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20s will be your wildest years 🤪
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Additional Posts in Over 40 in Consulting
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Seems about right... 🤣🤣🤣
Anyone consider the bmw x7? Like it?
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Things to consider: (1) do you own a hone (2) with 10 years to retirement are you investing? Is it aggressive enough? (3) how is your spending? Can you reduce and put that to your investments? (4) is there opportunity or desire to get promoted? You can grow your net worth quite a bit in 10 years if you look at the answers to these (if you haven’t). I pray it works out well for you and you get well over 1M!
42 with net worth of $440K between retirement and brokerage accounts.
I started early but had disruptions along the way (unemployment, student loan debt, bankruptcy, etc )
My wife and I just initiated a retirement savings rate of $2K biweekly (maxing 401ks, HSAs). Assuming we experience a 6.5% portfolio CAGR over the next 6 years , we should hit $1M excluding home equity.
The wildcard is if our brokerage account soars, we will make it faster. We put in $15K per year on individual stocks and ETFs.
As long as we stay healthy and gainfully employed and not experience a brutal recession, we should get there.
Student loans should all be paid off in 4 years, so we will put more in our brokerage account.
Although we are in our early 40s, we live like we are poor 20 year olds - modest condo, beater car, etc.
Our hope is to be free of the shackles (student loans, working for the man) before we turn 48.
Hope my story helps !
This is one of the more thoughtful plans/ responses to OP’s question. Simply...you did your math, created a plan and stuck to it. Discipline is key and putting your money in stocks and ETFs will outgrow any other asset class in current times.
Bet the packers to win the superbowl
OP’s goal is to INCREASE wealth not throw away...! 😅😂🤣
Should be able to double your money every 7 - 10 years. Keep fully invested.
I thought I didn't understand the question, getting 7-8% return on the $400k will get you to $1m in ,10 years.
Unless a significant portion of the $400k isn't an asset that can be invested...
I am in the same boat, I am trying the following 1. Switch jobs with higher pay 2. More aggressive on my stocks(a crash might be coming so you need to be more active) 3. Exploring if I can start a small startup
What kind of portfolio you have? I started investment in VTSAX and VOO and maxed out 401k
Start a side hustle and invest that money for retirement and do not look at it.
All depends on skillset. Accenture pays more for skills when compared to avg at D.
I see these posts a lot and am always curious if doubling or getting a net worth of $1m+ would actually make you happier. It's hard. The rat race is real. Lots of my former peers are CIOs, Managing Directors, SVPs etc. But most of them seem frickin miserable to me. They are divorced, their kids hate their guts cause they are never home, gambling problems, etc. And they work crazy hours.
OP, serious question, but have you considered the opposite. Quit your job sell most of your things, rent your condo/house out and go travel or live in a lower cost of living country for a year or two. Panama, Costa Rica....?
....And hope that the tooth fairy takes care of you in retirement... sounds awesome
10 years appears quite aggressive for that target, but depends on how much you make and can save going forward. If you can save $400k or more a year then you can do it!
Combined with my husband we make $400k. That includes about $70k profit each year from a rental. We spend $50k on school each year and various other child expenses (food, camps etc) so I know I could be saving more.
OP, what kind of work do you do? How long have you been with Deloitte? Is there an opportunity to change jobs and increase your salary?
Max your 401k, otherwise your $400k should double in 10 years. You will be fine. This coming from a 57 yo with 2.6M savings n
You are in much better shape than me if it makes you feel any better. I'm 45 with 100k, a small pension but 2 kids in private school that minimize aggressive saving. My reality is that I will need to work longer than I would like.
When people debate raising the minimum wage to $15/hour, please remember how you felt about $400k. Keeping it real.
I think you enjoy your life now and start planning for your future. Now based on what you have at the end you can still enjoy what you have when you retire. Low cost cities, other countries, doing some small job. It does not help comparing with others. I do not think successful people are unhappy. They are doing well because they earned it. Sometime they feel bad to show others what they have.