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Old 25-08-2017, 11:20 AM
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Originally Posted by Unregistered View Post
I keep seeing people with millions of assets. Is this really achievable?

I think we are doing pretty well for our age: we are 27 and 29 with annual income of 280k combined. We still fresh in our careers so we do expect salaries to increase as we hit our 30s.

But i see people here having 6m net worth. Is this possible?
That's very good income at your ages. What professions are you in?

Whether you can attain $6M or not depends a great deal on your lifestyle and income source longevity. Income source longevity refers to whether your job and salary are secure over the long run.

For eg., when the children come along, will your wife decide to take a break from her career and look after them? If so, that would reduce your income. If you're in the civil service, that would be relatively secure. Then it is just time to incubate your savings and investment. Over a 30 to 35 year timeframe, hitting $6M to $10M is achievable for those with steady and consistently good income.

If you are in non-secure, cyclic kind of industries, then it is a lot harder to build up that nest egg. In good times, when the bonuses are good, save and invest them. But many people who received big bonuses in good times succumbed to the temptations to treat themselves - going for expensive holidays, buying expensive cars and what not.

Among my cohorts (> 55 yo) many of us have around $5m networth. We see our younger colleagues starting with much higher salaries than we did 30+ years ago. So we know in time to come, their networth (when they reached mid 50s) will be more than what we achieved currently.

So, yes, $6M networth should be attainable, if not easily attainable given your current high income.
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