What age to be a millionaire?

[NEWHunter]

I'm 100% sure you have no idea if I'm loaded or up to my eyeballs in debt... or both. And it doesn't matter anyway. However, there are lots of discussions on HT about retirement and investing advice, so I know people think about it.

As to why I asked, plenty of financial articles have statistics on average worth/savings by age group, I merely wondered if the million mark was more often reached at an early age or slowly and later in life. It's a fair question and nobody is required to answer.

I find people's success stories aspirational and like to see people do well, for all you know I'm just trying to be inspired. I didn't mean to offend anybody and apologize if I did.

Individually or jointly?

Geez, take it easy on the OP. A million dollars is nice, but it’s not the huge sum it used to be. And for the folks that don’t do it, keeping track of your net worth is a good idea. Knowing what goes in to that number helps greatly with financial planning and budgeting.

I used to keep a monthly budget but tracking it was a pain in the rear. I gave up. Now I just put together a PFS at the end of every year and call it good. It works just as well as a weekly/monthly budget and takes a lot less time. It shows us where we’ve been and where we’re going. It helps a lot in making spending and saving decisions.

 

[FREAK]

I think “Who Wants to Be a Millionaire” came out in 1999. I plugged in 1m into an inflation adjustment calculator. Seems like it should be closer to 3 now. Housing prices have increased at an unsustainable rate the last decade but that could just be wishful thinking on my part.

 

[F250]

Are you financially better off today than you were 3 years ago ? Think about that before you enter the voting booth in November.

 

[TheGrayRider]

The first rule of Fight Club is “You don’t talk about Fight Club.” The second rule of Fight Club is “You don’t talk about Fight Club…”

 

[cgasner1]

Individually or jointly?

Geez, take it easy on the OP. A million dollars is nice, but it’s not the huge sum it used to be. And for the folks that don’t do it, keeping track of your net worth is a good idea. Knowing what goes in to that number helps greatly with financial planning and budgeting.

I used to keep a monthly budget but tracking it was a pain in the rear. I gave up. Now I just put together a PFS at the end of every year and call it good. It works just as well as a weekly/monthly budget and takes a lot less time. It shows us where we’ve been and where we’re going. It helps a lot in making spending and saving decisions.

It’s funny because I’ve never looked into what my wife does for her 401. I’m just trying to stack enough cash so that we are more than fine with what I have saved for us. Whatever she has will just be a bonus. Currently shooting for a 58-60 departure from work

 

[Nick87]

Seems like it should be closer to 3 now.

Definitely

 

[CRJR45]

Well , with a strict budget and sound planning , I should be a millionaire by age 124 . Wish me luck !

 

[Big Sky Guy]

Are you financially better off today than you were 3 years ago ? Think about that before you enter the voting booth in November.

By this logic nearly all pre-2021 homeowners will vote for Biden and those who are still renting or had to pay 2-4x will vote red.

A good follow up poll would be what percentage of your $1M net worth is represented by your primary residence? I know there is another thread on here that discusses this a bit and how Americans have become so tied up in the “American Dream” and treating our primary residences as our largest asset class and comparing to truly wealthy where the primary residence does not make up a large portion of their net worth.

 

[Khunter]

I got like 10 weeks of pto banked up at work I need to hit the tag lottery and burn it to the ground.

I am trying hard to build the PTO bank up again. A few years of big/long hunts has me a little underwater there.

 

[TN2shot07]

I am trying hard to build the PTO bank up again. A few years of big/long hunts has me a little underwater there.

You guys suck, we get 2 weeks and they will only let us roll over 32 hours

 

[Nick87]

You guys suck, we get 2 weeks and they will only let us roll over 32 hours

You get 2 weeks more than me.

 

[Treeshark]

A good follow up poll would be what percentage of your $1M net worth is represented by your primary residence?

Agreed. My personal assessment of my own finances, within the context of retirement, leaves my home out of the net worth equation.

I find it helpful to remove it from consideration (aside from loan payoff date), as we are going to need somewhere to live regardless.

 

[Hem]

Agreed. My personal assessment of my own finances, within the context of retirement, leaves my home out of the net worth equation.

I find it helpful to remove it from consideration (aside from loan payoff date), as we are going to need somewhere to live regardless.

Except eventually one spouse or the other will liquidate in order to afford moving in to " the home".

 

[Treeshark]

Except eventually one spouse or the other will liquidate in order to afford moving in to " the home".

Exactly.

 

[belshawelk]

Most are millionaires.It’s not much today. Add up your possessions, most are worth more than they think liquid cash is a whole different conversation.

 

[Treeshark]

liquid cash is a whole different conversation.

Yes. Perhaps a different way to think of it: if you had to come up with ransom money for some reason, how much could you come up with in a week or two?

It’s an oversimplification of course, but I find it filters out some noise in terms of true financial freedom.

 

[TN2shot07]

Except eventually one spouse or the other will liquidate in order to afford moving in to " the home".

There are insurance options for that if you want it in your plan

 

[cgasner1]

You get 2 weeks more than me.

That would worry my boss I’ve quit jobs to hunt before

 

[Nick87]

That would worry my boss I’ve quit jobs to hunt before

I can take off but it's not paid and I don't really have a set amount. A week is no problem. Closer to 2 and your pushing it. But we have a lot of time off in the winter. Just not always when you'd like it to be.

 

[cgasner1]

I can take off but it's not paid and I don't really have a set amount. A week is no problem. Closer to 2 and your pushing it.

I think we are allowed up to 3 without having to make a call to hr. I have made that call a few times lol it’s never been an issue.