first million [in your retirement portfolio]

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Topic Author
k1982
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Joined: Wed Feb 12, 2020 12:36 am

first million [in your retirement portfolio]

Post by k1982 »

1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?

Studies show that around 75% millionaires are self made; took about 2-3 decades to hit millionaire mark

I understand many of us won't hit that desired #. It know it depends on your income, your savings rate, your expenses, upbringing, etc

I'm asking since Bogleheads are a different breed and if such studies accurately portray the average Boglehead also
KlangFool
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Re: first million

Post by KlangFool »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?

Studies show that around 75% millionaires are self made; took about 2-3 decades to hit millionaire mark

I understand many of us won't hit that desired #. It know it depends on your income, your savings rate, your expenses, upbringing, etc

I'm asking since Bogleheads are a different breed and if such studies accurately portray the average Boglehead also

k1982,


What do you mean by retirement portfolio? I have only one portfolio. About 40% to 50% of my money is in my taxable account.


1) I reached my number around 50+. My older brother reached his number probably around 40+. The rest of my family members probably reached their number around 40+ to 50+.


2) Do not understand your question. By default, we saved 30+% of our gross income. By tradition, we give CASH to our kids since they were born. So, the kids saved their money since they were born.


3) With the exception of the children of my rich uncle, we are all self-made millionaires.


KlangFool
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Topic Author
k1982
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Re: first million

Post by k1982 »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million?
2) what age did you start investing/saving?
3) was some of this savings inherited? self made? combination of both?

Studies show that around 75% millionaires are self made; took about 2-3 decades to hit millionaire mark

I understand many of us won't hit that desired #. It know it depends on your income, your savings rate, your expenses, upbringing, etc

I'm asking since Bogleheads are a different breed and if such studies accurately portray the average Boglehead also
retire2022
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Re: first million

Post by retire2022 »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?

Studies show that around 75% millionaires are self made; took about 2-3 decades to hit millionaire mark

I understand many of us won't hit that desired #. It know it depends on your income, your savings rate, your expenses, upbringing, etc

I'm asking since Bogleheads are a different breed and if such studies accurately portray the average Boglehead also
k1982

I hit my first million in my retirement portfolio in 2013, at 53 which was combined 457 and Roth IRA.

I started in Oct 1987 at 27 years old, right after the 1987 crash with $2000 Traditional IRA.

All investments were funded from take home pay, nothing inherited, from w-2 day job, it took 26 years 1987-2013.

My salary history is all here https://imgur.com/a/Gi5VKcO, I hit the two comma club this year and retracted and recovered again in 2 comma club. Currently I am under the comma club with portfolio of 1.94 million.
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Quirkz
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Re: first million

Post by Quirkz »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?
1. Ain't hit it yet. I'm in the middle six figures now. A lot depends on the market, but could get there anywhere from 3-7 years, with 5 being most likely. That'd make me around 50 when it happens.

2. Started the first time at age 25. Got wiped out a few years later during a recession with job loss. Started the second time at age 29. Barely accumulated anything before age 33, when the career started clicking.

3. It's all been money I earned, no financial boost from others.
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White Coat Investor
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Re: first million

Post by White Coat Investor »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?

Studies show that around 75% millionaires are self made; took about 2-3 decades to hit millionaire mark

I understand many of us won't hit that desired #. It know it depends on your income, your savings rate, your expenses, upbringing, etc

I'm asking since Bogleheads are a different breed and if such studies accurately portray the average Boglehead also
1) 38 was a millionaire but probably 39 before we had a million in investable assets
2) Started living at 0, started earning at 16, started post-high school education at 18, started saving for retirement at 28, came out of residency at 31.
3) My wife was given $20K by her grandparents when she left home. Her parents gave us two or three grand when we were in school. My mom paid $1500 in rent one year in college and bought me a few airline tickets home. Otherwise, self-made.
Last edited by White Coat Investor on Tue Oct 27, 2020 7:17 pm, edited 1 time in total.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
Topic Author
k1982
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Re: first million

Post by k1982 »

White Coat Investor wrote: Tue Oct 27, 2020 6:25 pm
k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?

Studies show that around 75% millionaires are self made; took about 2-3 decades to hit millionaire mark

I understand many of us won't hit that desired #. It know it depends on your income, your savings rate, your expenses, upbringing, etc

I'm asking since Bogleheads are a different breed and if such studies accurately portray the average Boglehead also
1) 38 was a millionaire but probably 39 before we had a million in investable assets
2) Starting living at 0, started earning at 16, started post-high school education at 18, started saving for retirement at 28, came out of residency at 31.
3) My wife was given $20K by his grandparents when she left home. Her parents gave us two or three grand when we were in school. My mom paid $1500 in rent one year in college and bought me a few airline tickets home. Otherwise, self-made.
Started living at 0 :? :oops:
onourway
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Re: first million

Post by onourway »

Approximately age 39. Started working a real job where I had enough money to save at 23- worked odd jobs before that from well before it was legal. Parents paid for about half the cost of low-cost state school. I paid the rest through work and (minimal) loans. No other assistance received along the way. Closing in on doubling that number just a few years later. :shock:
Topic Author
k1982
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Re: first million

Post by k1982 »

slow and steady wins the race
boring index funds with low expense ratios

I just started this year (very aggressively) at age 38. I'm hoping to hit 500k by 62.
400k worst case scenario and 1 million best case.

Without the help from Boglehead site I would never have started for retirement. The wisdom I got from here is a life saver!
I try to talk to younger people about slow/boring steady investing at early age. But most fall asleep when I explain retirement lol
I wish I had a "teacher" like me 15 years ago
Piper59
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Re: first million

Post by Piper59 »

k1982 wrote: Tue Oct 27, 2020 6:45 pm slow and steady wins the race
boring index funds with low expense ratios

I just started this year (very aggressively) at age 38. I'm hoping to hit 500k by 62.
400k worst case scenario and 1 million best case.

Without the help from Boglehead site I would never have started for retirement. The wisdom I got from here is a life saver!
I try to talk to younger people about slow/boring steady investing at early age. But most fall asleep when I explain retirement lol
I wish I had a "teacher" like me 15 years ago
This is what's it all about. Says a lot about you and the site
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UpsetRaptor
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Re: first million

Post by UpsetRaptor »

Age 40
ret_geo_bor
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Re: first million

Post by ret_geo_bor »

1) age 49, not long before the 2008 crash, took about 3 years to recover
2) age 28, 401K at work
3) nothing during the first million, some later on
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mmmodem
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Re: first million

Post by mmmodem »

1. We reached a $1M net worth when I was 38. I expect to hit $2M when I turn 42 in the next few months. So, it's a 4 year difference depending on if you meant just me or combined with my spouse.
2. I was single and had $0 to my name at 27.
3. I got my first job with a 401k at 27 and found Bogleheads. I contributed as much as I could into Roth IRA and 401k following everyone's advice here. We are self made as both of our parents are poor immigrants from another country.
stoptothink
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Re: first million

Post by stoptothink »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?
1. I'm 39, hit 7-figures in net-worth earlier this year. Should hit that mark in retirement portfolio sometime next year, so fingers crossed: 40.
2. Opened my Vanguard account in '01, so 20. Saved pretty diligently prior to getting married at 25, slowed down to pay for wife's education, then divorce destroyed me at 30. When I remarried at 32, had maybe $150k (new wife had <$0).
3. I've helped my parents financially off-and-on since I moved out at 16. We've now helped my in-laws more than I ever helped my parents. Inheritance...that's funny. I've always been very frugal, sometimes to a fault. We live way below our means, saving 50%+ of income even when that income wasn't that great. As income has grown, we've been pretty successful fighting off lifestyle creep.
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MrBobcat
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Re: first million

Post by MrBobcat »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?
I'm not there yet, currently age 54. Started saving (very modestly at age 24, around $2k/year). I've gotten no inheritance and probably won't for another 15ish years and even then it will be very modest if anything at all.

That being said, I've paid off all debt... home, business purchase, business RE, Mrs's student loans and put 3 kids through college debt free. I've been paying cash including kids education for all purchases aside from the above for a couple of decades.

I should hit the 1M in investable assets in a couple of years barring a major downturn in the markets and will hit my retirement/FI number in about 8 years using very conservative return estimates (4%). At least I can see the light at the end of the tunnel.
Last edited by MrBobcat on Thu Nov 12, 2020 12:08 pm, edited 1 time in total.
Topic Author
k1982
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Re: first million

Post by k1982 »

I'm getting the standard responses from you all...

" very frugal and feeding the retirement accounts consistently "

I started living way below my means this year and I couldn't believe how much I actually saved up - especially with my low income.

All my life I was told if you are born poor you will die poor. That is the most inaccurate statement I was told hundreds of times.

It has to start with YOU - changing your mind set and the way you approach life.

You can save $15 every day you work (starting at age 20) and become a millionaire by the time you retire. It doesn't take much but patience and staying on course ...

Most of us want an easy way out and a quick fix to riches. That is worst mind set to live by :(
260chrisb
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Re: first million

Post by 260chrisb »

k1982 wrote: Tue Oct 27, 2020 6:45 pm slow and steady wins the race
boring index funds with low expense ratios

I just started this year (very aggressively) at age 38. I'm hoping to hit 500k by 62.
400k worst case scenario and 1 million best case.

Without the help from Boglehead site I would never have started for retirement. The wisdom I got from here is a life saver!
I try to talk to younger people about slow/boring steady investing at early age. But most fall asleep when I explain retirement lol
I wish I had a "teacher" like me 15 years ago
25 years of aggressive savings, some company match, and no touchy should get you there just about 62-63. :moneybag
Ed 2
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Re: first million

Post by Ed 2 »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?

Studies show that around 75% millionaires are self made; took about 2-3 decades to hit millionaire mark

I understand many of us won't hit that desired #. It know it depends on your income, your savings rate, your expenses, upbringing, etc

I'm asking since Bogleheads are a different breed and if such studies accurately portray the average Boglehead also
When I was 49. Nothing inherited. Child of first generation of immigrants came here with nothing. Started saving when I was 29. Had many jobs, part time’s. No college, no Harvard, just worked like a mule and saved like there’s no tomorrow.
"The fund industry doesn't have a lot of heroes, but he (Bogle) is one of them," Russ Kinnel
gasman1977
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Re: first million

Post by gasman1977 »

First time post:

1) what age did you hit your first million in your retirement portfolio? I was 39 years old.


2) what age did you start? I finished grad school at age 28 and started saving and consistently investing. I didn’t have any support during graduate school except by student loans and a small federal stipend. Used sign on bonus to pay off my loan by 50% before I graduated. I did have a very poor 8 year run with a bad financial advisor. Probably would have hit the million 5 years sooner. I have since moved on and not looking back.

3) was some of this savings inherited? self made? combination of both? All self made by me.
texasdiver
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Re: first million

Post by texasdiver »

Hit $1 million in 2017 at age 52 (and my wife was 46)

Today in late 2020 we are at 1.5 million, half way to the second one in just three years so they weren't kidding when they say the second one is easier. I'm only counting retirement accounts, not home equity.

No big secret. Just maxing out the 401(k) and 403(b) since the early 30s when I got my first professional job around 1995. And then my wife doing the same when she got her first professional job about 12 years later around 2007. Some minor company matches along the way but mostly just our own contributions.

During that time I was mostly invested in just index funds in the TSP and Vanguard. Nothing exotic. Dabbled in some actively managed funds early on, and some REITs through the mid 2010s. But now it's down to basic 3-fund portfolio. The more the portfolio grows, the simpler it gets.
Last edited by texasdiver on Tue Oct 27, 2020 8:26 pm, edited 1 time in total.
bradinsky
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Re: first million

Post by bradinsky »

Reaching $1M in investible assets is a difficult task everywhere, but I believe it’s much harder in LCOL areas. Incomes are typically much lower, and the journey to the $1M level takes much longer.
All that said, we were fortunate & hit $1M net worth at 40 & $1M in investible at 50. Very blessed! Worked hard & long and saved as much as possible while raising our family. DW was a stay at home mom. FWIW, we started at about $0 with the same in inheritances. Good luck to all!

Brad
Keenobserver
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Re: first million

Post by Keenobserver »

835k invested at 37 would like to hit $1 mil invested by 40. With the house, cash, and 2 plots of land, probabaly hit Net wort over $ 1 million at 35ish. However, I only like to count investments, not the house I live in which is appreciating nicely, and not the other 2 plots of land. Single earner, wife has always been stay at home mom. Lost money in at least 3 ventures, made money in 1. That was before this forum and those losses still sting when I think about it. There was stress that lingered ( closing costs, fines, court dates) on top of the financial loss that lingered for over 1.5 years after loss/ closure. I hope that has made me wiser. I am very aversed to any pvt ventures now. No inheritence. Actually negative inheritence, as I help parents and would not have it any other way. Money made the good old fashioned way, find highest paying gig..grab as many hrs as possible..save as much as possible, but dont be cheap to your loved ones. No real vacation in 7 years, wife and kids have had their regular vacations but with me mostly missing. No pain no gain. I squeeze in my weekends with them, but no real vacations in the last 7 years togather. If Mr market behaves nicely in the next few years, plan to switch to part time and catch up with my younger self around 40ish. I hope this doesnt come off as boasting, as I am just sharing my story as others have. Though I forget my.numbers are peanuts by Boglehead standards, and would not qualify as boasting.
Edit..started full time work at 25.
Last edited by Keenobserver on Tue Oct 27, 2020 8:36 pm, edited 1 time in total.
Topic Author
k1982
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Re: first million

Post by k1982 »

it seems the first million takes 2 to 3 decades
and the second million 2 or 3 years - if you hit the right market

that is crazy! :moneybag :moneybag

all about compounded interest

They should teach about compound interest / retirement / investing every year starting in 1st grade and then repeat the same lessons until high school graduation. However, our :oops: education system :oops:
techieguy
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Re: first million

Post by techieguy »

1) what age did you hit your first million in your retirement portfolio?

Age 35. 75k short in investments, should hit it in the next year if market holds. 1.15M net worth.

2) what age did you start?

I started at age 18 with a RothIRA. My dad told me he thought it was a good idea but never invested a dime himself.

3) was some of this savings inherited? self made? combination of both?

None
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LadyGeek
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Re: first million

Post by LadyGeek »

This thread is now in the Investing - Theory, News & General forum (general investing question).
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angelescrest
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Re: first million

Post by angelescrest »

k1982 wrote: Tue Oct 27, 2020 8:30 pm it seems the first million takes 2 to 3 decades
and the second million 2 or 3 years - if you hit the right market

that is crazy! :moneybag :moneybag

They should teach about compound interest / retirement / investing every year starting in 1st grade and then repeat the same lessons until high school graduation. However, our :oops: education system :oops:
Compound interest for first graders? :oops: that is crazy!
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geerhardusvos
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Re: first million

Post by geerhardusvos »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?
Started investing at age 21. Around nine years later I have about $920,000 invested and no debt. Haven’t received anything from parents other than small Christmas and birthday gifts. Paid for my university on my own with student loans, but obviously parents raised me, but since age 16 I have paid for all my own way by working. Moved out at age 18. I have more invested than my parents do. Very thankful for all we have!
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22twain
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Re: first million

Post by 22twain »

bradinsky wrote: Tue Oct 27, 2020 8:24 pm Reaching $1M in investible assets is a difficult task everywhere, but I believe it’s much harder in LCOL areas. Incomes are typically much lower, and the journey to the $1M level takes much longer.
DW and I were both small-college professors in a small town in flyover country. I started saving seriously at the ripe old age of 30. I reached my first and so far only million at age 59. About a third of it was from an inheritance. I reached my "own" million (not including the inheritance) at age 64, a year after I retired. Now, three years later, it's grown some more.

DW's trajectory was similar, including her own inheritance. She's a few years older and doesn't spend as much on hobbies, so she probably reached her milestones at least five years earlier than I did, and now has about 50% more than I do.

Despite our slow progress compared to some others here, we ended up in pretty good shape, thanks to low expenses. Our total investments amount to about 50x what our expenses (including taxes) will be when we're both collecting SS and RMDs. This is before subtracting SS from expenses.
Last edited by 22twain on Wed Oct 28, 2020 12:00 am, edited 1 time in total.
It's "Roth", not "ROTH". Senator William Roth was a person, not an acronym.
cureious
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Re: first million

Post by cureious »

Age 35 with million in investable assets.
Self made
Started at 27, but really started saving hard core at age 32. Ive been plowing large amounts of money in the last 4 years since our income skyrocketed.

We feel very fortunate.

Overall net worth just over 1.5 million
BigMoneyNoWhammies
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Re: first million

Post by BigMoneyNoWhammies »

k1982 wrote: Tue Oct 27, 2020 6:45 pm slow and steady wins the race
boring index funds with low expense ratios

I just started this year (very aggressively) at age 38. I'm hoping to hit 500k by 62.
400k worst case scenario and 1 million best case.

Without the help from Boglehead site I would never have started for retirement. The wisdom I got from here is a life saver!
I try to talk to younger people about slow/boring steady investing at early age. But most fall asleep when I explain retirement lol
I wish I had a "teacher" like me 15 years ago
I didn't start saving for retirement until 27; not as late as you but when I do back of the napkin math on how much further along I'd be if I had started contributing just a thousand or 2 per year into a boring total market index fund starting in HS it makes me :oops: . I have a friend who is early 30's like me, also makes low 6 figures income, but I just can't convince him of how much he's hurting himself by not saving for retirement. I'm glad to see you learned the lesson early enough to change your trajectory. With aggressive saving as you mentioned, I have a feeling you'll be fine.
forkhorn
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Re: first million

Post by forkhorn »

1. Not sure. Maybe 35 (43 now), but memory is muddled between total investible assets and retirement accounts.
2. Opened my first bank account when I was 14, started buying CDs when was 16,started putting max toward Roth at 19, opened taxable vanguard account at 20 (grandfather told me that "those people are careful with your money"), *mostly* (not always) maxed out pretax accounts beginning at 23, started maxing out hsa at 28 or 29. Mostly haven't stopped, with main exception for grad school and a few other lesser lapses.
3. NOT self made. Probably half or maybe even 2/3 of investible net worth is inherited, but hard to compute due to multitude of gifts of various sizes through last 25 years.

Maybe the non-self-made people like me are participating at a lower rate, or have conveniently forgotten things. The closest I can come to a claim of being self-made is to say that I don't squander it and pretty much do my part to add to the pile. I struggle to spend, not to save.
DIY Investor
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Re: first million

Post by DIY Investor »

I left for college at 18 with only a hand shake from my Dad. I spent the next four years getting my first degree, then the next four years after that getting my second degree. I opened a Vanguard account in 1996 and have always “payed myself first” ever since while steadily paying off debt. I hit $1mill in net worth around 37 and now at 50 I’ve hit $4mill in net worth with $2.5mill in investable assets. My working motto has always been to save as much for retirement as early as possible to let the power of compounding work for me and my number 1 investing rule has been to have a plan and stick to it. Investing is not that difficult, but saving and staying the course is. Good investing and saving habits over a long working career will yield a larger portfolio than having a big annual salary and big spending habits.
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CyclingDuo
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Re: first million

Post by CyclingDuo »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?

Studies show that around 75% millionaires are self made; took about 2-3 decades to hit millionaire mark

I understand many of us won't hit that desired #. It know it depends on your income, your savings rate, your expenses, upbringing, etc

I'm asking since Bogleheads are a different breed and if such studies accurately portray the average Boglehead also
Retire by 40 has a good chart showing if one had maxed out their 401k every year, and how many years it would take to build at least the 401k wealth...

https://retireby40.org/what-if-always-maxed-401k/

How is your 401k doing?

The full table is below. It’s very easy to use. You just need to look at the first column and find the number of years you’ve worked. The Accumulated Value column shows how much your 401k would be worth if you’ve maxed out your contribution right from the beginning. The 4th column shows the max contributions for the corresponding years.

Image
"Save like a pessimist, invest like an optimist." - Morgan Housel
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vitaflo
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Re: first million

Post by vitaflo »

First Mil at 39.
Started investing at 24.
All self-made. Most of it came from starting my business at 34.
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peterinjapan
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Re: first million

Post by peterinjapan »

First mil sort of snuck up on me. Was just investing passively and focusing on running my business, and it happened around 2012 or 2013, when I was 47 or so. Second mil comes faster, jumping up when I sold a condo I'd made a nice profit on. I'll never forget how crossing the $2 mil mark added to my stress because now, any errors I make can REALLY hurt. An emotion I shouldn't feel, I know, but...
Tal-
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Re: first million

Post by Tal- »

details removed
Last edited by Tal- on Thu Nov 12, 2020 3:47 pm, edited 1 time in total.
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oken
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Re: first million

Post by oken »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
Have not hit it yet. According to my projections, will hit it when I'm about 45-46.
To be fair, I'm planning for both my wife and myself, so we will hit $2 mill (1 each) by about 52-53.
k1982 wrote: Tue Oct 27, 2020 5:48 pm 2) what age did you start?
I started thinking about investing when I was about 40.
However, I've always been a saver. Or perhaps, a scrooge. If my folks had taught me about financial education, I may have made my first million earlier.
As it is, a huge part of that first million (about 50%) is probably due to compulsory retirement plans in my country.
k1982 wrote: Tue Oct 27, 2020 5:48 pm 3) was some of this savings inherited? self made? combination of both?
I'm just wondering if this idea of self-made or not includes non-financial help.
Such as being in a family where saving was second nature. Or having parents that taught you how to invest.
Or having parents that helped you get a job, etc.

Nothing is inherited. But i hesitate to say I'm self-made.
Normchad
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Re: first million

Post by Normchad »

CyclingDuo wrote: Tue Oct 27, 2020 10:57 pm
k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?

Studies show that around 75% millionaires are self made; took about 2-3 decades to hit millionaire mark

I understand many of us won't hit that desired #. It know it depends on your income, your savings rate, your expenses, upbringing, etc

I'm asking since Bogleheads are a different breed and if such studies accurately portray the average Boglehead also
Retire by 40 has a good chart showing if one had maxed out their 401k every year, and how many years it would take to build at least the 401k wealth...

https://retireby40.org/what-if-always-maxed-401k/

How is your 401k doing?

The full table is below. It’s very easy to use. You just need to look at the first column and find the number of years you’ve worked. The Accumulated Value column shows how much your 401k would be worth if you’ve maxed out your contribution right from the beginning. The 4th column shows the max contributions for the corresponding years.

Image
Thanks! That is a super cool table!

I started retirement savings in 1992. My contributions were limited at the time by my employer, so I couldn’t max them out until about 2000. This table is good because it actually accounts for the changes in annual contribution limits.

To answer the original questions.
1. Started saving fir retirement at age 23 when I graduated college. Could only save. 6% of my 36K salary though..
2. Net worth was negative until age 30
3. Reached $1M at age 40

There have been no inheritances or other windfalls. No side businesses. No huge stock wins. Only real estate is primary residence. Spouse worked some of those years and contributed while working, but was a SAHM for many many years.
loukycpa
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Re: first million

Post by loukycpa »

Net worth $1M at 43, investable assets $1M at 46. No debt or mortgage since 37. Started contributing to 401k at 22 with beginning of full time work/career.

I give us an A on saving rate but a C on investing in the early years. Behavioral side of it was most challenging part for me to master (keeping my nerve and staying the course). Should have hit those numbers much earlier to be honest.

No inheritance for us to date. Parents did pay tuition to local public U and I commuted, so I was fortunate not to have student loan debt.
A440
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Location: NJ

Re: first million

Post by A440 »

k1982 wrote: Tue Oct 27, 2020 8:30 pm it seems the first million takes 2 to 3 decades
and the second million 2 or 3 years - if you hit the right market

that is crazy! :moneybag :moneybag

all about compounded interest

They should teach about compound interest / retirement / investing every year starting in 1st grade and then repeat the same lessons until high school graduation. However, our :oops: education system :oops:
FWIW, I teach this to my 7th graders in a finance/stock market class. We also talk about the beauty of boring index funds. :happy
I don't know what the future holds, but I know who holds my future.
BalancedJCB19
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Re: first million

Post by BalancedJCB19 »

Interesting question. Here's my Readers Digest version.

Graduated High school in 1982 went directly to trade school to learn hairdressing. My Father was a hairdresser and had a small shop I planned to work with him. I cut hair for 5 years until he passed away at 52. I didn't have it in me any longer. I met my wife at the end of my 24th year. I was on the city test to become a cop. Because of some silly things I did in my youth i was denied. I never felt I was college material. I went to another trade school to learn how to type and got a job as a Word Processor in a Law Firm.

I put it in my head this was what I was going to do to earn a living even though many did not look at it as something one does as a career. Many comments were made to that effect over the years. I also heard many say no one can get rich working for someone. I never made a lot of money but was always employed and my goal was to become a millionaire on this salary no matter what it took. I didn't start saving until I was 31.

Today in my 56th year, I am a millionaire and totally debt free (including the house). Yep, if you have a goal, whether you are seeping floors, Word Processing or whatever you decide. Not all millionaires are doctors and/or lawyers, but yes a bigger salary will definitely speed up the process, but it can be done regardless. All of this money is in my 401k.

Well, I kind of lied, this was a bit more then the Readers Digest version. Good luck to you.

Check out these everyday heroes for motivation
https://www.youtube.com/watch?v=cgftkyLr1Cc
https://www.youtube.com/watch?v=kWwz1LizZA4
https://www.youtube.com/watch?v=smPWDGT-VFs
WannabeBogleHead01
Posts: 81
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Location: Michigan

Re: first million

Post by WannabeBogleHead01 »

Hit it at 48. Started saving in mid-twenties, but didn’t get serious until I hit 40.
willyd123
Posts: 219
Joined: Mon Feb 19, 2018 7:23 am

Re: first million

Post by willyd123 »

Age 42
Age 22
I earned every penny
hrc84
Posts: 41
Joined: Sat Sep 13, 2014 7:46 am

Re: first million

Post by hrc84 »

Age 35
Age 22
Consistent investing during the whole period with income starting at 56k out of university and ~175k now, SAHM for last 6 years but highest household income this year during the whole investing period, family gifts of roughly $10k the last 7 years.
Rudedog
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Re: first million

Post by Rudedog »

Have a great day
Last edited by Rudedog on Tue Nov 10, 2020 5:25 pm, edited 1 time in total.
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Orbuculum Nongata
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Re: first million

Post by Orbuculum Nongata »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?
39
27
self
Potential - distraction = performance.
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Orbuculum Nongata
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Re: first million

Post by Orbuculum Nongata »

A440 wrote: Wed Oct 28, 2020 6:07 am FWIW, I teach this to my 7th graders in a finance/stock market class. We also talk about the beauty of boring index funds. :happy
Good for you. This should be required education. Since it's not, thanks for your initiative.
Potential - distraction = performance.
mak1277
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Joined: Fri Jan 09, 2015 4:26 pm

Re: first million

Post by mak1277 »

Hit $1 million in NW (ex. home equity) at age 37, but that was for two of us. We hit $2 million at age 39, so at that point we were both millionaires I guess.

We both started professional careers at age 22. All the money is self-earned.

Ironically, I still haven't hit $1 million in "retirement" (read: tax deferred) accounts.
AdrianC
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Re: first million

Post by AdrianC »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?
Spouse and I did it together.
1) 39/35
2) Saving ages 29/25. Investing in stocks 32/25. Seriously saving was after we were married and combined accounts ages 34/30.
3) No gifts or inheritance. We both had college more or less for free. She by her parents, me by the government.

We both lucked into great jobs, and into finding each other. We had imposter syndrome and that made us save like fiends before we got found out…

I had the opportunity to start a business while we had her salary and health insurance. We were also lucky in that we had money to shovel into stocks after the 2000 market crash.

Self-made, with lots of hard work, some risk-taking, and tons of luck.
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mmmodem
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Re: first million

Post by mmmodem »

A440 wrote: Wed Oct 28, 2020 6:07 am
k1982 wrote: Tue Oct 27, 2020 8:30 pm it seems the first million takes 2 to 3 decades
and the second million 2 or 3 years - if you hit the right market

that is crazy! :moneybag :moneybag

all about compounded interest

They should teach about compound interest / retirement / investing every year starting in 1st grade and then repeat the same lessons until high school graduation. However, our :oops: education system :oops:
FWIW, I teach this to my 7th graders in a finance/stock market class. We also talk about the beauty of boring index funds. :happy
We learned about the stock market in 6th grade. I loved the idea about having money make money for me. Admittedly, the class taught individual stock purchase not unlike the infamous Saved By the Bell episode where Zack bought stock on margin using his teacher's account. I didn't learn the lesson on compound interest until 7th grade algebra. And Bogleheads taught me index funds.
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