Millionaire by 30?

[benyl]

The irony of this poll for those at or over 30 is that it is so much easier to achieve this today than it was 10 years ago when these goals were made.

There is a recent thread where a fresh grad is asking if $70K is a decent starter salary.

When I finished school, $30K was really good.

[Redlyne_jr]

Originally posted by max_boost
Nah missed it lol hoping to get there by 35. Will liquidate everything move back home screen shot bank acct and ask beyond for investment advice

[msommers]

Unless I marry one of my friends who are nearly at the end of their residency, not a hope in hell Plus I'm probably going back to school with a mortgage living on my own, I'll probably be scrapping by in 2 years

[ercchry]

Im at a crossroads right now personally... kind of getting sick of the calgary lifestyle (not to mention calgary causes me physical pain all winter in the form of weather related migraines)... if i continue to stick it out though. then yes, $1mm in assets is the goal by age 30, i think its the only way we would be comfortable starting a family here (and being down to a single income). both of us had late bloomers (financially) for parents, grew up pre-boom with working parents and not all that well off... at all. so yeah, i cant do that...

But right now i am also toying with liquidating everything and reinvesting some place else. Go from "small fish, big pond" to the opposite kind of thing... this would make the $1mm figure less meaningful since a dollar will go a lot farther than it does here.

But im still not 100% sold on even wanting kids, so its either going to be family or passive income, live anywhere we want sort of thing. But either way, $1mm in assets by 30 is the goal, i really dont want to be working a 9-5 job by then and it would give me the ability to do something i really want to do with no worries of paying the bills every month.

[Feruk]

Originally posted by themack89
I am going to put most of my money into various investments and see which ones go big. This ranges from biotech companies to websites.

I hope my plan of leveraging other people's talents without having any of my own will pay off. We shall see.

24yrs old. Got time.

Originally posted by benyl
Biggest lesson? Don't gamble with penny stocks. The casino has better odds. I think I was down $100K at one point.

I see a future irony here.

[BigMass]

very possible if you bought real-estate prior to 2003, are single and love to work. Weathered the 2009 recession and dumped all extra money into the market after the crash when the DOW hit 7000. Know a lot of people including myself where life didn't end up so neat and tidy. Lots of luck and timing involved. Some people love to pretend how smart they are in terms of timing but most often than not it was just happenstance that lead them into a particular situation.

[Prail]

I'll not pretend to be beyond baller - and count the wife with me in this as well.

Turn 32 this year, nowhere near close that in liquid assets. We try to balance our approach and enjoy nice things in life while still saving quite a bit, truth is very very few people could acquire that kind of wealth on their own without starting a business and getting pretty lucky along the way at such an early age.

We earn enough to live a very nice lifestyle, max out TFSA's, and another 10-15kish a year each into other investments each.

We will probably be in that neighborhood in our early 40's if the investments go well... good enough for us!

[Prail]

.

[max_boost]

Yep. Timing. Being born at the right time factors in tremendously. Don't even need to debate this point lol

Money would buy me a lot of happiness lol if I'm a sad puppy I will just pay $300/hour for counselling lol

[ragu]

Originally posted by benyl
The irony of this poll for those at or over 30 is that it is so much easier to achieve this today than it was 10 years ago when these goals were made.

There is a recent thread where a fresh grad is asking if $70K is a decent starter salary.

When I finished school, $30K was really good.

Sure, fresh grads come in and ask if $70k starter is reasonable, but remember this is only in Alberta. Secondly, same fresh grads also spend ~$200 every weekend on useless parties and $400k on 1br condos to live the hipster life.

[Skidro]

Other than timing, what else would be needed? I have 9 years to go lol

[r3ccOs]

lol... with my pension, capital investments, a rental property and my house, I'm not far off, but far off from being a "millionaire" in total assets.

however, being that I earned all that while I've had a spouse all these years, then I'm pretty far off

(hate to say it, but I was the one who did all the investments, payed the bills and major purchases, but that's how it is)

being that a good majority of Canadian liquidity is tied up in the Boomer generation, the chances of people being "around 30" and having a million dollars of inheritance, is not far off at all.

my friend who is 41 (much older than 30) just received about 2.2 mil from inheriting his estranged father's estate and equity in his business, which he sold off to his father's partners.

going from breaking your back making 80k a year, to being basically immediately retired is pretty sweet.

My parents are Asian, and though they have a decent nest egg and are retired... I'm going to be like 60 till I see anything.

[Asian_defender]

I'm going to be honest here. I think if you hit 500k net worth by the time your 30 then I will consider you doing better most non-beyonders and let's say that's combined assets between you and your spouse.

Of course on beyond here your pretty much considered a NE hoodlum if you don't drive a beyond civic

[AndyL]

ROFL...

I'm just shooting not to be a million in debt by 40 at this point

And yeah, downhill side of 30s... So... Fuck-it... I'm out.

Where can I find the application to be a greeter at walmart - maybe if I can apply now I'll beat the rush in 30 years.

[davidI]

This was a secret goal of mine and I turn 30 in a week. I've just made it by the skin of my teeth.

I have no physical assets anywhere so I can even claim I fit the "cash & liquid assets" definition.

No inheritance or other boosts from family or friends. I've pissed away a $150k+ on travel as well so it is not like I've been missing out on life along the way either. Just a lot of hard work in shitty countries.

My goal is not so much retirement as financial independence. I wouldn't mind taking a stab at a couple of entrepreneurial projects in the next few years, but I'll feel more comfortable around the $1.5 level. I'll also need the loonie to surge a bit as a lot of my finances are in CDN$ and I plan to live overseas.

[GTS4tw]

Here are some facts from the gov't about Canadian millionaires:

According to National Bank research, there were 562,000 households in Canada with investable assets surpassing $1 million in early 2011, with that number expected to surpass one million households by 2020.

The following statistics shed some light on one of Canada’s fastest growing tax brackets:

In 2011, the average age of a Canadian millionaire was 54 years old;
In 42% of all millionaire households, at least one member of the family is more than 65 years of age;
The gross family income of 31% of Canada’s millionaire households is $150,000 or less, while 33% earn between $150,000 and $300,000 and another 30% earn more than $300,000;
More than 20% of all Canadian millionaires, and more than 30% of all millionaires with more than $5 million in investable assets, were born outside of Canada;
40% of Canadian millionaires are business owners.

If you don’t foresee any significant inheritance in your future, don’t be discouraged - only 8% of all Canadian millionaires inherited the majority of their wealth.

[Sugarphreak]

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[r3ccOs]

Originally posted by davidI
This was a secret goal of mine and I turn 30 in a week. I've just made it by the skin of my teeth.

I have no physical assets anywhere so I can even claim I fit the "cash & liquid assets" definition.

No inheritance or other boosts from family or friends. I've pissed away a $150k+ on travel as well so it is not like I've been missing out on life along the way either. Just a lot of hard work in shitty countries.

My goal is not so much retirement as financial independence. I wouldn't mind taking a stab at a couple of entrepreneurial projects in the next few years, but I'll feel more comfortable around the $1.5 level. I'll also need the loonie to surge a bit as a lot of my finances are in CDN$ and I plan to live overseas.

it comes down to sacrifice, discipline and taking opportunities right?

whether that is investing in yourself (education), capitalizing on the right opportunities such as starting your own business or buying real estate, sacrificing your time & effort and not squandering your hard earned cash.

I mean if you were to look at a breakdown of your earned income over your working career, investments you've overlooked, and how you've spent your money... allot of people would just look at the past in regret.

but whats the point of life to work so hard and to not enjoy the fruits of your labor?

[Sugarphreak]

...

[M.alex]

Money is over-rated; now if you'll excuse me I have to go back to picking up bottles and cans.