When did you hit $1m in networth?

[Anonymous]

why would someone in I.T. make over $200K at age 22?

[Anonymous]

Or medical sales at the right time?

[Anonymous]

Anonymous wrote:why would someone in I.T. make over $200K at age 22?

What's your best guess?

[Anonymous]

Anonymous wrote:why would someone in I.T. make over $200K at age 22?

I don't think he meant "information technology." I think "it" was referring to what was key to getting to $1 million at a younger age.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For me it was a combination of high income (>200k at 22 yo) and low expenses (still was living in my college shared apartment), a little luck in investments and maxing out everything I could. Now 32, looking to cross $1.2M this month.

IT?

Nope. It was investment banking. Had I stayed, I'd be making big law partner type money right now, but the entire experience was pretty miserable.

[Anonymous]

Not there yet. We are 54 and 55. I have $470k in my 401(k), we have $200k in equity in the house, I have another $100k in IRAs. Not sure what DH has in his retirement accounts, but I know it is less than me.

[Anonymous]

Anonymous wrote:

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 wonder how much of it is that those who start saving in their 401(k)s at the start of their career never miss having the money and hence contribute the max allowed each year? If you start saving at 30, you'd miss the money more than someone who always saved for retirement. And let's not discount the power of compounding...

That said, that's just looking at 401(k). Seems most folks here have a combination of 401(k) funds with home equity and extra investments.

That is what we have done - maxed out from day 1.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For me it was a combination of high income (>200k at 22 yo) and low expenses (still was living in my college shared apartment), a little luck in investments and maxing out everything I could. Now 32, looking to cross $1.2M this month.

IT?

Nope. It was investment banking. Had I stayed, I'd be making big law partner type money right now, but the entire experience was pretty miserable.

Curious: are investment banker hours the same crazy as big law hours for the big money makers?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For me it was a combination of high income (>200k at 22 yo) and low expenses (still was living in my college shared apartment), a little luck in investments and maxing out everything I could. Now 32, looking to cross $1.2M this month.

IT?

Nope. It was investment banking. Had I stayed, I'd be making big law partner type money right now, but the entire experience was pretty miserable.

Curious: are investment banker hours the same crazy as big law hours for the big money makers?

I don't know what big law hours are, but in banking I was typically 8am to 10pm on average, plus say 9 am to 9m Saturday and Sunday usually meant a few hours, unless I got the day off, which was rare. The hours were spikey but 70 to 80 was easily "normal", 100 hour weeks happened periodically.

[Anonymous]

Age 22, when my trust fund kicked in.

[Anonymous]

Pushed over the edge of $1m by inheritance, age 53.

[Anonymous]

Around age 44 for first million and now around $2.5M at age 49. DH is big law partner.

about $500K in home equity
$700K in 401k & IRAs
$100K in 529s
$1.4M in more liquid accounts - checking, savings, CDs, mutual funds, bonds (getting ready to buy new house)

[Anonymous]

We're two GS-15s and we hit 1M at 40 (me) and 44 (dh). About 550K TSP, 65K 429s, and 400K home equity (bless my DH he bought in 1998 for $245K and we sold in 2012 for $645K).

[Anonymous]

Anonymous wrote:Around age 44 for first million and now around $2.5M at age 49. DH is big law partner.

about $500K in home equity
$700K in 401k & IRAs
$100K in 529s
$1.4M in more liquid accounts - checking, savings, CDs, mutual funds, bonds (getting ready to buy new house)

How did you double that in 5 years? And, what is your HHI now (if you don't mind sharing)? We're at 44 with first million.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Around age 44 for first million and now around $2.5M at age 49. DH is big law partner.

about $500K in home equity
$700K in 401k & IRAs
$100K in 529s
$1.4M in more liquid accounts - checking, savings, CDs, mutual funds, bonds (getting ready to buy new house)

How did you double that in 5 years? And, what is your HHI now (if you don't mind sharing)? We're at 44 with first million.

She said "DH is a big law partner". That means at least $600k probably more like $1m a year. We have $1m at 39/40 and there is no way we could double it in five years on our current income.