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Reply to "When did you hit $1m in networth?"
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[quote=Anonymous][quote=Anonymous]This is very informative for me, although this is far from a fair statistical study. I would have guessed that many/most people would cross that threshold in their 50s as their income peaks, they pay off their mortgage and the kids move "off the books." Instead, it seem like most people who make it to the $1 million level do it in their 30s. If you don't make it, maybe the way to do is to have a steep trajectory rather than counting on a slow and steady climb. [/quote] I wonder how much of it is that those who start saving in their 401(k)s at the start of their career never miss having the money and hence contribute the max allowed each year? If you start saving at 30, you'd miss the money more than someone who always saved for retirement. And let's not discount the power of compounding... That said, that's just looking at 401(k). Seems most folks here have a combination of 401(k) funds with home equity and extra investments. [/quote]
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