7 figure net worth

[Atretes1]

UPDATE...Crazy to think about it but in less than 2 years I am 1.582 million already. I have been doubling my income with overtime so that helps. Housing prices on my investment properties are also helping. My base income now is just under 6 figures for perspective. I also foresee me slowing down on overtime. I retire in less than 8 years and at a minimum I would like to see my net worth being at least 3 million by then, but who knows the way I am going. I am 48 now and retiring at 56. Retirement funds, taxable accounts and cash are just under 900k of my net worth.

[bjl584]

Good job.
As long as we don't have a recession or economic slowdown over the next decade, you will probably hit 3 million before you retire.

How many investment properties do you own?
Are their values included in your net worth?

[kork13]

Crazy to think about it but in less than 2 years I am 1.582 million already. I have been doubling my income with overtime so that helps. Housing prices on my investment properties are also helping. My base income now is just under 6 figures for perspective. I also foresee me slowing down on overtime. I retire in less than 8 years and at a minimum I would like to see my net worth being at least 3 million by then, but who knows the way I am going. I am 48 now and retiring at 56. Retirement funds, taxable accounts and cash are just under 900k of my net worth.

The first million always takes the longest. My first million took ~12 years (starting from literal zero) ... and I crossed the $2M mark this year, ~5 years after hitting $1M. Who knows how long $3M will take, but I'd guess another 5-ish years, depending on market returns & our income going forward.

You've got 8 years to go, so if you average around 9-10% on your investments, you should easily get to no less than double where you're at today (rule of 72 --> 9% doubles every 8 years) ... likely closer to 3x, taking into account continuing contributions. It feels crazy to watch, because you're just doing your same old normal ... but your money builds up momentum & starts rolling, then eventually inertia takes over & you're just watching it grow.

[cypher1]

Crazy to think about it but in less than 2 years I am 1.582 million already. I have been doubling my income with overtime so that helps. Housing prices on my investment properties are also helping. My base income now is just under 6 figures for perspective. I also foresee me slowing down on overtime. I retire in less than 8 years and at a minimum I would like to see my net worth being at least 3 million by then, but who knows the way I am going. I am 48 now and retiring at 56. Retirement funds, taxable accounts and cash are just under 900k of my net worth.

That's great! I enjoy following/hearing other's success and progression as time goes by. At your rate along with the market I'm sure you'll hit 3M within 8 years. As you mentioned your current base income is close to 6 figures, mine is similar range (this summer I hit 7 figure NW as well). It just further proves that salary isn't everything, while staying disciplined and working with what you have for resources in the long run is more significant.

[disneysteve]

Another thing to keep in mind is that for many, portfolio growth doesn’t stop at retirement. Once you’ve amassed a few million the balance often continues to grow faster than you spend it. I retired this year but we are up over 500K YTD even though we’re now drawing from savings to live.

[Atretes1]

Good job.
As long as we don't have a recession or economic slowdown over the next decade, you will probably hit 3 million before you retire.

How many investment properties do you own?
Are their values included in your net worth?

I have 7 doors and yes they are included. Retirement funds, cash and taxable accounts are about 900k. The rest is properties and other assets

[Atretes1]

Another thing to keep in mind is that for many, portfolio growth doesn’t stop at retirement. Once you’ve amassed a few million the balance often continues to grow faster than you spend it. I retired this year but we are up over 500K YTD even though we’re now drawing from savings to live.

Yep agreed. I will also have a 6 figure pension and my rental income when I retire at 56. So retirement savings to me is just icing on the cake.

[QuarterMillionMan]

Frontline's "The retirement gamble" (2013). Old video but very informative.

The Retirement Gamble (full documentary) | FRONTLINE (youtube.com)

[Drake3287]

As a fellow public employee, congratulations. Just proves that nearly anyone can become a millionaire if they put their mind to it. And like you, my wife and I have never told anyone about our financial status, not even our kids. The financial freedom of being able to retire worry free is priceless.

[LivingAlmostLarge]

Interesting it took us 10 years starting from zero as well kork without home apprecation. The next few took a lot less years.