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

Congrats, OP. Keep doing what you’re doing and it’ll pay off even bigger in the future.

Good work OP. That's a big milestone!

chgray wrote:

Have you asked to have your student loans forgiven?

Congrats are solidifying your future so early in life.

I never had student loans, neither did my wife. It can be done without loans.

We went to state schools in Florida. Florida has/had bright futures scholarship program. Score 1270 or better on SAT and have a good GPA in high school and they pay 100% of your in-state tuition to a public university. Must keep grades up etc.

We both worked 20-25 hours a week throughout college. My parents paid my rent, health insurance, and cell phone (this was flip phone days). I paid my own gas, groceries, entertainment/beer money, cable tv etc. We were lucky to have support, but also hard working and judicious.

are you lazy, fat or weak yet?

Nearly all rich people get lazy, fat or weak on the mistaken expectation that unlimited top-tier medical care can keep them healthy. What it really does is keep them alive in an unhealthy state for a long time.

If you stay healthy, you won't need medical care until age 90 or 100.

Congrats. The first one is the toughest. It goes quicker after that.

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.

nice work

Charles Bukowski wrote:

the long run wrote:

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.

nice work

If you round down, I have zero billion

Good job OP! Hitting $1M in net worth is a big milestone. Not much changes between $1M and $100M, in my opinion. I'm at $30M (age 40) and live a life that's pretty much the same as it ever was. From $1M to $100M it's just bigger house, nicer car, fancier vacations (but feels mostly the same). Breakpoint at $100M because that's when you start flying private.

Bad Wigins wrote:

are you lazy, fat or weak yet?

Nearly all rich people get lazy, fat or weak on the mistaken expectation that unlimited top-tier medical care can keep them healthy. What it really does is keep them alive in an unhealthy state for a long time.

If you stay healthy, you won't need medical care until age 90 or 100.

Not a specimen but trying. Running ~50 mpw average, I'm not in fantastic shape but trying to stay around racing weight and knock out a marathon or 2 a year. Last one was 2:55.

1) O.P., you seem to be posting under two usernames on this thread, is that correct?

2) When I was a kid, millionaires played center field for The Yankees or quarterbacked a team to a Superbowl win or were a manufacturer c.e.o. who employed a lot of people or were special people who took a lot of risk and it paid off. I get the impression you just show up for work everyday and place money in your employer sponsored retirement account.

3) When you started this thread, I thought you were going to really entertain us with a fantastic story. There are about 330 million souls in U.S. About 5% are millionaires so about 8% plus of the adults in U.S. are millionaires.

Wannabe Runner Update^2 wrote:

Good job OP! Hitting $1M in net worth is a big milestone. Not much changes between $1M and $100M, in my opinion. I'm at $30M (age 40) and live a life that's pretty much the same as it ever was. From $1M to $100M it's just bigger house, nicer car, fancier vacations (but feels mostly the same). Breakpoint at $100M because that's when you start flying private.

Hah! wow. Yeah I don't expect to ever reach such numbers. I would like to begin working on defining what is enough and increase giving of the excess to causes we enjoy. There will always be someone with more X, or bigger Y, etc so you have to set what is enough or always be dissatisfied.

Ask you anything? Ok: What year do you live in where a million dollars is still a lot of money?

being a millionaire means nothing nowadays. AMA when your net worth hits $10mil

applied economics wrote:

1) O.P., you seem to be posting under two usernames on this thread, is that correct?

2) When I was a kid, millionaires played center field for The Yankees or quarterbacked a team to a Superbowl win or were a manufacturer c.e.o. who employed a lot of people or were special people who took a lot of risk and it paid off. I get the impression you just show up for work everyday and place money in your employer sponsored retirement account.

3) When you started this thread, I thought you were going to really entertain us with a fantastic story. There are about 330 million souls in U.S. About 5% are millionaires so about 8% plus of the adults in U.S. are millionaires.

1) No I am not.

2) Yes, live on less than you make (use a budget), don't borrow money, save a significant portion of your annual check and invest in simple index funds. Market gains are about time in the market, not timing the market. Compound interest is an amazing thing.

3) Yeah sorry kind of a boring story, but at the same time perhaps inspiring for a young person who thought they could never be a millionaire without timing the next cyrptocoin or hitting the lottery.

Start early, stuff as much as you can into your 401k, IRA, and HSA. Make those contributions automatic and you won't miss the money.

the long run wrote:

Bad Wigins wrote:

are you lazy, fat or weak yet?

Nearly all rich people get lazy, fat or weak on the mistaken expectation that unlimited top-tier medical care can keep them healthy. What it really does is keep them alive in an unhealthy state for a long time.

If you stay healthy, you won't need medical care until age 90 or 100.

Not a specimen but trying. Running ~50 mpw average, I'm not in fantastic shape but trying to stay around racing weight and knock out a marathon or 2 a year. Last one was 2:55.

Bad idea! Marathons trash your body. You'll be getting expensive surgeries by age 50, by mid 60's you'll have limited mobility, and your CV system will start a rapid decline that they'll mask with statins or other destructive drugs.

Congrats man. I also realized I'm technically a millionaire this year at age 41 (nice work beating me there!)

My investments:

2013 - $102k

2014 - $150k

2015 - $197k

2016 - $287k

2017 - $386k

2018 - $421k

2019 - $519k

2020 - $641k

2021 - $859k

I never count my home equity or my kids 529 plans but technically they are part of net worth so when I add them in this year it adds $159k equity & $45k for the kids = $1.06 million. Weird.

For reference back when I started tracking our household income was probably around $110k, and now it's about $230k. Our retirement number is $2.5 million in investments. I'd love to hit that by age 50 but my spreadsheet with conservative assumptions puts me there at age 56. I guess we'll see if real life beats my conservative outlook to get me there sooner.

the long run wrote:

applied economics wrote:

1) O.P., you seem to be posting under two usernames on this thread, is that correct?

1) No I am not.

Ok, well the OP is "the long road," so if you aren't posting under two names, you aren't the OP. Why are you responding as if you are?

Bad Wigins wrote:

are you lazy, fat or weak yet?

Nearly all rich people get lazy, fat or weak on the mistaken expectation that unlimited top-tier medical care can keep them healthy. What it really does is keep them alive in an unhealthy state for a long time.

If you stay healthy, you won't need medical care until age 90 or 100.

Have you ever known a wealthy person? I mean, a truly wealthy one, not one trying to look or act wealthy.

And fwiw, if you met me, you still wouldn't know.

But that seems to be a persistent state in your case, so - whatever.

Congrats, man.