My observation is that to hit $1 million you really have to do something extraordinary. For most people that would be making a high wage ($100k or more). For others, like myself, it could be extreme live below your means. My highest income so far is $65k year, but I live on roughly $24k. So I am sure I will hit $1 million eventually.
If you are just an average Joe/Jane you simply can't get from here to there. Most people make wages similar to mine and can only save 10% or so a year. So its just not going to happen for them.
The way things are setup it is almost impossible to get out of the rat race until you are 65+.
You will notice a lot of DINKs here where each one is making $100k+ and saving aggressively. That's not typical compared to average Jane/John. This message board is made up of atypical people.
However there is hope. The birthrate has tanked all over the planet and that is good. Large populations make people worthless and keep us stuck in a feudal hierarchy. As an example, I am convinced that the Renaissance never would have happened without the plague.
I'm doing my part to help. I have no children and will not reproduce. Thankfully other people all over the globe are doing likewise, although perhaps not consciously. If global population got down to a low enough number then everyone could enjoy the fruits of scientific progress and increased productivity. As it is right now only a tiny fraction of homo sapiens get the benefits.
If people want a bright future for everyone then they should stick to one child or less. Whoever made the one child policy in China was very wise.
We think a lot alike.
I worked full-time for 16 years before working part-time for 7 more years before I ERed back in 2008 at age 45. My highest wage earnings year was my last full-time one, in 2000, when I made about $75k.
I live on about $20k a year, including income taxes. I am single and childfree, knowing at age 20 I never wanted kids but not realizing until I was about 35 that I could parlay that wonderful choice into an ER 10 years later.
I combined my single, childfree status with LBYM and an exploding company stock value to cash out about $300k worth in 2008 at low (NUA) tax rates and ER even though my taxable account had, with the company stock's proceeds, about $600k. This was when the markets were crashing in 2008, a huge benefit for me starting my ER. Yes, everything in my life seems backwards at times compared to others - when people were getting all upset and nervous about the crashing markets, I was overjoyed!
Then again, I'm an outlier in so many areas it makes perfect sense that I would see the 2008 crash as a huge break toward starting my ER.
Now that the markets have bounced back nicely, that $600K in my taxable accounts has risen to more than $800k despite pulling out about $22k every year in dividends. And the rollover IRA I began in 2008 has doubled, waiting for me to have unfettered access to it in about 8 years.
I am at about $1.3M now between the 2 accounts even though I am using only 2/3 of it to pay my bills with plenty left over. In fact, I have a surplus in my bank account sitting around waiting for me to invest it somewhere. Oh dear, what shall I do with it
??