Poll:Age when you became a millionaire

[eta2020]

Interesting shape of curve forming with peaks in early forties and also early fifties. Explanation?

Those with and without children perhaps?

-gauss

I think for most people most dramatic change in NW is from age 40 to 50.
It is good if you START this decade with 1 million or more

 

[Bigal50]

Age when you became a millionaire

I'm guessing 46. I remember being 1/2 millionaire at age 39

With 2 kids.

 

[Jerwin]

$1M @46 counting home equity, @50 if only counting investable assets.
$2M @53 counting home equity, @54 (this year) if only counting investable assets.
Retired ~3 yrs ago at 51. Single, No kids.

 

[Totoro]

Interesting shape of curve forming with peaks in early forties and also early fifties. Explanation?

Those with and without children perhaps?

-gauss

It looks more like a Gauss shaped curve to me

There does seem a little bump at early 50s it seems at the expense of 56-60 bracket. Would guess that's the effect of a severance payout or similar when people step out of the workforce.

 

[Dd852]

I think for most people most dramatic change in NW is from age 40 to 50.
It is good if you START this decade with 1 million or more

I agree completely with this ... $1m at 42 was 16 years after we started saving seriously. That doubled six years later... and on it went. Thankfully.

I'm grateful for our savings habits, grateful for the markets that cooperated and helped and grateful for a j*b that came with significant rewards (and for the fact that our spending never ever ever reflected the paycheck or the bonuses... or the eventual farewell kick up the rear end payoff )

 

[Koogie]

35. 2nd at 40. Doubt there will be a third as ER is planned in the next year.

 

[MooreBonds]

Interesting shape of curve forming with peaks in early forties and also early fifties. Explanation?

Those with and without children perhaps?

-gauss

There could be numerous reasons that apply to each person differently. One other reason is that early 40s and early 50s could be the result of your earnings really kicking in during your mid 30s or 40s. Before, in your 20s and 30s, you were saving some, but your expenses could only be minimized so much. As your earnings grow, LBYM lifestyle keeps expenses in check so the bulk of the extra earnings go to savings, and your savings/net worth curve really starts to go a little parabolic as your salary goes over that point, and the snowball effect starts to shoot that NW up.

As far as why the "early 50s" vs "late 40s", note that the sample size is only N=44 for the late 40s, while early 50s is N=49. A difference of just 10%, which could easily be explained by just a few people extra that bothered to click on the vote, since the total # votes (as of now) is just 259, much less than the number of members on the forum.

 

[Sea Kayaker]

35. 2nd at 40. Doubt there will be a third as ER is planned in the next year.

Pretty much the same for us. Though we might very well reach 3M depending on how much longer DW wants to work. She is threatening to work for another 10 years - I'm lobbying for 5 or less.

 

[Andre1969]

I agree completely with this ... $1m at 42 was 16 years after we started saving seriously. That doubled six years later... and on it went. Thankfully.

Interesting, I'm on a very similar path. I started saving seriously about 16 years ago, when I was 28. Hit $1M just this year, at age 44. And I'm hoping for $2M by the time I hit 50, in 6 years. Well, 5 1/2, now...

 

[HawkeyeNFO]

39 in 2012 (Includes equity in residence and 1 rental)
41 in 2014 (No real estate equity. Adding in the 2 homes would make it $1.5m)

 

[ABQ2015]

Not until this year, age 59, counting my home equity. Have not done so well in the market as am risk averse. But I will have a decent pension with COLA and inexpensive health insurance in retirement so am not too concerned. Am single.

 

[mickeyd]

Since my portfolio of investable assets plus home contains both DW and my accounts combined, should I assume that the question is really asking about $2M NW for married folks?

 

[luckydude]

Hit $1 million at age 36.

 

[mchas]

Somewhere around 29 due to serious saving and some luck with real estate.

 

[jkern]

$1M - 42
$2M - 54
Retired at 51

 

[RobLJ]

I'm impressed by the numbers in their 30's and 40's. I never thought about the possibility until I was in my late 40's. I counted our net worth since our money has always been shared--neither of us came into the marriage with anything but clothes, student debt, and an old car.

 

[Meadbh]

I think part of the explanation for the biphasic distribution is that some of the older group became millionaires in earlier years, when the value of a million dollars was greater than its value today (sorry, yung'uns!). Also, if you became a millionaire recently, you may be younger, and you are benefiting from the recent run up in the markets. The old geezers who have been millionaires for years may now be multimillionaires.

Obviously these polls are not designed as scientific studies.

 

[flyingaway]

I counted my two kids, each is worthy $10M.

 

[Skyward1]

Is becoming a millionaire and having a NW of 1 million the same thing? Are you a millionaire if you and your spouse have a NW of 1 million?

 

[timemoveson]

41 or 42 for me at $1m. About $5m now at 50.

 

[steve88]

9 million at 45 work and some inheritance.

 

[tuixiu]

Sep 2012 so 44 years old.

Interestingly, never went under it again. Some other milestones have hit then dipped so went under and had to suffer celebrating achieving 'em multiple times. A million stuck.

 

[gomo]

1 Mil at 36.

2 Mil last week at 40. Very nice feeling.

 

[scrinch]

42....seems to be a popular age.

 

[rodi]

Another explanation for the double peak - as you get into your 40's and 50's you and/or your spouse are more likely to receive an inheritance. Even a smallish inheritance can push your savings over the million dollar mark if you were close already.