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Old 04-03-2014, 05:11 PM
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I have shared my savings in this thread previously but was mocked by some that I was dreaming. In our mid 50s, our combined savings of $3.5m (not including our primary home - now valued at $1.7m) should be attainable by most working professional couples who have worked continuously since graduation at 25. That is a good 30yrs of working, saving and investing.

There were 3 groups of responses generally. The first group is those who were incredulous that ordinary salaried workers can accrue this kind of wealth. They can't imagine in their lifetime earning this much not to mention saving this amount.

The 2nd group is those who have reached or are on track to reach around this amount of savings. Some may have reached this even before their 50s while others are there now and they are in their 60s.

The 3rd group is those that find this amount chicken feed and laughable. I mean what is $3.5m or (even $5.2m total) when their annual salaries are between $500k to $1m? These people probably consider anyone with less than $10m investable net worth as poor.
If you have accumulated 5m by now, this means on average, you would have saved $167k per year, or $14k per month. I don't know how much you earn to achieve this level of savings, but I think it can be done if you are earning $20k to $25k per month consistently from graduation to now. $20k is a lot by today's standards, but it was even more by 1980s standard assuming you started working in the 80s. I can understand why people are sceptical to be honest. It is different if you are a businessman of course.
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