Did you Become a Millionaire with a 9-5pm job?

Align
Dinglebery

Align

Dinglebery
Sep 18, 2020 142 Comments

Hi everyone, do any of you have a networth of $1million+ U.S dollars, just by working a regular 9-5 job? If so, how did you get to the point!? #personalfinance #investments #networth #money #techcareer #financecareer #facebook #google

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TOP 142 Comments
  • Microsoft / Eng
    MgIr74

    Go to company page Microsoft Eng

    PRE
    Amazon
    MgIr74
    Work at FANG for like 7 years and save like 50% of your income.
    Sep 18, 2020 10
    • Tinder
      sgqi58

      Go to company page Tinder

      sgqi58
      True
      Sep 28, 2020
    • why is finding a spouse in FAANG difficult? given the sheer number of employees, shouldn't this not be that challenging? Or do you merely mean that in order to crash into FAANG by being an engineer, you potentially have less dating skills, and thus it is harder inherently because of that?

      Also, i'm under the impressions that Designers and PMs and other functions can make similar TC to eng
      Nov 18, 2020
  • Work at a Startup, IPO happens and Boom u r a millionaire!
    Sep 18, 2020 4
  • New
    cg23

    New

    cg23
    Hi! So I am not a millionaire and I am rather young(early twenties) please take my answer with a grain of salt as it's possible I have no idea what I am talking about.

    Intro aside, I currently own 3 properties valued at (80k, 270k, 170k) two of the houses I rent and cover the mortgage, insurance, etc. and also manage to clear about 300-400 a month. In 30 years assuming no appreciation or raising of rent I will have 520k in real estate value and an extra 216k in cash. Using owner occupied loans I was able to secure the 270k duplex for only $10,000. I saved for about a year living in a 400 sqft apartment making 65k a year.

    Hopefully I will be a millionaire one day or possibly multi millionare as I dont plan to stop... but life is crazy and I am certainly over leveraged a bit... risk and reward go hand in hand, but with real estate I feel that the risk can be mitigated more easily than the stock market.

    I read somewhere its required to post this: TC - 82,000 YOE - 2.5
    Sep 18, 2020 10
    • VMware / Eng
      francoph

      Go to company page VMware Eng

      PRE
      Teradata
      francoph
      How are you able to own 3 properties with 87K tc?
      Sep 27, 2020
    • New
      cg23

      New

      cg23
      Franc, to Accenture's point I leverage (some would say too much). And I agree, Accenture, I know it's risky. But people always need to live somewhere and I can lower rent if needed to cover expenses and not make a profit. I am always open to advice and would love to discuss with anyone over messages. But overall I try to minimize risk with the locations I invest in and the tenants I rent to. There are a couple reasons I decided to "over" leverage.

      1. With equity and expenses it made more sense then renting
      2. While the market is certainly very hot and prone to burst, I dont want to try and "time the market." (Warren says thats a no no)
      3. I am saving now to cover expenses. But already with equity and savings I could cover for a year if needed. As long as people rent though, I should be ok and growing. (I dont plan to sell for a very long time)
      4. I rent in low cost of living areas (where house prices do not fluctuate as easily like LA) I ammore focused on cash flow than apprieciation.
      5. I am young with no kids. Maybe I am wrong. So I go under, declare bankruptcy and move in with friends having learned a lot along the way. (Some would argue this being a better dollar value than some colleges)
      6. Risk is proportional to reward
      Sep 27, 2020
  • Comcast
    jsuhf384

    Go to company page Comcast

    jsuhf384
    Everybody does by 40. By 35 for tech/medical power couples. 30 for DINK
    Sep 18, 2020 7
  • Boeing
    gbb73e9

    Go to company page Boeing

    gbb73e9
    Working at Boeing, you’ll be 40+ lol
    Sep 18, 2020 11
    • @Boeing. Did your rental property return more or stocks?
      Sep 18, 2020
    • Boeing
      OAlC75

      Go to company page Boeing

      OAlC75
      @microsoft not counting primary, the $120k in equity that I would have had had I sold my then-house-now-rental would be worth ~$175k today about 5 years later had I invested it in sp500 index.

      With appreciation + debt pay down + cash flow - expenses, I’m up conservatively $280k. Not taking into consideration the tax advantages, depreciation etc.
      Sep 18, 2020