1M to 5M possible?

Seismic Software / Other
papitoo

Go to company page Seismic Software Other

 papitoo
Oct 30, 2021 73 Comments

I am 33 and just hit the 1M NW mark. I am single and I believe I need 5M to retire.

Is it possible to hit this number by 45? Other than increasing TC are there any other ways to get there faster? My monthly expenses are ~3.2K

TC: 220K
YOE: 11

73

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 TOP 73 Comments
  • Two questions
    * how is this 1M invested?
    * how much can you contribute every year?
    Oct 30, 2021 19
  • Visa / Eng
    bitmit

    Go to company page Visa Eng

     bitmit
    If you out 1M in S&P 500, with modest 12%, you can hit 5M without lifting a finger in 14yrs. If you keep adding that 14yrs would become 10
    Oct 30, 2021 7
    • Snap
      rDPW05

      Go to company page Snap

      rDPW05
      Everyone forget about inflation here it also has compound interest, 1m now and 1m 14 later is absolutely different money
      Oct 30, 2021
    • Apple
      ndmC02

      Go to company page Apple

      ndmC02
      5M was a lot of money 14 years ago, and it’s a lot today. I get what inflation is, but 5M is a good FIRE target
      Oct 30, 2021
  • Amazon
    Ama$lave

    Go to company page Amazon

    Ama$lave
    Aim higher
    Oct 30, 2021 8
    • Not at all. It’s a myth if you live in slave world and are too attuned to serving the overlords.

      Free will doesn’t mean doing nothing and just vacationing all the time or not attending to family constraints. If I’m gardening, that is because I want to, and mother nature’s role is taken into account. It’s not because I’m expecting $$$ in return to pay the bills. If I’m running my own gig, then pressures of that are my choosing.
      Oct 30, 2021
    • Amazon
      jojnnn

      Go to company page Amazon

      jojnnn
      Agreed with Shopify. Simple tasks can be very rewarding. Gardening, carpentry, DIY stuff etc feels more interesting than coding
      Oct 30, 2021
  • Amazon
    ggjvn

    Go to company page Amazon

    ggjvn
    When you retire not being alone is more important than having 5M.
    Oct 30, 2021 4
  • How are your monthly expenses so low? Are you eating ramen every other day? What's the point
    Oct 30, 2021 8
    • Amazon / Eng
      kwai

      Go to company page Amazon Eng

      PRE
      Amazon
       kwai
      @OP: Anyone telling you 3k is living beyond your means is being ignorant - they will probably tell you to get 4 roommates and eat ramen.. I live in Seattle and my monthly spend is 4k-5k.

      Rent, Insurance, food, eating out sometimes, services/phone/car/internet/medical/entertainment etc all add up. It's good to have a balance between spending everything and saving a lot.
      Oct 30, 2021
    • ^this
      Oct 31, 2021