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For a healthy young person willing to work hard (full time) it is not hard to imagine. When I was 20 years old in 1979, I had approximately $20K in net worth. $20K in 1979 is like $59K today. Like Fourlug, I had the benefit of living at home with minimal rent.
$30 or $35 an hour, plus some OT will get you to $80K real fast.
When I was 20, I had a net worth of all of whatever was in my pocket at the time. I graduated high school in 1999 and moved from small-town Iowa out to Phoenix to attend the engineering school at ASU. I had a little money saved up, my 1998 Chevy Blazer, and a few pieces of furniture.
I was lucky enough to have parents that had money to pay my way through school as well as buy me a townhouse. I didn't really feel privileged at the time but looking back, I had it better than many others who had to struggle to pay their way through school. I still felt broke eating ramen a few times a week, buying off-brand items to save a few bucks, etc I didn't feel very lucky at the time.
After graduating from engineering school, I didn't get an engineering job right away but after I pursued it for a few years, I landed a very comfortable, well-paying job at a defense firm and have been working there ever since. I've steadily saved up money throughout the years, a percentage of each check goes straight into the bank and a smaller percentage goes into a mutual fund. Now I'm 30 years ago and have a good chunk of change saved up for a rainy day. Moved out of the townhouse that I lived in for the past 10 years and bought my parents home when they decided to purchase a bigger house (I thought you were supposed to downsize once you retired...not them).
I wouldn't classify myself wealthy at all but I feel I'm on my way to becoming comfortable in life. Nice home, newer vehicles, beautiful fiance, and a stable job. I do feel lucky.
When I was 21 I had the net worth of getting out of Vietnam still alive. I thought that was pretty valuable. My current net worth is just about the same. If I win the Lottery I will spend a bunch on toys and real estate and give the rest to Fidelity with instructions to make it last. I would treat a win as a generous pension and spend within my means as I always have.
You want mandatory counseling, sure we don't need to increase taxes, lets just increase debt
The NFL players need to be asking it of their employers the NFL, as an employee benefit. The NFL can pay players millions. Some financial counseling to manage those millions wouldn't cost that much.
Not everyone is advocating government sponsored solutions, so you can stop the paranoia, ok?
When I was 20, I had a net worth of all of whatever was in my pocket at the time. I graduated high school in 1999 and moved from small-town Iowa out to Phoenix to attend the engineering school at ASU. I had a little money saved up, my 1998 Chevy Blazer, and a few pieces of furniture.
I was lucky enough to have parents that had money to pay my way through school as well as buy me a townhouse. I didn't really feel privileged at the time but looking back, I had it better than many others who had to struggle to pay their way through school. I still felt broke eating ramen a few times a week, buying off-brand items to save a few bucks, etc I didn't feel very lucky at the time.
After graduating from engineering school, I didn't get an engineering job right away but after I pursued it for a few years, I landed a very comfortable, well-paying job at a defense firm and have been working there ever since. I've steadily saved up money throughout the years, a percentage of each check goes straight into the bank and a smaller percentage goes into a mutual fund. Now I'm 30 years ago and have a good chunk of change saved up for a rainy day. Moved out of the townhouse that I lived in for the past 10 years and bought my parents home when they decided to purchase a bigger house (I thought you were supposed to downsize once you retired...not them).
I wouldn't classify myself wealthy at all but I feel I'm on my way to becoming comfortable in life. Nice home, newer vehicles, beautiful fiance, and a stable job. I do feel lucky.
To be clear, I used my $20K nestegg to finance a college education and started from scrtach again at 25 years old. However, I did reach 1 million in net worth by 45 years old. But, as stated above, $1 million ain't what it used to be!
To be clear, I used my $20K nestegg to finance a college education and started from scrtach again at 25 years old. However, I did reach 1 million in net worth by 45 years old. But, as stated above, $1 million ain't what it used to be!
I'd agree with you there, $1 million is not what it used to be. When I think of "millionaire" I think of someone jetting off in private jets, driving a Bentley to his chateau in the South of France, or golfing at Augusta National. How times have changed...
I don't really count "hard assets" when determining a net worth. If you have a million in stocks, bonds, bank accounts, mutual funds, etc etc...then I consider that particular person a millionaire since all these things can be liquified if need be. I know a few people who fit this description but I know many more who are millionaires if you count their home, vehicles, land, etc etc. Just depends on the criteria you use.
For a healthy young person willing to work hard (full time) it is not hard to imagine. When I was 20 years old in 1979, I had approximately $20K in net worth. $20K in 1979 is like $59K today. Like Fourlug, I had the benefit of living at home with minimal rent.
$30 or $35 an hour, plus some OT will get you to $80K real fast.
If I was living at home I'd be saving a heck of alot more money.
12 hours a day, 44 hours reg time and 40 hours OT every week. Work 2 weeks in 1 week off. But thats not what I do.. I'm on the well servicing side of things. My company has hired over 400 people since may.
A company down the road (High Arctic Energy Services) is now offering a $20k bonus after staying with them for only 6 months!
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