{ "media_type": "text", "post_content": "How many of you who moved here for masters or on H1B are now millionaires? How long did it take for you to get here and what was your starting & current salary? I moved here 3 years ago but a $1M net worth seems nearly impossible. Did you also regularly send money to parents in your home country? Looking for inspiration and advice.", "post_id": "5f3525e55b20290022bf3f39", "reply_count": 23, "vote_count": 7, "bowl_id": "58f8108c753e990016608a0b", "bowl_name": "Desi Consultants" }

How many of you who moved here for masters or on H1B are now millionaires? How long did it take for you to get here and what was your starting & current salary? I moved here 3 years ago but a $1M net worth seems nearly impossible. Did you also regularly send money to parents in your home country? Looking for inspiration and advice.

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Sending money to parents is a different thing so I won’t comment on it. But one trick to grow your money is not send money to India for investment purposes. A lot of people make the mistake of assuming that the 5-6% fixed deposit interest rate is amazing and keep on sending large amount of dollars to India for Indian FDs. Don’t do it - that does not create the wealth you’re looking for.

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A few recommendations - 1. Stock market - US stock market is amazing so invest in ETFs and stocks aggressively. Dollar cost average it out and you ll easily make 7-8% on average. Also look for ETFs that invest in international markets if you want to leverage growth of developed markets outside of US. 2. HYSA/bank accounts - keep emergency funds in HYSA. Leverage bank bonus deals to rake in the $$. Small amounts add up. I open a new account every 6 months - there’s always some new deal. 3. Credit card bonuses - if you are smart about this, you can again rake in new card bonuses and spend wisely. 4. Rental property - invest in property in US that you can rent out. If you’re on a visa I’m not sure how this works but in general this can also generate a steady cash flow if you rent out a portion of the same house you’re living in. 5. 401k/HSA/IRA - all of these retirement and health accounts are great but tricky for people on visa. I personally did not start them while on visa . Might have lost a few years of growth but I didn’t feel the risk was worth it. I hate having money locked in for retirement when I know I can grow at a faster rate by investing on my own. However if you want safety, go for this.

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I am not close, been here almost 10 years. I send some money back home. But during my first 2-3 years I made the mistake of investing in real estate in India instead of stocks in the US. It has been hard to unwind those investments

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Could you share more on what went wrong? Could be a good lesson for rest of us

Thanks for the laughs. Wealth creation takes years if not decades and the first million is by far the hardest one.

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I started playing poker as a side hustle and have more than a million in stocks and bitcoins now.

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How long did it take you to get to the 1 million mark? Does it include your 401k/retirement accounts?

Millionaire in INR. Jokes aside, good post to make AB(C)Ds jealous. Saw some arguments on a recent post 😂

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What does this have anything to do with American born desis? I applaud anyone who finds success in this country :)

To have $1M net worth purely based on saving money, you would need to make about $2.5M, pay ~$1M in taxes, and live off ~$500k during this time. Assuming you want to do this in 10 years, it would mean making $250K/year and living off $50K/year which is impossible in places that pay that much. One way to do this is to join a FANG company who’s stock doubles every 5 years and not touch your vested options. Join Google today with a $200K stock grant, then in 5 years that will be worth $400K, and in 15 years it will be worth $1.6M. You would also have to save part of your salary, and be careful with your expenditure, but it is doable in 15 years.

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You assume no investing of your money? Would you keep it under your mattress? 😂

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Moved to USA in 2017, married a millionaire. Lol

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Came 13 years ago for MBA. On two salaries (spouse and you) it’s not too difficult. Especially if you buy a home that accumulates equity over time.

You need to have a personal goal defined. IMO being a millionaire and having a million dollars in savings /retirement are two different things . If you stick to job route, working for a company, it will take years. You can save that much , sure. You can accelerate that by getting exec level jobs or partnership. But it will very hard to have a million bucks as dispensable income. Best way to create wealth is entrepreneurship. It comes with its own risk ( big one). And you don’t need to be in the US for that. You can start gambling in stocks or Vegas and hope for the best Either way, you need to create a personal financial plan and real targets. If you want inspiration, follow people like CEOs , inventors will etc. Whoever told you that H1B will make you a millionaire was smoking some real shit.

Moved to US little over 9 years ago for work. Reached $1M roughly about after being in US for 8.5 years. I did financial projection 2 years after landing and realized it will be very difficult to reach 1M within 15 years. TBH I did a very conservative estimate assuming salary increments at 3%. Promotions and one job hop helped to reduce the time line.

We crossed 7 figures in annual income recently. Took us about 16 years or so since I moved here ..!! To each their own path and there no right way. Also depends on what you are willing to give in exchange

Moved to US in 2014 for grad school. Started working in 2015. Recently hit 1M in household savings. 1) Both me and my spouse work in high paying jobs with current house hold income > 500k. Starting household income in 2015 was 200k 2) We are early 30s, and do not have kids yet. 3) We are introvert(ish) with limited venues to spend money aka boring in our choices 4) Invest heavily in stocks/ ETF/ 401k

+1 Moved here in fall 2014, started jobs in 2016. Everything he/she said, will reach 1M net worth by 2022.

Wife joined amazon after mba six years ago, she has a million in stock itself

I mean if you work in MBB if you make partner you will make a million+ in 7 yrs. so do the math...

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