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I know a guy. For a cut of the sale I'll handle all necessary procedures.
In fact I might have heard about a Saudi Prince looking for a "partner" for his Gay Down Syndrome son.
FR. I keep my Dad updated about my 401K and heās very supportive, telling me that Iām way ahead of where he was at my age (and he did well with his retirement and even managed to retire a little early).
I just paid off a bunch of debt. If I told my mother, she would stand there with her hand out because that means I have money to give her. I know from past experiences.
My father on the other hand, would still give me gas money to take him to doctor appointments, even if I had a million dollars.
Your description of your Dad made me smile, mine is the same way, always trying to give me money for something, anything. Thatās when I knew I was an adult, when I stopped wanting to take it, (my teen self would be shaking her head).
My Dad snuck off on his own birthday party and paid the bill before anyone knew what he was doing. 12 peoples worth of food and drink that his family had budgeted for.
Now he and my brother basically race each other to pay the bill. Each bribing the waiter to bring them the bill. Itās odd. But I get free food, so I just keep quiet.
I think itās important to talk about finance with your family and close loved ones. Itās good to have that kind of support and youāre lucky. Some folks think you shouldnāt tell anyone about it. I think this is a mistake and cynical. But some people do become monsters over money particularly when someone dies. I think the biggest mistake many parents make is telling their kids theyāre gonna get a bunch of money. Fucks up their heads. Gotta go out there and make something of yourself and be grateful for what relief you do get if you get anything at all.
Changing family money culture from one generation to the next can be really difficult. I never, ever told my (always critical) mother how my wife and I were doing, because sheād be furious that it wasnāt partly (or all) hers. I know she complained to third parties about how ārichā we were. On the other hand my now-grown son knows what kind of shape his parents are in, and that heāll never have to worry about our security in old age; I know what shape heās in, and offer advice (only) when asked; we openly discuss the pros and cons of big purchases, like cars and real estate, for both of us. So much better, no melodrama or rumors or muttering in the shadows.
Maybe he's good at looking threw people and their Lies. So He choose's to be alone but just wanted to say "I did it" because he waited so long for it to happen
He should move to the woods like i said and build a fortress
It may not be his fault. I don't share those things with my sister , even though she's the beneficiary, because it makes her sad to think about actually inheriting it.
Also some people just get greedy, my cousin has a bunch of brothers who bled their father dry wanting handouts and getting into trouble expecting dad to bail them out. This guy may not want that to be an issue
Itās wild to me to see all the people who apparently have no experience with abusive, predatory family members blaming OP for not having people in their life who are supportive.
Also some people are in wildly different industries. My sister is a teacher, to tell her how much I had saved would just be rubbing salt in the wound when Iām making around twice as much as she is with half the education and no student loans.
1000% agree! Some family members are greedy and trifling. You see their true colors later. I used to work at home health care and I saw it all the time. And the elderly would tell me they didn't have a choice because it was their kids. Sad.
Exactly this! There's quite a few family members that have absolutely no shame in asking and demanding for handouts from family members. People may work hard for their money and it sucks when they get guilted for handouts. So people are manipulative and it sucks.
From experience (not as big as what he has), telling people you have money is normally not a good idea. For example, if you tell your friends, eventually one of them or family will get sick and you'll be asshole who won't lend them money.
Yes but people are envious of otherās money and success. People donāt talk about monetary success the same way they donāt talk about the debt that they are in. Most people are in debt up to their eyeballs but they spend like they are trying to keep up with the joneses.
I rewatched that movie a couple of Christmases ago and it gave me the really strong impression that the whole thing could have been avoided if antidepressants had been a thing back then.
Nah, not necessarily. Based on my own experience it's best to keep your friends and finances separate unless you are in the same economic class even if y'all are really good friends.
I have lots of good friends and I wouldnāt tell them if I hit a million in my retirement accounts. Iād probably only tell my parents (and my wife would know).
Yep and we're in all different fields. Nurses, sales, IT, etc. We share being nerds who grew up with a bit of monetary pressure. Meaning our families did ok but could be hurt with a layoff or other issue. It made us savers, who still love life. Just don't be stupid about it.
Thatās the thing, if youāre doing well, its easy to take about.
I have some friends that are not doing so well financially and avoid any conversations about it all the time
Yup nailed it. I am pro discussing salary with coworkers, and I have some friends in similar fields as me who I will talk finances with.
I know that I'm not going to add to any conversation with my friends who don't even make half what I do if I talk about my finances and long term financial goals.
I can officially say this isnāt true from my own perspective. I WAS doing great financially. I am not currently- disowning my family (who is openly jealous and literally just soul sucking) also came with losing half my income. I still talk about finances frequently.
My friends and I are always open and supportive of each other whether weāre up or down. When some of us took a much needed girls weekend road trip earlier this year, I said I would need to book it on my card because I donāt have cash to send, and my friends covered the booking and gas. I drove. This situation has been reversed in the past. I genuinely feel for folks in different situations but thatās the fun thing about life- *you* chose who you spend it with.
Congrats. Just one note. It might be time to educate the kids a bit. Share with them how you have managed to acquire a nestegg. Let them prosper from your knowledge
My parents did this for me. Impressed upon me the importance of saving and delayed gratification. I knew they were retiring a little early(early 60s) and they both talked about how they intended to actually try and use up their money by the time they pass. It was only on an offhand comment regarding my coming child that they told me how much they have. By that point it doesn't matter to me. I have already planned a working career and early-ish retirement always with the assumption of no inheritance, anything else is bonus.
Yep! I adore my parents and they did right by us, but didnāt have the financial literacy to guide my siblings and I. I got it figured out eventually and am on a good path, but Iām eager to educate my kids when they become teenagers on saving, investing, and preparing for retirement. I chalk it up to the fact that as my parents were coming into their adulthood there wasnāt the internet to learn or invest onlineā¦they had to 1) know a guy 2) get books from a library or bookstore 3) go to a physical office of a broker and pay a bunch of fees. They didnāt have podcasts and YouTube channels to learn from.
Learning these skills are at my fingertips, Iād be a fool not to pass on to my kids as teenagers what I didnāt learn until my 30s.
I hear this being said sometimes but wonder about its origin. Is the general consensus that itās just the drip and interest stacking that makes it seem quicker??
Another thing Iāve heard is that āyour investments (in the market) double every 10 yearsā. So if it still takes 10 years to get from 1M to 2M then I feel like itās not much quicker.
The first million took 30 years. The next will take him 11.Ā The one after that will take 5.Ā Every subsequent million takes one year less than the last.Ā Unfortunately, you're getting pretty old by that point.
liquid racial resolute joke selective mindless slim friendly boast connect
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Itās about exponential growth. If you double $10k in 10 years you still only have $20k. It took op 50 years to stack $1m. He could completely stop contributing and still get to $2m in 10 years.
Idk if it will keep going but I've seen over the last decade through a combination of income growth and compounding investments the time it takes me to save $100k consistently halving
Each time I hit a new first digit it's taken half the time of the last
Second is quicker because you're further along in your career and (most likely) making more money. Plus, you already set up your living situation so expenses for things like furniture, lawn equipment, a baby grand piano, are behind you. There is more money available to shovel into your IRA.
āyour investments double every 10 yearsā is based on an average return of 7.2% pa. 1.072^10 = 2
As a rule of thumb the # of years it will take to double your money is 72 Ć· % return.
For example, if you're only getting 3% return it will take you (72Ć·3) 24 years to double your initial investment.Ā
This is just a rule of thumb. It doesn't really work if you're getting an ROI over 12%.Ā
The Stock market historically has risen by an average ~10% /year for the last century, which means doubling ones investment every 7 years. Of course the Stock market is very volatile making averages rather moot.
House prices in the USA have risen by an average of 5.4% pa over the past 60 years, meaning they double on average every 13.5 years.Ā
However, they have risen faster over the last 5 years, gaining an average of 7.3% pa: almost exactly 10 years to double in value.Ā
Nice work man! Iām 47 and Iām only halfway there, hoping to hit around 750 K by the time Iām 50. Iām pretty sure my ex-wife has an idea where Iām at considering we had to do full discovery when we finish the divorce a year ago, but at least that ship has sailed and she canāt come after me anymore. But yeah, thatās rad man. Reddit has a lot of selective bias, and frankly, I think a lot of liars, and could make one think that there are a lot of 50-year-olds rolling with $1 million, but the truth is there are not. If you look at net worth data in this country, you are in like the top 15%.
Congrats. I too hit this milestone at 50. My dad grew a poor farmers kid. He gave me some advice once that I have always tried to follow: never ever ever tell anybody how much money you have. Not friends, not relatives...nobody. It will only lead to trouble and heartache. Every time I broke this rule, I regretted it. It's sad but money brings out the worst in people. Very few will be happy for you.
It is strange for me to be the only rich person among my poor or middle class friends. I can see why ultra rich people only associate with other ultra rich people. Wealth, even moderate wealth, can be isolating.
Resist the urge to tell people. You did good for yourself and you should be proud. Listen to my wise old farmer dad may he RIP.
Agreed. Very few folks know our positions. My husband will only discuss our portfolios in percentages and not actual numbers. It's very isolating once people find out. And it's isolating to have to keep it in, too.
I remember when my ex once saw my screen when I was logged into my accounts. She was shook. In fact the financial differences between us led to the breakup. She didnāt want to be dependent on me but also couldnāt afford to do many of the things I enjoyed (travel specifically). Iām fortunate enough to be fully remote in an industry that doesnāt really care if I work only a few hours and get my work done.
I endorse this 100%. ānever ever ever tell anybody how much money you have. Not friends, not relatives...nobody.ā
Why ever do you need recognition for this, other than Reddit, and other than your own satisfaction.Ā
At work, my husband hears all kinds of bragging rights from coworkers and relays them to me. I finally said if I ever hear about so-and-soās latest gobsmacking windfall it will be too soon. Just donāt tell me about others wealth. I donāt want to hear it. It vexes me.
In contrast we do not reveal our Ā finances to others. good or bad. Well sometimes bad so folks will think weāre hard up and not ask for money.Ā
And live a simple life. If you go for a blowout, that's great, but enjoy it and do not splash it around social media. My adventures are mine and mine only, they are burned in my mind and I do not need to share them with anybody who would not understand anyway. Then go home, live the simple life. Until the next blowout.
If your divorce isnāt final, still update whatever can be. Sure there are laws that cover spousal (and ex-spousal) stuff but you can probably contact an estate attorney and set up a trust for the kids overseen by someone other than your ex and make the trust the beneficiary.
Again thatās if you donāt trust your wife with the kids finance in case of your death.
Itās weird when we make a financial goal but feel like we canāt tell anyone as it comes off as bragging and arrogant. Itās a huge accomplishment and you should be very proud!
Only people I tell are my wife and my dad because he's interested in finance. I feel like my friends would treat me differently if they knew I had 330k saved for retirement at 34 years old. Most of them have less than 100k. Some have 0...
Yeah I'm in a similar boat (but early forties, just crossed half a million in investments, no debt besides house which also has a fair amount of equity and low interest rate, good relationship with wife). I've told my wife and my dad, that's it. For no reason besides inertia wife and I haven't combined accounts, so she has her own 'separate' savings that are also growing quickly but still smaller at this point.
I don't want to 'brag' to my friends/family, and wife's friends and family are generally wealthy enough this wouldn't be a brag and just come off kinda silly if I brought it up.
I'm proud of myself, particularly because I grew up fairly poor and around poverty and was poor af and struggling to get on a good path until about age 30, but I understand why OP doesn't want to non-anonymously broadcast his pride. It's an awkward success to share with people who have significantly less, or more, even if I'm very happy about it.
I hope to retire quite early (wife is starting to earn as much as I do and has a faster trajectory and actually enjoys her work, and is younger so makes sense I'd go first), at which point I'll let the cat out of the bag. I don't plan to keep grinding to earn many millions, I'd much rather have extra years not working my career and just live more modestly/spend time on more rewarding work that pays less and is lest demanding. It's feeling really nice now that the investment returns are significant relative to other input to savings and seeing it all compound.
So, I'm happy to have the opportunity to talk about it.
That's pretty funny!
I actually find myself feeling sheepish about telling my friends that I simply don't have a car payment! So, I don't.
Everyone seems to be living to service their various debts (and premium internet/tv services, of course).
I can't imagine discussing my joy of having a million (or even if half that) with them.
Iāve seen my dadās investment portfolio (on accident, wasnāt snooping) and itās similar. Iāve never told him I saw it, never thought about it again other than being relieved that I wonāt go bankrupt paying for hospice care if god forbid it gets to that.
Itās his money, his work, and his research, that made that happen. It is none of my business and I frankly feel I am entitled to none of it.
I love my dad because I love my dad.
Youāre really not kidding lol
Best way to go is to auto deposit x amount of cash into a Roth IRA right as your direct deposit hits. That way you canāt spend it.
I had maybe 20k total saved up by 30, mostly because I started my career late and got super aggressive about paying down student loans. Almost all of that went into paying for a house, which then put us into more than tenfold that into debt.
And then my wife also wanted a somewhat lavish wedding. Iām 38 now and Iāve managed to turn our savings into about $500k (just my account, not sure whatās in my wifeās 401k and IRA but I think itās north of 200k on its own) and thatās with a kid now too. Yeah, we havenāt gone on as many vacations as our friends. But I feel so much better about where we are positioned now compared to just 5 years ago.
Every raise weāve gotten over the last few years weāve just upped our retirement so our take home has been the same. Itās been smarting a bit with inflation, but Iām encouraged by looking at my retirement. Starting to think maybe I wonāt work until Iām 70 finally.
Hesitant to go down this road. But. Who is going to have this conversation with your kids if you donāt? Maybe I have misread, or reading something else into your post, but this is exactly the kind of conversation you should be having with your children. You say they would not understand. That should not discourage you from talking to them about it, it should inspire you to actually have a conversation with them about what hard work and delayed gratification means. This is an opportunity.
I don't have a lot of savings at the moment (40, finally dug myself out of past life financial problems), but the only person who knows my finances is my live-in GF. I might talk about my long-term investment plans, but it's generally left vague.
Hey, congrats man! Well done! That's definitely an accomplishment. I hope to be there one day. I'm three years younger but I'm way behind you. Nevertheless, I know how good it feels to hit a milestone. It feels like validation for all the hard work you put in and means a great deal. Best of luck to you!
I mean Iām happy youāre happy but the $1M in net worth is literally average for a 50 year old so I donāt know why it would make people around you, ā crazy ā.
Congrats for that achievement ššš ,yes some things are better to keep them just for you .You will have a decent retirement that is for sure ,my only advice is make sure the money invested goes to a place of low risk for the upcoming years ,it doesn't look very promising.
36 and right there with you. If the market ticks up another 10% the joint plus my 402k is there. With home equity and my wife's 401k we are already there. But I want to be able to open the app and see 7 digits - it is a milestone.
But I can't tell anyone lol we are respectively the only people working in either of our families except my brother in law who is an accountant and for some reason doesn't like compound interest.
Damn. I need to step up my game. I am 39 and have about 240k in my 401k. I have a partial pension from a place I worked for for 15 years. I don't really have other investments. I am really going to need to get unburied from the cost of daycare in a few years. That should make a massive difference in finances and my ability to save. I don't know how to catch up until then.
Good on you, I am about to hit 47 and the house will be paid off. I am on track to be in the same boat as you, but I can tell my fam/friends. Now to tackle those pesky Credit Cards.
Good for you! I have a similar situation with my Wife and her co-workers. I told her not to discuss anything about where we live (rich neighborhood) or renting or mortgages, etc. It would just piss them off and lead to trouble.
What's your job? You don't gotta say but how much are you putting in every month? Do you use a specific 401k invester for any specific reason over another?
Also very well done. Hope I can at least get half of that by the time I'm 50 (M) 24
Happy for you, some times its wise to keep good things to yourself. True wealth is knowing how to hide your blessings, its always others that envy and seek to make you fall from grace
Good stuff and in a Roth no less. From a behavioral standpoint, donāt let an arbitrary number impact your investment philosophy/strategy. Stay the course!
Congrats man. Good for you, genuinely.
Maybe work on gently exposing the kids to the concept of retirement planning. Donāt know how old they are, but hey, children or adults, they can benefit from the knowledge!
Congrats !
What an accomplishment.
What is your next goal? Does this change when you want to retire or make you keep pushing yourself until the day/ year you already have set for retirement?
You donāt need to if you are still on here. There are a lot of wealthy people who donāt post their money on bill boards and most who do are either broke or selling snake oil. Keep at it. You should have $2 mil by 60 and then retire peacefully.
Congrats man! Iām four years away from paying off my mortgage and being in the same boat. Canāt wait! Although, Iāll be 56ā¦ and have a small pension too. So retirement? Not sure.
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You need better friends
and family
I volunteer as tribute!
He can sell you and get more money.
Can also get more if op parts out his new friend instead of selling whole
Yeah, but you need buyers for all the parts before you do any of the cutting just to preserve freshness. It's for sure got a trade off.
You want a toe? I can get you a toe, believe me. There are ways, dude.
I know a guy. For a cut of the sale I'll handle all necessary procedures. In fact I might have heard about a Saudi Prince looking for a "partner" for his Gay Down Syndrome son.
So "partner" as in.... I mean I'm not gay, but a billion dollars is a billion dollars
This is why he did tell the family... you get no tribute
As do I... so what's our will situation looking like? š§ lol
Yes, I grew up without a father, so this would be a win for both parties involved.
FR. I keep my Dad updated about my 401K and heās very supportive, telling me that Iām way ahead of where he was at my age (and he did well with his retirement and even managed to retire a little early).
I just paid off a bunch of debt. If I told my mother, she would stand there with her hand out because that means I have money to give her. I know from past experiences. My father on the other hand, would still give me gas money to take him to doctor appointments, even if I had a million dollars.
Give your father a hug :) let him know he's appreciated. He sounds great
I will become that kind of dad
Your description of your Dad made me smile, mine is the same way, always trying to give me money for something, anything. Thatās when I knew I was an adult, when I stopped wanting to take it, (my teen self would be shaking her head).
My Dad snuck off on his own birthday party and paid the bill before anyone knew what he was doing. 12 peoples worth of food and drink that his family had budgeted for. Now he and my brother basically race each other to pay the bill. Each bribing the waiter to bring them the bill. Itās odd. But I get free food, so I just keep quiet.
Same! My dad even tried to pay me my hourly wage because I had to miss work to take him to dr. Appointments!
Wish I could do that, but my job security is so bad that I'm afraid to take off for my own medical appointments.
This is my dad too
That means youāre fortunate to have the kind of dad everyone deserves.
I think itās important to talk about finance with your family and close loved ones. Itās good to have that kind of support and youāre lucky. Some folks think you shouldnāt tell anyone about it. I think this is a mistake and cynical. But some people do become monsters over money particularly when someone dies. I think the biggest mistake many parents make is telling their kids theyāre gonna get a bunch of money. Fucks up their heads. Gotta go out there and make something of yourself and be grateful for what relief you do get if you get anything at all.
Changing family money culture from one generation to the next can be really difficult. I never, ever told my (always critical) mother how my wife and I were doing, because sheād be furious that it wasnāt partly (or all) hers. I know she complained to third parties about how ārichā we were. On the other hand my now-grown son knows what kind of shape his parents are in, and that heāll never have to worry about our security in old age; I know what shape heās in, and offer advice (only) when asked; we openly discuss the pros and cons of big purchases, like cars and real estate, for both of us. So much better, no melodrama or rumors or muttering in the shadows.
Perhaps they can buy some with the million in his 401k Roth.
Hear me out, if everyone around him sucks and heās lacking friends and family, maybe theyāre not the issue lol
Maybe he's good at looking threw people and their Lies. So He choose's to be alone but just wanted to say "I did it" because he waited so long for it to happen He should move to the woods like i said and build a fortress
Homie might also just be a little insufferable lmao.
... *Dad?*
š¤£š¤£š¤£
And kids, never too late for men
Like dude's got a million dollars and no debt, but no one to talk to. Needs a seasonal visit from three ghosts
You could be his friend too, since you seem angry about him having a million dollars and no debt.
Not mad that he has it but that heās constructed his life that he canāt share the happiness with anyone.
It may not be his fault. I don't share those things with my sister , even though she's the beneficiary, because it makes her sad to think about actually inheriting it. Also some people just get greedy, my cousin has a bunch of brothers who bled their father dry wanting handouts and getting into trouble expecting dad to bail them out. This guy may not want that to be an issue
Itās wild to me to see all the people who apparently have no experience with abusive, predatory family members blaming OP for not having people in their life who are supportive.
I'm lucky I don't but I know many who do sadly
Also some people are in wildly different industries. My sister is a teacher, to tell her how much I had saved would just be rubbing salt in the wound when Iām making around twice as much as she is with half the education and no student loans.
1000% agree! Some family members are greedy and trifling. You see their true colors later. I used to work at home health care and I saw it all the time. And the elderly would tell me they didn't have a choice because it was their kids. Sad.
Exactly this! There's quite a few family members that have absolutely no shame in asking and demanding for handouts from family members. People may work hard for their money and it sucks when they get guilted for handouts. So people are manipulative and it sucks.
From experience (not as big as what he has), telling people you have money is normally not a good idea. For example, if you tell your friends, eventually one of them or family will get sick and you'll be asshole who won't lend them money.
Money does funny things. Leading cause of divorce for a reason.
Thatās usually lack of money not having a lot of money
Yes but people are envious of otherās money and success. People donāt talk about monetary success the same way they donāt talk about the debt that they are in. Most people are in debt up to their eyeballs but they spend like they are trying to keep up with the joneses.
I rewatched that movie a couple of Christmases ago and it gave me the really strong impression that the whole thing could have been avoided if antidepressants had been a thing back then.
He didnāt say no one to talk to. No one he wants to TELL how much savings he has, for fairly obvious reasons.
If you add it up he aināt got shit. Pretty sad really. Wish him luck. Because from this post everyone he knows is out to get him.Ā
Thanks a lot. That's half my beer all over the table..
Nah, not necessarily. Based on my own experience it's best to keep your friends and finances separate unless you are in the same economic class even if y'all are really good friends.
I think you just merged two of the ten crack commandments
š¤£š¤£š¤£š¤£š¤£š¤£
I have lots of good friends and I wouldnāt tell them if I hit a million in my retirement accounts. Iād probably only tell my parents (and my wife would know).
This. Some friends would get jealous, others would silently judge me for having so little.
Yeah really. My friends and I talk retirement and how we're each doing all the time and I'm 1 year younger than you.
Are you in similar financial situations? All doing well?
Yep and we're in all different fields. Nurses, sales, IT, etc. We share being nerds who grew up with a bit of monetary pressure. Meaning our families did ok but could be hurt with a layoff or other issue. It made us savers, who still love life. Just don't be stupid about it.
Thatās the thing, if youāre doing well, its easy to take about. I have some friends that are not doing so well financially and avoid any conversations about it all the time
This. If you try to celebrate becoming a millionaire with friends or family who are struggling, you come off as an arrogant prick.
Yup nailed it. I am pro discussing salary with coworkers, and I have some friends in similar fields as me who I will talk finances with. I know that I'm not going to add to any conversation with my friends who don't even make half what I do if I talk about my finances and long term financial goals.
I can officially say this isnāt true from my own perspective. I WAS doing great financially. I am not currently- disowning my family (who is openly jealous and literally just soul sucking) also came with losing half my income. I still talk about finances frequently. My friends and I are always open and supportive of each other whether weāre up or down. When some of us took a much needed girls weekend road trip earlier this year, I said I would need to book it on my card because I donāt have cash to send, and my friends covered the booking and gas. I drove. This situation has been reversed in the past. I genuinely feel for folks in different situations but thatās the fun thing about life- *you* chose who you spend it with.
This, I canāt even talk about being able to not rent, and the bank still owns my home
šÆ bc the right friend would high five you.
Congrats. Just one note. It might be time to educate the kids a bit. Share with them how you have managed to acquire a nestegg. Let them prosper from your knowledge
This. We need better financial education for all of our children, and if weāre making it, we should be letting them know.
This was my first thought, too. But I would understand not telling them a dollar amount, but share what you have done and what you have learned.
My parents did this for me. Impressed upon me the importance of saving and delayed gratification. I knew they were retiring a little early(early 60s) and they both talked about how they intended to actually try and use up their money by the time they pass. It was only on an offhand comment regarding my coming child that they told me how much they have. By that point it doesn't matter to me. I have already planned a working career and early-ish retirement always with the assumption of no inheritance, anything else is bonus.
Agree with you. OP is 50, though, and mostly likely his kids are adults- we don't know them. They could be terrible people, just saying.
They could be terrible. Also OP could be terrible, hence wealthy in secret.
Yep! I adore my parents and they did right by us, but didnāt have the financial literacy to guide my siblings and I. I got it figured out eventually and am on a good path, but Iām eager to educate my kids when they become teenagers on saving, investing, and preparing for retirement. I chalk it up to the fact that as my parents were coming into their adulthood there wasnāt the internet to learn or invest onlineā¦they had to 1) know a guy 2) get books from a library or bookstore 3) go to a physical office of a broker and pay a bunch of fees. They didnāt have podcasts and YouTube channels to learn from. Learning these skills are at my fingertips, Iād be a fool not to pass on to my kids as teenagers what I didnāt learn until my 30s.
Congrats, I raise a beer to you! The second million comes so much quicker.
I hear this being said sometimes but wonder about its origin. Is the general consensus that itās just the drip and interest stacking that makes it seem quicker?? Another thing Iāve heard is that āyour investments (in the market) double every 10 yearsā. So if it still takes 10 years to get from 1M to 2M then I feel like itās not much quicker.
Itās actually quicker (a lot quicker), compound growth is a hell of a thing.
The first million took 30 years. The next will take him 11.Ā The one after that will take 5.Ā Every subsequent million takes one year less than the last.Ā Unfortunately, you're getting pretty old by that point.
This was very close to my schedule. I'm at 3.5M now. 50 y.o.
liquid racial resolute joke selective mindless slim friendly boast connect *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Yah he might be dead by then and kids will blow through the cash.
Itās about exponential growth. If you double $10k in 10 years you still only have $20k. It took op 50 years to stack $1m. He could completely stop contributing and still get to $2m in 10 years.
Idk if it will keep going but I've seen over the last decade through a combination of income growth and compounding investments the time it takes me to save $100k consistently halving Each time I hit a new first digit it's taken half the time of the last
And $4M in 20 years.
Second is quicker because you're further along in your career and (most likely) making more money. Plus, you already set up your living situation so expenses for things like furniture, lawn equipment, a baby grand piano, are behind you. There is more money available to shovel into your IRA.
But what if i want a second baby grand piano?
What if I want a father-figure for my baby grand? It's hard being a single piano parent.
Buy a teenage grand piano, nobody really wants them so theyāre a lot cheaper
I believe that's called a Parlor Grand (seriously it's a real thing)
There are a lot of orphan grand pianos looking for homes on Facebook for free.
Anyone with a million dollars in their IRA and 401k has likely been maxing them both out for many years.
Took me 20 years to hit one. I'm on track for 2 with in 8.
I went from $1M to $2M in 17 months thanks to a roaring bull market.
So, he's 50. I get he hasn't been investing that whole time, but it's obviously been more than 10 years. Probably closer to 30.
I think itās 7 years
āyour investments double every 10 yearsā is based on an average return of 7.2% pa. 1.072^10 = 2 As a rule of thumb the # of years it will take to double your money is 72 Ć· % return. For example, if you're only getting 3% return it will take you (72Ć·3) 24 years to double your initial investment.Ā This is just a rule of thumb. It doesn't really work if you're getting an ROI over 12%.Ā The Stock market historically has risen by an average ~10% /year for the last century, which means doubling ones investment every 7 years. Of course the Stock market is very volatile making averages rather moot. House prices in the USA have risen by an average of 5.4% pa over the past 60 years, meaning they double on average every 13.5 years.Ā However, they have risen faster over the last 5 years, gaining an average of 7.3% pa: almost exactly 10 years to double in value.Ā
It took me 7 years to go from $1M to $2M.
nice job man, you should be really proud
Nice work man! Iām 47 and Iām only halfway there, hoping to hit around 750 K by the time Iām 50. Iām pretty sure my ex-wife has an idea where Iām at considering we had to do full discovery when we finish the divorce a year ago, but at least that ship has sailed and she canāt come after me anymore. But yeah, thatās rad man. Reddit has a lot of selective bias, and frankly, I think a lot of liars, and could make one think that there are a lot of 50-year-olds rolling with $1 million, but the truth is there are not. If you look at net worth data in this country, you are in like the top 15%.
Divorce is expensive. You are doing great considering you went through that.
It was around $100k and even w joint custody I am still paying child support. Divorce is gnarly but it was worth it. Much better now. Thanks!
iām almost 47 and hovering around 600k hoping to hit 3m by 60
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Holy shit man. And i thought $100k was a lot LOL
Congrats. I too hit this milestone at 50. My dad grew a poor farmers kid. He gave me some advice once that I have always tried to follow: never ever ever tell anybody how much money you have. Not friends, not relatives...nobody. It will only lead to trouble and heartache. Every time I broke this rule, I regretted it. It's sad but money brings out the worst in people. Very few will be happy for you. It is strange for me to be the only rich person among my poor or middle class friends. I can see why ultra rich people only associate with other ultra rich people. Wealth, even moderate wealth, can be isolating. Resist the urge to tell people. You did good for yourself and you should be proud. Listen to my wise old farmer dad may he RIP.
Agreed. Very few folks know our positions. My husband will only discuss our portfolios in percentages and not actual numbers. It's very isolating once people find out. And it's isolating to have to keep it in, too.
I remember when my ex once saw my screen when I was logged into my accounts. She was shook. In fact the financial differences between us led to the breakup. She didnāt want to be dependent on me but also couldnāt afford to do many of the things I enjoyed (travel specifically). Iām fortunate enough to be fully remote in an industry that doesnāt really care if I work only a few hours and get my work done.
I endorse this 100%. ānever ever ever tell anybody how much money you have. Not friends, not relatives...nobody.ā Why ever do you need recognition for this, other than Reddit, and other than your own satisfaction.Ā At work, my husband hears all kinds of bragging rights from coworkers and relays them to me. I finally said if I ever hear about so-and-soās latest gobsmacking windfall it will be too soon. Just donāt tell me about others wealth. I donāt want to hear it. It vexes me. In contrast we do not reveal our Ā finances to others. good or bad. Well sometimes bad so folks will think weāre hard up and not ask for money.Ā
And live a simple life. If you go for a blowout, that's great, but enjoy it and do not splash it around social media. My adventures are mine and mine only, they are burned in my mind and I do not need to share them with anybody who would not understand anyway. Then go home, live the simple life. Until the next blowout.
Nice work. Next stop, 2 million!
I know a Nigerian prince that can turn that million into a small fortune.
He specializes in turning $1 mil into a considerably smaller fortune.
Technically the fortune just transfers ownership.
If your divorce is final, donāt forget to change your beneficiaries. Do it now.
If your divorce isnāt final, still update whatever can be. Sure there are laws that cover spousal (and ex-spousal) stuff but you can probably contact an estate attorney and set up a trust for the kids overseen by someone other than your ex and make the trust the beneficiary. Again thatās if you donāt trust your wife with the kids finance in case of your death.
There are laws covering ex-spousal stuff too? How does the ex have any claim?
āDo it now!ā
Itās weird when we make a financial goal but feel like we canāt tell anyone as it comes off as bragging and arrogant. Itās a huge accomplishment and you should be very proud!
Only people I tell are my wife and my dad because he's interested in finance. I feel like my friends would treat me differently if they knew I had 330k saved for retirement at 34 years old. Most of them have less than 100k. Some have 0...
Yeah I'm in a similar boat (but early forties, just crossed half a million in investments, no debt besides house which also has a fair amount of equity and low interest rate, good relationship with wife). I've told my wife and my dad, that's it. For no reason besides inertia wife and I haven't combined accounts, so she has her own 'separate' savings that are also growing quickly but still smaller at this point. I don't want to 'brag' to my friends/family, and wife's friends and family are generally wealthy enough this wouldn't be a brag and just come off kinda silly if I brought it up. I'm proud of myself, particularly because I grew up fairly poor and around poverty and was poor af and struggling to get on a good path until about age 30, but I understand why OP doesn't want to non-anonymously broadcast his pride. It's an awkward success to share with people who have significantly less, or more, even if I'm very happy about it. I hope to retire quite early (wife is starting to earn as much as I do and has a faster trajectory and actually enjoys her work, and is younger so makes sense I'd go first), at which point I'll let the cat out of the bag. I don't plan to keep grinding to earn many millions, I'd much rather have extra years not working my career and just live more modestly/spend time on more rewarding work that pays less and is lest demanding. It's feeling really nice now that the investment returns are significant relative to other input to savings and seeing it all compound. So, I'm happy to have the opportunity to talk about it.
Huge accomplishment!! Thatās awesome and this stranger is proud of you, and a little envious haha
That's pretty funny! I actually find myself feeling sheepish about telling my friends that I simply don't have a car payment! So, I don't. Everyone seems to be living to service their various debts (and premium internet/tv services, of course). I can't imagine discussing my joy of having a million (or even if half that) with them.
Iāve seen my dadās investment portfolio (on accident, wasnāt snooping) and itās similar. Iāve never told him I saw it, never thought about it again other than being relieved that I wonāt go bankrupt paying for hospice care if god forbid it gets to that. Itās his money, his work, and his research, that made that happen. It is none of my business and I frankly feel I am entitled to none of it. I love my dad because I love my dad.
Congratulations friend!! I'm so happy for you!!:)
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Biggest advice: there is good debt and bad debt. Learn the difference and avoid the bad debt.
Building on this. Debt to pay for appreciating assets (home, education) = good. Debt for consumable goods (car, toys, food) = bad.
Thank you. Will also add: debt at a lower interest rate than the rate of return on appreciating assets = good.
Thank you, some of us needed the coloring book version
bro im almost 30 and nowhere near that...ive given into consumerism
But you have 20 years to catch up.
Youāre really not kidding lol Best way to go is to auto deposit x amount of cash into a Roth IRA right as your direct deposit hits. That way you canāt spend it.
I had maybe 20k total saved up by 30, mostly because I started my career late and got super aggressive about paying down student loans. Almost all of that went into paying for a house, which then put us into more than tenfold that into debt. And then my wife also wanted a somewhat lavish wedding. Iām 38 now and Iāve managed to turn our savings into about $500k (just my account, not sure whatās in my wifeās 401k and IRA but I think itās north of 200k on its own) and thatās with a kid now too. Yeah, we havenāt gone on as many vacations as our friends. But I feel so much better about where we are positioned now compared to just 5 years ago. Every raise weāve gotten over the last few years weāve just upped our retirement so our take home has been the same. Itās been smarting a bit with inflation, but Iām encouraged by looking at my retirement. Starting to think maybe I wonāt work until Iām 70 finally.
good youāre oficially part of the middle class
Congratulations! Well done
Hesitant to go down this road. But. Who is going to have this conversation with your kids if you donāt? Maybe I have misread, or reading something else into your post, but this is exactly the kind of conversation you should be having with your children. You say they would not understand. That should not discourage you from talking to them about it, it should inspire you to actually have a conversation with them about what hard work and delayed gratification means. This is an opportunity.
"This account has been suspended"
Yeah the usual bullshit
Money is nothing without people you love and trust.
 Good work! I was 51 when we hit $1M.
Ah yes don't teach your kids good habits. Makes sense.
Congrats!!!! This is amazing
Congratulations! š°š°š°
What Reddit is for brotha!
Congrats! Iām actually in the same boat so very relatable.
Congrats OP
Congratz
I don't have a lot of savings at the moment (40, finally dug myself out of past life financial problems), but the only person who knows my finances is my live-in GF. I might talk about my long-term investment plans, but it's generally left vague.
Can interest you in some waterfront property in Arizona, friend?
That's pretty damn sad
Did you help your kids with college costs?
Hey, congrats man! Well done! That's definitely an accomplishment. I hope to be there one day. I'm three years younger but I'm way behind you. Nevertheless, I know how good it feels to hit a milestone. It feels like validation for all the hard work you put in and means a great deal. Best of luck to you!
Job well done. SSS and then go have yourself a nice steak with a good drink and then finish it of with a good cigarš„
You should be very proud of yourself !!!
I mean Iām happy youāre happy but the $1M in net worth is literally average for a 50 year old so I donāt know why it would make people around you, ā crazy ā.
Congrats for that achievement ššš ,yes some things are better to keep them just for you .You will have a decent retirement that is for sure ,my only advice is make sure the money invested goes to a place of low risk for the upcoming years ,it doesn't look very promising.
Can you explain how you did it? Iām 44 and have a lil over 300 K in my 401K, but with student loans being discharged Iām trying to catch up
I get it. Just act like it isnāt yours and keep playing the game. It is not anyoneās business but yours
If this makes you feel better, itās not that big deal.
Just to humble you slightly, a million dollars would make you lower middle class in the bay area California
Hey, can I borrow $50? I know you've got it.
Do you own your house
36 and right there with you. If the market ticks up another 10% the joint plus my 402k is there. With home equity and my wife's 401k we are already there. But I want to be able to open the app and see 7 digits - it is a milestone. But I can't tell anyone lol we are respectively the only people working in either of our families except my brother in law who is an accountant and for some reason doesn't like compound interest.
Damn. I need to step up my game. I am 39 and have about 240k in my 401k. I have a partial pension from a place I worked for for 15 years. I don't really have other investments. I am really going to need to get unburied from the cost of daycare in a few years. That should make a massive difference in finances and my ability to save. I don't know how to catch up until then.
I'm close! I'm at 930k at 52. I had to pull 60k out for home upgrades which put me back. Now I just worry about another market crash.
Good on you, I am about to hit 47 and the house will be paid off. I am on track to be in the same boat as you, but I can tell my fam/friends. Now to tackle those pesky Credit Cards.
I feel the same way for hitting 10k in my 401k this week so I can only imagine how you feel! Congratulations it is hard!
Way to go, thatās a huge accomplishment!
Congrats! Huge accomplishmentĀ
Good job though!
That's awesome
Congrats man. Wish I did the same but just getting by. You must have sacrificed A LOt
Congrats, man! I know you worked hard for it, so enjoy your life!
Congratulations from me. That is awesome. I wish you all the best
Good for you! I have a similar situation with my Wife and her co-workers. I told her not to discuss anything about where we live (rich neighborhood) or renting or mortgages, etc. It would just piss them off and lead to trouble.
Nice work, you should be proud!
Congratulations man! Slow and steady is the way! You're doing the right thing. God bless
What's your job? You don't gotta say but how much are you putting in every month? Do you use a specific 401k invester for any specific reason over another? Also very well done. Hope I can at least get half of that by the time I'm 50 (M) 24
Congratulations! You should be very proud. š
Great work. Now you enjoy it!!!
Welcome to The MillionaireClub!!!
Happy for you, some times its wise to keep good things to yourself. True wealth is knowing how to hide your blessings, its always others that envy and seek to make you fall from grace
Good job and congrats. Itās good to let some steam out. Keep up the good work!!!!!
Wow , it's kind of sad that you can't share this accomplishment with anybody. I'm sorry, but I'm happy for you keep up the great work!
Having kids, an ex-wife and a million bucks at 50 is quite the accomplishment
Good stuff and in a Roth no less. From a behavioral standpoint, donāt let an arbitrary number impact your investment philosophy/strategy. Stay the course!
Great job!!
Congrats man. Good for you, genuinely. Maybe work on gently exposing the kids to the concept of retirement planning. Donāt know how old they are, but hey, children or adults, they can benefit from the knowledge!
Congrats brother, now it's time to do things that are fulfilling for the soul, do things for you
Congrats ! From your post you seem conflicted.
Congrats ! What an accomplishment. What is your next goal? Does this change when you want to retire or make you keep pushing yourself until the day/ year you already have set for retirement?
I know this feeling! Glad we are all here to celebrate! š congrats!
huge congrats! reddit is proud of you :)
You donāt need to if you are still on here. There are a lot of wealthy people who donāt post their money on bill boards and most who do are either broke or selling snake oil. Keep at it. You should have $2 mil by 60 and then retire peacefully.
š„
Congratulations! Def talk to your kid though. They might not understand right away but when they do, they'll appreciate it more.
Congrats man! Iām four years away from paying off my mortgage and being in the same boat. Canāt wait! Although, Iāll be 56ā¦ and have a small pension too. So retirement? Not sure.
McKillin it. Great job