Reply to If you have been a biglaw partner for 10+ years, how much wealth have you accumulated?

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[quote=Anonymous]My spouse has been a biglaw partner for five years and our accumulated wealth is about $10mm.  We are both from MC backgrounds so no inherited wealth although both sets of parents helped out in our earlier years (pay off student debt, down payment).  DH has averaged sub-2mm over the partner years, after tax, less than half that.  The biggest contributor to our wealth has been investments: about $2mm from selling principal home a couple times, about $1mm in the stock market last year alone.  Another factor is we have always had a cash cushion so if one of us lost our job, we would not have to liquidate assets at a huge loss as many of our friends did during the financial crisis.  We are by no means frugal, but we also don't spend stupid a la Nick Cage.

We have a lot of biglaw partner friends and excluding inherited wealth, I see only one of them hitting $10mm by the 10 year mark because he is a rainmaker making over $3mm and has made some smart real estate investments.  The rest make around $500k to $1mm annually and don't invest (or well).  All of the people around me who have accumulated wealth did so through investing (usually real estate) despite relatively modest incomes.  The vast majority of youngish biglaw partners don't make that much money, enough to afford a very nice lifestyle (which they all insist upon), but not enough to accumulate as much wealth as you would think without other income.[/quote]

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