Do many households here have $15 M net worth or more?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Hey op, you surprised to see the predictable bs replies ?

The only BS replies are ones like yours. Others are actually replying to the OP's question. 20M here, OP. No inheritance or high income. A lifetime of investment, that's all.

These are what shock me the most.

I can buy that certain careers lead to $20M by say, 50 ($5-10M HHI a year = hedge fund, private equity).

I get that certain careers lead to $8-10M by 50 ($2-3M HHI = very successful in BigLaw, consulting, executives at large companies, maybe FAANG SWE).

But what surprises me is when people are not high income, didn't have an inheritance and get to $20M. Even someone making $2-3M (like the big law lawyer) is still going to struggle to get to that $20M figure. What exactly are you investing in?!

The TSP C fund. I have $3.9 million in there after 30 years of putting 80% of my pretax contributions in there.

[Anonymous]

Anonymous wrote:OP, we are a two lawyer couple (my spouse is now retired) and we are below $15M net worth. I'm 60, spouse is 63. It's relatively rare.

How much did you invest annually when both working?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Hey op, you surprised to see the predictable bs replies ?

The only BS replies are ones like yours. Others are actually replying to the OP's question. 20M here, OP. No inheritance or high income. A lifetime of investment, that's all.

These are what shock me the most.

I can buy that certain careers lead to $20M by say, 50 ($5-10M HHI a year = hedge fund, private equity).

I get that certain careers lead to $8-10M by 50 ($2-3M HHI = very successful in BigLaw, consulting, executives at large companies, maybe FAANG SWE).

But what surprises me is when people are not high income, didn't have an inheritance and get to $20M. Even someone making $2-3M (like the big law lawyer) is still going to struggle to get to that $20M figure. What exactly are you investing in?!

I've made over a million dollars just on NVDA and Amazon since 2022.

[Anonymous]

Anonymous wrote:You can become quite wealthy without a very high income if you spend a lot less than you do earn and consistently and sensibly invest the excess over a long period of time. The time value of money is very powerful. As Einstein said, compound interest is the 8th wonder of the world.

Save $1M, add $1K/month for 40 years, earn an average of 10% annually (the historical long-term return of the stock market) and end up with $50.5M.

40 years is a long time, so patience, focus, and discipline is required, as is the initiative to accumulate that initial $1M. But it can result in a very comfortable, financially secure retirement.

Other than a single year late in life we've not had annual income approaching 7 figures. Making $350-$400HHI for decades and investing consistently pays off.

At 25, I got out of grad school and had a negative net worth. At 38, my joint NW with my husband reached $1 million. 6 more years until $2 million 4 more years after that for $3 million total NW. If you're lucky enough not to need to liquidate investments in a long bull market, that can happen.

[Anonymous]

Anonymous wrote:The stock market performance of the last 10 years can make anyone who saves look like investing geniuses.

This. Our net worth has increased from $5M to over $13 M since 2017 because we save 30 or 35% of our income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, we are a two lawyer couple (my spouse is now retired) and we are below $15M net worth. I'm 60, spouse is 63. It's relatively rare.

How much did you invest annually when both working?

About $100K between our contributions and employer contributions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Hey op, you surprised to see the predictable bs replies ?

The only BS replies are ones like yours. Others are actually replying to the OP's question. 20M here, OP. No inheritance or high income. A lifetime of investment, that's all.

These are what shock me the most.

I can buy that certain careers lead to $20M by say, 50 ($5-10M HHI a year = hedge fund, private equity).

I get that certain careers lead to $8-10M by 50 ($2-3M HHI = very successful in BigLaw, consulting, executives at large companies, maybe FAANG SWE).

But what surprises me is when people are not high income, didn't have an inheritance and get to $20M. Even someone making $2-3M (like the big law lawyer) is still going to struggle to get to that $20M figure. What exactly are you investing in?!

I've made over a million dollars just on NVDA and Amazon since 2022.

Hope you took some profits.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You can become quite wealthy without a very high income if you spend a lot less than you do earn and consistently and sensibly invest the excess over a long period of time. The time value of money is very powerful. As Einstein said, compound interest is the 8th wonder of the world.

Save $1M, add $1K/month for 40 years, earn an average of 10% annually (the historical long-term return of the stock market) and end up with $50.5M.

40 years is a long time, so patience, focus, and discipline is required, as is the initiative to accumulate that initial $1M. But it can result in a very comfortable, financially secure retirement.

Other than a single year late in life we've not had annual income approaching 7 figures. Making $350-$400HHI for decades and investing consistently pays off.

At 25, I got out of grad school and had a negative net worth. At 38, my joint NW with my husband reached $1 million. 6 more years until $2 million 4 more years after that for $3 million total NW. If you're lucky enough not to need to liquidate investments in a long bull market, that can happen.

You are 48 and your net worth is only $3M after making $350k-$400k for decades? Where is your money going?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You can become quite wealthy without a very high income if you spend a lot less than you do earn and consistently and sensibly invest the excess over a long period of time. The time value of money is very powerful. As Einstein said, compound interest is the 8th wonder of the world.

Save $1M, add $1K/month for 40 years, earn an average of 10% annually (the historical long-term return of the stock market) and end up with $50.5M.

40 years is a long time, so patience, focus, and discipline is required, as is the initiative to accumulate that initial $1M. But it can result in a very comfortable, financially secure retirement.

Other than a single year late in life we've not had annual income approaching 7 figures. Making $350-$400HHI for decades and investing consistently pays off.

At 25, I got out of grad school and had a negative net worth. At 38, my joint NW with my husband reached $1 million. 6 more years until $2 million 4 more years after that for $3 million total NW. If you're lucky enough not to need to liquidate investments in a long bull market, that can happen.

You are 48 and your net worth is only $3M after making $350k-$400k for decades? Where is your money going?

No sorry I'm 62. When I was 48 and my husband was 50 our NW was $3 million. We made about 200-250 per year up until ages 48/50.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The stock market performance of the last 10 years can make anyone who saves look like investing geniuses.

This. Our net worth has increased from $5M to over $13 M since 2017 because we save 30 or 35% of our income.

Yep. These are the things you’re not taught in most MC families. Had to learn about the rule of 72 on my own and thank god I did in my late 20s. MC finance just teaches to save in a HYSA or bonds for life and totally skips the equities piece (VOO, VTI, etc). If you don’t have broad diversified equities exposure you’re on the wrong side of the K shaped economy.

[Anonymous]

The problem is it was hard for most to get that initial $1 Million invested 25+ years ago. If you invested $500,000 around 1995-2000 in the stock market, you'd easily have nearly $10 M now. But most people needed that money for a house or for kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The stock market performance of the last 10 years can make anyone who saves look like investing geniuses.

This. Our net worth has increased from $5M to over $13 M since 2017 because we save 30 or 35% of our income.

Yep. These are the things you’re not taught in most MC families. Had to learn about the rule of 72 on my own and thank god I did in my late 20s. MC finance just teaches to save in a HYSA or bonds for life and totally skips the equities piece (VOO, VTI, etc). If you don’t have broad diversified equities exposure you’re on the wrong side of the K shaped economy.

Oh I you can be taught that until the cows come home. It is not rocket science. The hard part is actually doing it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Hey op, you surprised to see the predictable bs replies ?

The only BS replies are ones like yours. Others are actually replying to the OP's question. 20M here, OP. No inheritance or high income. A lifetime of investment, that's all.

These are what shock me the most.

I can buy that certain careers lead to $20M by say, 50 ($5-10M HHI a year = hedge fund, private equity).

I get that certain careers lead to $8-10M by 50 ($2-3M HHI = very successful in BigLaw, consulting, executives at large companies, maybe FAANG SWE).

But what surprises me is when people are not high income, didn't have an inheritance and get to $20M. Even someone making $2-3M (like the big law lawyer) is still going to struggle to get to that $20M figure. What exactly are you investing in?!

The TSP C fund. I have $3.9 million in there after 30 years of putting 80% of my pretax contributions in there.

Then you're doing it wrong. This is thread about all of those around you, with your salary provided your married, with $15M.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Hey op, you surprised to see the predictable bs replies ?

The only BS replies are ones like yours. Others are actually replying to the OP's question. 20M here, OP. No inheritance or high income. A lifetime of investment, that's all.

These are what shock me the most.

I can buy that certain careers lead to $20M by say, 50 ($5-10M HHI a year = hedge fund, private equity).

I get that certain careers lead to $8-10M by 50 ($2-3M HHI = very successful in BigLaw, consulting, executives at large companies, maybe FAANG SWE).

But what surprises me is when people are not high income, didn't have an inheritance and get to $20M. Even someone making $2-3M (like the big law lawyer) is still going to struggle to get to that $20M figure. What exactly are you investing in?!

The TSP C fund. I have $3.9 million in there after 30 years of putting 80% of my pretax contributions in there.

Ouch. Good luck with those RMDs.

[Anonymous]

About $17M. Almost all due to investing a lot in individual stocks (mostly biotech and pharma).