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In my case I have never married so no dual income, this makes it a bit tougher to accumulate wealth but at the same time I have never divorced which I have seen totally decimates a person's wealth. I also don't have kids which is a big financial responsibility so I guess that helps.
A friend of mine is a six figure earner but I can see his stress, two kids, child support, alimony to the ex and now he is courting this woman who not only makes very little income but she constantly asks him for money - rent money, expects to be wined and dined, asks him to take her 3 kids out (loser biological father is nowhere in the picture and has long since absconded from his responsibilities)... my point is that I think choice of romantic partner can definitely make or break financial goals. But it can also be challenging to find a partner who is financial savvy these days.
You're in extremely good shape if it's all you.
A childless couple is a ruthlessly efficient earning machine.
You may double your income but your costs don't come anywhere close to being double what they were.
If me and my girlfriend made the same amount we do and just kept socking away, we'd reach 1Mill cash. It would take many years, but we could.
Just in my IRA-SEP, Hit it around age 54. Gave half of it to the Ex wife at age 58 then hit it again at 63.
Guess that makes me a 2 time millionaire. Funny we were talking the other day and she was complaining cause she feels like she's got to work until at least 67. I really wanted to say something but I held my thoughts.
I "gave up" my piece of my ex's pension when we divorced...right now I have double what he has invested and he's 7 years older than me. So I feel a little bit sorry for him and he needs the pension more than I do since I have one of my own anyway. He was always big on buying pricey new cars and he never outgrew it....among other things.
I hit it within the last 12 months, age 53. I was creeping up on the 1/4 mil mark back in '10ish @ the bottom of the recession, so it's been quite a ride.
It felt great for about 45 minutes. After that it quickly wore off. I asked myself "what next?" - nowhere to go now but the TWO mil mark. It'll come in 7-10 years and won't have near the gravity of my first $10,000. Now THAT was an event!!
When I update my Quicken net worth numbers the extra comma really throws me off - very cumbersome - but I'll take it all day long.
We are in our early 30's. My calculation comes out to age 58 if I am just counting my own retirement accounts. The wife has a small retirement account from when she was working, but we had a child and are on one income (mine) for likely a few years and we may have another child in the next few years which could extend that further. I wouldn't give it up for any amount of money though.
I also have a brokerage account that has money in it, so realistically I am hoping 50 years old for us.
Earlier this year we hit the $100k in the combination of all our investment money. I really thought that was neat and was proud of our savings as we aren't super high earners.
When the wife returns to work that should help things tremendously but having kids is not only expensive, it can limit what you are able to put into retirement accounts, especially when funding things like 529 plans as well. I set my 401k at 12% though and do not plan to touch it no matter what. If we can't live on my take-home paycheck with a 401k set at 12%, we need to cut our spending not my contribution to retirement!
This forum has been really helpful in tips and reminders about retirement and investment planning. Appreciate all the input here!
My guess is it will happen around age 40, although that may change when my wife and I have kids. We're in our early 30's right now. A recession could also delay things a little. When it was just me, I was estimating about age 50, but with my wife's income and investments added in the time frame has reduced quite a bit.
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