How long did it take you to get from 1.5m to 3m net worth? Which year did it happen? What are some important tips to keep in mind tc 220 nw 1.5 yoe 14
As long as it took from 0 to 1.5m
Yoe? It should take half the time it took you for. 750k to 1.5m
Why is that? 1.5 to 3 is twice as much money. Plus markets are likely to suck for years. Could take 3x as long.
It took me 10 years to go from 93k to $2.6M, i didnt start investing till first 4 years of my job not even 401k (regret it so much).
3 yrs
Details please
What you want to know
Three years
Depends how you got to 1.5m. 1. You saved - then it'll take little less time than the first half but mostly the same. Your wage goes up, but cost also goes up as u get older 2. You invested - depending on your average return you can just use a compound calculator. 1.5m to 3m at 9% a year is roughly 8 years. Why 9% it's average return of S&P. If you can beat S&P then you probably arent asking this question. 3. You got it through gift/lottery/luck - start thinking how to grow it, invest or start business. Either way you will lose in the beginning. How much idk, depends how hard u work
Correct, i get the investing theory. But it’s always interesting to learn from actual experiences when it happens.
It was easier to make money in the last decade investing in FAANGs. Not anymore. It’s definitely going to take longer now.
Congrats on your NW. It took me about 2-3 years IIRC. A few things that I realized over the past few years. - Reduce volatility in your portfolio. Don’t be overexposed to any one asset class. Diversify consistently and strategically. Have gotten impacted by many stock crashes over that period. - A big reason for the growth was the stock portfolio and investments in real estate. Had successful exits which elevated my NW. - As you grow your TC, optimize your tax bill. Understand that the tax code favors businesses over regular income. Don’t beat it, use it to your benefit. Broadly speaking, taxes are higher on W2 income, then stocks, and lowest in real estate and businesses. Overall, real estate is where I continue to diversify into from stocks and 401k. It has allowed me build a stable growing portfolio and additional income streams. In the end, remember that money is not the be all end all. Prioritize your health, family, and happiness.
I think there isn’t anything too surprising to speak of, but some common ones are: 1. House - your NW goes up when the house appreciates over time 2. Stocks - same thing 3. Job - income usually goes up over time, so you can end up saving more money as long as you don’t overspend How long it’ll take to go from 1.5 to 3M depends on your own situation. It’ll take maybe 10 years or so?
YoE? And how is your Nw 1.5?
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