Reply to Net worth over $20 million

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It maybe feels low to you because I am sure the distribution is very clustered.

I bet 90% of those people live in only like 10 metro markets in the US.

[/quote]

Statewise, it would be Florida, New York and California.[/quote]

Correct...but in the DC area you have an outsized concentration of law partners as an example who can hit that level after just like 7-8 years of partner earnings.

However, outside of DC and NYC and like SF/LA, the BigLaw market is actually much smaller.

DC is also the #5 metro area for F500 HQs.  You have Capital One, Hilton, Marriott, Choice, Boeing, etc.  20 HQs in total.[/quote]

Bullshit.  Hitting that number in “7-8” years as a law partner requires earning $3 million a year, spending none of it and paying no taxes.  [/quote]

Dude...you are a bit unhinged...you do realize you don't go from $0 to $3MM per year right?  You are earning many hundreds of thousands and maybe over a $1MM for years even before making equity partner, and investing a bunch of that.[/quote]

That isn’t right.  Say you make equity partner in 10 years.  You are making $500,000 or less the first five. And probably less than a million for all of it.  Most have law school debt and even if they don’t, are saving for a down payment and paying for day care and schools[/quote]

What do you mean it isn't "right"?  Most people making $500k per year can save at least $100k of that...probably even more.  Now you are slowly moving up towards $1MM and continuing to save more...assume normal investment returns...now you make equity partner and are making $3MM+ (or maybe $5MM or maybe more).  Once you hit partner you are saving like $1MM per year, and again it's all compounding.

So maybe they don't hit a $20MM NW at 8 years...maybe it takes 10 or maybe 12 or 15.  The point is you can definitely get there from being a BigLaw partner and DC has an outsized share of BigLaw partners.[/quote]

Oh ok, now I get it.  You were wrong before and you’ve corrected yourself and now say it takes twice as long as you said. [/quote]

The more time it takes the higher the risk of falling of the wagon, so to say.  Making it to this level doesn't mean you keep going and have this consistency for many years ahead.  Some people burn out, others make stupid decisions, and business may not always be going well every year.  IDK much about law, maybe it's immune from the economic recessions or localized recessions. [/quote]

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