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> Is the 'millionaire dream' still an impossible feat for most? And if having a good startup can't guarantee it, what could? Having a net worth over a million
by consilient 3y ago
> Is the 'millionaire dream' still an impossible feat for most? And if having a good startup can't guarantee it, what could?
Having a net worth over a million dollars is completely normal for middle-aged professionals, at least in the developed world: in the US it puts you at about the 90th percentile. Having a million in liquid assets is much rarer, but still easily attainable on a FAANG salary.
- krishnaislove 3y ago> Having a million in liquid assets is much rarer, but still easily attainable on a FAANG salary. Is it possible to reach that figure by 30 while living modestly?
- dagw 3y agoBack of the envelope math gives me that if you can stick $85K a year into an investment that gives 10% annual returns you'll have a million in 8 years. So in theory it should be just about doable if you get a really well paying job right out of college (with no student loans) and have a bit of luck on the investment front.
- krishnaislove 3y agoI think even 50% of that (liquid assets) would be quite cool but yeah, getting rich by salary alone is quite difficult it seems which leaves many with no choice but to enter the field of business.
- dagw 3y agoIf your willing to work until you are 40 rather than 30 then it's enough to save $35k a year on 6% annual return, something that is slightly more reasonable to do.
- krishnaislove 3y agobut, inflation. A million dollars in 2040 might not be as powerful as today :(