Millionaire by 30?

[holden]

Originally posted by Sugarphreak
yes..., but happily

So was it $1 million net worth for each of you, your share or combined?

[The_Rural_Juror]

They say kids are worth 1/4 mill. Therefore if you have four kids, you could be a millionaire. #Marth

[Sugarphreak]

...

[max_boost]

Lol beyond.

[BoostinAround]

Originally posted by max_boost
So? How's that coming along? Didn't see this recession coming did ya?

Now you simply grateful to have a job, forget about being a millionaire.

No need for the negative attitude. Recessions are great times to build wealth! Jobs should only serve as a temporary income source to pay for basic necessities while you build your future.

Instead of laughing and pretending no one on here is millionaire, maybe you should be asking how people did it instead of thinking no one can do it.

[Cos]

.

[Masked Bandit]

Originally posted by The_Rural_Juror
They say kids are worth 1/4 mill. Therefore if you have four kids, you could be a millionaire. #Marth

I love the Marth but I think reality would be each kid is a $250K liability, not asset...lol

Having $1,000,000 net worth (assets minus liabilities) sounds like a lot of money, but it's really not. I guess it would be if you're 70 and don't plan on living much longer but the formula I've been told is that your nest egg needs to be 25 times what you're going to spend annually. Working that backwards, it's not nearly enough. Ya, $40K would be enough for an elderly couple to "exist" but not really live. I don't want to spend my last 20 years on the planet sitting on the couch watching Oprah waiting for the grim reaper to knock on the door.

[Xtrema]

Originally posted by Masked Bandit
I've been told is that your nest egg needs to be 25 times what you're going to spend annually.

So if I blow $100K/yr, I need $2.5M asset.

Wow, that's tough to reach unless you are talking about retirement.

[Strider]

Originally posted by Xtrema
So if I blow $100K/yr, I need $2.5M asset.

Wow, that's tough to reach unless you are talking about retirement.

Nest egg of 25x annual spending is just another way of saying 4% drawdown rule of thumb for retirement

[leftwing]

Interesting thread, although hard to no laugh at some of the posts.

Some of the people might find the following website interesting, if they don't know about it already. It started out as some guys journey to hit 1M net worth by age 35, starting from age 26 I believe. He is 35 now and hit his mark, posting monthly updates on his NW and different strategies he tried along the way. Lots of good reading.

http://www.milliondollarjourney.com/

[variable_x]

Originally posted by leftwing
Interesting thread, although hard to no laugh at some of the posts.

Some of the people might find the following website interesting, if they don't know about it already. It started out as some guys journey to hit 1M net worth by age 35, starting from age 26 I believe. He is 35 now and hit his mark, posting monthly updates on his NW and different strategies he tried along the way. Lots of good reading.

http://www.milliondollarjourney.com/

He is pretty weak considering 11% of beyonders are already millionaires before they reached 30.

Better to ask for advice on beyond.

[leftwing]

Originally posted by variable_x


He is pretty weak considering 11% of beyonders are already millionaires before they reached 30.

Better to ask for advice on beyond.

Could you imagine an Ashley Madison type hack of beyond where everybody's true colours were shown? Salaries, financial details, actual job titles etc. It would be chaos. And Hilarious.

[Tik-Tok]

Originally posted by leftwing


Could you imagine an Ashley Madison type hack of beyond where everybody's true colours were shown? Salaries, financial details, actual job titles etc. It would be chaos. And Hilarious.

I don't think any of the regular posters lie or exxagerate much about this kind of thing. Maybe 10 years ago, but not now.

[max_boost]

Originally posted by BoostinAround


No need for the negative attitude. Recessions are great times to build wealth! Jobs should only serve as a temporary income source to pay for basic necessities while you build your future.

Instead of laughing and pretending no one on here is millionaire, maybe you should be asking how people did it instead of thinking no one can do it.

lol ok

Sugar phreak. How did you do it?

What's your portfolio looking like these days? 300k house, 600k investments 100k cash?

Mortgage rates so low having a paid off house seems overrated lol I need to invest in something.

[C_Dave45]

Originally posted by Tik-Tok


I don't think any of the regular posters lie or exxagerate much about this kind of thing. Maybe 10 years ago, but not now.

*sigh*. Now I'm depressed as hell.

[Manhattan]

Originally posted by Masked Bandit


I love the Marth but I think reality would be each kid is a $250K liability, not asset...lol

Having $1,000,000 net worth (assets minus liabilities) sounds like a lot of money, but it's really not. I guess it would be if you're 70 and don't plan on living much longer but the formula I've been told is that your nest egg needs to be 25 times what you're going to spend annually. Working that backwards, it's not nearly enough. Ya, $40K would be enough for an elderly couple to "exist" but not really live. I don't want to spend my last 20 years on the planet sitting on the couch watching Oprah waiting for the grim reaper to knock on the door.

$40K should certainly be enough for an elderly couple. I think common misconception is you're going to travel the globe, splurge on grandchildren etc. But the numbers show most seniors spend less than they did while they were working. And spending starts dropping off dramatically into the 70's and 80's.

EDIT: Back on topic...much easier to achieve a million on a double income. It's actually not difficult if both people have an interest in building wealth and investing. One a single salary it's VERY tough.

[ickyflex]

I'd be curious in knowing what people saved up for a down payment on their house hah

[C_Dave45]

Originally posted by Manhattan


$40K should certainly be enough for an elderly couple. I think common misconception is you're going to travel the globe, splurge on grandchildren etc. But the numbers show most seniors spend less than they did while they were working. And spending starts dropping off dramatically into the 70's and 80's.

EDIT: Back on topic...much easier to achieve a million on a double income. It's actually not difficult if both people have an interest in building wealth and investing. One a single salary it's VERY tough.

My Dad lives on $23,000 a year...BEFORE taxes! Mind you his fridge has a celery stalk and bottle of ketchup in it at any one time.

[ercchry]

Originally posted by ickyflex
I'd be curious in knowing what people saved up for a down payment on their house hah

5% of course... but its always been a source of income for me... so

that was also when i was only 23, got to be in the game to play... now im sitting on like 45% equity

[Manhattan]

Originally posted by C_Dave45

My Dad lives on $23,000 a year...BEFORE taxes! Mind you his fridge has a celery stalk and bottle of ketchup in it at any one time.

What does he eat?? Eating out at a restaurant is roughly 10X the cost of eating at home. Overpriced menus & drinks, tax, and 20% tip on top of everything. Unless he's eating junk food every meal.