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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Congrats on the family money, OP! Your first move should be to reallocate that inheritance so that it aligns with your time horizon instead of your parents or grandparents. Your second move should be to find a reliable financial advisor. You don’t want to get too far ahead of your skis, OP. Most people sporting significant new money end up squandering the majority of it before they learn discipline and control. [/quote]

That is so repulsively condescending. For all you know, OP earned that money themselves. Many do! The advice you give is ridiculous. Clearly OP is educated with an IQ above double digits and therefore knows all this already.

Gross.[/quote]

Someone in their early thirties with $1M in investments would have to have dollar cost averaged $5K per month into a tax-exempt S&P500 index fund for 10 years straight (assuming 10% annual returns, as has been the case since 2014) to have $1M in investments. This is close to impossible since even the employee+employer $60K retirement contribution limit for young people like OP wasn’t reached until 2022.

If not retirement, then we’re talking after-tax brokerage. This means OP is funneling about $8.5K of gross monthly income into savings. Maybe $100K per year? That’s a lot, even for someone making $300K per year. OP can’t be a lawyer, physician, or other graduate level professional else OP would be paying down massive student loans (no family money, right?) or not have had 10 years of savings time to start.

Please…this is so obviously a case of family money it isn’t even funny. Even if it was mommy and daddy footing the bill for college, grad school, that first car, and even a down payment for a house. It’s easy to pat yourself on the back for accepting a gift and broadcasting it as a measure of personal triumph and success. This seems to be the new normal for everyone under the age of 35. Pathetic. [/quote]

1000% agreed.
[/quote]

Nah, there are definitely ways to get to 1M in 2024 starting in 2014 that doesn't involve family money.

If they bought a SFH before covid they could have gotten several hundred K just from the appreciation. They might have lucked out on some meme stock or crypto which is disproportionately popular with 20 something tech workers like OP. Lots of introverted nerdy types were in to bitcoin before it blew up (I remember many folks talking about it in 2012 before most normal people had a clue).

But it wouldn't necessarily need to be crypto, total SP500 return from 2014-2024 reinvesting dividends is 214.560% (over 3.1x initial) which is 12.14% annualized. They would have only needed to invest an average of $5000 a month since 2014 into the S&P to have 1M, not even including home equity. And they mentioned some of this is in pre-tax retirement accounts so you could argue it's not a "true" $1M because they can't easily touch some of it without penalty.

I'm a different poster, I did not hit 1M by 30 but had around ~700k net worth at that age a few years ago. I started at a slightly negative net worth at 23 and didn't start making 6 figures until 25 making 200-300k from 25-30. I wasn't even that frugal either. My main luck was buying a house at the right time and making about 75k in realized gains from crypto, everything else came from investing my income into index funds. If I lived like I monk I probably could have ended up at 850-900k by 30. [/quote]

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