apparently 2.5M net worth is poor for non-blinders too
I am a recent MSFT aluminus. I went to the bank to make sure nothing is affected before changing employers. The person quite enthusiastically offered financial services, remarking that they'd like to help individuals like me who usually park their stocks in tech and do not diversify. anyways, a few minutes into the conversation, i was answering questions to compute my networth. Until now, I had been foolishly been assuming I'd done decent for my TC and past savings status, # of dependents , etc. I was quite dismayed when the person (losing their enthusiasm as i was no longer a high value customer in their eyes) exclaimed that he's seen people in early 30s have 5M portfolios š³. I was embarrassed but also awestruck. That's a lot of fucking money and it definitely bruised my responsibly-save-spend-judiciously ego. there are a lot of threads around blinders thinking 1M is poor and 10M is when one considers rich. But this is us, tech people who are living a bubble and have little idea just how great a life we all have with cushiony jobs ans great great nest eggs. The bank person is obviously non-tech, non-blinder. this is not a troll. i an just sharing this to get it off my chest as it's been silently eating from inside. keeping up with Blind tradition: new TC is ~500K ish. old TC at Msft had been 250K. wife recently started working, now as vendor. 1 kid, one on way. net worth comes from stocks and primary and rental house appreciation. UPDATE: I am in my late 30s, not early. made the bankers comment even more salty. š¢ &š
it's... it's definitely more than bank employees make. not sure why he was being a dick about it. (I grew up poor and my mom worked at a bank, the pay isn't amazing)
Correct. HNW doesn't start until 7 to 10m as of late. 2.5m is obviously great and there are less than 20 million millionaires in the US but don't expect the red carpet from banks or calls from ibankers. Congrats on the move to market comp!
How old/wealthy do you look? Can't imagine a bank employee who would put down someone who might park millions? Either the employee is trolling or you are?
Not scoff but he said in a way to set my expectations about the service I'll get. Or maybe he was trying to tell me that I didn't do well on my own managing my funds. Who knows?
Seems uncalled for, unless you blew a lottery. 2.5 million is not "poor", though Blinders might disagree.
Financial advisors charge fees based on the assets of the clients they manage. There's a lot of fee pressure in the industry so 2.5M simply may not be enough for him to justify his services. The most relevant benchmark is this: How high is your NW relative to your expenses? And don't feel poor. 2.5 M is definitely FU money. Edit: FU money = Enough to walk away from a job that you don't like. NOT the same as FI.
I think op has done decently too but come on, 2.5M is not FU money
2.5 million was FU money maybe 50 years ago lol
Where are you joining now ?
The fangs in the FANG š
Banks are in general shit for financial services; I can index fund invest myself without some bloodsucker bankster in the middle pushing me to their high fee investment vehicles. That said, itās not uncommon for people to have 5M+ liquid not including house early in life especially with both partners working, youāre still solidly middle class with only 2.5M, if that includes home equity youāre still basically poor.
Wow...
Thereās is no place on earth where 2.5 mil NW is āpoorā unless you plan to live off it for 30 years with no other income. Stop trolling. 2.5m net worth is upper middle class.
If your current bank doesnāt appreciate you, first republic bank will take your 2.5mil any day. Costco all the way. People who dress down and drive a beat up 15 year old Honda Civic are usually the richest clients.
I'm 31 and have $30k NW lol fml.
At least it's not negative lol.
Agreed. Majority of Americans have negative NW, even the ones doing well.
OP, relax, youāre doing amazing. Very very very few people in their early 30s have a 5M net worth or even 2.5M. If they do, itās common for a huge portion of this to be inherited. Even on Blind.
Thanks. Am in my late 30s. Partner has just started working so we are kinda late to the dual income group. I donāt have any regrets around that. I didnāt get top comp at msft in the latter years (got a few gold stars when they still used to hand them). Spent those as down payment for the awesome house we live in.
Congratulations! How did you go from 250K to 500K?
Gracias! I picked up Algorithms book, pretended to understand the true CS theories. Picked up LC premium and cancelled Netflix at home.
I need to get rid of f***ing Netflix subscription. I am wondering if everyone started thinking like this then Netflix wonāt be able to pay high TC.