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View Poll Results: How Did You Reach $1 million NW?
Owning/Operating a Business 19 5.11%
Real Estate 18 4.84%
Profession - Doctor, Lawyer 14 3.76%
Inheritance 4 1.08%
Saving from your employment income and investing 307 82.53%
Other 10 2.69%
Voters: 372. You may not vote on this poll

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Old 09-12-2017, 10:57 AM   #141
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Saving and investing

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Old 09-17-2017, 09:35 AM   #142
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At the end of our careers, DW and I earned 4x or cost of living. So LBYM for sure plus some lucky investments like Apple.

For the fun of it...Keith
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Old 09-17-2017, 09:44 AM   #143
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Hit 1mil at 46 on a hourly wage.Consistent saving,living below my means,investing both in the market and myself ( came out of the field and into the office after aquiring a college degree).Worked 2 jobs at a young age, always paid myself first.
Now at 58 i feel blessed to have the means!
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Old 09-17-2017, 12:06 PM   #144
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Real Estate
Stock Market
Working for over 40 Years always saving in the 401k, company match etc.
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Old 09-17-2017, 01:30 PM   #145
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Relatively high paying job, and saved/invested a pretty high percentage of what I earned.

I also had a pretty high percentage of my assets in cash in 2008, which I guess helped. I cannot honestly claim there was any strategy there -- I was just busy and had not had time to devote attention to investing. So built up cash. Sometimes its better to be lucky than smart, I guess.
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Old 09-18-2017, 07:26 AM   #146
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We also had the LBYM bug after getting married. We lived on 1 salary and saved 1 (the larger). Paid off the house in 05 and then quadrupled the living expenses in salary for a few years, saving 75% of it. Taking 2 moves for career to TX, then CA and now back in TX (after a few years in Mexico). DW w*rks PT and live .5 miles from DGD / DD.

"living life" while living life...
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Old 09-18-2017, 01:25 PM   #147
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I have saved since I was a naive young guy. However in 1985 I listened to a Bob Brinker. It was the only financial show that was on the air. I kept hearing from him to max out your 401k and invest in the SP500. Since I had steady job with the phone company and they had a decent 401k, I just put it on auto pilot. The 90's rocked and then the famous dips that we all know and love ❤️. I just kept my foot on the gas and made it to my first $1M in 2010. So it was a 25 year journey and since then I made another $600k in the mean time. Coupled with a pension low housing expenses, I dumped my job in 2015, I just thankful I ran across Brinker. At the time he made sense, not my guru by no means but at my young age, a light in a dark tunnel.
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Old 09-22-2017, 12:32 PM   #148
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As a single mom with a (former) stressful job and long commute, I mainly got there by not paying much attention then later reading Not so much for specific "advice," but more as a sample that while not representative of the population as a whole still reflects possible market trends - particularly in 2008/2009.

Retired at 55, with a child still in school. Live on a pension in a high-cost area. Main indulgence is international travel, but we do it on the cheap. Kid now in college but barely touching her 529. Almost a decade later, still withdraw nothing from the portfolio.

1. I didn't overspend on real estate resulting in lower taxes, maintenance, and utilities. Too busy to move plus I had no short-term disability and was risk-adverse. But then I'm also no real-estate millionaire.

2. Saved the max in tax-advantaged accounts, except when in those years I didn't notice increased maximum contribution cut-offs. Busy mom. Set investments to 100 percent equities then forgot about them; barely noticed the 2002-03 recession. Too financially ignorant to tamper with a smallish inheritance from 1995. Financial stocks. They soared during the recession.

3. Getting ready to retire in 2008, I spent a few minutes moving a substantial amount of the investments to cash. Needed time to figure out what the heck I was doing. Finally sold 50% of the financial stocks that had survived the first year of the crash quite well, increasing in value. (I'd planned to cash it all in but was swayed by a relative not to. My bad.)

4. Post-retirement, I spent a few weeks reading intensively on investment. June 2008. It took total priority. Haunted Decided to stay in cash, rejecting the above mentioned relative's advice that the initial stock market declines were a "buying opportunity." My take was that this period was a statistical anomaly.

5. After several months of continued reading (mainly, guessed that investment pressure would cause the market to soar at the first sign of an uptick. So one morning in March 2009, I cancelled plans to go shopping and plowed it back into the market. 60-40, now 70-30. Since then I've ignored market fluctuations, and don't even rebalance much. Also completely invested a subsequent 6-figure inheritance.

6. We LBYM, although I didn't in those last-working years. Kids are expensive particularly on one salary and when paying for private school. So the portfolio continues to rise.

So - luck, a bit of due diligence, a decent salary (good but hardly spectacular pension), not overspending (most of the time), some inflow from inheritances that was invested not treated as "found money."
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Old 02-08-2018, 07:09 AM   #149
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Came across this thread again and it reminded me of a phrase my cousin said many times...

"I'm working on my second million. The first million didn't work out so well!"
Dreamin' of Streamin'
FIRE'd at 52 on 7/8/11
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Old 02-08-2018, 09:43 AM   #150
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I like the one about how to make $1 million at (fill in the blank).
Start with $2 million.
"The mountains are calling, and I must go." John Muir
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Old 02-08-2018, 12:13 PM   #151
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Whenever I find a stray coin or bill on the street, while I'm picking it up and putting it in my wallet, I say with a smile, "... going towards my next million."

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Old 02-08-2018, 06:35 PM   #152
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Originally Posted by DrRoy View Post
There was a thread today about getting to the '2 Comma Club' ($1M NW), and a reply that most people do it through owning a business or real estate. I thought it would make an interesting poll. If you have a NW over $1 million, what was the largest contributor to getting there among the choices?
Real Estate

we also lived way below our means
my last day in hell (w$%$) we were banking 3 of our 4 monthly pay checks
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Old 02-09-2018, 12:49 AM   #153
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All of you are awesome. I sold my small business which enabled me to cross the $1M net worth line. Very impressed to see so many astute savers here.
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Old 02-09-2018, 05:32 AM   #154
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Congratulations to you djustind.
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Old 02-09-2018, 04:48 PM   #155
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Failed rock star, working on my 2nd million!

(I gave up on the first million, it was too hard.)
Don't just do something; stand there!

- Jack Bogle
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Old 02-12-2018, 01:24 PM   #156
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Save early.

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Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
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