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What will you gain by comparison other than feeling bad if you are not at $3m yet?
It’s still useful for life planning. How much time you have left to live. How old your kids will be. Where your career would be. All these things intersect.
Subject Expert
As your investments grow it’s going to be increasingly determined by market rates.
You’ll probably see a lot of people give you a number around 3 years, but 20% stock market growth isn’t normal.
Could be 5 years+ if things go the other way.
^this. When you get to these numbers the growth is mostly out of your control.
All you can do is continue to fight lifestyle creep and hope the market stays 📈
I expect to hit 3m this year (or early '27 when my bonus pays out). Ill be 32
Consultant I strongly disagree with your spouse. Plenty of big law (market paying band 1 / band 2 practices) in other cities.
This number is going to vary based on salary. Someone with a HHI of $700k is going to grow their accounts a heck of a lot faster than someone making $150k. Assuming they are aggressively saving/investing.
All relative so not useful question. I hit it when I was 1 day old…
Subject Expert
it’s not a representative survey, nor does it matter what age other people made it.
D either inherited it, or is being ironic.
IMO this isn't very helpful information to compare yourself against.
Too many variables.
Relationship status, children, early/late bloomer, huge/mid saver, high/low cost area, 0/7 side hustles... all of these things change the landscape of how long it takes to get to $3M it's not reasonable to measure person to person like this.
I will say this most... people NEVER get to $3M in "liquid" assets.
If $3M is your "bar" for something? Then look at your plan and see when you will get there. That's all that matters. If you don't like your plan, change it. If you don't trust your plan is right, correct the variables... get help.
I was a bit of a late bloomer(didnt have a job with a 401k till I was 29), late marriage and late kids, most of the time a mid to big saver, in a mid/high cost area.
If I am looking at only MY part of the household, I am not likely to hit $3M until I am 65.
Combined household we will be at ish $3M right around 56-57.
I am going to retire sometime between 55-60. Not FIRE, but earlier than many.
My plan suggests that going from $2M to $3M will take 6ish years, I have been estimating returns at 6% while real world returns for us have been over 10%. I just looked at my HSA today and its return has been 13%.
Thanks! But thats exactly the point of my post- not for comparison per se but really to see the diversity of ages and paths to get there. I know there are many variables, what's why it is interesting to me (and apparently others in this thread) to hear that it's not only one small subset who hit x amount at a certain age in order to get to $3M. Appreciate your thorough response though even if you don't find this helpful!
This is heavily influenced by when you hit 2m. If you hit 2m in 2022, mostly in sp500 index fund, then you'd have got there in three years without contributing a penny.