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Not true. I have a friend who has 1.4mil in his investment accounts(mostly Roth IRA and 401k) by age 35. He started around 25. He does mostly low cost index fun
by shinta42 10y ago
Not true. I have a friend who has 1.4mil in his investment accounts(mostly Roth IRA and 401k) by age 35. He started around 25. He does mostly low cost index funds from Fidelity and Vanguard.
- hossbeast 10y agoDoes he have any oceanfront property for sale in Indiana?
- shinta42 10y agono he is still renting, he also eat a lot of instant noodles due to his economical style of living.(not joking)
- phlo 10y agoAssuming his investments gained by 10% a year (which is extremely optimistic), he would have had to save $80k per year. Only a small minority of people have the required income to do that; especially at 25.
- shinta42 10y agoall I know is he started from scratch(no money passed from family). He started investing after college, after losing money to stocks for 1 or 2 years, he got into low cost index funds. Right now he is 37 and got about 1.5 mil in his account (mostly 401k and individual after tax). He started entry level position in a fortune 500 company (chemical) after college and have not changed job.
- shinta42 10y agoupdate: his contribution was 638k past 10 years. employer contribution was 87k. And bulk is in 401k and individual after tax, not Roth.