1M by 30? Possible?

Aug 18, 2021 34 Comments

Currently 25, about to turn 26 in a couple of months. Current NW- 140k

what can I do to achieve the target of 1M by 30?

Already millionaires- What exactly do/ did you guys invest in and how much per month to achieve 1M nw?

In the process of becoming millionaires- how do you plan your finances and have targets per age?

TC 150k
Yoe- 3.5 yrs

#personalfinance #investments #networth

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  • Depends on location but if you expecting kids then save on cash for up to 50k. After that 70 percent goes to investing do whateverTF you want with the rest.
    Aug 18, 2021 6
  • Amazon
    SEATC?

    Go to company page Amazon

    SEATC?
    Yes, I hit 1M a month before turned 30. No it wasn't from holding a ton of AMZN or anything, sold all vests and diversified into etfs. Maxed out 401k/IRA since first day.
    Aug 18, 2021 2
  • Uber
    zvkv11

    Go to company page Uber

    zvkv11
    Most important is to just earn more. Focus on high earning companies like fb, G, Uber, etc.
    Aug 18, 2021 1
  • Assuming 10% returns in the market, if you save 130k a year for the next 5 years starting at 140k you'd be a millionaire.

    If market returns are higher or lower, you can adjust along the way.

    If you can't save that much under current income and expenses, then either, go make more money, or spend less. Side hustles!

    Alternatively, you could increase your gains (or losses) in the market by employing leverage. This increases your risk, so you could easily end up with much less. Also you can follow wallstreetbets and yolo your way there if your lucky.

    Although the easiest way is to extend your timeline. With 10% returns in an index fund, if you save 20% of your income (30k), you'd have a million dollars by the time your 37. Compounding earnings gets you over $10 million if you continue to save 30k till your 60 at an average 10% return.
    Aug 18, 2021 0
  • Google
    LizardFoot

    Go to company page Google

    LizardFoot
    I didn't break 1M until I was 33. I started saving aggressively after I turned 29. Everything before that was school or working to pay for school.

    You can do it if you can save >60% of your take home pay. Just park it in a good ETF like QQQ
    Aug 18, 2021 5