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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 09-06-2017, 03:48 PM   #121
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I owned shares of two start-ups as I was one of the founding members, but they went belly up and took my substantial invested labor with them. Glad I did not put any of my own money into them.

But I was always a stock investor, hence partial owner of hundreds of companies. Yep, I have always been a "businessman". In contrast, bond and CD holders are lenders.
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Old 09-06-2017, 09:06 PM   #122
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85% of net worth is income savings, 401k/403b match, and investment gains; 15% of the rest is real estate (house).

I looked at Quicken and 53% of total portfolio is investment gains; 27% is 401k/403b personal withholding, and 20% the employer match.

It helped to have stayed in our Houston home for 25 years (paid it off in 19 years), for both of us almost to be continually employed, and for DW to receive bonuses that paid off most of the sons' college. After repairs, we didn't make much on the sale of the house, but after 10-15 years, the mortgage/taxes were so small in comparison to the rent equivalent that the savings allowed more investment. Also, we weren't too savaged by the 2002 and 2008 busts (diversifying into small/mid value in 1999-2001 helped immensely in the former).
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Old 09-07-2017, 12:17 AM   #123
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Startup company stock options
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Old 09-07-2017, 04:16 AM   #124
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Interesting post, OP.
But a survey geared towards FI instead of 1 mil. in investable assets might get a higher number of respondents.....
It is possible, you know.
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Old 09-07-2017, 09:57 PM   #125
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Doing well in my career, living below my means and investing early and often.
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Old 09-08-2017, 04:29 AM   #126
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I found at RE earlier this year that about 35% of my investment value was the original amount saved and 65% was the return on it.
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Old 09-08-2017, 04:45 AM   #127
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For me, it was a combination of things. In this order:
  • 60 hours a week working for 'da man' for 20 years non-stop (51 weeks a year), seriously. Worked my way up to a fancy title and nice office, but still... 20 years of my life gonzo.
  • Charles & Edward gave me between 8% and 18% on average. Love those guys.
  • Commercial real estate (that I'm living off, without touching my principle, which of course in includes my first M)
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Old 09-08-2017, 04:52 AM   #128
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[*] Commercial real estate (that I'm living off, without touching my principle, which of course in includes my first M)[/LIST]
It's good that your principle(s) remain unscathed.
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Old 09-08-2017, 05:40 AM   #129
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Lots of years of work ... lots of years of living below our means ..... and stocks
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Old 09-08-2017, 06:23 AM   #130
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The poll shows 81% as saving and investing so there is little doubt about how the vast majority of us got to the million dollar mark.
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Old 09-08-2017, 09:37 AM   #131
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Surprised so few got there via landlording - then ran across this from 1909:

Maybe there are fewer landlords but they are really well off? (not me - not a tall poppy)

https://i.redd.it/an75owbsgmkz.jpg
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Old 09-08-2017, 10:16 AM   #132
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It's good that your principle(s) remain unscathed.
So far so good. Even a blind squirrel finds a nut sometimes.
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Old 09-09-2017, 04:09 AM   #133
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I never got married!
Well, yes, DW has been expensive. However, I feel that I get a good return on the investment.

I still find the poll results to be interesting and unexpected. I have always read that the way most people accumulate wealth is through owning a business or real estate, and regular old saving and investing is sometimes even disparaged. I did it the way that 81% of the voters did. This group seems to be different.
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Old 09-09-2017, 06:48 AM   #134
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Had to pick other!
Got there by:
- partnering with someone also committed to saving
- employed and saved (IRA)
- ran a small business (SEP-IRA)
- employed and saved, with match (401k's)
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Old 09-09-2017, 06:55 AM   #135
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It's good that your principle(s) remain unscathed.
It is quite common that people confuse principle with principal.

Similarly, they write it's (short for it is) when they mean its. Sadly, it's pervasive.

"Those are my principles, and if you don't like them I have others" -- Groucho Marx
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Old 09-09-2017, 06:59 AM   #136
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... I still find the poll results to be interesting and unexpected. I have always read that the way most people accumulate wealth is through owning a business or real estate, and regular old saving and investing is sometimes even disparaged. I did it the way that 81% of the voters did. This group seems to be different.
It's a slower but surer way. Owning a business requires some hard work, real estate some knack, and IPO shares the luck to be in the right place at the right time.
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Old 09-09-2017, 07:36 AM   #137
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Surprised so few got there via landlording - then ran across this from 1909:

Maybe there are fewer landlords but they are really well off? (not me - not a tall poppy)

https://i.redd.it/an75owbsgmkz.jpg
You may be right about that! Fast hare vs slow turtle. If they both keep running without sleeping then hare would get there faster. RE represented 40% of my portfolio when I started and now it is sitting over 70% of portfolio. RE cashflow is also 66% of total cashflow.

PS: Turtle will also get there for sure! BTW the RE share of portfolio may fluctuate greatly but the cashflow tend to go up steadily, thanks to inflation.
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Old 09-11-2017, 11:54 PM   #138
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Did it the "EF Hutton" way--- we earned it
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Old 09-12-2017, 03:52 AM   #139
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1. LBYM for a long time
2. Savings and investment for a long time
3. Employment by self and DW for a long time
4. Retired any debt including mortgage.
5. Track what we earn, where we spend it; eliminate spending on stuff that ain't worth it.
6. A little bit of luck along the way helps. (Current bull market, steady employment, some inheritance, relative good health, etc.) Optimism or perhaps sometimes Stoicism helps, too.
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Old 09-12-2017, 09:02 AM   #140
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I got to a million just recently .... largely due to the market appreciation, but also 30 years of relentless saving, even when it hurt: through 2 layoffs, divorce, adult children who can't get it together, etc. etc. etc. Good thing too because my job is going away in 2018. Prepare for the worst: unfortunately, it is likely to happen at some point.
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