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Reply to "How many 55yo that you know in DMV have $3M+ NW?"
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[quote=Anonymous][quote]I assume a lot of that wealth is concentrated in major cities, including DC. We have about 20M, depending on market fluctuations, but never earned more than 150K a year in household income. If we could do it, I assume many others can. [/quote] Please explain to me how this is possible. With 150k HHI, after taxes and living expenses for a couple without kids (and most people have kids), how are you investing more than 40k (at the high end) a year? With kids and associated expenses, in including college, saving 40k a year would be almost impossible on your salary. If you are mid 50s and have done than for even 30 years, how does that turn into $20m? The math does not seem to work.[/quote]
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