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Petrino1
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In reply to bmks270 • 7:52p, 10/2/22
bmks270 said:
GE said:
ea1060 said:
LMCane said:
I think it would be helpful if this thread got back to how to amass net worth of a million dollars.

which 401K mutual funds?

which private brokerage stocks?

which ETF?

how much crypto?

which real estate to buy?
Its simple. Make a high income. Save most of that income. Invest your savings into a
low cost index fund like VTSAX. You should have a million net worth in 7-10 years if you follow this.
That first part about the high income isn't that simple.


Saving it isn't that simple either if you have a family.


So make more money or cut costs. There's always a way.
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Credible Source
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In reply to bmks270 • 8:59a, 10/3/22
AG
bmks270 said:
GE said:
ea1060 said:
LMCane said:
I think it would be helpful if this thread got back to how to amass net worth of a million dollars.

which 401K mutual funds?

which private brokerage stocks?

which ETF?

how much crypto?

which real estate to buy?
Its simple. Make a high income. Save most of that income. Invest your savings into a low cost index fund like VTSAX. You should have a million net worth in 7-10 years if you follow this.
That first part about the high income isn't that simple.


Saving it isn't that simple either if you have a family.


It's quite simple actually, but not easy. There's a big difference
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Petrino1
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In reply to Credible Source • 9:15a, 10/3/22
Credible Source said:
bmks270 said:
GE said:
ea1060 said:
LMCane said:
I think it would be helpful if this thread got back to how to amass net worth of a million dollars.

which 401K mutual funds?

which private brokerage stocks?

which ETF?

how much crypto?

which real estate to buy?
Its simple. Make a high income. Save most of that income. Invest your savings into a low cost index fund like VTSAX. You should have a million net worth in 7-10 years if you follow this.
That first part about the high income isn't that simple.


Saving it isn't that simple either if you have a family.


It's quite simple actually, but not easy. There's a big difference
This! Becoming a millionaire is simple to do, but not easy. Most people won't make the sacrifices or take risks that it takes to become a millionaire.
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Brian Earl Spilner
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In reply to Petrino1 • 2:46p, 10/3/22
AG
ea1060 said:
LMCane said:
I think it would be helpful if this thread got back to how to amass net worth of a million dollars.

which 401K mutual funds?

which private brokerage stocks?

which ETF?

how much crypto?

which real estate to buy?
Its simple. Make a high income. Save most of that income. Invest your savings into a low cost index fund like VTSAX. You should have a million net worth in 7-10 years if you follow this.


This post has strong "Why don't homeless just buy a house?" energy.
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Petrino1
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In reply to Brian Earl Spilner • 4:16p, 10/3/22
Brian Earl Spilner said:
ea1060 said:
LMCane said:
I think it would be helpful if this thread got back to how to amass net worth of a million dollars.

which 401K mutual funds?

which private brokerage stocks?

which ETF?

how much crypto?

which real estate to buy?
Its simple. Make a high income. Save most of that income. Invest your savings into a low cost index fund like VTSAX. You should have a million net worth in 7-10 years if you follow this.


This post has strong "Why don't homeless just buy a house?" energy.
What about it is unrealistic? A high income isn't even required to save/invest.
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Brian Earl Spilner
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In reply to Petrino1 • 4:24p, 10/3/22
AG
What may be simple for you and me may not be simple for everyone else.

It reads like steps for having more success on dating apps.

1. Be attractive.
2. Don't be ugly.
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YouBet
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4:56p, 10/3/22
AG
Like I always say: "Buy low and sell high."

I will allow y'all to use that.

I really should write a book about this philosophy.
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permabull
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In reply to Brian Earl Spilner • 5:08p, 10/3/22
AG
It's a symantic debate between the definition of simple and easy.

Your plan for dating is indeed simple, but depending on who you are it might not be easy.
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Buttermaker
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5:25p, 10/3/22
AG
Start your own business and max save.
It’s better to be the hammer than the anvil.
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techno-ag
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In reply to Buttermaker • 8:09p, 10/3/22
AG
Buttermaker said:
Start your own business and max save.
Saving is critical. You can't get rich without it. Nobody spends their way into prosperity.
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Motis B Totis
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9:08p, 10/3/22
AG
It's actually really easy, but really hard for most.

Read this over and over again:

https://www.etf.com/docs/IfYouCan.pdf

TLDR
-Maximize income/Minimize spending
-Invest in the index
-Don't listen to your friends
-Don't try to be cool
-Stay the course
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ORAggieFan
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In reply to Motis B Totis • 2:53p, 10/4/22
Motis B Totis said:
It's actually really easy, but really hard for most.

Read this over and over again:

https://www.etf.com/docs/IfYouCan.pdf

TLDR
-Maximize income/Minimize spending
-Invest in the index
-Don't listen to your friends
-Don't try to be cool
-Stay the course


It's a lot more fun becoming a millionaire not doing any of this.
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K_P
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7:28a, 10/5/22
AG
Hey some folks are allergic to money
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In reply to Motis B Totis • 4:12p, 10/7/22
5C
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9:31a, 10/20/22
AG
My net worth crossed this threshold a year or so ago at 39. I'll tell you this though, it doesn't matter. There will never be enough and it never fills the void. Have fun, enjoy life, enjoy your family work hard at the opportunities God has given. Be thankful always.

Looking at the "other guy" will make you miserable.
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EliteZags
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In reply to 5C • 1:18p, 10/20/22
AG
so do you mean 'briefly crossed'?

I came somewhat close towards end of last year but now kind of relieved it didn't happen only to be ripped apart by 2022
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SWCBonfire
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In reply to SWCBonfire • 2:52p, 10/20/22
AG
SWCBonfire said:

You don't need a good, like-minded woman to become a millionaire, but you do if you want to stay one after you're married.


Well, this didn't age well considering I'm now divorced. Keep your pre-marital property separate and not comingled with community property! Buy something else together if you want to own it jointly... purely lucked out on that one.

My net worth has increased only from escalated value of pre-marriage real assets and continued payments/paying off of loans, plus 401k, etc. Since I kept my ag business completely separate and it predated marriage, I was able to hang on to it. I was unable to aquire any additional real assets during 13 years of marriage and having kids, which I probably would have lost half of anyway. Had a contactor back out of a remodel where a refinance would have been in both names (luck again). Missed out on some deals during the divorce process, go figure. 401k was not as fortunate, but due to her spending habits I wasn't able to save much, anyway. She stayed home with the kids for a majority of the marriage until she decided she needed a plan B before getting divorced.

Quote:

And a million dollars isn't exactly a lot of money these days, at least as far as net worth is concerned.


This aged much better.
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techno-ag
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In reply to SWCBonfire • 4:32p, 10/20/22
AG
Sorry man. God says, "I hate divorce." Feel for ya.
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5C
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In reply to EliteZags • 7:02p, 10/20/22
AG
EliteZags said:
so do you mean 'briefly crossed'?

I came somewhat close towards end of last year but now kind of relieved it didn't happen only to be ripped apart by 2022


I hear you. No, we were fortunate through 2022 but again, it doesn't matter.
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Pacifico
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8:34p, 12/3/22
AG
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aTm_bomb
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9:28p, 12/3/22
AG
Seeing the dates on the latest posts makes me sad. Are the millionaire count is down but this is where the money is made! Looking forward to coming out of this rut whenever that may be and see where it takes us!
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AgOutsideAustin
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In reply to aTm_bomb • 8:00a, 12/4/22
AG
aTm_bomb said:
Seeing the dates on the latest posts makes me sad. Are the millionaire count is down but this is where the money is made! Looking forward to coming out of this rut whenever that may be and see where it takes us!


Guess the stock market and housing downturn has had an effect, I agree stay the course !
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AgDrone14
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8:47a, 12/4/22
Still hanging in there, pretty busy chart admittedly

https://imgur.com/bqz7nQc
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Red Pear Realty
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In reply to AgDrone14 • 8:54a, 12/4/22
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AG
I'm on my phone. What's the lime green segment?
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
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retiredintx
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In reply to 5C • 9:03a, 12/4/22
AG
5C said:
My net worth crossed this threshold a year or so ago at 39. I'll tell you this though, it doesn't matter. There will never be enough and it never fills the void. Have fun, enjoy life, enjoy your family work hard at the opportunities God has given. Be thankful always.

Looking at the "other guy" will make you miserable.



Wise words from a young man.
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AgDrone14
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In reply to Red Pear Realty • 9:05a, 12/4/22
Red Pear Realty said:
I'm on my phone. What's the lime green segment?
I had cut the legend out.

Lime green - Wife owned a property when we got married (Sept 2020). Sold earlier this year, bought new house with cash.

Gray line is S&P 500, net worth basically tracks that from Sept 2020 to Jan 2022
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Red Pear Realty
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10:13a, 12/21/23
Sponsor
AG

Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
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bmks270
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In reply to Petrino1 • 10:45a, 12/21/23
AG
Petrino1 said:
Credible Source said:
bmks270 said:
GE said:
ea1060 said:
LMCane said:
I think it would be helpful if this thread got back to how to amass net worth of a million dollars.

which 401K mutual funds?

which private brokerage stocks?

which ETF?

how much crypto?

which real estate to buy?
Its simple. Make a high income. Save most of that income. Invest your savings into a low cost index fund like VTSAX. You should have a million net worth in 7-10 years if you follow this.
That first part about the high income isn't that simple.


Saving it isn't that simple either if you have a family.


It's quite simple actually, but not easy. There's a big difference
This! Becoming a millionaire is simple to do, but not easy. Most people won't make the sacrifices or take risks that it takes to become a millionaire.


When I see demographic and income data for luxury vehicle owners it blows my mind how low the incomes are. My income is above the median for luxury vehicle owners but luxury vehicle feels like such a waste, I still feel like I need to have a lot higher earnings to justify it.

For some purchases like a luxury vehicle, I don't think I'll feel wealthy enough to justify the purchase until I can comfortably live off of my own investments, no matter how high my income with an employer your always dependent on someone else so luxury purchases feel like taking unnecessary risk. Even being able to get another job and having some emergency savings, I still feel like I need to maximize what I save and minimize spending until I have F-U money.

I can't relate to people who just blow all of their income on vehicles and housing leaving nothing left to save.
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one safe place
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In reply to Brian Earl Spilner • 10:59a, 12/21/23
Brian Earl Spilner said:
What may be simple for you and me may not be simple for everyone else.

It reads like steps for having more success on dating apps.

1. Be attractive.
2. Don't be ugly.
3. Be willing to accept an unattractive or ugly date.
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LMCane
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11:05a, 12/21/23
interesting this thread comes back around a year after most people were responding to it

as I am now coming close to a million dollars in savings- seriously thinking about moving everything I can into fixed income just so I don't have my balance drop down into the 700K range at the next correction

which is inevitable pretty soon
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agdaddy04
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In reply to bmks270 • 12:03p, 12/21/23
AG
I realize you can't relate to them, but everyone has different motivations. Also, without people like that, the market is completely different and some of your investments wouldn't be worth as much.
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Smith
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In reply to YouBet • 12:15p, 12/21/23
YouBet said:
Could reverse this thread to log who all has lost at least a million under Biden.
aged horribly
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He Who Shall Be Unnamed
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In reply to LMCane • 12:26p, 12/21/23
LMCane said:
interesting this thread comes back around a year after most people were responding to it

as I am now coming close to a million dollars in savings- seriously thinking about moving everything I can into fixed income just so I don't have my balance drop down into the 700K range at the next correction

which is inevitable pretty soon
Makes no sense to me. Is there something psychological about having a balance of $1,000,000 or more that gives you comfort?
Every time I try to time the market, I find I am disappointed. I might try to put a chunk in on a "down day", or "bottom fish" a particular stock. Otherwise, just put it into the market when it's available and try not to look at it too much. One man's opinion.
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YouBet
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In reply to Smith • 12:49p, 12/21/23
AG
Smith said:
YouBet said:
Could reverse this thread to log who all has lost at least a million under Biden.
aged horribly


Oooh, you got me!

Ignore the fundamentals at your own risk though.
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Gordo14
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In reply to YouBet • 2:09p, 12/21/23
YouBet said:
Smith said:
YouBet said:
Could reverse this thread to log who all has lost at least a million under Biden.
aged horribly


Oooh, you got me!

Ignore the fundamentals at your own risk though.


Or just don't make investment decisions based on your political views. America is much stronger than that even if Fox news and CNN can pump you with enough fear porn you actually make it your identity.

Fundamentally the market looks like it has a lot of tailwinds right for the forseeable future. That has nothing to do with [current president or former president]. Everything to do with how business and the consumer is actually doing in this economy. Everywhere I go more people than ever are spending money and seem to have strong economic footing. Anecdotally, all of my friends' careers and purchasing power have gone up 2,3,4x in the last 5 years. I go to the airport and it is crazier than ever. You travel internationally, it's full of Americans. I bring this up because these are luxuries and the definition of discretionary spending.

Hope you haven't missed on the 23+% this year from S&P500. And if interest rates keep coming off, you very well might miss on a better 2024... In spite of, or better yet, uncorrelated to [current president].
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