Breadwinner or single millionaires: Tell me your story

[Neecy]

I went through the other thread about millionaires and wanted to differentiate between dual incomes and inherited wealth.

How many became a millionaire with one income and no inheritance? Do not count a pension or real estate values. Did you become one by contributing the max to your 401K, TSP, 403b and Roth IRAs and LBYM? I would like to contribute to a Roth TSP but I am afraid of it since I will pay more taxes now and the balance does not seem to grow as fast as a regular TSP(used the calculators).

 

[Senator]

I just crested $1M in investable assets. No major inheritance. Never been married, no kids.

I contribute the max to my 401K, including my over 50 catch up amount. I have been doing this for as long as I can remember. I have done a Roth every year, for a long time, last year I had to go with a traditional IRA.

I work a few side gigs for extra money. I also invested in and own rental property (24 renters). I do my own maintenance and property management to save expenses. Adding in that equity, I would have ~2.5M in NW.

If you want to be a millionaire, LBYM is number one. Make extra side money. Save, save, save.

 

[Raymond]

1.8 million

Max my 401k,
on a regular basis bought MCD, WMT, HD, 2 mutual funds thru monthly DRP,s

Did this for 18 years and now have 1.8 million, and a condo valued at 200k all paid off.

 

[BTravlin]

DW and I both maxed out our 401k's, also contributed to Roth IRA's, bought about half the house we could have afforded, bought late model cars with less than 20k miles and then kept them for at least 5 years and just generally LBYM. It helped immensely that we were both on the same page as to spending, saving and RE.

 

[sanfanciscotreat]

Several million in investable assets. After two grad degrees, went to work for a small company and started seriously investing at age 41. Company grew a lot and i maxxed out all the tax advantaged programs available and then saved even more from stock grants, bonuses and profit sharing. Had to wait on a large incentive stock grant to vest before retiring at 63. Target was 60 but you all know how is is with OMY.

 

[wingfooted]

How many became a millionaire with one income and no inheritance? ).

Investable net worth > $4MM. One income. No inheritance. Does not include any real estate. Key factors were overseas allowances, stock market gains in after tax accounts and a healthy dose of luck.


Sent from my iPad using Early Retirement Forum

 

[Travelwanted]

NW > $5m. One income, no inheritance.

 

[sanfanciscotreat]

Yes, education, hard work and luck, in that order, will increase the probability of success tremencously.

 

[Animorph]

Are Roth TSP investments different than the regular TSP? There is no particular reason a Roth account should grow slower.

 

[Mo Money]

Net worth approaching 4MM. No inheritance, one j*b. No kids. Maxed out retirement plans early on (401K, and nondeductible IRA that I later converted to a Roth). Lived on about 40% of my income. Anything I bought, I bought quality and classic, not trendy. Recreation is the occasional trip on a budget, but to exotic locales. Otherwise, books, dogs, jogging (not too expensive to do). In a word or three: LBYM and start early.

 

[Lagniappe]

NW > $5M, Single
Being single meant I could move across the country multiple times with minimal headaches for roles that were high potential. Staying LBYM meant I had a safety net if one of those risky moves did not work out.
The road to FI would have been easier with a like-minded partner, but I didn't run into anyone like- minded on my journey.


Sent from my iPad using Early Retirement Forum

 

[LOL!]

Did you become one by contributing the max to your 401K, TSP, 403b [-]and Roth IRAs and LBYM[/-]?

Since the sum of my 401(k), 403(b) exceed one million, the answer is yes. And remember that the max of 25 years ago was not the max of today. And any company match has been relatively paltry and didn't happen every year.

Since I haven't withdrawn anything from any of these, it doesn't really matter whether I lived below my means or not. I could have blown all the rest of my money and I would still have more than a million in my 401(k) and 403(b) simply from contributing the max. I haven't had a Roth IRA very long either since I was not eligible when they first appeared on the scene.

Fortunately, there are other accounts besides the old 401(k) and 403(b) accounts because a million ain't what it used to be.

 

[Closet_Gamer]

One income, married, 2 kids. No inheritance. Broke $1M at age 41.

Education + LBYM big time + managing career aggressively and sticking with a winning thing once it was working. Almost all done inside of a megacorp.

I remain convinced that absent a big medical issue, anyone in the US can reach a million through hard work and controlling their lifestyle. Part of the hard work is the hard work of getting a good education.

 

[Neecy]

Are Roth TSP investments different than the regular TSP? There is no particular reason a Roth account should grow slower.

No, the investments are the same: https://www.tsp.gov/planningtools/contributioncomparison/contributioncomparison.shtml

This calculation shows more after-tax money placed in the Roth instead of the traditional TSP: https://www.tsp.gov/planningtools/contributioncomparison/contributioncomparison.shtml

 

[truenorth418]

Investable assets >$2.5 million. Mostly LBYM, saved over 70% of income over 20 years of above average paying corporate jobs.

No spouse, no kids. It would have been nice to have found a like-minded partner to share the journey, but few women I have met seem to appreciate the LBYM concept.


Sent from my iPhone using Early Retirement Forum

 

[eta2020]

1st generation immigrant. I came to USA with one suitcase worth maybe 300 bucks of stuff. No inheritance ....
NW = several M = FI

 

[Rustic23]

Under your definition we did not become millionaires. On one income we got to about $700,000 in IRA's. However, counting things you excluded we come to about $5m. I understand you tailored the question to match your situation, but more than one of my employers offered a generous pension and no 401K. Which, in turn affected the amount we have in savings.

 

[LOL!]

With the amounts of investable assets mentioned in this thread, there are probably several folks who made one million dollars in just one year with their investments alone in 2013. I'm not in that crowd, but maybe one day ….

 

[calmloki]

whew! thought we wouldn't make the cut, but we just barely do. oh. wait. both of us worked for others, her more than me, and both of us received inheritances, of amounts that would have been appreciable when we were young broke hippies. She has a Roth Ira. no pensions.

crap. now I feel like a failure.

 

[Neecy]

whew! thought we wouldn't make the cut, but we just barely do. oh. wait. both of us worked for others, her more than me, and both of us received inheritances, of amounts that would have been appreciable when we were young broke hippies. She has a Roth Ira. no pensions.

crap. now I feel like a failure.

lol!

 

[gardenfun]

Have >$1 million but not sure if I qualify?

married for 21 years, in which we both worked fulltime and saved in 401K/IRA's. Had 2 kids now in their 20's.
Divorced 13 years ago and split all savings accounts right down the middle
Split all expenses for those kids including college tuition.

So even though there were two incomes at one time, all proceeds from those two incomes were split so I think I qualify for being a millionaire with one income??

 

[eyeonFI]

Single, 2 kids. started saving early (1st bank account open at age 8, 1st IRA at 15) and always LBYM. No significant inheritance, but I was lucky to have great support from my parents (e.g. They paid my college, and have been generous in many other ways). Had kids late, after saving the 1st $1M.

 

[RobLJ]

Two incomes, but now 1.6 in mill. in investable assets, after 19 years of investing in 401k/403b. I think you were asking about one income; if so my chunk is 850k.
The first 10 years my income was low to respectable (public sector), DW's better; last 5 years we've contributed close to the max to retirement.
I got lucky in my 403b investments, although not Buffett lucky. No inheritance.
2 kids that we sent to UC-Davis (out of state) and Carnegie-Mellon, otherwise the net worth would be higher but no regrets whatsoever; best investments ever (the kids).

 

[dessert]

Only one income. Over the years started at age 27 contributing max to 401k. Everytime I got a raise, my lifestyle did not go up because I banked it in a non-qualified account and invested it. I took advantage of every megacorp savings or stock plans that I could. We always drove nice vehicles and I always had a nice boat that I would spend a lot of time fishing out of. I was lucky to have a great wife that was not a spendthrift, and she is my first and only wife. I agree that anyone can do it if they are disciplined and are thinking of the future.

 

[Loving Life]

Investable asset > 2 m - 2 incomes, for 25 years in Mega Corp working and living overseas - (no inheritance - had take care of my Parents till they passed, and still taking care of my DW parents.) 3 children all grown up.

Never been cheap, but a good well balance life. 2 paid for homes. Retired at 58 wife will retire at the end of year at 49

Can you really not afford doing some adventure - I think not.