How hard is it to earn and have a net worth of $1 million?

Question

Like how come some people have more than that? What are the things to do to have a net worth of $1million

Anonymous · Accepted Answer

Live below your means and buy smart. Invest 10% to 30% each year, max out 401k and make sure you get any matching funds from your company. Make double payments on your mortgage to accelerate the payoff time. If the first few years on $200 a month goes towards the principle, then add 200 and make sure it comes off the front of the mortgage not the end. (Read up on this technique). That eliminates a lot of interest payments.

Buy smart and don’t waste money. Enjoy BBQs out back or in a park instead of a restaurant with their higher pricing. Get skills and get a better job. Get married and have two incomes. Buy a lesser house and fix it up yourself.

I started with nothing but now have a lot. Start with stocks in the S&P 500. No small or mid-cap. You don’t needs bonds at this point in your life. Don’t be afraid of having a family, kids are NOT as expensive as they say online, they just aren’t as I had 3, only people without kids say that stuff. Enjoy life, a BBQ hamburger is better than a cheap restaurant meal anyway and you could have a great steak instead of a cheap burrito. Buy smart, save money, enjoy life at the same time.

RealMarek · Accepted Answer

A lot of boomer takes here. You will never have the low-cost housing prices, low-cost staples and necessities, steady stock market growth, and declining interest rates that they enjoyed during their peak earning years. With hard work and a degree they could be pretty sure they would do well. Instead, you are entering your prime when wages are suppressed by mass immigration, many jobs are scarce due to relentless offshoring, regulations are more stringent than ever to prevent small business from cutting into big-corporate market share, housing is sky high, credentialism and government malfeasance with grant and loan policy have led to hyperinflation in the cost of education (Biden actually admitted this), inflation in necessities is sky high, and interest rates are beginning a secular uptrend that will last for a generation. If I was to do it over again, I would get a trade and some business classes, live in a cheap trailer for five or so years until I master the trade, then open my own business. Only then would I get a house. Oh, and be careful of who you marry because the attorneys win in divorce. Good luck.

rigmarole · Answer

This site is hilarious... Median home value is $410,200 in 2023. Even people that are pushing 80 years old still have a median mortgage balance of $163,254 because they've had to use the collateral of their homes to live on over time via second mortgages of home equity loans. In addition to that those old timers generally have a median debt on credit cards of like $3,821 with maybe $350K in retirement savings locked up in IRAs or 401Ks that they will be taxed on when they take income/draws... Those old timers are in better shape than every generation that followed them. Yet everyone on GirlsAskGuys wants to claim to be a multimillionaire. So much bullshit especially for the younger ones who are in the worst economic position.

Unit1 · Answer

There is a reason, that perhaps most people you know do not have a net worth of 1 million UNLESS you live in those rich or high societies like in Dubai, that is surrounded with millionaires

https://www.youtube.com/embed/F1Evv4c5HDU

Obviously most of us wish to have that amount of money.

Those, who made it have "cracked" this invisible wall. People found something, that made them the big money and it worked for them. Doesn't mean it will work for everybody else though.

I try to make it with swing trading CFDs. "Gambling" with money except the market is not designed to make us lose money.

Xoxocutekitty · Answer

Step 1. Be a nepo baby

If not 1, step 2. Become a dual income household in your early twenties and don't have kids. Reurr early in your mid forties.

Well what if you want kids? Become a dual income household making $200k/year and invest in a 529 for your kids while living a modest middle class lifestyle while driving a year old car and having a middle class mortgage payment until you retire at 62.

$200k seem unrealistic, yeah thats life.

MrOracle · Answer

There is a HUGE difference between earning $1M and having that as your net worth. Most people would need to earn $2-3M in order to have a $1M net worth, and many would need to earn even more.

Plus, net worth includes assets that aren't liquid. You might have a house worth $750,000 and only owe $250,000 on it, so that gives you $500,000 on paper, but to access that equity, you either need to borrow against it (paying interest) or you have to sell it, and then where do you live?

fantasticass · Answer

Get a trade. Get your red seal in that trade. Electrician, Plumber, hvac, carpenter, Machinist, etc. Once you are making good money, start saving. Get a license financial advisor. Have a plan. I have a trade, made great money... bought my first house when I was 22 year's old. I'm 62 now. I now own apartment buildings, and other various businesses. Hard work and education will get you there. Good luck with the journey ✌️🇨🇦

Miristheiss · Answer

It is not hard at all. It usually happens later, after 30. Most people 20-25 won't have that. You need some time to work, buy a home, to invest money for some time for that money to grow. If a guy starts putting 5% or more of his income regularly into investments at age 21... with around 10% growth which most financial planners can do... that money will start growing and exponential growth will kick in. Yeah, net worth can grow pretty steadily.

RingOfFire · Answer

The first million is the hardest to assemble. The next ones get easier and easier as you earn more of them. Eventually you reach a point where a million doesn't even seem like that much anymore.

You can do it without any kind of special skill except being able to live within your means, start saving young and investing your money wisely. If you do those things it won't be hard at all.

Anonymous · Answer

Not that hard I did by the time I was 47. I invested 15% of my annual income. But if you go deep into debt or if you have chronic health issues that can really Sap your wealth. I have a sister who has made more than me lifetime. But she had chronic kidney condition. I also have another sister he went to school and got a doctorate. She makes good money but she's got like 200k in student loans.😳 I'm not discouraging anyone from getting an education. But you gotta be smart about it.

exitseven · Answer

A million dollars is not what it used to be. As soon as I paid off my mortgage I became a millionaire. A little after that I became a multi millionaire. I just worked abmnd saved for 30 years

LiamJHayden · Answer

To earn? Not that hard, unless you mean per year. How to? Save and invest. Running a business can help, since you can make money off others who work for you, but I think passive income is the long term way to go.

Massageman · Answer

Well, a basic house in many areas can run $400K. Some decent investments, or start a business and use the profits from the first one to open a second one, etc.

jamesgoldman · Answer

Not that hard, I know plenty of asset based millionaires and multi-millionaires They built businesses or got great paying careers then bought land/property

renodnol32 · Answer

Spend on necessities and not luxuries. Invest a chunk of what you save. Overtime investments generate some kind of income of capital gain. And then it kind of starts a chain. Repeat. Easier said than done. Or start a business.

Sour-rose · Answer

It ain't hard... if you know what you're doing and not a weak ass rat of money.

AngryCarl2 · Answer

It's pretty easy to be a millionaire. Get a good job, save and invest. When I say "good job" I'm thinking doctor, lawyer, something like that.

jeffend888 · Answer

These days it’s not that hard. Everyone is a millionaire now due to incessant quantitative easing (a. k. a. money printing) over the last 3 years.

jahaims · Answer

It took a lot of sacrifice. I bought land/properties, toys and paid for some friends and families houses. Why do some people have more than that? Because they made more than that.

Masterodd · Answer

HAHAHA... If we told you that secret then everyone would be millionaires and then the prices of everything WOULD SKYROCKET AND THEN WE WOULD ALL BE BROKE AGAIN.

DummyThiccFeraligatr · Answer

If you want to make the money honestly, then you'll have to work your butt off or get very lucky.

Lokiion · Answer

It’s not hard tbh I know kids who are self made millionaires right now

Charliefretz329 · Answer

A lot easier if you don’t get married and robbed lol

DreamLife7 · Answer

Smh these post get worse every day

Worst · Answer

Not hard

How hard is it to earn and have a net worth of $1 million?

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