re: A different take - When did your net worth pass $1 million?

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Ascension Parish... there are too many variables to really get a good long term outlook on the future of independent pharmacy... the short term, it's fine...

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I agree it is tough to predict how the pharmacy industry will go. But I am starting to think independents may be more viable in the coming years due to the majors emphasizing pushing volume rather than providing a service (consultation). They simply don’t have time.

In Europe the pharmacies serve some of the same purposes as a redimed (doc in a box). It helps that they can give out many things that would require a prescription here.

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And saving is worthless if you have a spending problem when you retire.

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If you are not saving/investing you are probably not going to be able to retire.

When I was 35. I am a couple years older now and at 1.9

600K in real estate ( spread over 5 properties)

250K in retirement accounts

150K in liquid cash in bank (I know that is too
Much and need more invested...working on that)

900K value of business owned. Business is very subjective but I wouldn't sell it for less than that. Would prob ask more. That is my "I'll just keep it price" though. That's two times cash flow and I think that's very fair. I'd like to get closer to threetimes cash flow actually. But I'm not selling anytime soon so it doesn't matter.

Not including personal effects like autos owned and other belongings. If that counts it would be just north of 2M

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It seems 90% of the OT make north of $100,000. A salary is worthless if you do not save though.

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Probably 10% of the OT actually makes that much. Maybe .1% have a million dollars of total assets.

I think the question is biased and no situation is comparable.

Take mine for instance.

My wife and I are both physicians. Both of us were in training and making about 40k each until we were in our early 30’s. There is no amount of financial planning that was going to do anything for us. We had kids and almost ZERO money to invest and spend. Our wealth plan was trying to keep the savings account with 5 grand in it for an emergency.

Once we finished, we immediately began bringing in almost 500k a year combined. Couple that with two other VITAL factors and we were destined for success. Those factors?

1. We are committed to each other and will never divorce.
2. My wife is a bigger tightwad than me. She hates spending money.

Those two factors (divorce and how you handle money) will either build wealth or drain wealth.

Most of my current $$ situation was predetermined (I believe by God but you can believe what you want). My wife and I were born smart and love science. Our jobs were going to be $$ secure. We were both also born into lower middle class families and don’t have a desire to impress anyone. We are both long term planners by our nature.

Add it all up, we were worth a million by 35. But it’s not a fair comparison to most other people. I did not decide to love science, I did not decide to love saving, and I did not decide to be born in a society that pays STEM majors well.

I don’t consider myself better than anyone else around me. I don’t consider myself smarter than anyone else around me. I do consider myself more fortunate than those around me because I made a very important decision 25 years ago.

I did not marry a woman who spends money likes it’s on fire.

That fact changed the course of my future more than anything else.

When I came in 5th at The Shell Houston Open a few years back.

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When did your net worth pass $1 million

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When I was born.

Never.