{ "media_type": "text", "post_content": "So I have 150k saved at 26, am I behind if I wanna get to $1 million by 35? Any advice on how to get there and whether a top mba is worth it?", "post_id": "60fb21dd7c3c47001cee81f8", "reply_count": 21, "vote_count": 1, "bowl_id": "5b3f7377ab53db00136f7b4c", "bowl_name": "FIRE Financial Independence Retire Early" }

So I have 150k saved at 26, am I behind if I wanna get to $1 million by 35? Any advice on how to get there and whether a top mba is worth it?

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Save another $850k and you will get there

likefunny

Starting at $150k invested in a market that will have a rate of return around 7% over the course of the next 9 years you will need to save $5,000 a month to hit $1m by 35. If inflation is 3% you will only have $800k buying power.

helpfullike

At An amazing madoff 10% CAGR you would only need to save $4k a month for the next 9 years!

You will not get to $1M with $150k sitting in a savings account. Not enough info here to answer your question. https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator Use this site to figure it out. In the estimated interest rate field, put whatever return you think you will get from your investments.

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First questions are what is your income, income trajectory and savings rate? What are you investing in?

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An MBA could accelerate your plan or slow it down depending what you plan to do when you graduate.

Depends what you do after the mba and if you take out loans to pay for it

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Well, an MBA isn’t always acquired for more pay (immediately). An MBA makes sense if a) you want to switch to a completely different career, b) your current career has a low earnings ceiling, c) you are in a low paying career and want to make more money and/or switch careers (this would be a & b combined), d) you already like where you are and can easily go back to your field after graduation, but just want to take a 2-year break to network and chill. In some scenarios a top ~40 MBA makes sense. In others, only T15 makes sense. The associate at Morgan Stanley and the marketing coordinator at Disney have two completely different requirements and expectations for an MBA.

At your age, I think a top MBA is useful

Agreed. I did a joint JD/MBA. It was worth the extra year to get both degrees.

I assume you mean $1m in after retirement and after tax dollars

Use a compound interest calculator, I like the moneychimp one for the simplicity

How much do you make a year & how much of it do you save

I was in a similar position at 26; two years later I feel on track to hit the same $1MM goal. One thing that I can’t recommend enough is that moving in with parents during covid allowed me to save 80%+ of my paycheck. I think that this 1.5 year lump sum into a brokerage account really inflated my net worth and put me on track to 35. After accumulating a nice net worth at 28, I have decided agains spending 200k of it on a B school. I do have a plan to re-evaluate once I hit $1MM (less for the salary bump, more for the prestige)

The parent or the bschool part?

At 26 we had $20k in 401ks, $0 IRA, about $40k home equity, and probably $40k in cash/brokerage for a total of around $100k. We are now in our 30s and on track to hit $1M by 36 or 37 and likely retire once kids are in or through college. We did pay off our student loans by 25 and bought a house at the high end of our affordable range at 23 ($225k) that we still live in and now have 350k equity. We also had multiple kids and spouse stays home otherwise we would have gotten there much quicker but no regrets there.

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