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I've grown the new money part of my net worth by more than $500K in the last 15 years. I accelerated my mortgage to pay it off in 6 years, tossed money in my 401(k), and saved/invested a slice of my after-tax stuff.
Right now, I have a Roth 401(k) maxed. I'm over 50 so that's $24,500. I get an employee contribution that rounds it up to about $30K per year. With zero market growth, that's $450K in 15 years just putting my personal finances on autopilot.
Theoretically, someone can do that in just one year or less, just find a job where you get paid $1 million after taxes, and don't spend more than $500,000 a year in your take home pay, easy, peasy, lemon squeezy!
But keep in mind that the S&P 500 has averaged an annual return of nearly 10 percent since 1928.
I was all set to criticize this claim, I had always heard 7% was the figure. Then I did a search and this number, with dividends included, is actually accurate. I'm a bit confused, is the 7% figure inclusive of NASDAQ, foreign markets etc?
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I read it as five years. Never post while the dog is insisting she needs to go out again.
