At what age did you/do you project you will become a millionaire?

[v0rtex]

Would be interesting to see some actual projections and outlines of people's plans to get there and not just wishful thinking/random guesses

I'd like to be there by 35. I have somewhat of a plan involving rental property that would put my net worth at $1m+ by that time, or at least well on the way to it. Concentrating on buying a home to live in first, though.

Millionaire/wealth to me = net worth. Liquid wealth is either being wasted doing nothing (not working for you), or being spent. Both of which are good ways to end up poor again.

 

[Piobaire]

What if you were one but then knocked out of that category due to the economy? I would consider that the very definition of "small timer." I mean, how nouveau.

 

[voxsartoria]

Originally Posted by Piobaire

What if you were one but then knocked out of that category due to the economy? I would consider that the very definition of "small timer." I mean, how nouveau.

Doesn't this happen to you constantly when you convert your earnings to Canadian dollars?

- B

 

[Piobaire]

Originally Posted by voxsartoria

Doesn't this happen to you constantly when you convert your earnings to Canadian dollars?

- B

You know, I have an extreme amount of cognitive dissonance over that these days. Growing up, it was as much as 40% towards the USD. No idea what PPP is like now though. I figure it tilts drastically to Canada, as only millionaires do not die from lack of health insurance in the US.

 

[Thomas]

Jeez. If I want to become a millionaire, I'd have to divorce my wife first, and we all know how much THAT helps the cause of personal wealth. Catch-22.

 

[CouttsClient]

I did at 22

 

[yjeezle]

Originally Posted by v0rtex

Would be interesting to see some actual projections and outlines of people's plans to get there and not just wishful thinking/random guesses

I'd like to be there by 35. I have somewhat of a plan involving rental property that would put my net worth at $1m+ by that time, or at least well on the way to it. Concentrating on buying a home to live in first, though.

Millionaire/wealth to me = net worth. Liquid wealth is either being wasted doing nothing (not working for you), or being spent. Both of which are good ways to end up poor again.

Actual projection: the day my parents pass away. Seriously. Not really wishful thinking though

 

[epliohunk]

26 or 27. I will be a millionaire working at an entry-level job.

 

[Stazy]

Depends which currency we're talking about.

 

[TheDarkKnight]

Originally Posted by MetroStyles

I'll off them if you give me 20%.

18%

 

[ConcernedParent]

Honestly, never. I'm one of those people that dream big and never do anything.

 

[TheDarkKnight]

Originally Posted by voxsartoria

At -9 months.

Didn't last, though.

- B

Is this a wry sperm joke, Vox?

 

[MasterOfReality]

I was only thinking about this the other day. I only count my worth as the percentage of assets I actually own.

No point having 3 houses and saying I'm worth $1.5 million when I perhaps only own 15% and the bank owns the rest.

The way its going at the moment, I have 3-4 years left on my mortgage and I'm 31. Once that is paid off thats a $500k house in the clear achieved in 6 years of solid work/saving.

Getting married soon and a family will hopefully follow so that will slow things down a bit, but my projection to hit the one million mark in assets/cash will be around the 45 age mark.

 

[xchen]

^ This is pretty much the way I look at it as well. The family might slow it down a bit but hopefully if you add your wife's income as well it will actually speed it up, assuming she is good with money. Which is another thing... picking wisely is a necessity.

 

[Piobaire]

Originally Posted by MasterOfReality

I was only thinking about this the other day. I only count my worth as the percentage of assets I actually own.

No point having 3 houses and saying I'm worth $1.5 million when I perhaps only own 15% and the bank owns the rest.

The way its going at the moment, I have 3-4 years left on my mortgage and I'm 31. Once that is paid off thats a $500k house in the clear achieved in 6 years of solid work/saving.

Getting married soon and a family will hopefully follow so that will slow things down a bit, but my projection to hit the one million mark in assets/cash will be around the 45 age mark.

I really can't think of anyone that does not subtract liabilities from assets to find equity.