over a $1M net worth when factoring in home principal. Great thing about compounding interest is the 2nd, 3rd, 4th, etc. million are way easier to attain. At 49 the retirement accounts are over $2M and the taxable accounts are at $1.1 million. Both homes are paid off and have a combined value of $1.1 million. I started my career after graduation in 1993 making $25k and was 30 before I ever made $100k. Did it the slow, boring way of maximizing my 401K contributions every year I have worked, Roth IRAs, and paying down mortgage debt to be completely debt free at 45. I have never bought a new vehicle and have never taken out a car loan. My dad was a public school teacher and my mom did not work so money was tight growing up. My mom taught me that if you really want something, you will still want it when you can pay cash for it. Credit for "wants" was always viewed negatively by her and that has stuck with me to this day. My wife was not a fan of this early in our marriage but is enjoying the benefits of living that way early on so that we can pretty much do whatever we want now without stressing over money.
Posted on 5/15/21 at 7:03 am to Hammond Tiger Fan
Married so likely makes it easier. 39 now but passed the net worth threshold at 37 but the past 2 years have really accelerated things. Now investable assets are above that. For me I began saving immediately out of college at my 23k a year job. 7 years ago I was fired from my job (my mouth got me in trouble) but I got lucky and got a new job that now pays multiple of what I was earning. Continued to build and now put 35% of gross income to some form of investment.
My advice for others is to force yourself to live pay check to pay check by paying yourself first. Focus on good debt vs bad debt. Don’t be afraid to have debt if it pays for itself. Keep a solid core portfolio but use 10-15% for risk on speculative investments. Lastly, treat yourself to nice things occasionally or when you hit a milestone/achieve something so that you can keep grinding.
My advice for others is to force yourself to live pay check to pay check by paying yourself first. Focus on good debt vs bad debt. Don’t be afraid to have debt if it pays for itself. Keep a solid core portfolio but use 10-15% for risk on speculative investments. Lastly, treat yourself to nice things occasionally or when you hit a milestone/achieve something so that you can keep grinding.
Posted on 5/15/21 at 8:01 am to CaptainJ47
Agreed 100%
Posted on 5/15/21 at 8:45 am to Hammond Tiger Fan
quote:
you crossed the $1M net worth mark?
hmmm not sure when...
most of our net worth is in retirement and house...and my construction company... not a lot of cash laying around
I am 55 wife 48...
I think we hit million net worth about 6 years ago...
we're doing better than we ever have but we're sending kids to college this year...
so it all feels like it always has, money in, money out...
My greatest regret is not learning how to get my money to make more money ...
my attempts have always been failures
Posted on 5/15/21 at 9:45 am to ApexTiger
quote:
most of our net worth is in retirement and house...and my construction company... not a lot of cash laying around
I wouldn't feel bad. I think that's common. And you'll be glad when you retire.
What type of construction do you do? I'm also in construction (not my company, I'm just an employee) and am in the Apex area now.
Posted on 5/15/21 at 9:55 am to Hammond Tiger Fan
As a household? 36
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