If 10 million is the new 1 million, how are any of us gunna make it?

Northrop Grumman HowCouldYu
May 6 59 Comments

Like what the hell? I’d say blind accounts for some of the 1% in terms of high salary earners (not necessarily CEO’s or billionaires). But even the highest earner on here at Google isn’t making 1mil a year (maybe he/she is); but the overwhelming majority of us aren’t... how tf is my generation (millennials) going to buy a house or make ends meet? I know the answer is work until I die, but isn’t that sad?

How can I get to 10mil

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TOP 59 Comments
  • You can buy a house if you earn just 200k and are wise with spending habits.

    Yes, a house in the Bay Area. You can make “ends meet” just fine.

    But yeah, then you hear people making 400k and sending both kids off to private school, after school tutoring, have a full time nanny, international vacations twice a year, a BMW and a Tesla, and and and....

    Then they complain about not affording anything in the Bay Area. Well, *sure*.
    May 60
  • Facebook Bdudhrysb
    Early 30s, 10 years in the industry with an average annual TC of 130-140k. Current net worth, 2.4 mil. First mil was the hardest then the snowball effect takes hold.

    It’s totally possible to get to 10 mil before 60 if that’s what you really want.
    May 618
    • Northrop Grumman HowCouldYu
      OP
      45k in passive income is great but shit I gotta own 3 houses and go through all the extra hoops just for 45k? Why does the 1% get millions to spend but us smart folk settle. There’s gotta be a better way no?
      May 6
    • Roku smashbros
      Who says you’re smart?
      May 6
    • Northrop Grumman HowCouldYu
      OP
      Yeeshk. You’re right. That’s a typo. You guys are smart, me so dumb
      May 6
    • Facebook Bdudhrysb
      Paid 240 / 309 / 490 respectively for them (in that order). I worked nights and weekends in college and left college with no friends and 65k in savings. My grandma offered me money for post graduation vacation and instead I put it into a house deposit.

      The lions share of my wealth has been long term rental income, capital growth, and most recently FB sign on bonus and stocks (3 yrs at fb).
      May 6
    • Facebook Bdudhrysb
      That 45k is 1.2mil in extra income I’ll have before I’m 65 (31 x 45). Actually, that 45k reinvested annually and compounded at 7% will be 4.6 mil in 30 years.

      The greatest thing I’ve learned about investing is start as early as possible.

      The SP500 has historically returned ~10% over the past 100 years.
      May 6
    • Accenture __asdf
      good stuff! i'd like to have my first rental property so i'm saving up for that. btw, where are all these 3 properties? and what percentage did you put as down on each of them?
      May 6
    • Facebook Bdudhrysb
      The two cheaper ones are in a small college town, it’s all I could afford. The third is my home in Seattle.

      One of the properties has had the same tenant the whole time, nearly 7 years. It rents a bit below market rate, haven’t upped the rent in a while because I like the tenant and don’t want them to leave. Despite my efforts I haven’t had the same success with the other.
      May 6
    • Facebook Bdudhrysb
      Probably wouldn’t buy in a small college town again :) beyond that I don’t know where to go with the next place, Seattle market looks promising with MSFT and AMZN growth, as well as transport and infra spending. It’s really bad for diversification though, to have my job and my investments highly correlated. Maybe Denver? Really dunno.
      May 6
    • Facebook Bdudhrysb
      Put down 20% on each. Kept some cash in stocks and have rebalanced to pay them off ahead of schedule.
      May 6
    • Accenture __asdf
      i have a buddy that lives in austin, he now has 3 duplex. one of those he is living in and rents out the other half. that's total of 5units rented out at about 1.2K/month. the two duplexes he bought just this year at 300K each. the one he lives in he got it long time ago when he was still single. when his two kids grow up he can sell one of the duplex to pay off their college. his also a frugal guy and dumps all savings to 401, roth, espp. then whatever he saves becomes a downpayment for another property. he plans to have 20 units and eventually retire from tech
      May 7
  • Microsoft MgIr74
    10 million net worth? Frugality, index funds, and lots of job hopping.
    May 62
    • LinkedIn ZerotoIPO
      Add in the power of leverage in a rising housing market
      May 6
    • Juniper Pliny Jr
      The market doesn't appreciate meaningfully enough before resetting itself 10 years backwards with only the Banksters manipulatingly profiting.
      May 7
  • Oscar 🐨koala
    If you make 200k for the rest of your life, 1M house is nothing.
    May 612
    • Northrop Grumman HowCouldYu
      OP
      Honestly tho fuck that. Why are we always just slaves to working. C’mon I thought you all were smart and like automation and optimization. You’re telling me waiting 3 years and taking out a 30 year mortgage on a house is smart and optimized. Screw that. Screw constantly paying bills and never being financially free. There’s gotta be a better way
      May 6
    • Facebook Bdudhrysb
      100k invested annually for 10 years with a very very modest 7% rate of return would give 1.2 mil after 10 years. After 10 more years of the same you’d have over 4 mil!

      I think your problem isn’t money but maths.
      May 6
    • Oscar 🐨koala
      Why are you so mad? If you don’t want to work for another 20-30 years of you life, then get out of SV and move to another place.
      May 6
    • It’s like listening to my 25 year old self.

      Ok so you have a few options:

      -Work for FAANG or unicorns that will fetch you 400k+ TCs

      -Do a side hustle (iPhone apps, or contracting jobs paying $100+/hr)

      -Make your own moonshot startup. You need some good product and business sense, and you could just outsource the work to cheap but good overseas devs

      -Get really lucky at someone else’s moonshot startup. Probably the worst idea.

      As of 2019 I’d pick the first option because your TC will increase over time. It’s just a good career move. You could amass lots of cash and be financially independent really quick, as long as you don’t inflate your lifestyle.

      Oh yeah and...3 years is a really, really short amount of time.
      May 6
    • Northrop Grumman HowCouldYu
      OP
      I’m not mad I’m just being expressive. Trying to shake up other people’s ideas of life and get them thinking. You could do it Koala you could literally be the best CEO that’s ever lived. You can do it dude
      May 6
    • Oscar 🐨koala
      The best 💤
      May 6
    • Northrop Grumman HowCouldYu
      OP
      @2muchblind ha well I am 26 so you’re not too far off the mark. I agree with these choices but sometimes I just wanna go do the side hustle/own company thing. Idk I just get fed up seeing management in the office be so dumb
      May 6
    • Yup, my words exactly at 26, lol.

      You should do a side hustle thing to see what it’s like. Initially keep your day job for the sense of stability (unless you have enough saved up).

      You have time to experiment. The learning will be good. It’s now or, like, 25 years from now.

      Me? I’m happy for what I did during my 20s but am perfectly happy now working for a big company for 600+.
      May 6
    • Northrop Grumman HowCouldYu
      OP
      @2muchblind any words of wisdom for someone in your shoes at 26? I feel like life it’s this giant puzzle and everyone started with most of the puzzle complete (i.e. they had family money) and the rest of us are just expected to never quite solve it. It’s so frustrating man. I am trying to move to FAANG, but I don’t think it’s going to calm my ambition. I am energetic, personable, more salesman-y than your average engineer, and I want it all. I feel like management and YoE and working for someone else are just these road blocks in life... idk... if you wanna DM I would be more than happy to listen and take some advice because i wrestle with these thoughts everyday. I should just pursue a side gig
      May 6
    • 👍 DM’d
      May 7
  • Autodesk igglybuff
    Add value to your company + job hop every 2-3 years.

    Marry an ambitious significant other.

    Save and invest in Real estate + index funds.

    I see no reason why you can’t get to $10M in 20 years on Bay Area comp and career trajectory.
    May 60
  • Apple Dr.Dre
    Take your 1 million and move to Thai or Vietnam, your buying power becomes $$10 - $20 millions instantly. Problem solved 😜
    May 62
    • Northrop Grumman HowCouldYu
      OP
      I feel like that’s not true anymore for Thailand, it’s cheaper than America but not bye as much as it used to be
      May 7
    • Microsoft Stack🖕flo
      Definitely true for Thailand, you just need to leave bkk
      May 8
  • Microsoft tfsUEwWt
    get into FAANG. marry someone who is in FAANG.
    May 62
    • Getting into FAANG at this time cannot lead to 10m in any reasonable time. Getting into the next FAANG could. (Of course, not Uber)
      May 6
    • Facebook Bdudhrysb
      60k saving a year for 30 years at 10% (market average) is 11 million.
      May 6
  • Microsoft gfba68
    10 mil isn't the new 1 mil. With inflation, maybe 2.5 mil at MOST. 10 mil is possible in your 50s in tech, but I'll probably stop when I get to 5
    May 60
  • Microsoft tfsUEwWt
    stop spending $1000 on a phone
    May 61
    • Ericsson rawr🙈🙉
      God damn this one triggered me as someone who wants to buy the new iPhone in September 😂😂
      May 7
  • Fannie Mae :3
    The problem with Blind is that everyone sees other people in the rat race and they feel like they have to do it themselves. The problem is people start thinking that's a great substitute for happiness. Sure money helps you be able to afford nice things but at some point you have to realize that everything is all good enough. People making more than you are just think they're mentally doing better.
    May 70
  • Google unusedname
    Why do we need 10 million ? People can always move and live happily in the most part of US with 1 mil
    May 74
    • 1m? How
      May 7
    • Microsoft gfba68
      The median household income is only a little higher than you could expect to get from $1mm. Those people manage it, why can't You? There are many areas where $40k is plenty.
      May 7
    • Dude, I mean how to be happy with only 1m, micro soft
      May 7
    • Microsoft gfba68
      like I said, ask one of the tens of millions of people who manage it on much less
      May 7
  • dave ramsey
    May 70
  • Google coolguy00
    invest in Bitcoin, it's your only chance! highest earner at G makes a ton more than a mil.

    just because your parents owned a house doesn't mean you have to own one too. there's overpopulation, etc.

    you seem depressed tonight Northrop.
    May 61
    • Northrop Grumman HowCouldYu
      OP
      I’m always depressed lol
      May 7
  • Google unusedname
    Rat race
    May 100
  • Microsoft Stack🖕flo
    25 mil is the new minimum for success. 10 isnt shit. Need at least 500 tc and investing, should be pretty easy to hit.
    May 80
  • Salesforce kdt2bn3s
    Why 10 mil? Most houses are cheaper. What level of spending are you targeting?
    May 70
  • Autodesk igglybuff
    Or just invest in le bitcoin 😉
    May 60

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