If you make 6 figures and have no kids, will you eventually become a millionaire?

[Anonymous]

In 10 years?

[Anonymous]

Weird question but it depends on how you measure your net worth.

If you measure it by liquidity (cash) then maybe if you save enough money and not having kids will definitely help.

If you incorporate all of your household assets so long as you own a home and have retirement accounts with a 6 figure income you should get there easily with or without kids.

But really who cares - it isn't really remarkable around here anymore to be a millionaire.

[Anonymous]

Million in assets. Sure, if you invest.

Who knows, you could piss it away though.

[Anonymous]

If you save more than you spend and invest well, yes.

[Anonymous]

Took 12 yrs for me - including all investments + 401k (but not including real estate).

[Anonymous]

I have two kids, and it took both DH and I together to save $1mil in about 10 years. I am frugal.

[Anonymous]

I would sell you my kids for 1M

[Anonymous]

Most people making 6 figures WITH kids eventually become millionaires. It depends on how deep you go into the 6 figures. $100K and 999K is a wide range.

[Anonymous]

Depends on your spending.

[Anonymous]

What does being a millionaire mean to you? I have a 401k with 800k+ in it, 300k equity in my house, and about $100k in other funds. But my checking account has $5k in it, so that’s all I have to “spend”. Don’t feel like a “millionaire”, and I have kids.

[Anonymous]

Anonymous wrote:Million in assets. Sure, if you invest.

Who knows, you could piss it away though.

Hookers & blow...

[Anonymous]

Anonymous wrote:

Anonymous wrote:Million in assets. Sure, if you invest.

Who knows, you could piss it away though.

Hookers & blow...

Man, if I could have all the money back that I've ever spent on hookers and blow, id go out and spend it on hookers and blow.

[Anonymous]

Anonymous wrote:What does being a millionaire mean to you? I have a 401k with 800k+ in it, 300k equity in my house, and about $100k in other funds. But my checking account has $5k in it, so that’s all I have to “spend”. Don’t feel like a “millionaire”, and I have kids.

Exactly. There are many of us with most of our net worth tied up in our houses and 401K plans. Because of this, I do not act or look like a millionaire by any stretch and live rather frugally.

[Anonymous]

I qualify a millionaire as someone whose annual income is a million dollars. Ones with 1 million in net worth or just the assets etc.... I think one of the Early Retirement forum too follow this same criteria.

[Anonymous]

^^. Ones without the annual income of 1M are 401k millionaires or net worth millionaires.