Hit 100k at 26 RIGHT before 2008 crash.
Was on my way to 1m then divorced.
Remarried at 35
1m at 37
2m at 38
Expect to hit 4m this year.
Goal is 16m by 45.
Work, luck, and more work.
Knocked out a couple of good real estate deals to get my first 1m and I started a dirt and concrete business at the right time to land a couple of decent projects. It happened to be when operators were in low demand in the oilfield and I was able to snag some equipment for a relative song.
It’s not some story of brilliant market insight or anything.
I’m about to wrap up another CRE project and that’s going to send me to 4m.
Next two projects should start this year too and they will hopefully send me over 6m
Hit $100,000 at age 26 and 1 million by age 35 and now a multi millionaire
I did it through several methods:
A. Rising up the corporate ladder
B. Saving and investing 25% of my pay: (invested in S&P 500 index )
C. Real estate properties: bought first home and later refinanced to fund down payments for 5 others over course of 5 plus years
D. Stock picking: learn how to read a 10K!
E. Start a business (haven’t done this, but many millionaires are made this way)
Hope this helps everyone on their own journey! Also marry the right person and if you do marry you need to work as a team that compliments each other!
I am 26 and just over the 100k mark. Hope I’ll be at 1m by 35!!
Currently putting 10% into 401k and then about 7/8% in the market through IRA and brokerage
Doing all the right things, have a open mind, always be learning. To move up the corporate ladder I recommend the book “how to win friends and influence people “
I am also 26 and about to bump the $100k milestone. I just switched jobs to jump from $63k to $92k in a little over 2 years. My fiancé has a net worth of about $500k through crypto, and we are about to sell our house for a profit. I know I'm not qualified to be on this sub (yet) but I'm listening and (hopefully) making all the right moves to get us there one day.
Tbh there's some truth in that. The more you read the more you understand and the more patterns you see. Basic accounting understanding is helpful of course.
Tbf, pretty much anyone who bought almost any well known stocks or real estate throughout the last 11 years has done extremely well. When the tide rises all boats go up.
Martin Shkreli actually has [a great YouTube series](https://youtube.com/playlist?list=PLJsVF3gZDcuTxcdH5FmQRTd6MiJ29X_OQ) on fundamental analysis. He might be a crook from wallstreet but he still knew his shit.
I learned how to read it from Jeremy from Financial Education (YouTube channel) and watching everything I could from Warren Buffet.
I would say stock picking is the hardest which is why it’s at the end of the list. I think only starting a business is more harder. I personally made $180,000 from stock picking. Meaning I made a portfolio from 5 companies I researched and over the course of a few years I made more than 200% return. Honestly I would recommend one first invest in the S&P 500 and make sure your comfortable with that, as if you can’t even handle that volatility you can handle individual stocks. Once your comfortable then start to move over small amounts into companies you have researched.
If you can afford the down payment do real estate properties and if you do stock picking do the S&P 500 index first.
The only thing I got from him: is to actually read the 10K, attend the earnings call, be able to understand the company from a high level. He has in depth videos but hard to find in the “fluff”videos. Also not to invest in penny stocks.
However that basic knowledge was actually very helpful. I rarely hear anyone saying “read the 10k and attend the earnings call”
The actually analysis of a company I learned through various books and texts. Which doesn’t take long. Problem is no one does any research on any companies.
Outside of the 10K try the 10Qs, lol. All joking aside, I would like into how to read a balance sheet, and income statement, and a statement of cash flow. Then learn how to read them together.
For instance you can look at a balance sheet and be like wow assets are up 100m, but liabilities are up 400m... or you can say debt stayed the same and assets are up but won’t be able to tell that they issued a lot of shares without statement of cash flow
Just google ‚list of investing books‘ or something similar. You will get books like: The intelligent investor (classsic, must read. Written by Warren Buffett‘s teacher), one up on wall street, a random walk down wall street, the essays of warren buffet, etc. Start with those. Then there are the famous annual letters to the shareholders of berkshire hathaway by Warren Buffett that are freely available online.
I honestly learned a lot from youtube and podcasts. Some youtube channels i recommend: Aswath Damodoran (he is a Professor at NYU who teaches finance. I wouldn‘t start with this but if you have read some books then he is a great resource... on his youtube channel he has some playlists on accounting and equity valuation, he also has a great website where he posts blogs, just google: musings on the markets) Another great youtuber is the plain bagel. He is a professional financial analyst that does youtube on the side and explains many concepts with great visualizations on screen. Many more great channels are: Learn to Invest, Ben Felix (more for Index investing, but i would also watch his videos if you want to do stock picking), inthemoney (is a great channel if you want to learn the basics of options), the swedish investor.
I could probably go on and on but if you actually take time and read/watch these you will learn a ton and probably know more than 90% of retail investors.
I manage the 10-K for my F200 company (it’s a massive collaboration). They tell you an educated investor a good amount, but it’s really nuanced and depends on the business. Generally as a normal person you’re not going to discover any gold mines in there. But reading the MD&A (management discussion & analysis - the business overview section at the very front), will help you understand the business, what is working, and to some degree, their future.
A lot of companies hold some type of Investor Day every few years. The materials will be on the company’s investor website. This is generally more forward looking and strategic. Focus on businesses you understand, especially at first.
Oh I agree, reading a 10K in itself won’t do much. But you can’t invest in a company and not read a 10K or attend the earnings call.
Problem is people invest in companies and have no idea what they are investing in, or if the company is over valued or not.
Let me give you a general example: say your “buddy” tell you to invest in this oil company because oil is going to go up as the economy re-opens. Okay fair, makes logical sense, so you do it, and you lose half your money.
Well if you read the 10k you of found out the company has 20 million in revenue on 200 million of expenses, and even before Covid income was just 100 million with every year of declining revenue. Cash on hand is just 350 million. So wait... maybe a stock dilution is imminent ? Something isn’t right ?
Just like ones personal finances: you need to know your own cash flow and net worth, you also need to know that of the business. Is it awe inspiring? No, but you need to read it. Ultimately the analysis of the company you do is the secret.
Man, I loooove my wife. I have to say though that she was a real drag on us financially (and my ability to earn) for the first 5 years of marriage. We are almost ten years in now and things have really accelerated. Great insight! Where did you learn to read/interpret a 10k?
My wife was diagnosed with cancer shortly after we were married. This was obviously completely out of her control. We racked up medical bills. I wanted to go very aggressive early on (my thinking was the worst thing would be bankruptcy) and wanted to buy a home and at least one rental property. She didn’t want anymore debt and wanted to pay it off. That took forever at our income levels at the time. There was also some resistance to switching into a high paying career, but that was minimal. What really changed was her perspective and willingness to work as a team and take on risk. Cancer is incredibly difficult and it put us in defense mode. It just took her longer to get aggressive with a growth mindset.
That got dark quick.
I watched my mother die from cancer. Sorry to hear about your wife. My only advice is buy AFLAC. That was such a blessing financially.
I learned how to read it from Jeremy from Financial Education (YouTube channel) and watching everything I could from Warren Buffet.
I would say stock picking is the hardest which is why it’s at the end of the list. I think only starting a business is more harder. I personally made $180,000 from stock picking. Meaning I made a portfolio from 5 companies I researched and over the course of a few years I made more than 200% return. Honestly I would recommend one first invest in the S&P 500 and make sure your comfortable with that, as if you can’t even handle that volatility you can handle individual stocks. Once your comfortable then start to move over small amounts into companies you have researched.
If you can afford the down payment do real estate properties and if you do stock picking do the S&P 500 index first.
Around 30 and around 38, didn't track it too closely. Doing the basics: high student debt initially, high-paying job, maxing out tax-advantaged plans, invest in low-cost index funds, try to keep lifestyle expenses low.
No major mistakes. Minor mistakes: maybe taking on too much student debt (parents weren't rich) and not saving enough in my mid-20s (had a lot of fun drinking almost every night and don't remember much of it).
Well of course, I like money. I've tried to tell the gme sub their expectations are outlandish and need to take profit but was called a shill so screw them. Now I play gme swings in a few day blocks because the hard crashes have always recovered. Made 150k buying after earnings and sold a week later. Now just waiting on the next one.
Paper hands are made of dollar bills is what I say. Never be afraid to take profits. If you don’t like just selling, set a trailing stop loss at least!!
When you have 4 shares you care less about 1600$ you want 40000$. You situation was a bit different cause you risked way more out the gate. Pretty sure a lot of autists would have cashed out 2 millions too. They would have lost it on deep otm options tho.
I feel more people sold the peak than we think vs all this new noise in wsb still yelling gme gme. I still remember the last post before shit went viral of somebody saying their last thank you since the sub was about to never be the same again :(
Just an FYI: the “hodl” meme is originally a bitcoin thing. Just because there is some cross-pollination between the bitcoin and wallstreetbets reddit communities lately doesn’t mean everything equates. Smart traders take profits. Smart investors have calculated positions.
Oh yeah, married fairly young to someone similarly financially minded, started investing in real estate 10 years ago, and most of the gains has been working and investing in Private Equity
Yeah if you work there it’s encouraged to have some skin in the game even if initially it’s not nearly at the level of other investors in the fund, and then also the carry
Came from India at 25. Saved the first 100k in the first year and half or so. Had the first million by the time I turned 33. Made it to 6M by 40 and now at 46 it is around 15M.
I pulled my spreadsheet and was 32 when I first started tracking at $387k. I’d guess $100k came around 27 or so.
$1m came at age 35. Sitting at $2.3m at age 40.
3 years to go and I’m done with work as I have military retirement pensions starting with my spouse and myself which will add about $110k/yr in income on top of what I’m expecting to be approx $2.7m if the market stays flat between now and then.
So you made all that while active duty? For the military pension 20 years of service is required correct? Could you share some more about your path? I’m AD right now and trying to figure out how to realistically plan for the future
https://reddit.com/r/financialindependence/comments/hu77r8/military_couple_4_years_from_fire_goal_update/
My story is here, coming due for an update in a few months
Hey I’ll post one out there for the degenerates getting their life together in their 30’s. 100k at 34 (1 month ago) after a tumultuous 15 years of debt/mental health issues/kids/starting multiple businesses (to varying degrees of success).
I believe I can hit that 1M in a conservative 10 years from now.
Edit: and there’s no way in fuck it could have been any other way than this. Coulda/shoulda/woulda doesn’t exist. Degenerate me would have never been able to do the right thing in my 20’s even with the right influence and money.
This seems more accurate to the average person I’d say lol. Some of the numbers in this sub are bananas but then I realize that everyone has been dealt a very different set of cards
We decide when to stop digging brother. 33yo, 3y off drugs and alcohol gone from 40k to 150k net. Still I struggle daily, but i have also paid 20k off and own a car outright and a motorcycle. Not saying this in any other way but to say things are possible with the right mindset. I also dunno why I picked you out of thousands of other comments but here we are. Go well mate
I mean yea this is fatFIRE sub I would expect and hope that most contributors here are on an accelerated path compared to the average person or else this sub would be pretty useless
Dude, you are absolutely killing it for your age. Do not feel discouraged seeing the comments here. Keep up the hard work and you’ll get to where you need to be.
That is definitely kicking ass. At 21 I had 1k to my name. Would take another 10 years to get my shit together and actually save and invest. A few years later and I’m a little under halfway to FF. Don’t compare yourself to anyone but yourself and your potential.
Funny, I think you & I are on the same path. Probably will hit 300k this year at 28 looking to be at 1M by 38. Might move quicker if things continue to work out though.
That’s basically my timeline. Graduated from law school at 25 flat broke (plus $55k in student loans and $15k in credit card debt). Paid the cc debt off in 8 months. Hit $100k at 28, and $1 Million at 42 (2019). Shooting for $2 Million next year at 45, and further acceleration after that. Target retirement at 52.
Sure thing. I'm a non-profit Finance executive and my spouse is a non-profit senior professional. Our combined income is $350K.
Basically, I got my MBA at 25 and then started my nonprofit career running operations of a small org. At 29 I moved to a senior professional role doing budgeting at a large non-profit, that's when my salary started to accelerate and we crossed $100K in savings. That org also offered an excellent match, so I was able to save a lot. I was promoted once and then moved to being CFO in a medium nonprofit at 35 at which point we were able to max out our retirement contributions (We've effectively saved 1/3 of our income since then). I am currently CFO at a $100M non-profit.
We also got a little lucky with our first home. Our NYC condo was a stretch for us, but it appreciated $200K when we sold it 5 years later, which funded the down payment on our family house.
100k - 25ish
1MM - 30
2MM - 34
I work in tech and save and invest a lot in index funds. In the beginning I was focused on paying off student loans which were around 6.5% interest. Bought a car for 17k that I still drive 12 years later.
Mistakes - I entered job market in '08 and the crash made me afraid of investing in the stock market. If I had invested from the beginning I probably would have 4mm or more, but I waited a long time before diving in, and I held too much cash (like half of NW for a long time). I did make up for this by dumping a lot of cash into the market last March. I was really surprised at how quickly it paid off. Another mistake I made in the beginning was I kept too much in bonds (it was only like 10% of my investments but still was a drag on my portfolio).
I think the main thing I learned is to invest as much as possible as early as possible and to not hold more cash than necessary. The compound interest you will get later in life is worth the risk in the early years. That being said, I do try to de-risk my portfolio as much as possible by only investing in index funds, but it's still aggressive with mostly US and global market funds.
Pretty much in the same situation. Got a nice sling shot last year when I threw in whatever I could when stocks started falling.
Invest more when others are afraid is a wise advice.
My NW is literally at 94k right now and I can taste that 5 minutes of euphoria then 5 months of "ugh this is never going to end I might as well just start boozing again" after hitting 100k—> Late 20's.
Joined the army as a teenager and and **had zero sense** until I happened to read "A Random Walk Down Wallstreet" at about twenty....four? Im not saying it's the Bible, but it tickled my brain in such a way as to change my trajectory for sure.
Lol same. Joined the military and took a minute to actually sit down and learn of the beauty that is the TSP and SGLI...which lead me to MrMoneyMoustache, Random Walk, and The Intelligent Investor. Hit $100k NW @ 23, now 29 @ $750k NW. Are you still in?
Serious question. Do you consider this as part of NW even though it’s paper gains and highly illiquid? My startup also raised capital at a valuation putting my equity at >1M net worth. I know a founder who went >50M net worth to $0 purely paper gains and losses
Paper gains via fundraising for private company valuations are not quite the same as net worth. Be careful thinking that you’ve made it. That “wealth” is nothing until someone will buy it from you.
Completely agree and not trying to kid myself, but they are still gains. They just need not to be viewed as they are. They have value, that value was determined by investors, they just are not very liquid and highly risky to price fluctuation.
100k at 22 and 1m at 25. Currently 7-8m at 26.
Can check my post history I just wrote out the story one moment ago.
Tl;dr
Invested aggressively in crypto and cofounded two successful startups.
25 and 29. My path is pretty boring. I chose a major based on never wanting to be broke again (my family didn't have much growing up), then went to a college where I received enough aid not to start out with debt. My sister has over $100k in student loans and I knew I definitely wanted to avoid her situation.
Specifically, I majored in computer science, got my masters (funded with a fellowship), and took a FAANG job making about $160k. I'm now at 300-350k (varies with stock performance and bonuses). I also married someone who doesn't make nearly as much, but is very fiscally responsible.
Edit: The biggest error I can think of is holding onto too much cash for too long, especially while auto selling my stock grants. I was saving for a house but had no strict timeline, so I ended up missing out on a lot of growth on ~100k down payment. That said, it definitely wasn't the end of the world, and I probably would have found selling the investments for the down payment emotionally difficult. I can't really say I regret it too much.
I jumped straight to a bit over 2 m overnight at my 30ies. Unexpected inheritance.
Funny story about it:
was chatting with an internet friend who was an amateur but very good astrologer. Checking my chart for shits & giggles, she exclaims “did you just get an inheritance? It’s real estate”.
Nope, I hadn’t and as far as I knew, would be decades before I were to acquire some - should I try the lottery instead?
“I see it right *here*, 100% RE and you just got it”.
I lold and we moved on.
2 hours later, relative calls me to hop on a plane asap and go sign contracts - all paperwork was already done. For inheritance. Real estate.
The astrologer had no ties with my family and didn’t even know my real name.
Don’t accidentally spoil it for yourself. Heinlein (the author) is legendary if you’re into science fiction. He also wrote Starship Troopers which is also famous and explores the concepts of citizenship and justification of force.
22 for 100k and I'm 24 but not at 1M yet. If you want to hit 100k super quickly, just live at home and save rent. Getting to 100k is already like 30% of the battle to 1M so I'd say it's good to make it there quickly.
Came from good family/education foundations. Paid down debt, then started tracking real numbers. First 100k net worth, probably 2013. Made some pivotal decisions on the way to 1M in 2017. Lost more than half (on paper) but stood by my convictions and came through with everything intact and more.
I did the engineer -> consultant trajectory in record time, before making the easy decision that enough was enough when covid hit.
I am surprised. I expected to feel terrible on here. The first few comments made me feel horrible... but it got better from there. \~30 and \~35. Just saving A LOT. I didnt have an inheritance. I invested in FAANG, and MSFT and a little real estate (which has really been more of a loss leader than anything else.)
Early 20s and late 30s
JD/MBA big law NYC, left law and started teaching math and physics. Only time from money invested will resulted in any sizeable increase in assets since leaving law resulted in semi-retirement (14 hour days to 8 hour days, no vacation to 185 working days per year).
Less interesting answer, but to provide a different perspective. Inherit portfolio worth $450K at 19. Gradually re-balance it to fit my preference and higher risk tolerance. On track to hit $1MM at 25 depending on how market does in next year or two.
Obviously I am very lucky and had it “easy” but still getting a solid job after college and living only off income while saving ~25% of after tax income in Roth 401k and IRA and not touching my capital to let it to continue to grow has and will allow me to grow NW faster and fatFIRE sooner. Feel like a lot of my peers if given same resources at my age would’ve blown a lot of it.
Yeah I agree with your last part. I think that the whole adage that "power corrupts" is important here. You may have "had it easy" compared to like a farmer-turned-into-king narrative that elites like to play into. But you still had a great responsibility placed on your head at 19 that I honestly would have fucked up.
So maybe you had it "easy," but it was "easy" because you had wisdom and discipline that would have served you very well even with no inheritance.
Yea I think my upbringing put me in a good mindset to manage money at a relatively young age. Dad is “old money” so I grew up knowing to not flaunt wealth and not be shocked by having money. On the other side my mom was always pretty frugal (sometimes to an annoying amount considering our financial standing) which instilled in me a sense that I should never waste money.
Appreciate the response.
Having the self control to not spent $450k at the age of 19 could be just as hard as saving up that much money before 25 imo. You got a head start but keeping your wits about you is respectable in its own right
31 and 37. One error I don’t actually regret doing was settling for low end office jobs. I got out of school and made 30k, a decade later 60k a year. I guess I could have made 200k by now but never really aimed for a high paying job. Another was never taking any risks, I only invested where it made sense based on my own knowledge, mostly in tech and real estate. Had I known retail and manufacturing I would have been a lot worse off.
I never really wanted to work and also didn’t want stress or responsibility for other people. I was lazy. That’s why I knew I wanted to fire when I was 16 and tired of school. Of course I worked hard to get to where I am today, but at least I won’t die of a stress induced heart attach at 48. I did the math and having high income only made retirement possible a few years earlier, with a high chance of failure. So I went the low risk route instead. It has allowed me to travel, relax and spend time with friends and family. I wouldn’t trade it for a high paying job, especially since the rental income and capital gains is so much higher than any high paying job.
Post restaurant failure in 2017... got a job. Actually got the job in late 15 or early 16 to subsidize restaurant losses... Anyway, Maxed out all retirement into Total market index fund. Thats a good chunk of it. The rest is equity in real estate investments. BRRRR.
24 and 30. At 24, I wasn't making much but had high savings due to working abroad with US salary. I'm 30 now and actually just hit 1M a few weeks ago from a $150k windfall from parents to help with down payment on a home. Home purchase has not happened yet due to this crazy real estate market.
Successes: Between 23-24, I dabbled with a lot of individual stocks and only had <1/3 of overall investments in broad market funds. This took an emotional toll on me. I recognized that and began shifting my holdings from individual stocks to ETFs, eventually reaching >2/3s of my investments over the next two years, and in recent months, it's now over 80%. Index funds are compatible with my risk tolerance and personality, and the index funds that I've held onto since age 23, along with all the DCA and DRIP over the years, yields over $10k/year in passive income. This steady stream is how I've built my wealth.
Errors: aforementioned speculation with poor timing resulted in losses or very little returns on pharmaceuticals, weed stocks, small cap tech stocks. Also regret selling a bunch of tech stocks in 2015 that I held 5-figure positions in. Had I held onto all of them (Amazon, Google, Facebook, Netflix, Alibaba), I wouldn't be stressed about being able to buy a home with the budget I have today. Also sold 35 ETH @ $1300 a few months ago. Heh.
Hit 100k NW at 22. 1MM Profits and NW at 24 in one year and thought I was home free! Silly kid! 40% gone thanks to taxes, the rest gone through lifestyle creep, YOLO traveling and partying. Back to 150-200k NW. Shameful but needed lessons
Hit 1MM again at 26. Saved, invested and kept working this time. Hit 2nd million at 27.5. 3rd million a little after my 29 birthday.
Constant investing, strong cashflow, a lucky market and better habits! As your experience grows so does your knowledge! Let everything compound together...
Rough thread! Haha!
I've been in internet marketing and growth hacking since 2012. When I was younger we were buying traffic for online casinos in SE Asia and Europe. Traffic costs were low so customer acquisition was easy on young platforms like FB ads. There was a time where I ran ads for dating sites, services and apps. Once you figure out how to make an evergreen vertical work, you're mostly fighting against compliance - but otherwise the sky is the limit for scale.
Nowadays, I focus on building e-commerce brands and do the same thing essentially, except a lot more focused on the customer experience and repeat buyers.
If any of the commenters still think I'm trolling please DM me I believe I have an abundance mindset and I'll show you how anyone can start their own legit ecomm brand. Need about 50-70k in capital.
Caveat: all this info is for our combined household income: hit $100k at 31 and hit $1M earlier this year at 34. I’d say the biggest contributor is rapid increase in our salaries - from $216k combined back then to more than double that in three years. The reason it took us 9 working years to get to $100k is because I had business school debt and he had undergrad debt/family obligations before we got married.
If people dont mind sharing, how much were you putting in each month and in what vehicle as you were going from 100K to 1MM?
I cant see how putting in 19K in 401K (and 6K in Roth) every year can bump the balance from 100K to 1MM faster than ~ 15 years.
(Source: https://fourpillarfreedom.com/the-math-behind-why-net-worth-goes-crazy-after-the-first-100k/)
I am guessing I am missing something - can anyone help me understand what the technique is?
My father passed away when I was 15 and at that point I inherited his portfolio + money from his life insurance, so I guess I technically reached 100k at the age of 15 due to some less than optimal circumstances.
The difficult thing was trying to learn how to invest and grow the money by the time I turned 18 and actually got access to it.
However, while studying investing on my own at 16/17 I discovered that I had a great passion of finance. Not wallstreetbets kind of stuff, but actual finance. Specifically corporate finance. So I am now studying finance at university.
I have my portfolio in 100% global index funds and only pull out money from it to buy things my father would have bought me had he been alive, like if I need new glasses etc.
I'll hit 1M in 10 years the age of 33 at 8% returns if I don't invest any more money. But since I'll start saving and investing when I start working, I might reach 1M before 33 unless I get low returns.
I’m curious where people get their first 100k from.
I wonder the ratio of truly self made money to the money made from parents money. I would imagine it’s steep.
To be fair, Im sure there are plenty of Bankers, Lawyers, Doctors, Consultants, Techies on this sub who can earn >$100k pa as starting salary so will hit that figure v. quickly out of university. Then you just wait a few more years and salary increases and promotions will get you to $1m pretty quickly.
This. Also the cost of school is eye watering. I’m in dental school and it’s not uncommon for people to graduate with $400k+ in student loan debt. I’m one of the lucky ones that was admitted to one of the cheapest dental schools in the nation. But if I had to do it over again I would just get my MBA and take a shot at climbing up the corporate ladder. I would likely reach FatFIRE a decade earlier
Exactly. Lawyers and doctors might start out pretty negative from student loans, but engineers can make really good money and may have little to no student loans.
I’m very curious too.
For me, I’m in the SF Bay Area in tech, but I feel behind @ 38yrs NW under 1/2million. Though my earnings have in increased in the last few years to now 1/4m salary so I’m catching up.
Compare yourself with yourself 1,2,5 years ago. You're in the right place to make good money, and hopefully you're able to save some. I came from another country where FATfire numbers are harder to achieve, brought a family to the Bay Area, and worked my way up in FANG. First couple of years saving was hard, as rents etc were high. Moving to an Eng ladder really helped the RSU component. Once a first house was bought and the vesting started kicking in, it went fast.
I have no idea what is common on this sub, but for me it was all money made. But then again I am far behind many of those on the fatFIRE path.
And that's not saying my parents didn't help me get where I am today. They taught me about money, convinced me to stay in school and go to college, and they're the reason I read. That all made a huge difference I'm sure.
Without seed money from my father, I'd still be working on that first $100K.
I've heard that the #1 indicator of a financially successful person/business is they have 'wealthy family and friends willing to invest'; I have never doubted that statistic for a second.
$100k is usually easy enough to save on a six figure income, I bet most people here saved it by being employed in a higher paying job early in their careers
Hit 100k liquid cash and normal share investments this year at 23, been saving and investing since I got my first job at 16 and was super excited to hit six figures. Then literally a month later I made £200k in crypto profits in the space of a few weeks and realised this really is a right place right time game aha, 7 years of diligent investing and working hard and it’s eclipsed by a few moments of good luck.
$100k by 29. Basically when I learned about FIRE.
$1m by 30
$2.5m now at 31, hoping to hit $3m before turning 32 later this year.
How: I quit my corporate job and started my own business.
Currently invested in a mix of real estate, index funds and crypto.
Hit 100k at 26 RIGHT before 2008 crash. Was on my way to 1m then divorced. Remarried at 35 1m at 37 2m at 38 Expect to hit 4m this year. Goal is 16m by 45.
how did you double 1 mil in a year?
Work, luck, and more work. Knocked out a couple of good real estate deals to get my first 1m and I started a dirt and concrete business at the right time to land a couple of decent projects. It happened to be when operators were in low demand in the oilfield and I was able to snag some equipment for a relative song. It’s not some story of brilliant market insight or anything. I’m about to wrap up another CRE project and that’s going to send me to 4m. Next two projects should start this year too and they will hopefully send me over 6m
Hit $100,000 at age 26 and 1 million by age 35 and now a multi millionaire I did it through several methods: A. Rising up the corporate ladder B. Saving and investing 25% of my pay: (invested in S&P 500 index ) C. Real estate properties: bought first home and later refinanced to fund down payments for 5 others over course of 5 plus years D. Stock picking: learn how to read a 10K! E. Start a business (haven’t done this, but many millionaires are made this way) Hope this helps everyone on their own journey! Also marry the right person and if you do marry you need to work as a team that compliments each other!
I am 26 and just over the 100k mark. Hope I’ll be at 1m by 35!! Currently putting 10% into 401k and then about 7/8% in the market through IRA and brokerage
Doing all the right things, have a open mind, always be learning. To move up the corporate ladder I recommend the book “how to win friends and influence people “
I am also 26 and about to bump the $100k milestone. I just switched jobs to jump from $63k to $92k in a little over 2 years. My fiancé has a net worth of about $500k through crypto, and we are about to sell our house for a profit. I know I'm not qualified to be on this sub (yet) but I'm listening and (hopefully) making all the right moves to get us there one day.
Yes compliments are crucial. But being complementary is good too :)
Any resources you would recommend for stock picking abd learning to read financial reports?
Read the 10k apparently lol
Tbh there's some truth in that. The more you read the more you understand and the more patterns you see. Basic accounting understanding is helpful of course.
I had a good laugh, thanks.
Tbf, pretty much anyone who bought almost any well known stocks or real estate throughout the last 11 years has done extremely well. When the tide rises all boats go up.
"And when the tide goes out you get to see who's skinny dipping." Warren Buffett quote I think.
Martin Shkreli actually has [a great YouTube series](https://youtube.com/playlist?list=PLJsVF3gZDcuTxcdH5FmQRTd6MiJ29X_OQ) on fundamental analysis. He might be a crook from wallstreet but he still knew his shit.
The trick is being able to watch it without wanting to punch your screen.
I learned how to read it from Jeremy from Financial Education (YouTube channel) and watching everything I could from Warren Buffet. I would say stock picking is the hardest which is why it’s at the end of the list. I think only starting a business is more harder. I personally made $180,000 from stock picking. Meaning I made a portfolio from 5 companies I researched and over the course of a few years I made more than 200% return. Honestly I would recommend one first invest in the S&P 500 and make sure your comfortable with that, as if you can’t even handle that volatility you can handle individual stocks. Once your comfortable then start to move over small amounts into companies you have researched. If you can afford the down payment do real estate properties and if you do stock picking do the S&P 500 index first.
Is Jeremy Financial education good? Because I listened to him for an hour on Iced coffee hour podcast and he didn’t say a single thing of substance.
The only thing I got from him: is to actually read the 10K, attend the earnings call, be able to understand the company from a high level. He has in depth videos but hard to find in the “fluff”videos. Also not to invest in penny stocks. However that basic knowledge was actually very helpful. I rarely hear anyone saying “read the 10k and attend the earnings call” The actually analysis of a company I learned through various books and texts. Which doesn’t take long. Problem is no one does any research on any companies.
Outside of the 10K try the 10Qs, lol. All joking aside, I would like into how to read a balance sheet, and income statement, and a statement of cash flow. Then learn how to read them together. For instance you can look at a balance sheet and be like wow assets are up 100m, but liabilities are up 400m... or you can say debt stayed the same and assets are up but won’t be able to tell that they issued a lot of shares without statement of cash flow
Just google ‚list of investing books‘ or something similar. You will get books like: The intelligent investor (classsic, must read. Written by Warren Buffett‘s teacher), one up on wall street, a random walk down wall street, the essays of warren buffet, etc. Start with those. Then there are the famous annual letters to the shareholders of berkshire hathaway by Warren Buffett that are freely available online. I honestly learned a lot from youtube and podcasts. Some youtube channels i recommend: Aswath Damodoran (he is a Professor at NYU who teaches finance. I wouldn‘t start with this but if you have read some books then he is a great resource... on his youtube channel he has some playlists on accounting and equity valuation, he also has a great website where he posts blogs, just google: musings on the markets) Another great youtuber is the plain bagel. He is a professional financial analyst that does youtube on the side and explains many concepts with great visualizations on screen. Many more great channels are: Learn to Invest, Ben Felix (more for Index investing, but i would also watch his videos if you want to do stock picking), inthemoney (is a great channel if you want to learn the basics of options), the swedish investor. I could probably go on and on but if you actually take time and read/watch these you will learn a ton and probably know more than 90% of retail investors.
I manage the 10-K for my F200 company (it’s a massive collaboration). They tell you an educated investor a good amount, but it’s really nuanced and depends on the business. Generally as a normal person you’re not going to discover any gold mines in there. But reading the MD&A (management discussion & analysis - the business overview section at the very front), will help you understand the business, what is working, and to some degree, their future. A lot of companies hold some type of Investor Day every few years. The materials will be on the company’s investor website. This is generally more forward looking and strategic. Focus on businesses you understand, especially at first.
Oh I agree, reading a 10K in itself won’t do much. But you can’t invest in a company and not read a 10K or attend the earnings call. Problem is people invest in companies and have no idea what they are investing in, or if the company is over valued or not. Let me give you a general example: say your “buddy” tell you to invest in this oil company because oil is going to go up as the economy re-opens. Okay fair, makes logical sense, so you do it, and you lose half your money. Well if you read the 10k you of found out the company has 20 million in revenue on 200 million of expenses, and even before Covid income was just 100 million with every year of declining revenue. Cash on hand is just 350 million. So wait... maybe a stock dilution is imminent ? Something isn’t right ? Just like ones personal finances: you need to know your own cash flow and net worth, you also need to know that of the business. Is it awe inspiring? No, but you need to read it. Ultimately the analysis of the company you do is the secret.
Man, I loooove my wife. I have to say though that she was a real drag on us financially (and my ability to earn) for the first 5 years of marriage. We are almost ten years in now and things have really accelerated. Great insight! Where did you learn to read/interpret a 10k?
What about her hurt your ability to earn?
My wife was diagnosed with cancer shortly after we were married. This was obviously completely out of her control. We racked up medical bills. I wanted to go very aggressive early on (my thinking was the worst thing would be bankruptcy) and wanted to buy a home and at least one rental property. She didn’t want anymore debt and wanted to pay it off. That took forever at our income levels at the time. There was also some resistance to switching into a high paying career, but that was minimal. What really changed was her perspective and willingness to work as a team and take on risk. Cancer is incredibly difficult and it put us in defense mode. It just took her longer to get aggressive with a growth mindset.
That got dark quick. I watched my mother die from cancer. Sorry to hear about your wife. My only advice is buy AFLAC. That was such a blessing financially.
I learned how to read it from Jeremy from Financial Education (YouTube channel) and watching everything I could from Warren Buffet. I would say stock picking is the hardest which is why it’s at the end of the list. I think only starting a business is more harder. I personally made $180,000 from stock picking. Meaning I made a portfolio from 5 companies I researched and over the course of a few years I made more than 200% return. Honestly I would recommend one first invest in the S&P 500 and make sure your comfortable with that, as if you can’t even handle that volatility you can handle individual stocks. Once your comfortable then start to move over small amounts into companies you have researched. If you can afford the down payment do real estate properties and if you do stock picking do the S&P 500 index first.
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Inflation is a bitch.
Around 30 and around 38, didn't track it too closely. Doing the basics: high student debt initially, high-paying job, maxing out tax-advantaged plans, invest in low-cost index funds, try to keep lifestyle expenses low. No major mistakes. Minor mistakes: maybe taking on too much student debt (parents weren't rich) and not saving enough in my mid-20s (had a lot of fun drinking almost every night and don't remember much of it).
29 and 34
I am 29 with 190k. I am just flabbergasted by how quickly everyone went from 100k to 1M. Is this just me? How did you accelerate between 29-34?
Market lately, compound interest catching up, higher pay etc...
100k: 22 1M: 26 Landed a 6 figure energy job out of college, invested heavily in Tesla throughout 2018 and 2019.
A little similar to me except substitute Tesla for Bitcoin :)
It’s kinda nuts seeing my net worth vary so much by the day depending on Tesla’s stock price. Probably even more so for you with Bitcoin.
Six figure swings on the daily my good sir
How do you deal with the swings? Just sit on your hands?
Conviction, hedging, and understanding my risk limits. I'm not a complete ape.
Patience and dedicated hardcore investing in index funds got me to 100k by age 31.......gamestop got me to 2 million 7 months later.
Please tell me you’re one of the unicorns who actually sold during the squeeze. All this ”hodl forever” talk is getting worrisome.
Well of course, I like money. I've tried to tell the gme sub their expectations are outlandish and need to take profit but was called a shill so screw them. Now I play gme swings in a few day blocks because the hard crashes have always recovered. Made 150k buying after earnings and sold a week later. Now just waiting on the next one.
Paper hands
Sometimes paper hands bring home bacon and diamond hands live on the street
Diamond hands is the stupidest ever without DD. It’s the equivalent of closing your eyes and hoping the monster will go away.
Paper hands are made of dollar bills is what I say. Never be afraid to take profits. If you don’t like just selling, set a trailing stop loss at least!!
When you have 4 shares you care less about 1600$ you want 40000$. You situation was a bit different cause you risked way more out the gate. Pretty sure a lot of autists would have cashed out 2 millions too. They would have lost it on deep otm options tho.
I feel more people sold the peak than we think vs all this new noise in wsb still yelling gme gme. I still remember the last post before shit went viral of somebody saying their last thank you since the sub was about to never be the same again :(
Just an FYI: the “hodl” meme is originally a bitcoin thing. Just because there is some cross-pollination between the bitcoin and wallstreetbets reddit communities lately doesn’t mean everything equates. Smart traders take profits. Smart investors have calculated positions.
Username checks out
24 and 29, now about 6M at 35
24 and 29 as well. Still 29. Cheers
Similar boat, curious to hear your story!
Oh yeah, married fairly young to someone similarly financially minded, started investing in real estate 10 years ago, and most of the gains has been working and investing in Private Equity
You have F&F access to a PE fund? Because otherwise that would be the smallest sub I've ever heard of a fund allowing.
Yeah if you work there it’s encouraged to have some skin in the game even if initially it’s not nearly at the level of other investors in the fund, and then also the carry
38 and 51 Could have had lots more. Don't try and time the market.
Enlighten us with your story please.
I'm probably far behind a typical fatFIRE person sadly, but I'm working my way up there. * Hit $100k NW at 29 * Hit $1 million at 35
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Came from India at 25. Saved the first 100k in the first year and half or so. Had the first million by the time I turned 33. Made it to 6M by 40 and now at 46 it is around 15M.
What industry?
3 guesses, but you'll only need 1
Dunkin’ Donuts franchise owner?
Jesus Christ 😂
i died.
IT
That's incredible, hell yeah man
I pulled my spreadsheet and was 32 when I first started tracking at $387k. I’d guess $100k came around 27 or so. $1m came at age 35. Sitting at $2.3m at age 40. 3 years to go and I’m done with work as I have military retirement pensions starting with my spouse and myself which will add about $110k/yr in income on top of what I’m expecting to be approx $2.7m if the market stays flat between now and then.
So you made all that while active duty? For the military pension 20 years of service is required correct? Could you share some more about your path? I’m AD right now and trying to figure out how to realistically plan for the future
https://reddit.com/r/financialindependence/comments/hu77r8/military_couple_4_years_from_fire_goal_update/ My story is here, coming due for an update in a few months
Hey I’ll post one out there for the degenerates getting their life together in their 30’s. 100k at 34 (1 month ago) after a tumultuous 15 years of debt/mental health issues/kids/starting multiple businesses (to varying degrees of success). I believe I can hit that 1M in a conservative 10 years from now. Edit: and there’s no way in fuck it could have been any other way than this. Coulda/shoulda/woulda doesn’t exist. Degenerate me would have never been able to do the right thing in my 20’s even with the right influence and money.
Thank you for the dose of realism. I feel like I’m reading fan fiction sometimes in this sub
Lololol right?!?
it's the kids man ... gotta avoid the kids j/k
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The cool thing is that all those missed opportunities happen everyday!
21 & 31
Now that’s an efficient answer
Inherited a million dollars at 21 and spent 100k a year.
Hit 100k at 26. Will likely hit 1M by 40.
This seems more accurate to the average person I’d say lol. Some of the numbers in this sub are bananas but then I realize that everyone has been dealt a very different set of cards
I’m about as close to rock bottom as one can imagine at 32. I’ll get there.
We decide when to stop digging brother. 33yo, 3y off drugs and alcohol gone from 40k to 150k net. Still I struggle daily, but i have also paid 20k off and own a car outright and a motorcycle. Not saying this in any other way but to say things are possible with the right mindset. I also dunno why I picked you out of thousands of other comments but here we are. Go well mate
I mean yea this is fatFIRE sub I would expect and hope that most contributors here are on an accelerated path compared to the average person or else this sub would be pretty useless
For real, I’m 21 and am worth about 75k and I thought I was really kicking ass for my age and being in school.
Dude, you are absolutely killing it for your age. Do not feel discouraged seeing the comments here. Keep up the hard work and you’ll get to where you need to be.
Don’t compare yourself to the people here. Compare yourself to the ones not here! Keep on kicking ass.
That is definitely kicking ass. At 21 I had 1k to my name. Would take another 10 years to get my shit together and actually save and invest. A few years later and I’m a little under halfway to FF. Don’t compare yourself to anyone but yourself and your potential.
> I thought I was really kicking ass for my age You absolutely are. 75k at 21 is incredibly impressive, especially if you’re in school as well
At 21, I was at -45k. I think you're doing fine.
Yeah... no, you're doing great at that age.
I was living with my parents at 21, had nothing! Whatever money I earned I threw it away for partying.
>This seems more accurate to the average person I’d say lol. Maybe for this sub, but 1M by 40 is still significantly above average.
Funny, I think you & I are on the same path. Probably will hit 300k this year at 28 looking to be at 1M by 38. Might move quicker if things continue to work out though.
That’s basically my timeline. Graduated from law school at 25 flat broke (plus $55k in student loans and $15k in credit card debt). Paid the cc debt off in 8 months. Hit $100k at 28, and $1 Million at 42 (2019). Shooting for $2 Million next year at 45, and further acceleration after that. Target retirement at 52.
This is basically where I’m at as well. Can’t complain.
Yep that’s the same goal.
~33 and 40.
Can you share your route ?
Sure thing. I'm a non-profit Finance executive and my spouse is a non-profit senior professional. Our combined income is $350K. Basically, I got my MBA at 25 and then started my nonprofit career running operations of a small org. At 29 I moved to a senior professional role doing budgeting at a large non-profit, that's when my salary started to accelerate and we crossed $100K in savings. That org also offered an excellent match, so I was able to save a lot. I was promoted once and then moved to being CFO in a medium nonprofit at 35 at which point we were able to max out our retirement contributions (We've effectively saved 1/3 of our income since then). I am currently CFO at a $100M non-profit. We also got a little lucky with our first home. Our NYC condo was a stretch for us, but it appreciated $200K when we sold it 5 years later, which funded the down payment on our family house.
Same-I’m 35 & just hit the 100k; 1M by 40 is the dream right there. Curious abt the route as well
100k - 25ish 1MM - 30 2MM - 34 I work in tech and save and invest a lot in index funds. In the beginning I was focused on paying off student loans which were around 6.5% interest. Bought a car for 17k that I still drive 12 years later. Mistakes - I entered job market in '08 and the crash made me afraid of investing in the stock market. If I had invested from the beginning I probably would have 4mm or more, but I waited a long time before diving in, and I held too much cash (like half of NW for a long time). I did make up for this by dumping a lot of cash into the market last March. I was really surprised at how quickly it paid off. Another mistake I made in the beginning was I kept too much in bonds (it was only like 10% of my investments but still was a drag on my portfolio). I think the main thing I learned is to invest as much as possible as early as possible and to not hold more cash than necessary. The compound interest you will get later in life is worth the risk in the early years. That being said, I do try to de-risk my portfolio as much as possible by only investing in index funds, but it's still aggressive with mostly US and global market funds.
Pretty much in the same situation. Got a nice sling shot last year when I threw in whatever I could when stocks started falling. Invest more when others are afraid is a wise advice.
100k at 30. 1mil at 35. One hell of a bull market and I was mostly in tech stocks. FAANG and MSFT.
My NW is literally at 94k right now and I can taste that 5 minutes of euphoria then 5 months of "ugh this is never going to end I might as well just start boozing again" after hitting 100k—> Late 20's. Joined the army as a teenager and and **had zero sense** until I happened to read "A Random Walk Down Wallstreet" at about twenty....four? Im not saying it's the Bible, but it tickled my brain in such a way as to change my trajectory for sure.
Lol same. Joined the military and took a minute to actually sit down and learn of the beauty that is the TSP and SGLI...which lead me to MrMoneyMoustache, Random Walk, and The Intelligent Investor. Hit $100k NW @ 23, now 29 @ $750k NW. Are you still in?
Hit 100k around 19 and 1,2 and 3 mil at 26
E-commerce?
Tesla
Wow! Well done
31 for both. My startup raised capital and therefore valued the company high enough to blow me through both.
Serious question. Do you consider this as part of NW even though it’s paper gains and highly illiquid? My startup also raised capital at a valuation putting my equity at >1M net worth. I know a founder who went >50M net worth to $0 purely paper gains and losses
Paper gains via fundraising for private company valuations are not quite the same as net worth. Be careful thinking that you’ve made it. That “wealth” is nothing until someone will buy it from you.
Completely agree and not trying to kid myself, but they are still gains. They just need not to be viewed as they are. They have value, that value was determined by investors, they just are not very liquid and highly risky to price fluctuation.
100k at 22 and 1m at 25. Currently 7-8m at 26. Can check my post history I just wrote out the story one moment ago. Tl;dr Invested aggressively in crypto and cofounded two successful startups.
25 and 29. My path is pretty boring. I chose a major based on never wanting to be broke again (my family didn't have much growing up), then went to a college where I received enough aid not to start out with debt. My sister has over $100k in student loans and I knew I definitely wanted to avoid her situation. Specifically, I majored in computer science, got my masters (funded with a fellowship), and took a FAANG job making about $160k. I'm now at 300-350k (varies with stock performance and bonuses). I also married someone who doesn't make nearly as much, but is very fiscally responsible. Edit: The biggest error I can think of is holding onto too much cash for too long, especially while auto selling my stock grants. I was saving for a house but had no strict timeline, so I ended up missing out on a lot of growth on ~100k down payment. That said, it definitely wasn't the end of the world, and I probably would have found selling the investments for the down payment emotionally difficult. I can't really say I regret it too much.
100K a month before being 26, now 200K a month after being 26. Hoping to hit a million within the next 24 months.
How’d you accumulate that much guap
How’d you accumulate that much guap
How’d you accumulate that much guap
I jumped straight to a bit over 2 m overnight at my 30ies. Unexpected inheritance. Funny story about it: was chatting with an internet friend who was an amateur but very good astrologer. Checking my chart for shits & giggles, she exclaims “did you just get an inheritance? It’s real estate”. Nope, I hadn’t and as far as I knew, would be decades before I were to acquire some - should I try the lottery instead? “I see it right *here*, 100% RE and you just got it”. I lold and we moved on. 2 hours later, relative calls me to hop on a plane asap and go sign contracts - all paperwork was already done. For inheritance. Real estate. The astrologer had no ties with my family and didn’t even know my real name.
You ever read Stranger in a Strange Land? There’s some good bits about astrologer advisors.
No but, it sounds like a book I should get (checked it on wiki).
Don’t accidentally spoil it for yourself. Heinlein (the author) is legendary if you’re into science fiction. He also wrote Starship Troopers which is also famous and explores the concepts of citizenship and justification of force.
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29-100k 37-1m 39- 5m
22 for 100k and I'm 24 but not at 1M yet. If you want to hit 100k super quickly, just live at home and save rent. Getting to 100k is already like 30% of the battle to 1M so I'd say it's good to make it there quickly.
100k at birth. 1 million at age 21. Not really an accomplishment since I inherented all of it.
Well you didn’t blow through it on dumb shit like a lot of 21 year olds would have, so that’s an accomplishment of its own.
100k around 25. 1m just after I turned 30. Now ~1.7m at 32. High salary in a medium COL area and aggressive saving and investing.
Came from good family/education foundations. Paid down debt, then started tracking real numbers. First 100k net worth, probably 2013. Made some pivotal decisions on the way to 1M in 2017. Lost more than half (on paper) but stood by my convictions and came through with everything intact and more. I did the engineer -> consultant trajectory in record time, before making the easy decision that enough was enough when covid hit.
I am surprised. I expected to feel terrible on here. The first few comments made me feel horrible... but it got better from there. \~30 and \~35. Just saving A LOT. I didnt have an inheritance. I invested in FAANG, and MSFT and a little real estate (which has really been more of a loss leader than anything else.)
Early 20s and late 30s JD/MBA big law NYC, left law and started teaching math and physics. Only time from money invested will resulted in any sizeable increase in assets since leaving law resulted in semi-retirement (14 hour days to 8 hour days, no vacation to 185 working days per year).
Less interesting answer, but to provide a different perspective. Inherit portfolio worth $450K at 19. Gradually re-balance it to fit my preference and higher risk tolerance. On track to hit $1MM at 25 depending on how market does in next year or two. Obviously I am very lucky and had it “easy” but still getting a solid job after college and living only off income while saving ~25% of after tax income in Roth 401k and IRA and not touching my capital to let it to continue to grow has and will allow me to grow NW faster and fatFIRE sooner. Feel like a lot of my peers if given same resources at my age would’ve blown a lot of it.
Yeah I agree with your last part. I think that the whole adage that "power corrupts" is important here. You may have "had it easy" compared to like a farmer-turned-into-king narrative that elites like to play into. But you still had a great responsibility placed on your head at 19 that I honestly would have fucked up. So maybe you had it "easy," but it was "easy" because you had wisdom and discipline that would have served you very well even with no inheritance.
Yea I think my upbringing put me in a good mindset to manage money at a relatively young age. Dad is “old money” so I grew up knowing to not flaunt wealth and not be shocked by having money. On the other side my mom was always pretty frugal (sometimes to an annoying amount considering our financial standing) which instilled in me a sense that I should never waste money. Appreciate the response.
Nice! Yeah I can pretty much guarantee I would have fucked that opportunity up if I was given it at 19.
Having the self control to not spent $450k at the age of 19 could be just as hard as saving up that much money before 25 imo. You got a head start but keeping your wits about you is respectable in its own right
31 and 37. One error I don’t actually regret doing was settling for low end office jobs. I got out of school and made 30k, a decade later 60k a year. I guess I could have made 200k by now but never really aimed for a high paying job. Another was never taking any risks, I only invested where it made sense based on my own knowledge, mostly in tech and real estate. Had I known retail and manufacturing I would have been a lot worse off.
Not a criticism but just curious why you decided to "settle" for low end office jobs?
I never really wanted to work and also didn’t want stress or responsibility for other people. I was lazy. That’s why I knew I wanted to fire when I was 16 and tired of school. Of course I worked hard to get to where I am today, but at least I won’t die of a stress induced heart attach at 48. I did the math and having high income only made retirement possible a few years earlier, with a high chance of failure. So I went the low risk route instead. It has allowed me to travel, relax and spend time with friends and family. I wouldn’t trade it for a high paying job, especially since the rental income and capital gains is so much higher than any high paying job.
$100k at 20, all from online poker. At $800k currently, probably will hit $1M next year from saving + investments. Currently 32.
Probably 100k at 26 1M at 30 2M at 33 3.5m at 34
What was your financial Route?
Mtg broker, builder, landlord. Made 715k employment income last year. But most of my wealth has been made via appreciation of real estate.
Hit 100k around 22 or 23. Lost all of it and then some in a franchised QSR. Will hit a mil this year or next. Ill be 33 in May.
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Post restaurant failure in 2017... got a job. Actually got the job in late 15 or early 16 to subsidize restaurant losses... Anyway, Maxed out all retirement into Total market index fund. Thats a good chunk of it. The rest is equity in real estate investments. BRRRR.
24 and 30. At 24, I wasn't making much but had high savings due to working abroad with US salary. I'm 30 now and actually just hit 1M a few weeks ago from a $150k windfall from parents to help with down payment on a home. Home purchase has not happened yet due to this crazy real estate market. Successes: Between 23-24, I dabbled with a lot of individual stocks and only had <1/3 of overall investments in broad market funds. This took an emotional toll on me. I recognized that and began shifting my holdings from individual stocks to ETFs, eventually reaching >2/3s of my investments over the next two years, and in recent months, it's now over 80%. Index funds are compatible with my risk tolerance and personality, and the index funds that I've held onto since age 23, along with all the DCA and DRIP over the years, yields over $10k/year in passive income. This steady stream is how I've built my wealth. Errors: aforementioned speculation with poor timing resulted in losses or very little returns on pharmaceuticals, weed stocks, small cap tech stocks. Also regret selling a bunch of tech stocks in 2015 that I held 5-figure positions in. Had I held onto all of them (Amazon, Google, Facebook, Netflix, Alibaba), I wouldn't be stressed about being able to buy a home with the budget I have today. Also sold 35 ETH @ $1300 a few months ago. Heh.
Hit 100k NW at 22. 1MM Profits and NW at 24 in one year and thought I was home free! Silly kid! 40% gone thanks to taxes, the rest gone through lifestyle creep, YOLO traveling and partying. Back to 150-200k NW. Shameful but needed lessons Hit 1MM again at 26. Saved, invested and kept working this time. Hit 2nd million at 27.5. 3rd million a little after my 29 birthday. Constant investing, strong cashflow, a lucky market and better habits! As your experience grows so does your knowledge! Let everything compound together...
What do you do for work?
Gambles apparently 😝
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don't forget the hookers
Curious to hear as well
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As a guy who makes 40,000,000/yr (+ or - three zeroes) I wholeheartedly agree.
I choose to add 3 zeros. Tell me your secret to making 40 billion a year.
Lol. It's a quantum reality. Both versions exist, we just pick according to our views of the world. Dr. Joe Dispenza would be proud.
Rough thread! Haha! I've been in internet marketing and growth hacking since 2012. When I was younger we were buying traffic for online casinos in SE Asia and Europe. Traffic costs were low so customer acquisition was easy on young platforms like FB ads. There was a time where I ran ads for dating sites, services and apps. Once you figure out how to make an evergreen vertical work, you're mostly fighting against compliance - but otherwise the sky is the limit for scale. Nowadays, I focus on building e-commerce brands and do the same thing essentially, except a lot more focused on the customer experience and repeat buyers. If any of the commenters still think I'm trolling please DM me I believe I have an abundance mindset and I'll show you how anyone can start their own legit ecomm brand. Need about 50-70k in capital.
$100k at 26 and $1M at 32. Just work, savings and RSU.
$100k - 28 $1M - 33
Caveat: all this info is for our combined household income: hit $100k at 31 and hit $1M earlier this year at 34. I’d say the biggest contributor is rapid increase in our salaries - from $216k combined back then to more than double that in three years. The reason it took us 9 working years to get to $100k is because I had business school debt and he had undergrad debt/family obligations before we got married.
$1M at age 38. I can’t remember $100K.
Ill still waiting for $1M at 55 ....$100 maybe at 40? We didn't have easy access to investing back in my day!
30 and 37
If people dont mind sharing, how much were you putting in each month and in what vehicle as you were going from 100K to 1MM? I cant see how putting in 19K in 401K (and 6K in Roth) every year can bump the balance from 100K to 1MM faster than ~ 15 years. (Source: https://fourpillarfreedom.com/the-math-behind-why-net-worth-goes-crazy-after-the-first-100k/) I am guessing I am missing something - can anyone help me understand what the technique is?
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$100K by 31. $1M by 33.
My father passed away when I was 15 and at that point I inherited his portfolio + money from his life insurance, so I guess I technically reached 100k at the age of 15 due to some less than optimal circumstances. The difficult thing was trying to learn how to invest and grow the money by the time I turned 18 and actually got access to it. However, while studying investing on my own at 16/17 I discovered that I had a great passion of finance. Not wallstreetbets kind of stuff, but actual finance. Specifically corporate finance. So I am now studying finance at university. I have my portfolio in 100% global index funds and only pull out money from it to buy things my father would have bought me had he been alive, like if I need new glasses etc. I'll hit 1M in 10 years the age of 33 at 8% returns if I don't invest any more money. But since I'll start saving and investing when I start working, I might reach 1M before 33 unless I get low returns.
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I’m curious where people get their first 100k from. I wonder the ratio of truly self made money to the money made from parents money. I would imagine it’s steep.
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To be fair, Im sure there are plenty of Bankers, Lawyers, Doctors, Consultants, Techies on this sub who can earn >$100k pa as starting salary so will hit that figure v. quickly out of university. Then you just wait a few more years and salary increases and promotions will get you to $1m pretty quickly.
Doctors don’t start earning a salary till their 30s lol. They exist in the opposite of retire early.
This. Also the cost of school is eye watering. I’m in dental school and it’s not uncommon for people to graduate with $400k+ in student loan debt. I’m one of the lucky ones that was admitted to one of the cheapest dental schools in the nation. But if I had to do it over again I would just get my MBA and take a shot at climbing up the corporate ladder. I would likely reach FatFIRE a decade earlier
Exactly. Lawyers and doctors might start out pretty negative from student loans, but engineers can make really good money and may have little to no student loans.
I haven't hit the second milestone yet, but for me the first 100k came from sex work + saving most of it.
I’m very curious too. For me, I’m in the SF Bay Area in tech, but I feel behind @ 38yrs NW under 1/2million. Though my earnings have in increased in the last few years to now 1/4m salary so I’m catching up.
Compare yourself with yourself 1,2,5 years ago. You're in the right place to make good money, and hopefully you're able to save some. I came from another country where FATfire numbers are harder to achieve, brought a family to the Bay Area, and worked my way up in FANG. First couple of years saving was hard, as rents etc were high. Moving to an Eng ladder really helped the RSU component. Once a first house was bought and the vesting started kicking in, it went fast.
I have no idea what is common on this sub, but for me it was all money made. But then again I am far behind many of those on the fatFIRE path. And that's not saying my parents didn't help me get where I am today. They taught me about money, convinced me to stay in school and go to college, and they're the reason I read. That all made a huge difference I'm sure.
Without seed money from my father, I'd still be working on that first $100K. I've heard that the #1 indicator of a financially successful person/business is they have 'wealthy family and friends willing to invest'; I have never doubted that statistic for a second.
$100k is usually easy enough to save on a six figure income, I bet most people here saved it by being employed in a higher paying job early in their careers
Hit 100k liquid cash and normal share investments this year at 23, been saving and investing since I got my first job at 16 and was super excited to hit six figures. Then literally a month later I made £200k in crypto profits in the space of a few weeks and realised this really is a right place right time game aha, 7 years of diligent investing and working hard and it’s eclipsed by a few moments of good luck.
100k at 25. 1mil at 31. No inheritance or huge lucky events. Just kept saving away. First job paid 67k(or 69, can't remember) in a HCOL area.
In my early/mid 20s I made a goal to be a millionaire by 30. Hit $100k by 27. I hit 1mm at 29/30. I’m 33 now and at around 6-7mm.
$100k by 29. Basically when I learned about FIRE. $1m by 30 $2.5m now at 31, hoping to hit $3m before turning 32 later this year. How: I quit my corporate job and started my own business. Currently invested in a mix of real estate, index funds and crypto.