Reply to Do many households here have $15 M net worth or more?

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[quote=Anonymous][quote=Anonymous]Some posts make it seem very rare (which I’d expect), and others make it seem like every attorney in DC has twice this by age 40. We are 60 and our NW at this level is from a combo of inheritance and recent market growth. Not quite sure how we fit in. Country club members seem like they’re all regularly flying private to mansions Aspen, which doesn’t seem prudent even at this NW. [/quote]

It takes very high income, discipline, luck and/or inheritance to get to those levels. I modeled a quick back-of-the envelope calculation for a friend who just started at a high paying job and plans to save $100K/year. He's 27 and has $150K saved already. Assuming an 8% growth rate/year and adding $100K each year (which goes up by 3% a year), he would be 51 by the time he got to $10 mil. That's 24 years! Of course, he could save more, hit a few home runs with some stocks, may get married to a like minded person, etc. to accelerate this, but how many people do you know that are able to save that much a year starting at that age?  [/quote]

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