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Yes, hit a million net worth a couple years ago because of my house value rapidly appreciating after COVID.
The vast majority of my net worth is in the house, other property, assets, investments.
Very little is liquid.
I’m thankful for what I have, especially for buying my house when I did, but I certainly don’t feel rich.
I also am trading/investing aggressively now as I still feel behind on achieving any sort of financial independence.
Of course it is.
I recommend anyone looking to build wealth read these 2 books “I will teach you to be rich by ramit sethi” and then “the millionaire next door.” These 2 books are great way to learn how to build wealth. Also check out the FIRE subreddit.
I have read all the FIRE favorites and highly recommend all of the above. The happenstance one day to listen to Dave Ramsey on the radio at 34 changed my life. Got into this stuff above after I got out of debt and realized that’s all Dave was good for. More advanced PF knowledge is needed to win the game.
If you bought real estate in the NYC area 20 years ago, you’re probably a millionaire on paper.
Ok
Rising Star
Wow I am poor
I only have $10K in my bank account and I rent 😩
401K? Roth or other stock investments?
Unpopular opinion but making a million dollars with a CD salary seems EXTREMELY easy to me.
Say that you make 200k. That’s almost $11k net per month. Say that you need 6k to live off every month (absolutely possible even in NYC). Invest the remaining 5k and in less than 12 years you have a million dollars.
Sure you may have debt. Still. You may also have a partner to split the bills with and you can also live with less than 6k by making a bit of a sacrifice if you REALLY want to become a millionaire and not wait 12 years.
I'm sure you have it all figured out, and I'm happy for you. But you are giving "person-you-regret-nodding-politely-to-on-your-last-transcontinental-flight" vibes.
Agency Owners/Partners and Founders become millionaires (meaning > $1MM in liquid "cash" and savings; not including real estate or retirement).
Most E/G/CDs are not making a ton of money — the ones with higher salaries often work/live in areas with high cost of living, so the expenses grow with their income (NYC, SF, LA, etc). More and more large agencies are cutting back on VP titles and equity/bonus structures for creatives outside the ECD level.
I would argue that most of us at those levels have recently experienced exactly how far from "rich" we are.
If you are in this industry to hit millionaire status, rework your career path towards an ownership or partner track. Salary won't get you there ... you need a sizable share of the profit.
The biggest thing to keep in mind is that the agency structure is a pyramind... meaning there are fewer and fewer roles the higher you climb. There might be 100 CD roles posted today, with only 5 GCD and 1 or 2 ECD roles. Even fewer options with an ownership stake.
Growth/seniority/wealth are not guaranteed in this industry.
I made a post right before yours. What am I missing?
The post👇🏻
Unpopular opinion but making a million dollars with a CD salary seems EXTREMELY easy to me.
Say that you make 200k. That's almost $11k net per month. Say that you need ok to live off every month (absolutely possible even in NYC). Invest the remaining 5k and in less than 12 years you have a million dollars.
Sure you may have debt. Still. You may also have a partner to split the bills with and you can also live with less than 6k by making a bit of a sacrifice if you REALLY want to become a millionaire and not wait 12 years.
Start investing as early as you can. Max out on 401K and get your company’s match. Try to buy a home as early as you can. Bought a tiny apt many years ago as an ACD for under 400k and it allowed us to expand from there as our income grew. Invest some money in stocks. Research or find finance friends who can help. I bought tech stock that did really well. I have dual income from spouse but kids in school/college. Also, big advice: don’t fall in the trap of private schools if you can avoid! Good luck! You can/will do it too!
Im in my late 40s and don’t feel ready to retire but feel much safer for when that happens.
Yes. After 12 years of career . But I freelanced for a couple of years
Yes. But after freelancing for like half a decade. No RE. all invested.
Millionaire? Sure. Not for me but it’s possible… As long as you don’t have kids lol
Technically combined with my husband and including our home (GSD). Around 36. I’d like to get there without either of those factors by early 40s
If I exclude the value of my house, I'm far from a millionaire.
That is not an unpopular opinion. That is the most commonly accepted way of calculating net worth. A home loan should not be included
Not a creative but hope to have 1MM to retire at 65. Not sure why pp say you need 5MM to retire. Just live within your means.
Hahaha. No. (Been a CD for about 5 years now)
Comfortable-enough. But the only millionaire creatives I know either married into it or were born into it. Know a self-made strategist and several account psychopaths who have killed, dismembered, and eaten their way to the top.
Though...now that I think of it, I am acquainted with a couple Mormon bros out of BYU that somehow get paid more than Space Jesus to be derivative and disappointing. So, joining a cult is always an option.
If you make 200k a year (a low CD salary) so around 11k net a month you can easily invest 5k a month which will make you a millionaire in a bit over 10 years. And that’s starting from zero. Hopefully, by the time you’re a CD, you already have some savings. Why does becoming a millionaire seem so impossible for you? Honestly asking.