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

[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).

[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?!

Apple for us. We invested very little a long time ago, because we didn't have much, and that's why we're *only* at 20M. Perhaps you aren't very well versed in which companies have done extremely well for our generation, but if someone tells you they made their current wealth over decades of modest stock market investment, it's likely Apple. It's the only company that fits the bill. If someone tells you they made a fortune recently in the stock market, it's likely crypto. And so on and so forth...

Congrats on AAPL but there are many companies that have performed just as well if not better than AAPL in the last two decades. Check out a company called Intuitive Surgical (ISRG). We bought ISRG very heavily early (in the early 2000s) as my husband is a urologist and it's now worth about $32M. Life is good.

[Anonymous]

Anonymous wrote:

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.

Converting a bit at a time even before I hit 73. Roths weren't available when I started at the federal government in 1991 so not much more I can do.

[Anonymous]

Anonymous wrote:

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.

I don't understand this comment. I posted elsewhere in the thread because with my spouse we are just below $15 M. Do you somehow think that if I have $3.9 million in my TSP that we don't have $15 M? Where's the logic in your comment?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

I don't understand this comment. I posted elsewhere in the thread because with my spouse we are just below $15 M. Do you somehow think that if I have $3.9 million in my TSP that we don't have $15 M? Where's the logic in your comment?

The logic is that you’re supposed to emphasize in every post that you saved $15M from your government salary all without an inheritance because you shop at Aldi.

But, you’re failing even by asking the question.

[Anonymous]

Is $15 Million really enough to retire these days?