Quote:
Originally Posted by DoubleF
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.
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The only part that matters about their stories are the fact that they are making $167k after tax (in 2010 even).
With that much money, they could've bought 3 houses back in 2010. Their decision not to buy an "overpriced house" and rent instead cost them at least half a million dollars if not more than that (especially if they bought in "overpriced 2010 vancouver" or "overpriced 2010 toronto").
Saving is great, but everything is predicated on income. As I wrote in the OP, nobody ever got rich by saving. This couple get rich by earning more money - and that's what both Money moustache (MMM had 250k USD income back in 2002 or something like that) and this millennial revolution couple did. IMO THAT is the key to financial independence, not the "rent vs. buy" decision (only the latter is highlighted on their site though).