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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
Recycles dryer sheets
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Old 09-17-2017, 09:35 AM   #142
Give me a museum and I'll fill it. (Picasso)
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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.
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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
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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 E-R.org. 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 dot.com 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 E-R.org. 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 E-R.org), 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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