39 and 365k net worth
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Anonymous
| I feel so behind!! How can I get to a million faster? |
Anonymous
| What is the money invested in? How long did it take? |
Anonymous
|
1.make more money
2.spend less money It’s that easy. And yes you’re behind |
Anonymous
| Save more |
Anonymous
| You're doing well! |
Anonymous
| Depends on what part of the country you live in. |
Anonymous
They’re not very behind if that’s 365k invested. By 65, that’s over $2M in current dollars at 7% returns without any more contributions. This is well above the median of retirees. |
Anonymous
| OP here. Do I need to stop making contributions? Or do I need to add more? |
Anonymous
7% real returns over the next two decades starting from today is very unrealistic. We're at a peak right now. |
Anonymous
Why would you stop? You need to max all 401K and IRA contributions available to you, plus put any surplus into taxable accounts. Is there any way to cut expenses and/or earn extra? |
Anonymous
If you are this dumb about money at 39 you need to start talking to an advisor ASAP. |
Anonymous
No, it’s not. 7% is actually a conservative estimate based on over 100 years of data. It accounts for the Great Depression and the Great Recession. |
Anonymous
| I am WAY behind you and have three kids. You do what you can do. |
Anonymous
+1 Just spoke with a fairly highly regarded financial planner the other day and he is using 2% real for future returns. I have a global stock portfolio and use 4% real. |
Anonymous
Use historical single country data at your own peril. The future is unknown and you are also ignoring crazy valuations. |