Are you a millionaire?

[Anonymous]

Anonymous wrote:37/39
NW $8M, $7M liquid
Hit $1M around 28.

No inheritances but also no student loans

How - PE? Startup options?

[Anonymous]

- 47/51
- probably hit $1m in our early 30s
- i inherited $200k when i was a teen, used it to buy a house at 25
- my parents paid for school and grad school for me, DH got $40 from his mom the day he left for college and the rest was debt for college and grad school
- just did the math last week, and figured out we passed the $10m mark on liquid assets
- also have $2m in unvested stock and probably $2m-ish in home equity

[Anonymous]

Anonymous wrote:I urge everyone to Google the share of Millionaires in the DMV. This thread makes it seems like every other person is a millionaire in the DMV lol.

Women love to underestimate what other people are making. Especially women who took mom track jobs or left their careers.

Google says that there are 15,000 lawyers at biglaw in DC. Which seems low if anything. Because there are more than 100 biglaw firms in DC, and i'd bet most have more than 200 lawyers. But even if 15,000, 2/3 of those are going to be senior enough to have $1m. So there are 10,000 people right there- active lawyers in biglaw senior positions.

I don't think i could name a friend in my age cohort who doesn't have $1m. It's a pretty low threshold these days.

[Anonymous]

55/61

$4mil without house or kids 529; $5mil with house

I don't recall when we hit $1mil mark.

[Anonymous]

Anonymous wrote:$2.5 M not including house, but I am a widow; have $250K on mortgage, 2.5 interest rate

Similar, except only $100K on mortgage, 2.75 interest rate.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I urge everyone to Google the share of Millionaires in the DMV. This thread makes it seems like every other person is a millionaire in the DMV lol.

Women love to underestimate what other people are making. Especially women who took mom track jobs or left their careers.

Google says that there are 15,000 lawyers at biglaw in DC. Which seems low if anything. Because there are more than 100 biglaw firms in DC, and i'd bet most have more than 200 lawyers. But even if 15,000, 2/3 of those are going to be senior enough to have $1m. So there are 10,000 people right there- active lawyers in biglaw senior positions.

I don't think i could name a friend in my age cohort who doesn't have $1m. It's a pretty low threshold these days.

Sounds like you should make some normal friends.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I urge everyone to Google the share of Millionaires in the DMV. This thread makes it seems like every other person is a millionaire in the DMV lol.

Women love to underestimate what other people are making. Especially women who took mom track jobs or left their careers.

Google says that there are 15,000 lawyers at biglaw in DC. Which seems low if anything. Because there are more than 100 biglaw firms in DC, and i'd bet most have more than 200 lawyers. But even if 15,000, 2/3 of those are going to be senior enough to have $1m. So there are 10,000 people right there- active lawyers in biglaw senior positions.

I don't think i could name a friend in my age cohort who doesn't have $1m. It's a pretty low threshold these days.

Sounds like you should make some normal friends.

It’s something like $1M HHI is 3% or so for the DC metro area based on census data. So every 3 out of 100 households make that or more. That’s a ton of people given our population. It’d be more weird if you DIDN’T know at least someone in this bucket, even indirectly.

Then if you run it against NW it’s even more people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:37/39
NW $8M, $7M liquid
Hit $1M around 28.

No inheritances but also no student loans

How - PE? Startup options?

Startup Founder + Law. The startup has had ups and downs, law has provided stable income. We are far from the most successful of our peer/friend group.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Age
Age you hit $1 million net worth
Liquid or includes house
Are you including you and spouse?

Current Age = 27 and 29
Current NW = $2.6M
Age we hit $1M NW = 25 and 27
Includes house with $150K equity
Includes me and spouse
No inheritance or family money

Please don’t jump in if you’re not living in the DC area - NYC and CA posters really skew stuff. You all need to make your own forums / spaces already.

Actually, we live in Reston, VA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I urge everyone to Google the share of Millionaires in the DMV. This thread makes it seems like every other person is a millionaire in the DMV lol.

Women love to underestimate what other people are making. Especially women who took mom track jobs or left their careers.

Google says that there are 15,000 lawyers at biglaw in DC. Which seems low if anything. Because there are more than 100 biglaw firms in DC, and i'd bet most have more than 200 lawyers. But even if 15,000, 2/3 of those are going to be senior enough to have $1m. So there are 10,000 people right there- active lawyers in biglaw senior positions.

I don't think i could name a friend in my age cohort who doesn't have $1m. It's a pretty low threshold these days.

Sounds like you should make some normal friends.

It’s something like $1M HHI is 3% or so for the DC metro area based on census data. So every 3 out of 100 households make that or more. That’s a ton of people given our population. It’d be more weird if you DIDN’T know at least someone in this bucket, even indirectly.

Then if you run it against NW it’s even more people.

DMV 1% HHI is $1.1m and $600k for individuals. It's still a lot of people and houses, but a lot fewer than 3%.

https://dqydj.com/income-by-city/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:37/39
NW $8M, $7M liquid
Hit $1M around 28.

No inheritances but also no student loans

How - PE? Startup options?

Startup Founder + Law. The startup has had ups and downs, law has provided stable income. We are far from the most successful of our peer/friend group.

Nice. $8M NW self made by late 30s is amazing for the DC area.

[Anonymous]

Anonymous wrote:I urge everyone to Google the share of Millionaires in the DMV. This thread makes it seems like every other person is a millionaire in the DMV lol.

The "Millionaire Share" by Location
While exact numbers fluctuate, recent data from wealth reports (like Henley & Partners and Phoenix Wealth Management) shows a high concentration of millionaire households:
• Washington, D.C. (City): Approximately 9.1% of households are millionaire households. Despite the small physical size of the District, it has roughly 28,900 individual millionaires. 
• Maryland: Roughly 9.7% of households hold over $1M in investable assets. Maryland frequently competes with New Jersey for the #1 spot for the most millionaires per capita in the U.S.
• Virginia: About 8.3% of households are millionaires. While the state average is slightly lower than Maryland's, the concentration in Northern Virginia (NOVA) is significantly higher than the rest of the state.

[Anonymous]

Anonymous wrote:Age
Age you hit $1 million net worth
Liquid or includes house
Are you including you and spouse?

44
Liquid excludes equity in house
Includes spouse (but we each have more than a million in separate retirement accounts)

[Anonymous]

I hit TSP millionaire this summer at 44. Spouse hit millionaire in his total various retirement accounts this December at 43. Now valued at $2.3m. Beyond that, we have another $1.1m in home equity, $300k in various other accounts, and $450k in 529s. We also have two federal pensions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I urge everyone to Google the share of Millionaires in the DMV. This thread makes it seems like every other person is a millionaire in the DMV lol.

Women love to underestimate what other people are making. Especially women who took mom track jobs or left their careers.

Google says that there are 15,000 lawyers at biglaw in DC. Which seems low if anything. Because there are more than 100 biglaw firms in DC, and i'd bet most have more than 200 lawyers. But even if 15,000, 2/3 of those are going to be senior enough to have $1m. So there are 10,000 people right there- active lawyers in biglaw senior positions.

I don't think i could name a friend in my age cohort who doesn't have $1m. It's a pretty low threshold these days.

Sounds like you should make some normal friends.

Other people are posting stats to support the fact that $1m hhi is not unusual in dc. If it’s three percent of all of dc, now narrow it down to people in their forties and fifties with jobs. Ie dcum readership. It’s going to be a lot higher than three percent of people in their forties on this site. That is people MAKING $1m a year.

Now back to the pp I posted, where I wasn’t even talking making $1m per year. I was just talking about net worth of $1m. Again, if you’re talking about people in their forties and fifties with jobs, ie people I’m friends with, who doesn’t have $1m by fifty in this town? You’re doing something very very wrong if you don’t have $1m in worth by fifty in this town, if you’re working. People with pensions are a bit different, because it’s hard to value those dollar to dollar. But otherwise, this is not a big number. If you don’t have $1m in net worth by fifty with a job, how are you going to survive after 67?