Related Posts
For UK based colleagues- has anyone done self assessment with HMRC although we are part of PAYE? Last year I switched entities and had stocks vest. So apparently went over £100k with sticks vesting. Superficially I made over £100k, but about 50% of vested shares go to paying tax and NIC. I’m a bit baffled as to how I fill out the self assessment form. I had no other income so one would think it’s straightforward… there are questions about foreign investment. Would RSUs be foreign investment? Amazon
Bowl Leader
How did you get into real estate?
Conversation Starter
More Posts
Why is HCL delaying the offer letter?
Additional Posts in FIRE Financial Independence Retire Early
Anonymous User
Coach
Anyone else into Bank Bonus churning?
Coach
Decided to payoff my mortgage.
Coach
My thoughts on the current market.
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
You are doing incredibly well! Most likley you just need to keep at it. Where are you seeing these people? Survivorship bias will make it seem like there are loads but the reality is that the number is quite small.
We are in a ten year rally and these few years many hot stocks have increased many multiples. Many a self proclaimed genius will post about their huge NW but its not different from a lotto winner posting their NW chart either, in the sense that you are asking how to up your game and be like them, when the answer has more to do with luck than skill.
QT1 are you Nicholas Nassim Taleb in disguise? 😂 great comments!
You’re doing great! I crossed $1M around 32-33, and just crossed $2M at 35.
I had some inherent advantages from family (no student loans) and the ability to live at home. It definitely picks up after the first $1M
Wow! Impressive! Thanks for sharing!
You are doing good. This place can be so misleading as it attracts top industry professionals. You are in the 1% for your age. The others just got very lucky through good investments, exits or had a head start in life through family. I’m hoping to hit $1m by 36 as well. Thought I’d get there by 30 but I took some hits from my business ($125-175k in losses) and paid for an MBA ($100k).
Just a few thoughts - mostly pointing to why it’s not helpful to compare yourself at this metric. There are far too many variables to make a meaningful comparison.
1) They may make significantly more than you, making it easier to have a higher savings rate.
2) Maybe they have a lifestyle that’s not comparable to yours - high learning partner, no kids or live in a lower COL area, e.g.
3) Maybe they live like paupers to maximize savings.
4) They work in a field where major bonuses or equity have given them a big boost.
5) They had no student debt, received an inheritance or trust, or have another family situation that boosted their position.
6) Maybe you’ve had to deal with life stuff they haven’t.
6) Maybe all of the above... or none, and you have to chalk it up to not being able to control anything but you and your situation.
Basically just work smart to earn more, save more and invest with high reward/tolerable risk.
Coach
I read somewhere that your first $1M is the most difficult to attain. After you get over that hump you grow exponentially because of compounding. Youre doing fine and are young enough to take advantage of time
https://www.investopedia.com/financial-edge/0211/why-the-first-1-million-is-the-hardest.aspx#:~:text=One%20of%20the%20reasons%20that,in%20less%20than%20six%20years.
Coach
Another thing to consider, say you started your career at 21. If youre 36 now youve been in the labor market for 15 years...and probably will be in the labor market for at least 15 more years. And your salary in year 1 is probably much much less than year 15.
I lived with my parents until I got married at 26 yo.
My husband didn’t have debt and neither did I.
My parents gave me 10k / year when I graduated from college at 23. I invested all of it.
When I married at 26, they give us the max of 28k/year. We put all of it in our mortgage except what we use to max our IRA.
We live well below our means. Our house isn’t nice, but it’s in a nice area. We should be able to pay off our mortgage in the next 3 years if we stay diligent. We don’t do home projects until the mortgage is gone. Our mortgage is about 13% of what we bring in every month
After our mortgage and monthly bills we have about 5-7k left over that we either put in the stock market or use to pay off more of the mortgage.
Key here: I was lucky with my parents and also marrying someone who did not have student loans.
Liquid assets 350k, but still have 200k left on mortgage so 150k (we live in a HCOL area).
27.
My parents are older and probably won’t live much longer though. When they die, my siblings and I won’t see any of their money because they have it setup to donate to charities (dad hates govt and estate taxes).
Mentor
Lol, I commented on your post in the other bowl about joining this one!
As others have pointed out, keep at it. You're doing great! Maximize all tax advantaged accounts and then in taxable brokerage. Invest in low cost, broad market based funds. Avoid picking individual stocks, for investing. Keep a small % of your portfolio to dabble in individual stocks if you get the urge and be prepared to lose that.
Reduce expenses as much as you can. Start and practice mindful living, that includes mindful expenditure.
Very helpful. Thanks!!
It also helps to get and( most importantly) stay married to really jump your HHI (assume spouse works). Also real estate and home equity tends to help quickly increase net worth.
As others said once your dollar amount reaches a fair number (say a million) the market swings really make a different. I have days I lose or gain 10 or 20k in brokerage accounts or 40k across retirements and brokerage. Bit of a snowball affect.
Obviously WSB YOLO trades with your full stack
Will you start angel investment?
Invest in early stage startups. Like Angelist.
Blue pill: stay the course (my choice).
Red pill: gamble and risk it all.
Not many people brag about losing.