Anonymous wrote:How would you even know someone else's net worth? Ours is about $3.5M at 55 & 62.

FWIW, I have access to a large demographics database at work and just looked it up...

In the DC region, for someone age 50-64, 12% have a net worth of $2M+ (the top breakout available).

In that age category and have a bachelor's degree, 16% are at $2M+

In that age category and with a master's/professional degree/PhD, 22% are at $2M+.

So overall, it's a pretty small share.

What is the data based on? Access to tax returns? + Estimated housing values?

Anonymous wrote:If you have 5-10M net worth and are in your 50’s. Can you describe how you got there? Just curious. And only if it’s self made. No parent money to start you off.

I am 52, NW 7 mil. I think a lot of it is a result of buying a house at the right time and investing gains. We are an example of one: we bought our house in McLean in 2019 for 1.3 mil, it’s easily worth 1.9 mil, timing worked in our favor not that we are very smart or something. As for investing, yes we have our 401ks but for our brokerage account we bought Amazon and Nvidia at the right time and just last week booked a profit of 1.6 million.

I truly think luck and timing plays a huge role for lots of people. Although just one thing I will claim for myself, it’s my ability to take a decision rather quickly. You will never have 100% information for any decision, typically we have 75% information and based on that we need to decide one way or another, I have seen a lot of people waiting for 100% information or guarantee but that’s not how life works.

We are in our are late 40s in Tech, live in Texas. Asian immigrants who paid for their for masters with loans. NW $5M+

For us the key was to save atleast 30% of income, consistently. have high income. Suffered a couple of job losses, but got right back in the job search.

We dabbled in individual stocks, but lost big time. Index funds have served as well, almost all of our money is now in index funds, except primary home.

Bought only one home. Great school district, but smaller not updated home. Our fixed costs are low compared to HHI, kids are in public school.

Plan to retire in 6-7 years. Home stretch, so hoping we continue to retain our jobs.

Anonymous wrote:

Anonymous wrote:How would you even know someone else's net worth? Ours is about $3.5M at 55 & 62.

FWIW, I have access to a large demographics database at work and just looked it up...

In the DC region, for someone age 50-64, 12% have a net worth of $2M+ (the top breakout available).

In that age category and have a bachelor's degree, 16% are at $2M+

In that age category and with a master's/professional degree/PhD, 22% are at $2M+.

So overall, it's a pretty small share.

I think if you drilled down to 22207, 20815, 20816, 20817, 22101, 22102 you'd find that the numbers are much higher. I don't care what someone in 20901 or in Manassas has, I care about what's relevant to me in my community,

Don’t forget 22314 😀

Anonymous wrote:How would you even know someone else's net worth? Ours is about $3.5M at 55 & 62.

FWIW, I have access to a large demographics database at work and just looked it up...

In the DC region, for someone age 50-64, 12% have a net worth of $2M+ (the top breakout available).

In that age category and have a bachelor's degree, 16% are at $2M+

In that age category and with a master's/professional degree/PhD, 22% are at $2M+.

So overall, it's a pretty small share.

I think if you drilled down to 22207, 20815, 20816, 20817, 22101, 22102 you'd find that the numbers are much higher. I don't care what someone in 20901 or in Manassas has, I care about what's relevant to me in my community,

Anonymous wrote:If you have 5-10M net worth and are in your 50’s. Can you describe how you got there? Just curious. And only if it’s self made. No parent money to start you off.

Lived below our means.
Invested in 2nd home 20 yrs ago.
Maxed out 401ks every year.
I Set up a solo 401k and was able to put in double the max every year and that balance just crossed 3M. Independent contractor. Have worked for myself for > 20 yrs and bill double/triple my previous private sector salary every year working a lot less hours.
DH - also has pension and healthcare for us for life.
Invest in taxable accounts also of course.
Drive 2 15 yr cars - Lexus. Don’t drive much as I am fully remote with my business.
Both have advanced degrees.
NW =8M+
56 yrs old

How would you even know someone else's net worth? Ours is about $3.5M at 55 & 62.

FWIW, I have access to a large demographics database at work and just looked it up...

In the DC region, for someone age 50-64, 12% have a net worth of $2M+ (the top breakout available).

In that age category and have a bachelor's degree, 16% are at $2M+

In that age category and with a master's/professional degree/PhD, 22% are at $2M+.

So overall, it's a pretty small share.

Anonymous wrote:I feel like the real question is what percentage of these people got here actually on their own. Meaning their parents or other family member didn't pay for their college, didn't give annual gifts, didn't buy them a car, didn't inherit. I bet it is just a handful.

You would lose that bet.

We are in this group, as are most of our friends and siblings: We got none of the things you list, and in fact have the opposite financial support arrangement with our parents. Most people in our parents' generation cannot afford their later year costs.

Anonymous wrote:

Anonymous wrote:I feel like the real question is what percentage of these people got here actually on their own. Meaning their parents or other family member didn't pay for their college, didn't give annual gifts, didn't buy them a car, didn't inherit. I bet it is just a handful.

Passing for college if you can is the standard thing to do for the middle class and above. Maybe if you're extremely wealthy you skip college. But mostly boomer parents pay for their kids' college if possible. So i don't consider that a leg up. But a trust fund, inherirance, downpayment on a house, yes absolutely.

I agree with this. But they were paying for in-state, state university that back then didn't cost even close to what it costs now. Probably even weddings, which hadn't yet gone over the edge of extravagance. The test for that generation would be, as mentioned, trust funds, cars, down payment on house, inheritance.

Anonymous wrote:56 and 8M NW here. All earnings now are passive income only. Love it.

How does this break down in terms of real estate and brokerage?

56 and 8M NW here. All earnings now are passive income only. Love it.

We fit that demographic, but don't take multiple vacations per year, nor cry poor; but with kids in college and another still to start, no, we are not ready to retire.

I am like you PP. Came from nothing. Went to a great state school on pell grants and loans. Then went to law school on loans and a public interest scholarship. No downpayment help on our first house. As soon as my loans were done I started contributing the max to 401K. $3 million net worth at 51.

I'm 52. Wife is 47. Including the estimated equity of our home, we have a net worth of about $3.75M. $1M in 401(k), $1M in Brokerage, $900K in home, and the rest in various investments, Roths, Treasuries, Bonds, Cash. I came from absolutely NOTHING! I had to go to the Army after High School to get the GI Bill - Army College Fund to help pay for college. Worked in a factories in the summers. Wife came from very little. She dropped out of Grad School. Psychology and didn't use it at all. I had to pay off her student loans. Saved and saved and saved. There was a few years where were grossed like $350K but mostly our HHI has been about $225K and that's where it is now. We have two teen boys. Wife has been a SAHM since the oldest was born. We do not spend lavishly. Keep Toyotas til they die, a a vacation here and there. Kids have everything they need but not everything they want.

Anonymous wrote:I feel like the real question is what percentage of these people got here actually on their own. Meaning their parents or other family member didn't pay for their college, didn't give annual gifts, didn't buy them a car, didn't inherit. I bet it is just a handful.

I had to pay for about half of my college (with loans) plus DH’s grad school (his parents paid the college bill.)

No downpayment help or further help post college. NW about $5M at 42.