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

Yeah a guy who doesn't have 300 k in liquid assets to HIS NAME IS claiming to be a millionaire and I don't know what I'm talkin about. Hahaha hahaha hahaha

Roku 40x growth next 10 years.... cut the cord baby.....!!!

ContextisKing wrote:

YOUR MARRIED CUT IT IN HALF GENIUS.... and it's a common saying that usually implies something different than the strict definition. Jesus what's wrong with you man. A millionaire is usually someone who has well over a million dollars in liquid assets. It's not reserved for every Tom Dick and Harry whose assets might be right around a million dollars oh, but they're not easily liquid and they would be tax burdens

You're confused, if I'm divorced I cut it in half. You have it backwards.

The coronavirus is going away and anyone can make electric cars. I'm going all-in on entertainment. Roku baby!

Stocks and real estate values likely to be cut in half at cycle lows.

ivyrunner wrote:

Not trying to be a troll but based on the description, compound interest has nothing to do with this. Interest comes from a savings account (and right now interest rates are so low that compound interest is minimal). The jump from 320-594k is just the increase in the value of your investments (which could be wiped out if there is a huge stock market drop). If this gain was in a savings account and due to compound interest, it wouldn't be wiped out unless you spent it.

Of course it’s not much of compound interest yet. But now that he’s got around $700K in his investment account, compound interest will be more profound. Soon, the gains from compound interest will be more than what he contributes.

When people are accumulating initially, it’s most of the investment is from contribution and not from gains. That’s why it usually takes forever to get to $100K. Then, the next $100K is usually much quicker, then it starts to snowball from there. Now that OP has got like $700K(I think that’s what he said. Maybe it’s $600K), it will just keep on rolling and get bigger.

Ghost of Igloi wrote:

Stocks and real estate values likely to be cut in half at cycle lows.

If this does happen, it’ll be great for OP. Looks like he’s still contributing a lot so he’ll be able to buy at lower prices.

Qft.

I recall rolling over my whole 401k about 2 yrs ago from my old employer. Was about 98k at the time. The thing is damn near 250k now! That second 100k came fast.

Waiting on that moment when the gains start outpacing the contributions. That's probably when things start to get real. I love sorting my account history by "Dividend" distribution each quarter and seeing it sequence up and up and up, quarter over quarter.

millionaire ftw wrote:

Ghost of Igloi wrote:

Stocks and real estate values likely to be cut in half at cycle lows.

If this does happen, it’ll be great for OP. Looks like he’s still contributing a lot so he’ll be able to buy at lower prices.

Yes agreed, I would welcome a 50% market drop, I’m not going to sell anything and I can buy more shares at a lower price. I’m not selling anything for at least 20-30 years.

When I opened my first IRA in 2016 I was nervous about buying in at S&P500 2,200. This was the record high at the time, I considered waiting until it dropped to 2,000 before investing. Well it never has since then. Ultimately I just put the money in and committed to not trying to time the market. When the pandemic stock crash happened S&P500 low was only 2,350. Just keep contributing, nobody knows when it will drop or where the bottom is, stressing trying to figure it out is futile.

Yea, once your account starts getting bigger, the compounding really gets moving. Definitely, get to first $100K as soon as possible. Then, it’s fun to see your account grow much faster.

I’m at a point where contributing doesn’t change much. But I still like to as psychologically, I like being able to contribute especially if my investment is down.

But it’s weird dilemma to be in. I get paid well and been at the same job for awhile. I don’t have much motivation to look for better pay as it really doesn’t matter if I contribute extra $50k-$100k/year where maybe that’ll make me retire a year earlier. So, I’ve lost motivation to work much or try to find something better.

And many of my coworkers are very hungry to climb the ladder and make more money, but I don’t really have a desire. As I’ve been diligently investing compared to them, but they have hard time grasping the investing. They gamble more with crypto or try to day trade but they do it with little amount of money that it doesn’t make a significant difference.

Congrats. Your job is insanely high-paid. Probably you can retire by the age of 45.

Open your stock-trading accounts, invest your money into sp 500 etf. You will be worth millions of US dollars a decade later.

Or get a job

How did you do on December 10th?

Curious to know.

Thanks.

appreciated ! hard work payoff

any tips to other needy ones?

OP and anyone else should diversify their Investments

It's silly to have all your money in a broad market index fund

Small cap index funds are the best performing over any multi-year. And they can significantly outperformed the broader Market over many years and they always have

Also why not diversify a little and go with a real estate index funds or pick a good individual real estate Reit. They do about as well as the market and you're a bit Diversified

Also why not try to pick a couple of winners stocks like Amazon Google and apple are almost guaranteed to significantly outperform the market over the next decade. They would be very safe choices I would recommend Amazon

And then like I said why not put a little bit in a couple of real growth stocks like Lucid or Roku. There's a big reward to risk ratio there

Finally I would keep an eye on aetherium. I wouldn't invest now at the current prices but if it crashes again I would consider a significant investment as the upside is potentially huge.

I've never made over $100,000/yr but am a multi millionaire. Though I'm 65.

@the long road

1. How often do you go out to eat at a restaurant?

2. What do you do when family members ask to borrow money?

3. How do you feel about the inheritance tax?

https://www.cnbc.com/2021/04/28/samsung-inheritance-lee-family-to-pay-over-10-billion-inheritance-tax.html