I just became a millionaire at age 35, AMA (I've never made more than 150k annually)

AYA? Ok, can you give it all to me?

What is your highest return investment?

Yeah, sure you did.

Did you get rid of your spouse in 2018?

Looks like your spouse died in late 2018. Condolences from us at LR.

can I have some since i'm a footlocker finalist?

Spouse stayed home in 2018.

I am solely invested in the Vanguard total stock market index. Returns have mirrored that fund obviously a huge jump since the pandemic short term crash.

Make up of net worth is:

20k in cash

386k home equity

594k in Vanguard total stock market index between HSA, 401k, IRAs

the long road wrote:

I've been tracking my Net Worth since late 2016. This pay period I crossed the 1 million mark in net assets at age 35. I have never made over 150k annually.

Date NW Salary

12/31/16 209k 77k + 24k spouse

12/31/17 309k 93k + 24k spouse

12/31/18 353k 101k + 25k spouse

12/31/19 496k 118k

12/31/20 646k 142k

12/31/21 1,001k 150k

It's time to tax the rich!

Starting in late 2016 we had 70k in investments. I fully funded my wife and I's IRAs ~12k and our HSA ~ 6.5k for each year after that. When I got a large raise in 2017 I moved my 401k contribution up to the max amount ~18,500. In total we were putting about 50,000 in tax advantaged investment accounts, all index funds, for 2017-2021.

That's a 70k beginning balance, ~50k each year for 5yrs (+ 250k) = 320k principal . Actual investment accounts are at 594k - that difference is the power of compound interest.

Did you subtract any debt, including mortgage to get to your net asset value of one mill?

The answer to this AMA: make a lot of money from an early age, get increasing raises on top of that great salary, save as much as possible, enjoy a minor windfall in the form of COVID relief dollars and increasing investment value.

Mind blown!

the long road wrote:

I've been tracking my Net Worth since late 2016. This pay period I crossed the 1 million mark in net assets at age 35. I have never made over 150k annually.

Date NW Salary

12/31/16 209k 77k + 24k spouse

12/31/17 309k 93k + 24k spouse

12/31/18 353k 101k + 25k spouse

12/31/19 496k 118k

12/31/20 646k 142k

12/31/21 1,001k 150k

* Were you FOREX trading as was George Soros in his salad days?

* Do you have a wagering method for Thoroughbred horse races?

* Do you have a keen sense for wildcatting for oil & natural gas?

* Trading pork bellies on Chicago Board of Trade as was H.R.C. decades ago?

* Trading orange juice futures on Philadelphia Exchange as was Billy Ray Valentine?

Tell us something which demonstrates unique skill. My father's generation, when they were your age, S & P 500 was below 100 in 1968. S & P 500 did not permanently stay above 100 until 1980 or 1981. Even so-called discount brokerage firms were very expensive compared to today. There were significant Bid/Ask spreads in my father's era. I was about your age in mid-1990's. Significant Bid/Ask spreads, expensive trading costs then too.

Tell us how you did it. Back before very lost cost on-line trading, the average gal or guy getting rich in investment markets was like someone beating a casino for millions, most people who got rich had an angle.

Share your story.

Pitchforks are coming wrote:

the long road wrote:

I've been tracking my Net Worth since late 2016. This pay period I crossed the 1 million mark in net assets at age 35. I have never made over 150k annually.

Date NW Salary

12/31/16 209k 77k + 24k spouse

12/31/17 309k 93k + 24k spouse

12/31/18 353k 101k + 25k spouse

12/31/19 496k 118k

12/31/20 646k 142k

12/31/21 1,001k 150k

It's time to tax the rich!

He doesn't make over 400k annually

Mine was similar. Now at $3M 10 years later which is probably where you will be too.

STEVE THE ADDICT^^^^^^""""-""""--'-"--^' wrote:

Yeah, sure you did.

Huh? You're the one always boasting about being rich, what is so implausible about the OP?

To the OP, congrats! You will love experiencing that getting to $2 million is usually way easier than getting to $1 mil.

Charles Bukowski wrote:

Did you subtract any debt, including mortgage to get to your net asset value of one mill?

Of course. I've never borrowed money except for a mortgage on primary residence.

The Net worth is total assets minus liabilities. Actual total assets is 1,440k with a mortgage of 438k.

the long run wrote:

Charles Bukowski wrote:

Did you subtract any debt, including mortgage to get to your net asset value of one mill?

Of course. I've never borrowed money except for a mortgage on primary residence.

The Net worth is total assets minus liabilities. Actual total assets is 1,440k with a mortgage of 438k.

Only assets counted are real estate, cash, and stocks. Personal property goods generally depreciate / are being used no need to count them. Vehicles are the same way, not included. We have two older 2010 vehicles that were 8k each, paid for in cash.