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50 m
.005 m
I think $5M is pushing it unless someone got lucky with their investments.
Anecdotally, I'm 34 and married, and our HH NW is $2.4M. No kids, still rent, zero parents' money (both grew up relatively low middle class, so our parents really couldn't gift any cash). Spouse makes about $200k all in and I make $270k after bonus (in-house counsel after 3 years big law).
Honestly, the biggest perk to our NW is a combination of (1) no kids, yet (2) we work remotely in a MCOL Midwest city, and (3) I went to a T14 for free. My spouse and I never had any debt whatsoever (even student loans since we went to our state school on scholarship). I suppose long story short, keep costs down, save, invest, and avoid bad debt, and generally you'll be fine.
Once we hit $5M NW, I may stop practicing law and downsize my job to something less stressful. If we ever hit $10M, we'd probably stop working altogether. Not sure how much of a pipedream that is pre-50 with kids.
Not a pipe dream at all. Wisely but fairly conservatively investing and living on your income with no assumed savings above that, you could double every 10 years. You'd do it faster if the market continued to resemble what it has for the past 10 years; slower if the market drags. But not a pipe dream.
Subject Expert
What kind of question is this? y’all just ask anything on here lol
Coach
I assumed some younger partners might chime in. It’s unlikely but not impossible, which is why I was curious.
And didn’t get it from family, I assume OP also means lol
Spouse worked min wage jobs when I was in law school to help make our rent. Spouse also worked before I was in law school, but before immigrating to the US from a country where wages were a few hundred per month. They entered the relationship at basically net worth zero.
I think this would be tough without inheritance. My spouse and I are 36 and 38 and we just hit $5M combined (approx $2M me and $3M him). I am younger and have a higher income and he has been a much more consistent and diligent saver since his early 20s. We are planning to coast FIRE at $6-7M with a paid off house which we hope to hit in the next few years)