millionaires

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sockforbandi
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8:34a, 8/14/25
Just recently rolled over $1MM in our Fidelity account. 36 years old and married with 3 kids. My wife worked for the first 5 years of our marriage and has been a stay at home mom for the last 6. She just started back again as a teacher. Our household income has ranged from$100k - $175k during the last 10 years or so and it looks like we'll be around $250k+ for the foreseeable future now that she is back working. We've tried to always live below our means and stay consistent with saving.

Even when my wife was working before we budgeted all of our basic living expenses based on one income. We always wanted the flexibility for her to be able to stay at home, if needed, and knew that if we fully grew into a dual income then it would be tough to have options down the road once we had kids.

We've always been tithers and have given 10% to our local church and a small percentage to some other organizations. Frankly, that amount of giving has kept us from maxing our roths every year and taking some really nice vacations. However, we feel fortunate and blessed to have never gone a day without having the means to meet all of our needs.

Here's where we stand today:

Roth Index Funds: $40k
Rollover / 401k Index Funds: $873k
Company Stock / RSUs: $86k
Cash: $28k
Home Equity: $100k

Moving forward, we're looking to put more into our Roth savings and just continue to keep things simple. We don't really have an early retirement goal necessarily. I enjoy my job and have an easy 10 minute rural commute. My wife is back in her wheelhouse teaching Pre-K at a really good district. I'm sure we'll wake up at some point in the next 10 years and start to really consider what an early retirement could potentially look like, but we're not going to stress over that too much and just try to enjoy life.
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Caliber
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9:19a, 8/14/25
AG
With the recent market gains, we just crossed the $2million mark for total NW! 41(engineer)/39(teacher with 2 kids. Doing it all the boring way with index funds for the most part.

I think one of the biggest changes since passing $1million a few years back is that we have been working towards planning more in depth what we are retiring TO. We've started to list out the things we want to do, not just the big ticket items but thinking about some of the things we want to do day to day. Then we've started to figure out why we can't do some of that now or near future? A big part of the answer now is time, so we are working out how to do more in the time we do have.

To that end, we've expanded our garden further, we got chickens this year (my wife wants animals in retirement), Started early planning for the house/shop we want to build, things like that that we work in our day to day. We took a 2 week multistate national park road trip this summer and had ton of fun with that so we are just not spending, just spending on things that actually matter to us.

NW worth calculation numbers:
Retirement accounts/401k - $1,050,000 (about 40% of this is Roth 401k)
Brokerage/Cash - $370,000
HSA - $35,000
Home Equity - $400,000
529s - $160,000

Obviously my actually retirement planning number is lower when you remove the home equity and 529s from the math. My calculation has us hitting our FI numbers about the time our oldest graduates high school but will probably work till the youngest is finished with high school (2 years). I am thinking jumping to something lower stress in the next few years though to buy some more time, which due to compounding wouldn't really change the timeline as long as we are cover current expenses.

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EliteZags
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In reply to sockforbandi • 3:20p, 8/14/25
AG
sockforbandi said:


Roth Index Funds: $40k
Rollover / 401k Index Funds: $873k
Company Stock / RSUs: $86k
Cash: $28k
Home Equity: $100k


assume you've been maxing 401K ahead of Roth?
common rec is to contribute 401K up to match, then max Roth, then max 401K, to take most advantage of tax free gains

been maxing both for over a decade and somehow my Roth is within <100K of catching up with 401K balance, mostly due to being able to go more aggressive
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RightWingConspirator
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6:35p, 8/14/25
AG
What we've been able to accomplish sometimes amazes me. When I graduated from Rice back in '06 I had a negative net worth of about $35,000 not including home equity. In 19 years we've grown our net worth to over $4MM with just me working and my wife at home with my three girls. We also tithe 10 percent of our increase to our church. I make good money, but sometimes I feel that I don't make enough to have gotten us to the point where we're at now. That, I feel, is explained by providence.


Our breakdown is $1.4MM in 401k and Roth 401k; 422k in Roths; $82k in HSA, taxable assets sit at $1MM; $1.1MM in pension; $225k in home equity.
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Irwin M. Fletcher
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9:11p, 8/14/25
AG
Interesting thread, I dont really get on the boards much mainly just premium one occasionally so just discovered this thread. Here is my breakdown
$4 million net
$2 million in regular IRA
$500,000 in ROTH IRA
$310,000 in 401k (70% of that ROTH)
$150,000 wife's regular IRA
$35,000 wife's ROTH IRA
$70,000 in Schwab brokerage account
$$40,000 in real estate REIT
$60,000 cash
$60,000 in HSA
$775,000 home equity

I have lived frugally forever, read the millionaire next door about 30 years ago and aspired to that. Maxed out 401k with work and put money in ROTH accounts as well. My ex wife never worked and was able to put both my kids through college debt free. Never made a ton of money but did all right working in pharma as rep mainly specialty, working in biotech now as a rep. Just lived way below my means and made that a priority. The worst thing that happened was I got divorced, otherwise I'd have more so stay married if possible. I got re married also and hopefully this one works out!
When we were down, and we would come to Lubbock, you people would treat us like kings.-Paul Stanley of KISS
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Cyprian
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In reply to Irwin M. Fletcher • 9:30a, 8/15/25
AG
Irwin M. Fletcher said:
I have lived frugally forever, read the millionaire next door about 30 years ago and aspired to that. Maxed out 401k with work and put money in ROTH accounts as well. My ex wife never worked and was able to put both my kids through college debt free. Never made a ton of money but did all right working in pharma as rep mainly specialty, working in biotech now as a rep. Just lived way below my means and made that a priority. The worst thing that happened was I got divorced, otherwise I'd have more so stay married if possible. I got re married also and hopefully this one works out!


Nice, that's a good run. I'm about 10 years behind you on when I read that book. Millionaire Next Door was formidable for me as well. I read it around 20 years ago and "things clicked" on what I needed to do. I've been on a good run since then. It's a simple formula honestly. Live well below your means, invest your savings into equities, etc.

I agree about divorce - that's a financial killer for lots of folks, especially for men who pay into child support. I've seen that financially wreck some coworkers and friends over the years.
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GoAgs92
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9:38a, 8/15/25
AG
Looking to retire in 10 years...should have around $4.7 to $6M by then.
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GeorgiAg
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10:37a, 8/15/25
AG
My net worth would likely be double if I didn't divorce.

However, my ex used to spend money like water, so there's that. Current GF of 7 years is much, much more frugal, so it may work out in the long run.
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GeorgiAg
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In reply to GoAgs92 • 10:38a, 8/15/25
AG
GoAgs92 said:
Looking to retire in 10 years...should have around $4.7 to $6M by then.

I hope to be in the same range. Two of my law partners are in there 70s and still working. I hope to retire well before then or slow way, way down.
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Tex117
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10:42a, 8/15/25
AG
The boring way really is THE WAY.

Its definitely hard to do it this way as it is well...boring. CryptoBros, tech traders, and all of that are super flashy and happily yell to the world how much crypto has gone up. Real Estate people also have absolutely zero issue with telling the world how much zillow thinks their property has increased.

It always feels like everyone is making more money doing the flashy stuff than you because...they are telling you. (I think its tacky to talk about money in general, but for whatever reason, these investment classes, people talk about and is somewhat socially acceptable).

Then there are is the boring way. For whatever reason, its viewed more tacky to just say "yeah, my investment accounts are well over a million, and its not uncommon to make 20-30k in a day (or lose it for that matter)." That same person bragging about their crypto or real estate then, immediately, gets all scuffy.

Also, the boring way takes awhile to get going. Getting to that first million is a slog. There are alot of sacrifices to be made at a time in life when lots of others are really going HAM on spending (young families). But then, almost like when you wake up and find yourself old (you aren't that old, probably early 40s), you are a millionaire...where your money is going to make money for you and you will retire a multi-millionaire sometime in your 50s.

Its a classic tortoise and the hare.

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Proposition Joe
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In reply to Tex117 • 12:08p, 8/15/25
While I agree for the most part, I think that can be a dangerous mindset to have similar to the "yeah they have this and that but their parents helped them out!", or "the guy with the brand new king ranch truck is likely underwater on it!"

You shouldn't compare yourself to the joneses.

But if you care enough to compare yourself to the joneses, don't immediately discount what they have. Yes, a lot of people talk and show a big game without the means to back it up.

But a lot of people made a lot of money the last 10 years in tech/crypto/flavoroftheyear.
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oragator
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12:42p, 8/15/25
I think it was from the millionaire next door, but one sentence in it literally changed my life. It was roughly "if you are looking for the millionaire in your neighborhood, look for the person driving the old beat up car".
There was so much in that one sentence. Around humility, discipline, living below your means, the negatives of depreciating assets, and just quietly saving while letting others worry about the trappings and downsides that come with wealth.
I have lived by those basic ideas ever since. My car is old and beat up now, in fact someone at my somewhat snooty work (everyone there makes well into six figures and sends their kids to great schools etc) made sure to point it out to me yesterday. And I'll still drive it until the day it's more expensive to keep than buy new. It's quietly a source of pride.
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Tex117
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In reply to Proposition Joe • 2:36p, 8/15/25
AG
Proposition Joe said:

You shouldn't compare yourself to the joneses.

The Joneses wasn't really my point. It was a description of a certain type of person (they tend to tell you how well their asset classes do) in certain asset classes and why boring can really feel boring (because its less socially acceptable to brag about how much a basic brokerage/401k goes up). But is incredibly effective long term.

But, one shouldn't compare themselves to the Joneses anyway. I didn't say anything about parents helping them out...or whatever.





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Cyp0111
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In reply to oragator • 2:51p, 8/15/25
I don't think that's always the case or even close to the case. It's a literal way to say live below your means.
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oragator
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In reply to Cyp0111 • 3:51p, 8/15/25
Of course it's not always true, I was just saying that the underlying point that was being made resonated with me. Wealth isn't about the car you drive, the house you own etc. in fact, sometimes those can be detriments to true wealth. For most people who eventually hit their number, it's about having the discipline to live below your means, or at a bare minimum not overextend, for decades. And have a basic financial literacy as you go. The car is just a great example because it's outward facing, a depreciating asset and a source of pride or symbolism for so many.
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Proposition Joe
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In reply to Tex117 • 4:31p, 8/15/25
Tex117 said:
Proposition Joe said:

You shouldn't compare yourself to the joneses.

The Joneses wasn't really my point. It was a description of a certain type of person (they tend to tell you how well their asset classes do) in certain asset classes and why boring can really feel boring (because its less socially acceptable to brag about how much a basic brokerage/401k goes up). But is incredibly effective long term.

But, one shouldn't compare themselves to the Joneses anyway. I didn't say anything about parents helping them out...or whatever.


Like I said I agree with the bulk of your post, but you made the tortoise and the hare comparison -- implying that those cryptobros and the like got out to a fast start and like to point out how fast they've accumulated wealth but the guys grinding away making sacrifices at their corporate job socking x% away every year will be the ones to finish the race first.

And I'm pointing out that if you're going to play the comparison game, you shouldn't assume the "hares" aren't going to finish the race first. Because many of them are -- in fact I'd say just from an overall wealth standpoint those hares (cryptobros, tech traders) will make up a far larger percentage of newly minted millionaires/multi-millionaires/whatever than the tortoises slogging away at their W-2 jobs.

To use another animal analogy -- there are a lot of different ways to skin a cat. Don't assume the guys doing it faster than you aren't also doing it better.

Be happy getting to where you want to get, don't try and cheapen others who are where they are.
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Irwin M. Fletcher
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In reply to Tex117 • 5:10p, 8/15/25
AG
Tex117 said:
The boring way really is THE WAY.

Its definitely hard to do it this way as it is well...boring. CryptoBros, tech traders, and all of that are super flashy and happily yell to the world how much crypto has gone up. Real Estate people also have absolutely zero issue with telling the world how much zillow thinks their property has increased.

It always feels like everyone is making more money doing the flashy stuff than you because...they are telling you. (I think its tacky to talk about money in general, but for whatever reason, these investment classes, people talk about and is somewhat socially acceptable).

Then there are is the boring way. For whatever reason, its viewed more tacky to just say "yeah, my investment accounts are well over a million, and its not uncommon to make 20-30k in a day (or lose it for that matter)." That same person bragging about their crypto or real estate then, immediately, gets all scuffy.

Also, the boring way takes awhile to get going. Getting to that first million is a slog. There are alot of sacrifices to be made at a time in life when lots of others are really going HAM on spending (young families). But then, almost like when you wake up and find yourself old (you aren't that old, probably early 40s), you are a millionaire...where your money is going to make money for you and you will retire a multi-millionaire sometime in your 50s.

Its a classic tortoise and the hare.


Agree with this. One thing I'll also say is a lot of people on this thread have talked about wanting to enjoy life and not worried about how much they accumulate. I'm 54, and I lived below my means but we still enjoyed vacations and doing a lot of things. Even able to send my kids to private school. I also have had season tickets to A&M games for 15 years with my good friends. My wife even drove a Lexus but I bought it used and never had debt on a car. Had a very reasonable mortgage. I'll just say this I agree everyone is different and I really enjoy just saving and investing, like Warren Buffett does. Just watching it grow. Others want other things and that's great, but if you aren't putting at least 15% of your income in retirement or investments and don't have at least three months of expenses in cash and you're going out to eat or making car payments on a depreciating asset you are a stupid person period. This is not an opinion, it just is. At least do 15% and 3 months, after that do what makes you happy.
When we were down, and we would come to Lubbock, you people would treat us like kings.-Paul Stanley of KISS
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harge57
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In reply to Proposition Joe • 5:27p, 8/15/25
AG
Proposition Joe said:
Tex117 said:
Proposition Joe said:

You shouldn't compare yourself to the joneses.

The Joneses wasn't really my point. It was a description of a certain type of person (they tend to tell you how well their asset classes do) in certain asset classes and why boring can really feel boring (because its less socially acceptable to brag about how much a basic brokerage/401k goes up). But is incredibly effective long term.

But, one shouldn't compare themselves to the Joneses anyway. I didn't say anything about parents helping them out...or whatever.


Like I said I agree with the bulk of your post, but you made the tortoise and the hare comparison -- implying that those cryptobros and the like got out to a fast start and like to point out how fast they've accumulated wealth but the guys grinding away making sacrifices at their corporate job socking x% away every year will be the ones to finish the race first.

And I'm pointing out that if you're going to play the comparison game, you shouldn't assume the "hares" aren't going to finish the race first. Because many of them are -- in fact I'd say just from an overall wealth standpoint those hares (cryptobros, tech traders) will make up a far larger percentage of newly minted millionaires/multi-millionaires/whatever than the tortoises slogging away at their W-2 jobs.

To use another animal analogy -- there are a lot of different ways to skin a cat. Don't assume the guys doing it faster than you aren't also doing it better.

Be happy getting to where you want to get, don't try and cheapen others who are where they are.


Highly doubt it. Look at the Ramsey millionaire study. Vast majority are middle income w2 workers. Maybe there has been a drastic change in the last few years, but i doubt it. Just look at this thread full of millionaires. Not a bunch of "tech bros".
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Leeman
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In reply to harge57 • 5:41p, 8/15/25
harge57 said:
Proposition Joe said:
Tex117 said:
Proposition Joe said:

You shouldn't compare yourself to the joneses.

The Joneses wasn't really my point. It was a description of a certain type of person (they tend to tell you how well their asset classes do) in certain asset classes and why boring can really feel boring (because its less socially acceptable to brag about how much a basic brokerage/401k goes up). But is incredibly effective long term.

But, one shouldn't compare themselves to the Joneses anyway. I didn't say anything about parents helping them out...or whatever.


Like I said I agree with the bulk of your post, but you made the tortoise and the hare comparison -- implying that those cryptobros and the like got out to a fast start and like to point out how fast they've accumulated wealth but the guys grinding away making sacrifices at their corporate job socking x% away every year will be the ones to finish the race first.

And I'm pointing out that if you're going to play the comparison game, you shouldn't assume the "hares" aren't going to finish the race first. Because many of them are -- in fact I'd say just from an overall wealth standpoint those hares (cryptobros, tech traders) will make up a far larger percentage of newly minted millionaires/multi-millionaires/whatever than the tortoises slogging away at their W-2 jobs.

To use another animal analogy -- there are a lot of different ways to skin a cat. Don't assume the guys doing it faster than you aren't also doing it better.

Be happy getting to where you want to get, don't try and cheapen others who are where they are.


Highly doubt it. Look at the Ramsey millionaire study. Vast majority are middle income w2 workers. Maybe there has been a drastic change in the last few years, but i doubt it. Just look at this thread full of millionaires. Not a bunch of "tech bros".


Uh...
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EliteZags
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5:45p, 8/15/25
AG
some of us did it both ways, slaved away w2 like 12 years, put it into tech and made more in 2 years than entire career
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Proposition Joe
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In reply to harge57 • 5:53p, 8/15/25
harge57 said:
Proposition Joe said:
Tex117 said:
Proposition Joe said:

You shouldn't compare yourself to the joneses.

The Joneses wasn't really my point. It was a description of a certain type of person (they tend to tell you how well their asset classes do) in certain asset classes and why boring can really feel boring (because its less socially acceptable to brag about how much a basic brokerage/401k goes up). But is incredibly effective long term.

But, one shouldn't compare themselves to the Joneses anyway. I didn't say anything about parents helping them out...or whatever.


Like I said I agree with the bulk of your post, but you made the tortoise and the hare comparison -- implying that those cryptobros and the like got out to a fast start and like to point out how fast they've accumulated wealth but the guys grinding away making sacrifices at their corporate job socking x% away every year will be the ones to finish the race first.

And I'm pointing out that if you're going to play the comparison game, you shouldn't assume the "hares" aren't going to finish the race first. Because many of them are -- in fact I'd say just from an overall wealth standpoint those hares (cryptobros, tech traders) will make up a far larger percentage of newly minted millionaires/multi-millionaires/whatever than the tortoises slogging away at their W-2 jobs.

To use another animal analogy -- there are a lot of different ways to skin a cat. Don't assume the guys doing it faster than you aren't also doing it better.

Be happy getting to where you want to get, don't try and cheapen others who are where they are.


Highly doubt it. Look at the Ramsey millionaire study. Vast majority are middle income w2 workers. Maybe there has been a drastic change in the last few years, but i doubt it. Just look at this thread full of millionaires. Not a bunch of "tech bros".


I probably should have simply said multi-millionaires, as many have brought up before over the last 10-15 years since the thread inception the term represents completely different things.

That being said -- there were 17.9 million US Millionaires in 2018.

There's almost 24 million now.

That jump ain't a lot of people suddenly discovering 401k company match. Big tech, stock options, bitcoin and real estate were the drivers of large wealth accumulation during the last decade. Slow and steady still finishes the race, but there's been insanely fast wealth accumulation by many the last ten years.

And I can't speak for certain, but it appears as though the Ramsey Millionaire Study took much of it's data from... Ramsey listeners. They've kept the source/raw data hidden, which leads me to believe its more of a Ramsey Millionaire Marketing Package.
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Thunderstruck xx
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In reply to Proposition Joe • 6:16p, 8/15/25
Dave Ramsey's company is like a cult. It may help people who are financially illiterate, but once you learn the ropes, it's best to start learning other financial perspectives.
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Irwin M. Fletcher
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In reply to Proposition Joe • 6:54p, 8/15/25
AG
You are correct in the Ramsey study pulled mainly from his listeners; however, his data as well as millionaire next door data shows majority of millionaires just are the ones that are disciplined investors and live below their means. Of course there are the ones that do it quickly in various ways whether that's sell a business they've stated or a crypto bro. They are still in the minority though. A lot of people that try and obtain wealth that way will fail. The ones that do it the millionaire next door way and stick to it will succeed. It's boring but will work.
When we were down, and we would come to Lubbock, you people would treat us like kings.-Paul Stanley of KISS
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YouBet
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In reply to Irwin M. Fletcher • 7:07p, 8/15/25
AG
Quote:
My wife even drove a Lexus...


Wow. We got a freaking Rothschild on this board.








(J/k - my car is 9 years old and probably going to drive it into the ground)
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Irwin M. Fletcher
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In reply to YouBet • 7:25p, 8/15/25
AG
YouBet said:
Quote:
My wife even drove a Lexus...


Wow. We got a freaking Rothschild on this board.









(J/k - my car is 9 years old and probably going to drive it into the ground)


LOL! Yeah we bought it a few years used and drove it for may year after that.
When we were down, and we would come to Lubbock, you people would treat us like kings.-Paul Stanley of KISS
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Pacifico
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In reply to Thunderstruck xx • 7:26p, 8/15/25
AG
Thunderstruck xx said:
Dave Ramsey's company is like a cult. It may help people who are financially illiterate, but once you learn the ropes, it's best to start learning other financial perspectives.

Do you know anyone who is financially literate I can send all my money to?
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EliteZags
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7:29p, 8/15/25
AG
If your net worth is above zero, Dave Ramsey has zero to offer you
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bagger05
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7:37p, 8/15/25
AG
DR was doing the guru grift before it was cool.

Seems like he's helped a lot of people, though. "Save more and spend less and you will have more" isn't exactly a terrible message.

If you're going to pick an online financial guru you could do a lot worse.
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Aggie09Derek
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In reply to Irwin M. Fletcher • 8:08p, 8/15/25
AG
That's also because vast majority of people are W2 types

Now do percentages of business owners who are millionaires vs percentage of normal W2 types.

He loves to do those type of things - most common car for a millionaire is xyz.
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Aggie09Derek
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In reply to bagger05 • 8:09p, 8/15/25
AG
He's the OG course guy and hard to call him a scammer since his thing is hard to argue with - spend less and save more.
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bagger05
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In reply to Aggie09Derek • 8:16p, 8/15/25
AG
Aggie09Derek said:
He's the OG course guy and hard to call him a scammer since his thing is hard to argue with - spend less and save more.

His advice is sound but what he has in common with scammers is that the way he got so rich was by selling courses, not doing the things he says in the courses.

Again at least the core message is solid.
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Aggie09Derek
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In reply to bagger05 • 8:16p, 8/15/25
AG
Agree
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oragator
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In reply to bagger05 • 8:17p, 8/15/25
Agree, the problem with the online guys though is that everyone's financial situation, retirement income streams, priorities before and during retirement, risk appetite, future plans, life expectancy etc are so unique. They all need customized advice or knowledge, even if some of the basic tenets are always true.
My advice is always that something that will be important from the time you are in your early twenties until you die is something you should absolutely dive into and learn for yourself. No one outside your close friends and family truly has your best interests at heart, and it's decades of work, blood sweat and tears in those numbers we are talking about. It is among the most important things you will do. Nothing wrong with hearing opinions or learning the basics from a guy like him, but if someone is 10 or 20 years in and he's still their go to, it's probably not gonna end nearly as well as it could have for them. And it's absolutely learnable, just takes time, diligence, curiosity and some confidence, as many of the posters here show.
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Aggie09Derek
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In reply to Aggie09Derek • 8:21p, 8/15/25
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And good for 75% of people probably.
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BenTheGoodAg
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In reply to bagger05 • 8:32p, 8/15/25
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bagger05 said:
Aggie09Derek said:
He's the OG course guy and hard to call him a scammer since his thing is hard to argue with - spend less and save more.

His advice is sound but what he has in common with scammers is that the way he got so rich was by selling courses, not doing the things he says in the courses.

Again at least the core message is solid.

I know a dentist that is an absolute trainwreck with his money and could definitely benefit from following Dave's plan. He's almost 40 and I would guess his net worth is negative. His big beef with Dave is that he sells his curriculum for a profit, so out of spite he won't follow any of his advice. This guy is like $330k in student loan debt (ie money he paid for an education), but he thinks paying $100 for a financial class is somehow a scam.

I guess the point being, I don't think it is scammy for Dave Ramsey to have made money on his curriculum if you agree that his plan and the information he teaches is actually helpful for a lot of people.

Not defending everything DR does, but I've got no problem with him getting rich doing what he's doing.
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