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Keeper of The Spirits
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AG
DINKs for 11 years, kids for the last 3
Legal Consultant and Nurse Practioner
Started buying properties in 2009 in urban areas that have all greatly appreciated with some BRRR
Maxed 401k match
Mostly luck because we are spenders, but I did just buy a new Tahoe
Malibu
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Crossed the threshold last year by buying MFH and SFH starting in 2016. Still drive a 2007 Ford Focus.
TexAg2001
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QBCade said:

Yep, I encourage my folks to live it up and spend it all - don't worry about leaving it to me or my sis.
This is kind of what I'm struggling with at the moment. I'm early 40's now with a comfortable income and net worth. Current plan is for wife to retire at 55 and I retire at 60. If I live to 80 and my wife to 90, conservative calculations show that we'll be leaving a very significant amount to our 3 kids. This is not taking any inheritances into account, which have a chance to significantly grow the already significant amount.

Knowing how much we would potentially be leaving behing has me completely rethinking about retirement age and/or spending more $ now on things we enjoy rather than saving/investing it. I haven't totally wrapped my mind around how to properly evaluate it yet.

We got married and started a family shortly after college, which definitely put a damper on saving early on, but we were diligant about saving what we could, maximized where possible, took advantage of matching, etc. Our youngest will be going off to college before we turn 50. Nowadays, I see a lot of people in their 50's with very young children and always wonder how if I'd have enough energy to keep up with young children when I reach that age.


RangerRick9211
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BoerneAg11 said:

Reading the early retirement thread made me think back to this. Also interesting to look through the early COVID timelines on this thread - definitely the 'stay fully invested' advice was the best.

Early 30s, married with two kids. We hit $1M at the end of 2021, $1.2M to start 2022.

- Graduated A&M with accounting undergrad/finance masters debt free in 2012. Started with ~$55K salary - up to around $165K annually this year
- Married in 2016 - kids in 2018/2020, potentially one more planned.
- Wife worked full time until second kid and then switched to 3 days a week ( ~75K a year salary now, part time)
- Maxed our retirement accounts for the most part to the extent possible, I have always been far more frugal than my wife who will save some - but she definitely has an itchy Amazon trigger finger.
- Very fortunate that my wife's father has built a very successful company that they will sell at some point, likely a future windfall/inheritance. They are currently gifting us $30K annually under the gift exemption. We try not to include that eventual inheritance mentally in our budget/forecasts, but it is nice to know it is coming down the road.

Home Equity: $330K
Retirement Accounts: $305K
Taxable Investments: $395K
Savings/Liquidity: $175K

Next step is to buy a larger house to accommodate a potential third child. Definitely noticed that the kids were the largest factor in slowing down our rate of savings/net worth creation. Love them, but its a trade-off for sure.

For a long time the goal was to just get to the $1M mark - now its a little more ambiguous trying to plan from here. I don't hate my job, I also don't love it. And the stress only seems to grow as the compensation grows - as with any job. I am still early 30s but I find myself often trying to budget how much longer I can keep at the current gig before I can cut loose and find something less stressful/more rewarding and coast through to retirement.
We're very similar I think. Well, except I apparently married into the wrong family.

We're 34, one kid, and both still full gas on our careers. '21 thrusted us well past dos commas after become millionaires a dozen times in '20 with the volatility.

I think my wife will downshift into PT in the next few years as the kido starts public school. I've got 5 or so years left in my consulting career to the point of equity partner or counseled out. If partnership, I don't want to walk away. Counseled out - I'm out of corporate and onto a monetized hobby.

Specific to coasting, I track progress towards "coasting" based on various inputs (e.g., equity returns, equity/bond mix and our projected RE spend). Here's how it looks:


Coast % being how close we are to not needing to save anymore to reach various versions of FI by age, e.g. we don't need to save another dime to FI at 43 @ 4% SWR interval.

Contributions being monthly savings needed to reach certain versions of FI by age, we need to save $4.6k / mo. to FI at 40 @ 4% SWR.

Lean = $2.5m; 4% = $2m; 3% = $2.6m; and FAT = $3.5m. Blue cells are my daughter's undergrad years. Blue as maybe Dems will cover that for me.

Anyways, maybe a benchmark for you to leverage on your coasting calcs.
Keeper of The Spirits
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I plan to live to be 100, with my family genetics and modern medicine I don't think that's far off. Hopefully I will be blessed enough to work in some fashion until the day I die I also don't plan of leaving the boys anything, I'll spend it on them while I'm alive
BoerneAg11
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This is very helpful thanks!

And I definitely lucked into the right in-laws
ABATTBQ11
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ea1060 said:

What this thread has taught me is that most millionaires on here are married and I'm assuming have dual income households. Also, I imagine most on here had some help from their parents (college paid for, allowances, inheritance, down payment for their home etc). It's much harder to get there when you're young, single, and no help from parents lol.

Im single and have about $700k net worth in my mid 30's. Assuming the stock market doesn't crash anytime soon, I should break the millionaire mark in two years or so.


I would add dual high incomes, or at least top quartile. Early 30's, married, 2 kids, and have about $650k-$700k net worth. Much less than what others in similar positions have posted, but my wife makes ~1/3 what I do, and her job basically just pays for daycare and insurance right now. It's pretty much a wash and only worth it for insurance, so we're essentially a single income household. If she'd made a different career choice and had the same starting and current salary I do, we'd be well over $1 million and probably $2 million with our savings rate.

As it is, I'm (very) conservatively projecting to break the $1 million mark in 3-5 years. Looking to retire mid to late 50's with $7-$9 million (conservative estimates), depending on timing and investment returns. At 55 I'm conservatively projecting $6.5 million, but that could easily be $9 million if I wait until 60.
BlackGoldAg2011
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ABATTBQ11 said:

ea1060 said:

What this thread has taught me is that most millionaires on here are married and I'm assuming have dual income households. Also, I imagine most on here had some help from their parents (college paid for, allowances, inheritance, down payment for their home etc). It's much harder to get there when you're young, single, and no help from parents lol.

Im single and have about $700k net worth in my mid 30's. Assuming the stock market doesn't crash anytime soon, I should break the millionaire mark in two years or so.


I would add dual high incomes, or at least top quartile. Early 30's, married, 2 kids, and have about $650k-$700k net worth. Much less than what others in similar positions have posted, but my wife makes ~1/3 what I do, and her job basically just pays for daycare and insurance right now. It's pretty much a wash and only worth it for insurance, so we're essentially a single income household. If she'd made a different career choice and had the same starting and current salary I do, we'd be well over $1 million and probably $2 million with our savings rate.

As it is, I'm (very) conservatively projecting to break the $1 million mark in 3-5 years. Looking to retire mid to late 50's with $7-$9 million (conservative estimates), depending on timing and investment returns. At 55 I'm conservatively projecting $6.5 million, but that could easily be $9 million if I wait until 60.
To add my perspective, as married, but no dual income for the last 7 years, I'd wager the married part isn't just about the potential for dual income. I would guess it also has something to do with moving into more "grown up" life phases has a tendency to help people mature. I know that has been my case. I've told my wife many times that if I had been single all these years making the income I have, I would likely be cash poor but have a bunch of incredible toys. Getting married (and even more so having kids) however forced me into more mature thinking when considering my finances and spending as each decision I make now impacts someone else's well being.

this might not be the story for everyone, but I would also wager that I'm not alone in that effect.
Brian Earl Spilner
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ea1060 said:

SoupNazi2001 said:

ea1060 said:

What this thread has taught me is that most millionaires on here are married and I'm assuming have dual income households. Also, I imagine most on here had some help from their parents (college paid for, allowances, inheritance, down payment for their home etc). It's much harder to get there when you're young, single, and no help from parents lol.

Im single and have about $700k net worth in my mid 30's. Assuming the stock market doesn't crash anytime soon, I should break the millionaire mark in two years or so.


My wife has been a SAHM pretty much since we had kids early on. No help from parents other than paying for college. High income and lived below means but still spent on experiences more than things.


Paying for college is still a pretty big expense lol. I had to take out loans and graduated with a negative net worth + credit card debt. Took a few years to pay all that off, when I could've been adding to my net worth.


One thing I've learned is to not compare myself to others as much as just focusing on my own road.

The fact that others may be have had an easier road really doesn't change anything, and in fact may just introduce bitterness in the long run.

(Speaking as someone who also graduated in debt.)
azul_rain
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Goal is to hit 1M by 30. I'm at 100k now, currently 25 years old
LMCane
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Dan Scott said:

Everybody I know that has become a millionaire did so because they started their own business. You're not going to get rich working for somebody else. They said it takes hard work, ability to take risks, and a little luck.


Not True at all.

so many doctors and lawyers and actual normal Americans are millionaires by their sixties without owning their own business. Dave Ramsey has research which actually contradicts what you are stating.

The "average" millionaire did it through saving as much as they could from the time they were 18-20 years old and by 45 years later had a million dollars.

I'm at $730,000 age 51.
topher06
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LMCane said:

Dan Scott said:

Everybody I know that has become a millionaire did so because they started their own business. You're not going to get rich working for somebody else. They said it takes hard work, ability to take risks, and a little luck.


Not True at all.

so many doctors and lawyers and actual normal Americans are millionaires by their sixties without owning their own business. Dave Ramsey has research which actually contradicts what you are stating.

The "average" millionaire did it through saving as much as they could from the time they were 18-20 years old and by 45 years later had a million dollars.

I'm at $730,000 age 51.
As to doctors specifically, many likely stand a better chance if they do not own their own business. As intelligent as they are, a huge percentage of doctors almost completely lack business acumen.

Would agree that making it to $1 million only requires saving. However - other than notable exceptions like specialized surgeons, making it to something like $10 million generally requires either family money, owning a business or very fortunate investing.
diehard03
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Quote:

However - other than notable exceptions like specialized surgeons, making it to something like $10 million generally requires either family money, owning a business or very fortunate investing.

I'm sure someone will disagree with your 10M figure, but the larger point you are making is true - investing to get this level requires a high starting point that starts to preclude "normal jobs".
Cyp0111
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either it requires a lot of luck, startup going public, you make it high enough or valuable enough in a public corporation to get stock options or you're a tier one operator in the legal, banking/finance/consulting or medical fields.

It would also require saving and making good decisions and not having the lifestyle creep that you see in most those fields (nicest area of certain cities, private schools, vacations etc.).
Howdy Dammit
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Married (one year as of this past weekend) I'm 27 and wife is 23. Wife makes about 40% of my salary. In our first year of marriage we put her entire salary towards her student loans. We were debt free by thanksgiving. I had a net worth of 150k the day we got married. She had a NW of -30k.

We were also lucky enough to buy a house that has appreciated in the Austin market unbelievably. Helped instantly boost the NW by 75-100k almost overnight, although it doesn't really mean anything unless you sell and move way out in the sticks.

I max out my 401k, have 6 months living expenses rotting in savings, and am finally back to taxable investing in the market. Now that the wife's debt is gone we can finally be DINKs this year. Should grow NW considerably this year. Currently it is 302k.

Wife wants 4-5 kids and will be a stay at home mom hopefully in the next 2 years. At that point, we will just be very average middle class family in today's society without two incomes. Everything is priced for dual income.

There's some pretty incredible early 30s couples on here that have been extremely diligent with money. Congrats to everyone
riverrataggie
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Will attest to those aspiring to have a million by early 30's is well worth it. Will hit 40 this year with and sitting at 3.25 and was at a million just 6 years ago.
diehard03
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Quote:

At that point, we will just be very average middle class family in today's society without two incomes. Everything is priced for dual income.

As a single incomer for our families entire existence, I haven't found this to be true. While I am good at what I do, I don't consider myself in the category of high income generation as this board would see it. Yes, keeping up the Joneses is impossible, but that's not what you do anyway it seems.

That said, I would encourage you not to "keep score" too much, on this end of your family planning. it's a choice every father would make, but you may have to sacrifice a lavish retirement due to a child's disability or unexpected tragedy....or even adoption fees/helping someone else with bills is in your future.
Keeper of The Spirits
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4-5 kids over the next two year! Better get work and don't miss mass
GE
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Cyp0111 said:

either it requires a lot of luck, startup going public, you make it high enough or valuable enough in a public corporation to get stock options or you're a tier one operator in the legal, banking/finance/consulting or medical fields.

It would also require saving and making good decisions and not having the lifestyle creep that you see in most those fields (nicest area of certain cities, private schools, vacations etc.).
I know a lot of people that earn high salaries in the $500,000 to $1,000,000 range and have for years. It is apparent that many of them have made a conscious decision to prioritize lifestyle over maxing out accumulation of wealth. Is it really a bad decision to spend money to make life more enjoyable for 30 years and have $6 million at age 70 rather than $10 or $15? I'm really not sure which one is preferable.
ORAggieFan
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GE said:

Cyp0111 said:

either it requires a lot of luck, startup going public, you make it high enough or valuable enough in a public corporation to get stock options or you're a tier one operator in the legal, banking/finance/consulting or medical fields.

It would also require saving and making good decisions and not having the lifestyle creep that you see in most those fields (nicest area of certain cities, private schools, vacations etc.).
I know a lot of people that earn high salaries in the $500,000 to $1,000,000 range and have for years. It is apparent that many of them have made a conscious decision to prioritize lifestyle over maxing out accumulation of wealth. Is it really a bad decision to spend money to make life more enjoyable for 30 years and have $6 million at age 70 rather than $10 or $15? I'm really not sure which one is preferable.


All depends what you want and what makes you happy. I see people that make $25 mil a year and think I'd do it for two years and be done. But, they got there with a way different attitude and goals on life than I have (and it's probably what got them there).

You definitely can become a millionaire "working for the man" though. I know many in that boat. But, equity in some form is usually in the picture.
Cyp0111
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Generally people earning that are not saving for early retirement or content with a 4/2.5 in Katy. I work in a group and generally in a sphere of people with those levels of incomes. Very few are diligent savers, I'm by far the most conservative on that front.
$30,000 Millionaire
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I have done it working for the man and investing.
jagvocate
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Thank you to all thread contributors
Howdy Dammit
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Keeper of The Spirits said:

4-5 kids over the next two year! Better get work and don't miss mass

We don't miss mass. Peace be with you
TXAGFAN
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riverrataggie said:

Will attest to those aspiring to have a million by early 30's is well worth it. Will hit 40 this year with and sitting at 3.25 and was at a million just 6 years ago.
Eh…I will disagree. I had a good time in my 20's, but got too hung up with the idea of saving money (maxing out 401k, Roth, etc). Definitely a handful of trips, nights out, etc I could have enjoyed, but saving money seemed important at time so I passed. Income grows and that money I should have spent in my 20's is a fraction of my net worth today.

It's all about balance.

Edit: For context, I'm in the "millionaire" group for a while now (crossed $2 last year) as a single guy in late 30's.
montanagriz
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S
I know most millionaires are frugal but seriously you guys should get STACKED and let's contribute to getting a natty here in Aggieland. Lol
TXAGFAN
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montanagriz said:

I know most millionaires are frugal but seriously you guys should get STACKED and let's contribute to getting a natty here in Aggieland. Lol
Ha, how do you think a lot of us got to $1 million. I love Aggie football, but no way I'm spending $10k on tickets/donation annually.
montanagriz
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TXAGFAN said:

montanagriz said:

I know most millionaires are frugal but seriously you guys should get STACKED and let's contribute to getting a natty here in Aggieland. Lol
Ha, how do you think a lot of us got to $1 million. I love Aggie football, but no way I'm spending $10k on tickets/donation annually.


I'm just talking about contributing to Texags NIL program STACKED. It's $10, $25, or $100 a month commitment
TXAGFAN
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montanagriz said:

TXAGFAN said:

montanagriz said:

I know most millionaires are frugal but seriously you guys should get STACKED and let's contribute to getting a natty here in Aggieland. Lol
Ha, how do you think a lot of us got to $1 million. I love Aggie football, but no way I'm spending $10k on tickets/donation annually.


I'm just talking about contributing to Texags NIL program STACKED. It's $10, $25, or $100 a month commitment
yeah, I know. Same point.
montanagriz
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TXAGFAN said:

montanagriz said:

TXAGFAN said:

montanagriz said:

I know most millionaires are frugal but seriously you guys should get STACKED and let's contribute to getting a natty here in Aggieland. Lol
Ha, how do you think a lot of us got to $1 million. I love Aggie football, but no way I'm spending $10k on tickets/donation annually.


I'm just talking about contributing to Texags NIL program STACKED. It's $10, $25, or $100 a month commitment
yeah, I know. Same point.


10k is way different than $120 a year.....
Wrighty
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Howdy Dammit said:


Wife wants 4-5 kids and will be a stay at home mom hopefully in the next 2 years.
This would be real wealth and is a worthy goal.
evestor1
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montanagriz said:

I know most millionaires are frugal but seriously you guys should get STACKED and let's contribute to getting a natty here in Aggieland. Lol
I would not give one dime to the football program. Those sorry leftists are government workers and SJW...very few in betweens.



For the thread - I became a millionaire by not giving free stuff to those that hate me back a few years ago around 33 or 34! My money stays with my wife and our four kids. Come at me for help and i'll be there. Come at me for money and i'll help you get off my lawn.
Goldie Wilson
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montanagriz said:

I know most millionaires are frugal but seriously you guys should get STACKED and let's contribute to getting a natty here in Aggieland. Lol
I can't tell if this is serious or satire. Either way it's hilarious
Petrino1
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LMCane said:

Dan Scott said:

Everybody I know that has become a millionaire did so because they started their own business. You're not going to get rich working for somebody else. They said it takes hard work, ability to take risks, and a little luck.


Not True at all.

so many doctors and lawyers and actual normal Americans are millionaires by their sixties without owning their own business. Dave Ramsey has research which actually contradicts what you are stating.

The "average" millionaire did it through saving as much as they could from the time they were 18-20 years old and by 45 years later had a million dollars.

I'm at $730,000 age 51.
This. I work a normal HR job, barely make over six figures, and I have a $800k net worth in my mid 30's. I should reach $1 million in 2 years, and have $1.5MM or so by the time Im 40. I just saved/invested as much as I could in my 20's and 30's, saved every bonus, took advantage of employer 401k match, and increased income streams by having side hustles.

I know a lot of other millionaires that worked for the same company as me.
TikkaShooter
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How many folks include primary home equity in the equation? Or we talking Ret account balance only
 
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