So I have almost $1 million dollars in net worth, with my house being about $280,000 (principal) of that. I am 32 years old. I got here by having no debt other than a mortgage (which is properly substracted out of net worth), good income (over $150,000/yr) and doing it the stocks, bonds, 401K, IRA way. I earn about 11% annualized on my investments.
Is there anyone out there that has advice on how to take $1 million to the next level?
What now? I mean I could continue on this path. But this is the slow path to real wealth, IMO. I know I could start a business, real estate, etc, but since I never did that to "acquire" my wealth, I have very little knowledge in this.
My question is, once you have some wealth, do you have to alter your thinking and investing style? After all, I got here from a "poorer" state. So now I'm "wealthier", are there more options available for accelerating this wealth? For example, I've heard that people with 1 million in net worth reach accrediation status (but I don't know how to take advantage of that). I used to think that $10 was alot, then $100, now I think about $1000 purchases and above. So my though process about savings has changed. So shouldn't my thought process about making money start changing too?
Has anyone out there thought about this? Is anyone taking action or have experience in this?
Is there anyone out there that has advice on how to take $1 million to the next level?
What now? I mean I could continue on this path. But this is the slow path to real wealth, IMO. I know I could start a business, real estate, etc, but since I never did that to "acquire" my wealth, I have very little knowledge in this.
My question is, once you have some wealth, do you have to alter your thinking and investing style? After all, I got here from a "poorer" state. So now I'm "wealthier", are there more options available for accelerating this wealth? For example, I've heard that people with 1 million in net worth reach accrediation status (but I don't know how to take advantage of that). I used to think that $10 was alot, then $100, now I think about $1000 purchases and above. So my though process about savings has changed. So shouldn't my thought process about making money start changing too?
Has anyone out there thought about this? Is anyone taking action or have experience in this?