re: How wealthy are you?

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You can't. Wealth isn't built by saving, it's built by creativity (and/or luck).

I'm not trying to be a smart arse at all, but to get top 1-3% net worth, you can't have a 150k/yr job and save 10%. You've got to get out of the box.

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even then, to have level of savings you are probably needing to have $5m+, if not closer to $10M. i know ppl who sold their companies to fortune 500 that don't have $10M. I think its pretty much unachieveable without family money or starting a business that IPOs or sold to a very high bidder.

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I think its pretty much unachieveable without family money or starting a business that IPOs or sold to a very high bidder.

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Not true. There are many legitimate ways.

Start biz and sell...doesn't have to ipo or sell to Fortune 500

Get job with tech company and be valuable

Get job with Fortune 500 or wall st and prosper

Become a petro engineer and find oil

Be a doctor and open a pain clinic

Etc

It's done all the time. Depending on how you figure it, from 50-70 percent of Forbes 400 are self made...picking up 5-10mm is certainly not unachievable.

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I think its pretty much unachieveable without family money or starting a business that IPOs or sold to a very high bidder.

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Not true. It's very achievable. Of course, its easier in some fields than others.

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Be a doctor and open a pain clinic

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Or work for yourself,manage your money well, be good at what you do, and keep overhead low. Then add a few midlevels and maybe even a pharmacy or two. Perhaps even a nursing home. Next thing you know, you'd have a seven digit income and 8 digit net worth.

Too many docs run up too much debt early on and then spend the rest of their time pissing away money to appear richer than they are. Most are poor businessmen and their egos convince them otherwise and make a bunch of shite investments in things they don't know shite about.

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even then, to have level of savings you are probably needing to have $5m+, if not closer to $10M. i know ppl who sold their companies to fortune 500 that don't have $10M. I think its pretty much unachieveable without family money or starting a business that IPOs or sold to a very high bidder.

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Or you could put every dollar you have in a business that is on the verge of bankruptcy (against the advice of every person you know and trust, including very savvy bankers), work your butt off to turn it around while going sleepless quite a few nights and then selling it to a national, publically traded company for 2X book value for cash + their stock. I guess that is what some people call luck.

1.901

That's a bullshite calculator. Two numbers to determine your wealth? What about dependents, family size, location cost of living? Do you think a $250k salary in NYC is balling? Looks like a gimmick to get you to buy something so you can get the right wealth score.

Really dumb tool. Over 25% of my total compn not including house paymentsystem and I'm only at .5

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UAW, but I have 30 years to catch up. Doesn't help that my real job didn't start until 30.

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I'm in a similar situation, didn't start my career until 29. Thanks to TOPS I still have this: Your Wealth Index (WX) is 0.614

Your Wealth Index (WX) is -0.196

I think I am better off than what the calculator is telling me. There is no way in hell I could possibly have 125k net worth right now.

Paid off 20k in student loans, 20k more to go. 10k left on a car note that is at 1.5% interest. 10k socked away in my Roth, 10k in my checking account.

Not bad for a lowly military officer