When did you hit $1m in networth?

[Anonymous]

33 and 33, We should hit 1M by years end although savings trajectory has lessened with 2nd kid born this past year.

[Anonymous]

28 and it seemed substantial to me at the time (7 years ago). It was a combination of real estate, salary, being a business owner and good investments, plus spending habits on par with our friends making very substantially less.

It has sky rocketed since then ($7.5M now)

[Anonymous]

Last Thursday. We are still in shock. + 4 million.

[Anonymous]

Anonymous wrote:28 and it seemed substantial to me at the time (7 years ago). It was a combination of real estate, salary, being a business owner and good investments, plus spending habits on par with our friends making very substantially less.

It has sky rocketed since then ($7.5M now)

What kind of a business do you own?

[Anonymous]

Anonymous wrote:Last Thursday. We are still in shock. + 4 million.

... and frankly I am ready to stop saving and start spending.

[Anonymous]

I think we are around $1 mill. I have $470k in my 401(k), $6k in 529 plans, $30k in savings, another $160k in stocks/mutual funds/IRAs. Around $200k in home equity. DH has 401(k) and IRAs, but will take a hit due to prior marriage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We hit it right before the recession. We saw it on mint -- home equity plus retirement accounts = over $1M net worth. Then it slipped away with the recession. Just got it back about a year ago and now we are at $1.075M.

How old were/are you?

I am 50 -- DH got about $300k of that as a buy out in lieu of a pension. $450k is my 401k. House is worth $400k, we owe $200k on it. No other debt. Other savings and investments about $100k or so. HHI about $160k per year. We would be farther ahead but we currently have private school tuition payments. I will have a pension of about $45k a year in the future but that will be taxed, as will all the other sources of income at this point. It would be nice to have something in a Roth but we can't afford it right now.

Although I feel proud that we've saved so much I worry that it's not enough.

[Anonymous]

Anonymous wrote:

Anonymous wrote:28 and it seemed substantial to me at the time (7 years ago). It was a combination of real estate, salary, being a business owner and good investments, plus spending habits on par with our friends making very substantially less.

It has sky rocketed since then ($7.5M now)

What kind of a business do you own?

It's a service business, so specialized that if I told you what it wa you old figure outho I was ( at least narrow me to one 50 or so)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:28 and it seemed substantial to me at the time (7 years ago). It was a combination of real estate, salary, being a business owner and good investments, plus spending habits on par with our friends making very substantially less.

It has sky rocketed since then ($7.5M now)

What kind of a business do you own?

It's a service business, so specialized that if I told you what it wa you old figure outho I was ( at least narrow me to one 50 or so)

If you install generators, you really have to let us know. Cause those guys are hard to get a hold of!

[Anonymous]

Last year, when DH was 35 and I was 38.

[Anonymous]

Anonymous wrote:We hit it right before the recession. We saw it on mint -- home equity plus retirement accounts = over $1M net worth. Then it slipped away with the recession. Just got it back about a year ago and now we are at $1.075M.

Yes, us too. So, for us the first time was age 40 or so, and were back over again now at 45.

[Anonymous]

This is very informative for me, although this is far from a fair statistical study.

I would have guessed that many/most people would cross that threshold in their 50s as their income peaks, they pay off their mortgage and the kids move "off the books."

Instead, it seem like most people who make it to the $1 million level do it in their 30s. If you don't make it, maybe the way to do is to have a steep trajectory rather than counting on a slow and steady climb.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We hit it right before the recession. We saw it on mint -- home equity plus retirement accounts = over $1M net worth. Then it slipped away with the recession. Just got it back about a year ago and now we are at $1.075M.

Yes, us too. So, for us the first time was age 40 or so, and were back over again now at 45.

Ha, we still have saved the Fidelity "all accounts" print out page that just topped $1M in 2008 (and soon went way way down). We were spared total obliteration that some suffered but that print out is just proof of the "here today, gone tomorrow" possibilities.

[Anonymous]

Anonymous wrote:This is very informative for me, although this is far from a fair statistical study.

I would have guessed that many/most people would cross that threshold in their 50s as their income peaks, they pay off their mortgage and the kids move "off the books."

Instead, it seem like most people who make it to the $1 million level do it in their 30s. If you don't make it, maybe the way to do is to have a steep trajectory rather than counting on a slow and steady climb.

I agree, it is very interesting. I am going to guess though that most people who attained this by 40 did so either with family money or have very high paying jobs.

We may be the outliers. We recently reached this milestone in our late 30s (and exceeded) and only have a combined HHI of about $85k. We have close to $500k in home equity by pure luck and timing, plus $200k in retirement and other savings (good savings ethic). But it was a recent inheritance of about $500k that got us past the $1m mark. Without the inheritance I'd still consider our family to have a sizeable net worth given our income but without that family money you'd have to be very frugal and very lucky to collect that much money by 40.

[Anonymous]

Anonymous wrote:This is very informative for me, although this is far from a fair statistical study.

I would have guessed that many/most people would cross that threshold in their 50s as their income peaks, they pay off their mortgage and the kids move "off the books."

Instead, it seem like most people who make it to the $1 million level do it in their 30s. If you don't make it, maybe the way to do is to have a steep trajectory rather than counting on a slow and steady climb.

have a steep trajectory, how?