vanguarded wrote: ↑Fri Mar 17, 2023 10:42 pm
I always imagine the Boglehead response to a question like this to be "somehwere around 16"
The best predictor of your income is the income of your parents. But I prefer the outliers.
I agree. If you look broadly and include all people born throughout all time periods in all places, I wonder what percentage had a change in wealth during their lifetimes that was significantly different from that of their parents. I honestly don’t know the answer but I’d venture the number is pretty low. Congratulations to the outliers who managed to do it.
It would be interesting to learn hard numbers on this. My mother grew up in a broken home and poor. I see how it affected her life and her perspective on many things, including interaction with money. She recently inherited some money from her absconded father's estate. The amount was sizable, but not life altering in my opinion. To her, it was more money than she could have ever imagined owning.
Thankfully I am an outlier and hope to influence my children to follow suit. Better this than the culture of vanity, spending and consumption that we have.
JD2775 wrote: ↑Sat Mar 18, 2023 9:49 am
I was on pace to hit my first million before 50 (just turned 48) but now not so sure. It definitely won't be due to a lack of trying on my end. Returns have just come to a halt the last ~15 months
Don't get discouraged, keep investing. Now is a good buying opportunity, more money is made during down markets than up markets, you just don't realize it at the time.
Years from now you will look back at S&P 500 at 3,916 with fond memories and wish you could go back and buy more at that level.
Last year I actually "doubled down" and was investing quite a bit more than I did previously, same with this year so far. Keeping my head down and plowing ahead! Eventually it will pay off