Reply to How many 55yo that you know in DMV have $3M+ NW?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][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.
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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]

My husband bought Apple stock when he was a young adult, before we met. It took a looong time to take off, but now constitutes the bulk of our portfolio. I bought Amazon, Netflix, Alphabet, Tesla (before Elon went off the deep end), Nvidia. They've done very well too. We were poor and could only invest very little, otherwise we'd have much more than 20M now, PP! You don't seem to grasp Apple's valuation over the years.

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DP. While that’s all well and good, your first post said “if we can do it, anyone can.” Sounds like your DH got very lucky with Apple. It could have easily gone the other way. [/quote]

PP you replied to. There is a part of luck in all the outcomes we experience, PPs.

My husband will tell you that because he worked with Apple computers, he knew it was a superior product, and with Steve Jobs and his knack for sales and design, it was bound to work out. He did his research and decided to invest. I think it was part technological knowledge, part business acumen, part luck. All your own achievements, so-called, have also had their portion of chance encounters, right-time-right-place elements. I have a special interest in high tech, and didn't pick my stocks blindly either.

I hope you're open-minded enough to recognize this. The people who just shrug off others' stock market successes and tell themselves it was luck just seem jealous, to be honest.
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