Poll: > $100k in income, > $1M in invesments?

[zetta]

Just wondering how many of us here are either in this financial demographic, or striving to reach it?

[jodi]

Dh and I will probably never come close to $100k combined (I think our best year, with us both working FT, was about $60k), but we'd still like to reach $1 million by retirement. We've got about $40k in our Roths (never had access to a 401k in any of our jobs) at age 30 - still a long way to go, but a lot of time left too.

[jIM_Ohio]

Income was there (gross anyway) in 2006 tax return.

Savings will be there, not sure when. A 5 bagger will get me there tommorrow.

[Spud]

zetta - Do you include equity in your house as part of your investments, as far as the poll goes?

[texastek76]

zetta - Do you include equity in your house as part of your investments, as far as the poll goes?

I would include it. The question might have also been asked regarding net worth, not "investments".

[aida2003]

I think home equity doesn't belong in investments unless currently you've got a very expensive house (and probably live in the expensive area) and plan to downsize by retirement. In that case I'd take as an estimated difference which would be contributed to the investments later. Or another case if you plan to use your home equity to obtain a reverse mortgage.

Just my 2 cents.

[MonkeyMama]

Not there, though have been on 2 incomes.

I expect to reach six figures in the future again, even on one income. By the time I am 40. Of course, the other side of the coin is I will probably switch to part time then. So, maybe not. Right now I don't really see the point of working for much more than $100k (today and today's dollars anyway). I mean I could quit my job and go all out and find a six figure job today, but I wouldn't be happy.

As far as $1 mil, we need a hell of a lot more than $1 mil to retire. (Considering inflation and longevity, etc., etc.)

$1 mil? Around age 45-50 I would guess. At our current rate. This may speed up considerably if spouse returns to work. Goal for retirement is more like $5 mil.

[FrugalFish]

We are a single income household making far less than $100K. We should be able to retire with more than $1m in liquid assets- that's with no inheritance (which may not exist anyway). Unfortunately we have and will save a ridiculous percentage of our income in order to achieve that end result. It will be easier in just a few years when our house is paid off.

[prosper]

>100k when me and wife were both working
Wife currently not working because expenses are cheaper without her working

[disneysteve]

I'm there as far as income - have been for over 12 years, but I'm still quite a while from the $1 million in investments. I expect to be there in my early 50s and double that again and more by retirement.

[jIM_Ohio]

I'm there as far as income - have been for over 12 years, but I'm still quite a while from the $1 million in investments. I expect to be there in my early 50s and double that again and more by retirement.

I am in same situation as this. a year with 20% plus returns will put me well ahead of curve to get to $1 M. I am probably around 22 years away from $1 M without adding another penny.

[Snave]

Income is above the limit and am about 5-6 years away from the 1M mark which would put me just shy of 40 years old when I hit it. It would drop to about 3-4 yrs if you include the house equity.

[disneysteve]

For those who are including the value of their home, remember to just count equity, not total value. If you have a $300,000 house but a $250,000 mortgage, don't add $300,000 to your net worth.

[Spud]

I agree with Aida, and therefore decided not to include our home equity in my poll answer. Our income is over $100k/year, but our investments are not $1M.

[Snave]

For those who are including the value of their home, remember to just count equity, not total value. If you have a $300,000 house but a $250,000 mortgage, don't add $300,000 to your net worth.

Thanks, that's all I did put in. That's why I did one without the house and equity and one with the house and equity.