Is it normal around here to have 10 mil in assets by the time you retire?

[Anonymous]

Anonymous wrote:Yes..actually easy to do if you are diligent.

I’m a teacher making $76K a year in my 14th year of teaching. I’ll max out around $100K. Please explain to me how I can have $10 mil in assets by the time I retire. I’m sure all of the nurses, firefighters, police officers, etc., would like to know, as well.

[Anonymous]

10M by retirement. Lol. Probably less than .05 percent in DC area.

[Anonymous]

Most of the upper class would retire once hitting 5-7M range. So you lost a lot of the potential 10M folks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Retired Fed. My magic number was $3 million. I made it and retired before age 60.

3M per spouse? So 6M?

Feds don’t have 6m combined with spouse. No.

[Anonymous]

Yes because of inflation

[Anonymous]

No. It is not normal.

[Anonymous]

So sick and tired of these stupid threads

[Anonymous]

Anonymous wrote:Most of the upper class would retire once hitting 5-7M range. So you lost a lot of the potential 10M folks.

Even at 50?

[Anonymous]

Anonymous wrote:So sick and tired of these stupid threads

IKR? It really makes you question the intelligence of the people who post here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So sick and tired of these stupid threads

IKR? It really makes you question the intelligence of the people who post here.

+1

What is the point?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Who cares? The DC area includes Chevy Chase. It also includes Woodbridge.

Who cares??

We live in Woodbridge and are at 11.2M.

Terrific.

There are people in Chevy Chase who are underwater.

So. What.

[Anonymous]

Very few will ever retire with $10+ in assets. Highly likely it’s less than 1%, maybe .05% or less. Some people make a lot of money, but they also spend a lot of money. If you are living OK on $100k, it would be ideal that your retirement income could replace that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is the average net worth of people in the DC area?

I’m sure you aren’t serious, considering the abject poverty of a large portion of DC’s population.

Or are those not the “people” that count to you?

I was going to say this.

What a bizarre and gross thread.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Retired Fed. My magic number was $3 million. I made it and retired before age 60.

3M per spouse? So 6M?

Feds don’t have 6m combined with spouse. No.

We are at 7.2M and one of us was a fed and another one not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you can save $100k a year for 30 years and it generates an 8% return what does that give you? Does that do it? Who’s good with a calculator? For most people to get to $10m requires saving a lot early on and benefiting from compounding. Or inherit a fortune or marry well!

Who TF can save 100k per year???

We did. We bought a house that only required one income and we’re able to save/invest about 90% of 2nd income which > 100k.