{ "media_type": "text", "post_content": "Hot take: $1M net worth is very attainable by all the consultants on this app. \n\nConsulting is in the top 5-10% (or better) paying jobs in the US. \n\n$1M net worth would put you in the top 6-8% as a 35-45 year old in the US. \n\nWhile everyone starts at different points (i.e student debt) and has different life circumstances resulting in different timelines, consulting provides solid income to allow you to save, invest and build wealth, if you choose.", "post_id": "60e763f4e77de90022a2edc5", "reply_count": 70, "vote_count": 27, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Hot take: $1M net worth is very attainable by all the consultants on this app. Consulting is in the top 5-10% (or better) paying jobs in the US. $1M net worth would put you in the top 6-8% as a 35-45 year old in the US. While everyone starts at different points (i.e student debt) and has different life circumstances resulting in different timelines, consulting provides solid income to allow you to save, invest and build wealth, if you choose.

likeuplifting
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

OP (or someone else knowledgeable on this) can you help me? Being a consultant, I want to believe 1M is attainable for me too, but I don’t know how to get there. Can I, too, also achieve 1M by 45 as you say? Stats: 34 yrs old, Analyst, salary is 85k and have 68k net worth. No debt. But also no property as I can’t afford to buy in this market. Appreciate anyone’s input on how I too can get to 1M by 45! Thank you!

like

Thanks all! 📝

like

Most of the people will have $1M + in your 401K account itself. But to make big you need to figure out a big move - get to a senior role, startup equity, owning a business. Majority of my money came from exiting my venture. As I got older, I am trying to figure out how to make $1 M per year active+ passive. It is pretty doable.Average guy (not partner) with hard work, discipline, aspirations and some luck.

like

This is very simple. Trust me. Always max out on your 401K and invest in a diversified mutual fund. Do not chase high growth rather be max 10% in each asset category. Hoping you can find an employer who pays little toward it. This should be $1M+ easy. I have done it. You should be maxing in your IRA. Buy a moderate house and stay in the house for a while. Find someone you can love for life. Invest some extra money every month. More you can save the better is gets later. If you can buy one or two investment real estate that will be icing on the cake. Very doable and nothing is fancy. If you want to go the next level. Find an employer to get you to a school for higher studies. Get a high paying job. Get into a job where there is an equity payout. Get a Part time job. Partner with others ( take equity partner) to buy some investment real estate. Start a business in the side and see if that becomes big!

Recent IconRecent

Consulting is great if you want to be a top 5%er. The problem is that most consultants want to be 1%ers.

likefunnyhelpful

Yeah but even if you don’t make partner, it’s not uncommon to see ex-consultants at VP/ executive levels by the time they are 40-50, and will end up top 1% anyway. It might just take longer than partner. It’s not easy to become an exec in a big company of course, just that many people self-select out of trying to become partners and make a lot elsewhere

This isn’t a hot take. It’s a fact if you start in young twenties.

like

"I'm a 22 year old MBA at MBB who makes $200k TC and with a net worth of $600k. Should I buy a used F430 or a Murcielago" is a dumb humblebrag. You're providing advice and a point of reference.

likefunny

1M by 35 is a lot different than 1M by 45

likesmart

was naively hopeful for 1M by 30. will be short of that by half lol.

I’ve got $200k at 24 years old, only 2 years in. $1M is just the basics

likefunny

It’s definitely fulfilling in many ways. And EYP1, my dms are always open 😏

funny

I know an SBA who married a partner. That's the fastest

likefunny

Not a hot take. But we have all been blessed by a long bull market.

like

Top advice on how to build that net worth early on?

like

forget what’s everyone here is saying g about what funds what stocks what this and that. the advice you’re asking for isn’t that specific — for every dollar you choose to spend today is a dollar foregone in compounding growth, however you choose to grow it. instead of 5 vacations a year take 2 invest heavily the rest. the difference between those that rag on those “i’m 25 w/ 500k” and those that are 25 with 500k is the fact that they understood there’s a high level of compromise required to building true wealth. and yes before anyone jumps down my throat i realize i’m painting broadly here as those with student loaned, families, etc… all are factors but that doesn’t change what i’m saying. i was lucky enough to have a father that cared and forced this down my throat as if it was a class in high school and while i didnt care for it back then it absolutely stuck and is paying dividends now. i’m 29 now with 400 in the bank and still think i could have done better. i didn’t start making 6 figures until 27, but put all that into practice on my 60k salary from 20-27 and am super happy i did. i still go on 2/3 nice vacations a year, eat at nice restaurants every here and there but drive the same car i had since i was 16 and choose not to go to vegas 10 times a year like my friends continue to do

$290K @ 26. Should hit $1M by 33. No inheritance, just savings and investing. Definitely attainable.

like

@DS1 - I’ve done the math in excel, but also use Wealthfront’s tool. Takes into consideration your current savings rate, debt pay down, and typical market growth rates.

Post Photo
helpful

Do you count networth as individual or household?

like

Use this calculator all the time!

But I want to spend all my money on stuff from Amazon! But seriously, I've increased my NW by $150k in the last year without making any sacrifices to my quality of living.

like

BA1, hired

I’m 27 and got to 1M net worth 2 months ago. Now I’m back at 600K. Damn crypto market lol.

funny

What's with the weird, random number people seem to desire so much? Why not, "I'd like to own a home in a place where I want to live for a while (maybe in the clear) and be able to enjoy hobbies and vacations with people I like."

like

I think you're all right. People are just a perpetually dissatisfied bunch. By the time most of us are really happy, well, we're about dead, at which point we're sad again.

like

What’s everyone’s thoughts from a financial perspective on consulting vs. law? Keep in mind BigLaw heavily skews the legal profession stats and is incredibly difficult to break into, and pay varies across practice area, but for the most part a lot of lawyers aren’t that wealthy. Context: I’m a lawyer in the consulting diligence space rather than the law firm side. So I’m curious

I have lawyer friends that I went to law school with and some are in BigLaw, making tons of money billing tons of hours (and most are miserable). But the vast majority of my friends and acquaintances aren’t in big law, but practicing law at small or midsize firms and I make more than them, and often bill less than them. I think the IB comparison only works if you compare the pay and hours to either BigLaw, or a VERY successful plaintiffs PI sweatshop type of firm.

like

The question some ask is what’s the fastest way to partner?

Related Posts

Short 8,000 bonvoy points for a quick getaway, any ideas on quickly earning or should I buy them? Anyone used the Points Advance option before? TIA!

like

Lost sense of maximizing points/mileage value for int’l flights. Why is Detla redeeming so much more for some routes than Chase UR and even other partner airlines? E.g. non-stop economy btw Detroit-Seoul // Delta redeeming 160k on its own route while Chase UR 123k & Korean Air 80k for same route (code share)... I get it all depends on timing but still weird directly using Delta Skymiles on its own Delta route is more expensive than going through other methods....

like

Worked as a data scientist in tech for a year and then switched to consulting at PwC, where I’ve worked for the past two years. Thinking of doing the Canadian Express Entry program. Will I get points for three years of work experience or just two. Any fishes 🐟 here have experience with Canadian immigration?

like

Are you not eligible for complimentary cabin upgrades on United if you buy a ticket with points?

like

Thinking about heading to Mexico for a points funded pre honeymoon trip. Any reccs for Marriott or CSR? Want some chill time, and opportunities for long walks either urban or hiking

like

I have 3000 Amtrak reward points - selling to highest bidder. Taking bids now....

like

Did anyone’s Marriott double points promotion stop showing in their account? Was supposed to go through end of Feb

like

Janky room placard (Full-Service Hilton). How many points?

Post Photo
likefunny

When do you tell your ECD that the great idea they’re raving about from a team has been done (in a super bowl spot, so they should know) I feel like it’s bad form to send a link. Do I just wait til someone inevitably points it out?

like

Getting sick of selling the market, watching it go my way, and then roaring back. So, I went back to revisit the daily. Could we be trading an extension long? Is that the reason why this market is going up? In Mid-June, we sold off to 2394 in ES. We can back for a 2nd test in early July but, rallied and we have rallied ever since. 3375 is the objective, 125 points away, and right at old highs. Do we have to goto old highs before a sell off? Maybe? Buy the 21 (yellow) and 51

like

Do St Regis all have same category / points rate per night?

Best Marriott properties in Barcelona and San Sebastián? Planning to spend 100K points + cash. Other recommendations of your fave restaurants and attractions? First time in Spain.

like

Is buying points ever worth it?

like

Hi all! Would anyone know how safe Park Hill is? I'm specifically looking at MLK Jr. Blvd, about 5~10 blocks east of Colorado Blvd, near the City of Axum Park. I was told to steer away from Five Points, but I couldn't find much about Park Hill online. Ideally, I'd like to commute into downtown via public transit 1-2 times a week, so any insights into Denver buses would also be greatly appreciated!

like

I have a review coming up It's the first one I've had where the agency asks you to just write, previously places have had a document that lists each level and the tasks expected of you to compare against And my mind is so blank! What are some good points to consider? How do you structure yours?

like

What's the going rate for a new manager in operations these days? (Bonus points for healthcare) is 120 too low?

like

As United Premier Plat, if I make an award booking on an international UA flight using Singapore Airlines points, will I still have the same access to elite benefits like free economy plus seating for me and others traveling with me?

like

Any recommended books, trainings, skills for transitioning from consulting to chief of staff role? The role is loosely defined but overall expect to be focused on strategic growth/ corp dev, exec / investor and all company communication, conflict resolution and the like. Also appreciate learning points from those who already transitioned to a similar role.

like

Missing lotion and body wash in bathroom. How many points?

likefunnysmart

How many points?

Post Photo
funnylike

Additional Posts

Got an offer from ACN for a Senior Manager role and was curious if there is a defined process to get Managing Director, or is it all gut feel and back room deals?

like

For those that taken the CISA, what are your thoughts on the exam?

like
like

Hi guys, I am having accenture and infosys offer with me. Accenture has gjven me 9.4lpa and infosys has given me 11.3lpa +1lakh jb. I am having 3.5 years of experience in AWS devops role. I want to ask Accenture to increase my package. So , will they give me more then infosys? How much i should expect from Accenture?

like

I was laid off in June and just got a job offer that I am excited about. However, my partner and I are also in discussions about moving. The job would be remote for at least another 5+ months so it wouldn’t be an issue now, but eventually people will be back in the office in some hybrid plan. Is it better to float the possibility of working remote long term with HR now? Or do I accept and say nothing til we’ve officially decided to move. I don’t want to lose the opportunity. What would u do?

likehelpful

Anyone have insight into Deloitte’s human capital practice, specifically the Retirement & Wealth consulting group? Would be at the manager or senior manager level… looking for any info of expectations around work/life balance, travel, pay, culture, etc. Thanks!

I have an interview at Sea (Singapore) for the role of Tax Manager - digital banking. Any leads on the interview questions? Thank you.

like
like

What’s the general cash/ investment split for you? I’m 100k in cash, 20k in 401k and 15k in stocks. No debts. Is that a decent mix or should I be putting more in the market and less cash?

like

In the process with ZS but not sure if I want to stay in consulting. However I’ve heard people are pretty happy there. Feeling really isolated in current position as I’m remote. Don’t want to (contd)

like

Anyone else had to deal with construction next door? I get the daily jackhammers while trying to work from home and not using our backyard due to noise/dust. But every time they infringe on our property, the response is hostile. Broke our front fence from pulling on it, stand on our back fence until it shakes, and today dropped something on our roof. Each time they act offended when asked about it. 3x had drug addicts using on the site since it’s left unsecured, and they still won’t secure it.

like

I know none of you are medical doctors but y’all amaze me everyday with new tidbits of information. I started taking this multivitamin and I keep waking up in the middle night and it takes me hours to fall back asleep. I was taking it with dinner so I moved to taking it with lunch and still the same problem. Anybody think they know what’s the culprit in this ingredient list?

Post Photo
like

What industries is the CFE certification used for? How does it compare to CPA in the length of the material and difficulty? Do most firms pay for It?

like

How’s this offer look compared to what y’all are seeing? 5 years post-MBA (T-15) Industry: Industrials Role: Director of Strategy Comp: $200k base + $50k bonus + $50k stock (annual grant, vests over 4 years)

like

I need a new job desperately - internal audit background, need a visa to work in the US, pick up things very quickly, 10 YOE - anyone hiring / willing to refer?

like

ACN folks traveling international on United - anyway to ensure a fare class that I can use a GPU on? Got ticketed into a lower class and CWT won't let me pay out of pocket to upfare.

like
like

Any McKinsey & Company healthcare consultants (especially commercial healthcare on operations, strategy)? How’s the culture and projects overall? Is it a big sector? TIA!

like

Does anyone organise one-on-one virtual catch ups within your team? Would males to be weirded out if a female associate reached out just for a catch up...? 🥴 I started the job few weeks ago (WFH) so I never really had a chance to make friends within my team. Being extroverted, I feel odd not having coworkers just to comfortably chat to at work. My only work friend is the only other girl in the team.

like

Any reviews for Reforge/On Deck/others? Transitioning into Google PMM from MBB

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal