What age to be a millionaire?

[Nick87]

The guy had 11 posts in 19 minutes, safe to say he is a high achiever.

How else you gonna make a million.

 

[ismith]

To simplify for you, illegal stuff or crypto. It wasn’t done by working.

You forgot "politics", but I guess that could fall under "illegal".

 

[CowboyLeroy]

I hope 32 or 33

 

[SAJ-99]

Good job/business, low(ish) COL area, financial discipline- I don’t think it’s nearly as rare as you think.

39 is a world away from 30 in this equation.

Maybe. I agree 39 is waaaay different than 30. But I would still love to see the equation. Is the mortgage being subtracted out? Married? Kids? You eating eggs or spam? you know, the basics.

 

[Treeshark]

Is the mortgage being subtracted out?

Good point here- in my personal opinion, equity of primary residence should not be counted.

Equation: $250+ combined income, invest 40-50% gross into S&P 500-tracking index fund over a period of 10 years.

You’re there with plenty of room to spare.

 

[SAJ-99]

Good point here- in my personal opinion, equity of primary residence should not be counted.

Equation: $250+ combined income, invest 40-50% gross into S&P 500-tracking index fund over a period of 10 years.

You’re there with plenty of room to spare.

Agree. Also, if you are married do you divide the total by two?

 

[Nick87]

Agree. Also, if you are married do you divide the total by two?

Only if you have a good lawyer....

 

[Marshian]

Good point here- in my personal opinion, equity of primary residence should not be counted.

Equation: $250+ combined income, invest 40-50% gross into S&P 500-tracking index fund over a period of 10 years.

You’re there with plenty of room to spare.

Investing 50% of 250k for a decade is a highly motivated individual. Lifestyle creep and inflation are tough to combat. Certainly possible but thats dedication.

 

[Carnage2011]

Maybe. I agree 39 is waaaay different than 30. But I would still love to see the equation. Is the mortgage being subtracted out? Married? Kids? You eating eggs or spam? you know, the basics.

I think you’re making this sound harder than it is. A couple good real estate deals and a business with decent growth/profit margins is a fairly easy way to get to a million in your 30’s.

 

[Carnage2011]

Investing 50% of 250k for a decade is a highly motivated individual. Lifestyle creep and inflation are tough to combat. Certainly possible but thats dedication.

Relying on the market to get to a million in your 30s would be tough. It’s a good way to build long term wealth if someone has the ability to invest enough, but to do it in a hurry would be hard.

 

[SAJ-99]

A couple good real estate deals and a business with decent growth/profit margins is a fairly easy way to get to a million in your 30’s.

A couple of good real estate deals means you took out loans on the cheap (assuming you were able to get the loans) and having a business would put those who started in their 20's and 30's in the vast minority. I would guess that the average age to start a business is in the 40's. If they let people take out those loans and invest in the market, we would see better results than in most real estate.

 

[Carnage2011]

A couple of good real estate deals means you took out loans on the cheap (assuming you were able to get the loans) and having a business would put those who started in their 20's and 30's in the vast minority. I would guess that the average age to start a business is in the 40's. If they let people take out those loans and invest in the market, we would see better results than in most real estate.

What you’re saying is that you can’t become a millionaire without having a brain and understanding money. I can agree with you on that.

All I’m saying is you are making it sound way harder than it is. You can buy a 4 plex as a primary residence with 3.5% down and pay your mortgage with rental income. Live there a few years, sell it. 1031 it into something bigger. Yada yada yada..there’s money to be made if someone wants to work at it and use the system as it’s designed.

 

[Wildabeest]

Surprised no one has mentioned “influencer” as the way to get there quickly. Hawk Tuah!

 

[Treeshark]

It’s a good way to build long term wealth if someone has the ability to invest enough, but to do it in a hurry would be hard.

For the sake of this discussion, take a look at the past 9 or 10 years- I think you’d have been hard pressed to find an easier way to get there than what I described in my previous post. Compounding is magic.

Granted, this past decade was a bit of an outlier.

 

[cgasner1]

For the sake of this discussion, take a look at the past 9 or 10 years- I think you’d have been hard pressed to find an easier way to get there than what I described in my previous post. Compounding is magic.

Granted, this past decade was a bit of an outlier.

Same could be said for owning a couple rentals prior to COVID

 

[WildWill]

To simplify for you, illegal stuff or crypto. It wasn’t done by working.

Pimping ain't easy.

 

[TheAri]

Or inherited it.

My wife and I are both doctors and started our own business, we’re in the process of exiting and starting our next business

The guy had 11 posts in 19 minutes, safe to say he is a high achiever.

totally, 10 post minimum to start threads

 

[NDGuy]

Pimping ain't easy.

That’s why they are grifting bunghole pics now

 

[cgasner1]

My wife and I are both doctors and started our own business, we’re in the process of exiting and starting our next business


totally, 10 post minimum to start threads

Selling stuff or buying spots?

 

[WildWill]

That’s why they are grifting bunghole pics now

Who's this "they" you speak of? Asking for a friend.