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

Discussion in 'General Chat' started by xchen, Oct 4, 2010.

  1. ConcernedParent

    ConcernedParent Senior member

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

    TheDarkKnight Senior member

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    At -9 months.

    Didn't last, though.

    - B


    Is this a wry sperm joke, Vox?
     
  3. MasterOfReality

    MasterOfReality Senior member

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    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.
     
  4. xchen

    xchen Senior member

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    ^ 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.
     
  5. Piobaire

    Piobaire Senior member

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    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.
     
  6. Usul

    Usul Senior member

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

    Killjoy.

    There is alot of wishful thinking and masturbation is this thread, but the sad fact is that to ensure a prolonged and comfortable retirement regardless of eceonomic conditions will require over a million dollars in todays dollars and considerably more in future dollars.
     
  7. SField

    SField Senior member

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    Killjoy.

    There is alot of wishful thinking and masturbation is this thread, but the sad fact is that to ensure a prolonged and comfortable retirement regardless of eceonomic conditions will require over a million dollars in todays dollars and considerably more in future dollars.


    Yes except that the concept of retirement is going to change quite a bit. Even now you see people working until they're very, very old.

    I think retirement is a stupid idea. Why the fuck would you want to sit around letting your brain rot? I admire people who try their best to remain useful until they keel over. Retired people are some of the most pointlessly boring people one will ever meet. It makes one think that if they'd won the lottery in their 20s, they would have done fuck all.
     
  8. SField

    SField Senior member

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    I should also add that aiming for 1 million dollars doesn't mean what it used to. If you're going to be a materialistic fuck about it, 1 million is pretty "small timer", if Style Forum standards are put into real world effect. In relation to the rest of the world, it makes you fabulously wealthy, but in US standards 1 million in liquid assets isn't horrendously impressive, nor do I think it's worth sacrificing your life for, like many of you seem bent on doing. At least when I see my I-banking friends working 80+ hours a week, absolutely killing themselves, they're making that and more every single year. Making money a major goal in your life and being a career that will take you till you're 45 to make a million is a little sad... if of course, that is a major part of how you will identify yourself.
     
  9. downwithianbrown

    downwithianbrown Senior member

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    I don't think I'll be a millionaire. I am horrible with money. I don't make very much money. I lack the dedication/drive to do anything about this. oh well.
     
  10. dtmt

    dtmt Senior member

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    Should be any minute now, as soon as that Nigerian gentleman wires the funds into my account.
     
  11. gdl203

    gdl203 Senior member Dubiously Honored Affiliate Vendor

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    At least when I see my I-banking friends working 80+ hours a week, absolutely killing themselves, they're making that and more every single year.
    Are you sure about that? You have to be pretty senior in banking to make that kind of income, and when you are, you rarely work 80+ hours/week nor are you killing yourself.
     
  12. xchen

    xchen Senior member

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    I should also add that aiming for 1 million dollars doesn't mean what it used to. If you're going to be a materialistic fuck about it, 1 million is pretty "small timer", if Style Forum standards are put into real world effect. In relation to the rest of the world, it makes you fabulously wealthy, but in US standards 1 million in liquid assets isn't horrendously impressive, nor do I think it's worth sacrificing your life for, like many of you seem bent on doing. At least when I see my I-banking friends working 80+ hours a week, absolutely killing themselves, they're making that and more every single year. Making money a major goal in your life and being a career that will take you till you're 45 to make a million is a little sad... if of course, that is a major part of how you will identify yourself.

    Not sure what the particulars of your situation are, but I'm young enough that I can really use compound interest in my favor. I think via Roth IRAs and 401ks used in conjunction with stock and mutual fund investments reaching $1 million by retirement is very doable. Also, you have to keep in mind that when you have that kind of money, while not necessarily worth as much as it used to be, it gets a hell of a lot easier to make your second million.
     
  13. Piobaire

    Piobaire Senior member

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    Killjoy.

    There is alot of wishful thinking and masturbation is this thread, but the sad fact is that to ensure a prolonged and comfortable retirement regardless of eceonomic conditions will require over a million dollars in todays dollars and considerably more in future dollars.


    Yes except that the concept of retirement is going to change quite a bit. Even now you see people working until they're very, very old.

    I think retirement is a stupid idea. Why the fuck would you want to sit around letting your brain rot? I admire people who try their best to remain useful until they keel over. Retired people are some of the most pointlessly boring people one will ever meet. It makes one think that if they'd won the lottery in their 20s, they would have done fuck all.


    Both of these are correct.

    I figure I'll work in my "retirement." For me, the term just means that I do not have to work a real job, adhere to a real schedule, and have the financial freedom to have periods of total unemployment.
     
  14. Piobaire

    Piobaire Senior member

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    Not sure what the particulars of your situation are, but I'm young enough that I can really use compound interest in my favor. I think via Roth IRAs and 401ks used in conjunction with stock and mutual fund investments reaching $1 million by retirement is very doable. Also, you have to keep in mind that when you have that kind of money, while not necessarily worth as much as it used to be, it gets a hell of a lot easier to make your second million.

    This is a good plan, if you're very young. Don't forget though, you cannot contribute to a ROTH at a fairly low income cap. Also, traditional IRAs stop being tax deductible. It's all about the 400 plans, including 457s.
     
  15. xchen

    xchen Senior member

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    This is a good plan, if you're very young. Don't forget though, you cannot contribute to a ROTH at a fairly low income cap. Also, traditional IRAs stop being tax deductible. It's all about the 400 plans, including 457s.

    Trust me, I'm under it. [​IMG]
     
  16. Thomas

    Thomas Senior member

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    Yes except that the concept of retirement is going to change quite a bit. Even now you see people working until they're very, very old.

    I think retirement is a stupid idea. Why the fuck would you want to sit around letting your brain rot? I admire people who try their best to remain useful until they keel over. Retired people are some of the most pointlessly boring people one will ever meet. It makes one think that if they'd won the lottery in their 20s, they would have done fuck all.


    Yeah, I think most of the men in my family have worked at something until they dropped, and I expect to do the same.
     
  17. Piobaire

    Piobaire Senior member

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    Trust me, I'm under it. [​IMG]

    Kudos to you on starting early. I wish I had started 10 years earlier than I did.
     
  18. SField

    SField Senior member

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    Are you sure about that? You have to be pretty senior in banking to make that kind of income, and when you are, you rarely work 80+ hours/week nor are you killing yourself.
    Yes, VPs in early 30s... huge base salaries, massive bonuses (especially recently). Easily over a million every year. Hedge fund kids even more sometimes, and also similar age.
     
  19. gdl203

    gdl203 Senior member Dubiously Honored Affiliate Vendor

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    Yes, VPs in early 30s... huge base salaries, massive bonuses (especially recently). Easily over a million every year.
    Possible, though very unlikely.
     
  20. SField

    SField Senior member

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    Not sure what the particulars of your situation are, but I'm young enough that I can really use compound interest in my favor. I think via Roth IRAs and 401ks used in conjunction with stock and mutual fund investments reaching $1 million by retirement is very doable. Also, you have to keep in mind that when you have that kind of money, while not necessarily worth as much as it used to be, it gets a hell of a lot easier to make your second million.

    How so? What really is the difference between making 1 dollar into 2 dollars? Is turning 1 mill into 2 really easier?

    And I think 1 million for retirement in this day and age would be far from what most of you guys would consider "comfortable". Based on the kinds of lifestyles and champagne wishes I see here, 1 million for retirement is extremely middle class.
     

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