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Originally Posted by Fuzz
Oh, crap? Is that all I have to do? Save up a million? Well I've been doing this all wrong, I should have just saved the million that showed up on my door one day rather than paying for things like food and shelter.
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http://www.millennial-revolution.com...ndy-back-then/
If you read this section of the website, they essentially explain how they did it. They saved 1 million over 9 years. Part of it was shaving away waste, but if you really dig into what they're writing, they don't lie about the fact they make Started at about $60k after tax income to about $150k in after tax income. They go from 53% wage savings to 81% wage savings.
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Hopefully, I’ve managed to convey the fact that we are not that special, we didn’t do anything magical to get here, and we didn’t sit in our basement clipping coupons and eating cans of beans like hobos. All we did was:
Not buy an overpriced house
Walked or took public transit rather than buy a car
Kept track of where our money went
Found an honest, independent financial advisor who helped us invest
Got that? Becoming a millionaire is not about hitting a home run picking stocks. It’s about not shooting yourself in the foot. If you’re reading this thinking “Hey, that doesn’t sound so hard! Can I do it too?”
The answer is: Yup.
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IMO, those are reasonable points to follow and are points many others have been repeating in the thread. But as mentioned, it is exaggerated. Most of us won't be hitting 1 million combined net worth 8 years out of school. But the fundamentals of how they did it do seem sound. Savings/investments tallying up to over $100k a year average is pretty obscene though.
My wife and I chatted about having a combined net worth of $400k our 10 year relationship goal (paid off home plus savings) and 1 million net worth by our late 40s. We don't make the type of money these guys make (probably half of that) but things are looking good towards us meeting our goal. Watching the spending and not taking on excessive debt is a huge part of achieving this.