millionaires by 30 - how’d you do it?

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1. Grew up poor
2. Didn’t want to ever be poor again
3. Paid for UG (state school w/ grants) and part-time T20 MBA (got some $ from employer to help) myself
4. Invested in real estate early (bought houses in tertiary markets and turned them into rentals)
5. Made pretty good money in consulting (I’m 30 now), so that enabled investing in both stocks and real estate
6. Did not marry rich, but rather created our wealth with my wife, post-marriage
7. I worked very fucking hard and utilized mentors and unconventional methods to make things happen (unconventional meaning “non-mainstream” - the mainstream financial system in the US is setup to cater to cookie-cutter profiles - having one house, one mortgage, one job, etc…which is not good for wanting to get started with buying multiple properties)

likeupliftingsmart

You don’t even know how I like to use leverage, so your comment is pretty pointless.

26M @ $300K. Will hit $1M by 33 according to Wealthfront:

1. Grew up poor so got a scholarship to a top private school
2. Income hit $100K at 23 and $165K by 26
3. Bought my first multi-unit prop at 23, which appreciated a good amount this year
4. Live in one of my units and rent the others to keep housing expenses low
5. Save over 50% of gross
6. Have started two business over the years. One did not work out and the second one is currently in progress
7. Max 401K and Roth IRA when I could
8. Make monthly contributions to brokerage, which I invest in ETFs
9. Live below my means - bought a used cpo vehicle vs new or luxury

likesmart
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1. Parents paid for undergrad
2. Lived at home for 4 years
3. Max 401k the minute I started working
4. Bought a house (that appreciated) with savings and rented room out for 5 years

likesmarthelpfuluplifting

Not really. 3 posts up - I never budgeted. Travelled all I wanted. Maybe my natural lifestyle is cheaper than most 🤷🏻‍♂️ but certainly doesn’t feel that way when I look at my friends

1. Cooked 2 meals a day (except when I’m on the road)
2. Cheaper out on furniture, bought used whenever possible
3. Lived in tiny flex room in nyc in a suboptimal location
3. Set monthly saving goals
4. Maxed 401k, Roth
5. Parents gifted me $950k when I turned 30

It’s really not that hard, just takes a lot of discipline.

funnylikeupliftingsmart

#5 + “it’s not that hard” lmao

likefunny

1. Parents paid for most of college
2. Didn’t go into credit card debt
3. Made a couple of lucky investments
4. Most importantly - married rich

likefunnyuplifting

@D10, it sounds like you only really like her cause she's super into you and she has a lot of money. You're def not ready to settle down so just keep dating and see where things go. If she decides she wants marriage now and you're not ready, communicate that and pls don't string this girl along. Moneys not worth it.

1.Bought 100k Bitcoin
2. Sat on it
3. Inherited 2 millions dollars
4. Sold Bitcoin for 50k loss

1.95M net worth.

likefunnyuplifting

Whoa guys -

A. My Dad is a hotel mogul and he paid off all my teachers, 2 mill is THIS YEARs distribution
B. You’re forgetting the cost of hookers…

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Common theme I’m seeing is a lack of student debt. Makes perfect sense

likesmarthelpful

I refuse to take on student debt. I pieced my way through. A little money left from my grandmother, put AP classes toward college credits, did a half day during my Sr year of high school at a community college so entered freshman year with about a semester of credits. Commuted to a local college. Then once I realized they didn’t charge more tuition over the standard credits carried the biggest course load I could handle and graduated a year early. Was on a payment plan that last semester. I would love to go back to school but someone else will need to fund it with a scholarship or sponsorship😅 My husband also got his graduate degree remaining tuition balance wiped by his company when he left early. We have been fortunate.

What about 10M at 40 and 100M at 50?

FIRE is for suckers and people who want no kids in a nowhere city. If you wanna live somewhere fun and have a family around when you get old, you can't retire before 40 with less than 20M...that'll get you 500K-1M in passive income that you need to pay for kid school and fun shit to do in your free time.

likefunnyuplifting

Oh no.. the “I can’t afford to send my 3 kids to Harvard for undergrad and masters while buying them their first house and taking my yacht to Monaco every year” story again. survival mode? 😂

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Millionaires by 30, I have a question for you: anyone want a degenerate sugar baby 👀

likefunny

I got offered a sugar relationship as a 32 year old man

funny

Don’t consume yourself with saving for later in life. Yes, saving is good but enjoy some of your $ now. My Dad saved- saved and saved (high income) and when you’re a multi millionaire in your 70s traveling is nice- but you don’t get anything near the experience of traveling when you’re in your late 20’s with like minded friends. He tells me this every time I stress about if I haven’t saved as much as others in my profession. Enjoy it! Reward yourself (within reason!) travel while you’re young- it’s a lot more interesting and it helps you discover a lot about yourself.

likesmartupliftinghelpfulfunny

I completely agree with BCG3 and SP1. At 70 you don’t have the same vim and vigor as one in their late 20s or early 30s. What is more, even if you arrive at 70, what does your healthspan look like at that point? There are so many people who are living off far less and doing just fine.

Hell no. I was on track, then my mom got sick and died. Now I spend as much as I can to experience life and the world (within reason. I'm still conservative and building a healthy savings and retirement).

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Same here! I don’t care about net worth. I want to experience life to the fullest

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31, $1.5M.
- Went to cheap-ass state college
- didn’t waste monies on useless graduate degrees
- Invested 50% take home since day 1 of working
- crypto from 2017
- real estate appreciation

likefunny

Bain can you explain that plan a bit more. What good does that do

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I’m at 400k at 27 and my dream was 1M by 30 but I’ve failed :( primarily due to low income unfortunately. Made 70-80 my first couple years out of college despite high savings rate

likefunny

What group are you in at A&M?

Am I behind for 27?

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funnylike

Please go away

likefunny

1. Parents paid for undergrad
2. Left consulting for high income biz role in tech for half of 20s (200-300k)
3. High savings rate
4. Invested almost all savings in stocks and real estate
5. Markets have been friendly

likefunny

What was the process improvement skill set, if you kind me asking?

Im 27 and became a crypto millionaire 2 months ago, now it’s worth less than half lol. Hopefully the market recovers by the time I’m 30- I’m HODLing.

likefunnyhelpful

A11; "how did YOU make it to consulting"

Crypto investor: "You're right I'm probably not good enough for this line of work." (Walks out, proceeds to sip martinis on the beach because he's already a millionaire)

No idea what planet everyone here lives on… 24 with $5,000 in savings, and proud. Life is tough and expensive. So are student loans. I’m just grateful to be surviving at this point

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Agreed - things change quick. I had less than $10k to my name at 25

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No help from parents for college or anything else.

PhD from top school. #1 in my class.

Joined an emerging biotech at the right time and cashed out equity grants.

Hard work to position myself to be lucky.

Continued to pay off to an even greater degree into my 30s.

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Agreed, I spent 13 years in consulting and while my cash salary was great and I did hit a few lucky stocks (FAANG pre growth) I am nowhere near what my friends have collected in equity.

Equity is the true game changer.

1. Got full scholarship for both undergrad and MBA (parents had less than $30k combined income)
2. Always maxed out 401k, IRA, mega backdoor roth, then normal investments (in that order)
3. Always been top of my class at McKinsey and progressed quite fast
4. Never invested on individual stocks, just low cost ETFs
5. House appreciated 30% in the last year…

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Lol I am from Latin America, moved to the US for college and stayed ever since… lived on East Coast, then West, then South

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1. Parents paid for UG
2. Bounced around jobs and was making $150K TC by 27
3. Never bought a car or spent much on clothes, dining out, etc. just due to personal interests
4. Most importantly, married a plastic surgeon. Would likely be at about $800-850K without marrying

likefunny

Haha I’m not trying to seem crazy, but I’m definitely more frugal than the people I surround myself with in consulting. I unfortunately was not educated on personal finance so while I always maxed out my 401K, I had about $100K sitting in my savings account until I was 26 😧 live and learn.

Also FWIW the plastic surgeon just finished training so he’s only been making bank for a few months. He was a big saver as well though.

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