Are you a millionaire?

post reply Forum Index » Money and Finances

◄ 1 2 3 ... 9 10 11 12 ► Go

Go to page...

01/27/2026 06:56

Subject: Are you a millionaire?

quote

Anonymous

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Age 39, partner a bit younger. I hit $1M at 28. No inheritance. Our combined NW is $24M now (75/25 split), about 700K in real estate.

The past decade has been a crazy ride of high compensation and market returns. The past few years in particular have seen big returns that makes us worry about a crash.

We've debated retiring early but we have young kids and role modeling having jobs seems important. Also I don't know what we'd do during the day while the kids are at school since all our friends and people in our age group work.

And before anyone asks, yes we're real and yes we live in the DMV.

I am very interested in what industry is paying a 28 year old enough to accumulate $1 million net worth.

DP:
mid 50s now. At age 22, my spouse and I were both making $40-45K. We were CS/Engineering. We paid off $80K in student loan debt in 2 years and saved another $30K for a house downpayment, all while investing for retirement (and getting the company match---our first company matched 6%). By age 30, I was making $100K (including bonus), spouse was making $250K. So yes, even without any stock options, we were worth over $1M by age 30 as a couple. Had we not had student loan debt, we would have another $200K (invested that money and it would have more than doubled in 7-8 years).

However while we were making $80-90K as a couple, we drove older cars (think Sentra/civic level) and our rent was only $1K for a 2 bedroom in Chicago decent suburbia---sure there were nicer apartments, but this was good enough and was nicer than what we lived in for college or grad school, so we did it to save.

So the key is to marry well (that is a choice anyone can make) and live below your means as you save for the future. And then continue to save for kids college and by time they are 10, you are set and can start living much more. Vacations with a 10 and 6 yo are much more meaningful than with a 2 and 6 yo.

Adjusted for inflation $250K in 2000 is $500K today. $100K in 2000 is $200K today.

And your point?

I was an engineer at a large company in Chicago area (back when they had over 200K employees worldwide--most will figure out what company it was). I had my Masters (Because first company required it and paid for it, so heck yeah, I'm getting it) For people in the STEM areas, that was not unusual, and still isn't. You have choices in what you do with your career. I guess I got lucky that math/science was my thing and I was amazing at it. But I also worked hard to advance, get promotions, etc.

But yes, a 30 yo with a BS and MS and 7 years experience would easily be making $200K today (or they should in a major metro area).

And the 2000 sq ft 4 bed/2.5 bath house we bought in 1996 for $200K and sold for $245K in 2001, last sold in 2023 for $475K. In an area with good schools but not Top notch. But I would still send my kids to them without any issues.

So again, not sure of your point? Other than yes, we were a STEM couple so we make more than the average couple. But that's a choice. I know plenty of STEM couples, or one STEM one Nurse (they make $150K+ more if they work weekends/night shifts).
And if we were not able to make that much, we would have lives within our means so we could afford life. As everyone should do.

If you choose a career where you start at $40K (now in 2026) and will top out at $80K, then you have choices. You can choose to marry someone with a better paying career, stay single and go it alone or marry someone with a similar or lesser paying career. Either way the key is to LIVE WITHIN your MEANS. And save early! The living like grad students until we were 28+ allowed us to pay off debt and save well for retirement. an extra $5K into retirement at 24 is worth much more than $15K/year at age 40. Invest early, enjoy life without spending a ton, and you will reap the benefits in your 40s/50s/beyond.

When I was a civil engineer in Brooklyn NY, I don't think more than 5 people earned $200k. And we are talking about folks with years of experience. Perhaps in DC engineers get paid extraordinarily well. I know engineers in other fields as well in NY and they are nowhere near $200k.