5 millionaires share financial journey details while working for others and started from $0 net worth.
4 common elements from different age groups (30s to their 70s)
Exploring the Hidden Aspects of Wealth Building
These five millionaire examples showcase individuals and couples who have achieved significant wealth across different age groups, from their 30s to their 70s. While their specific paths to millionaire status vary, several common elements emerge:
Consistent saving and living below their means
Early financial education and goal-setting
Emphasis on index fund investing
Balancing future planning with present enjoyment
There are also some key differences including their current asset allocations. Some prioritize financial assets, while others have diversified into real estate. Their retirement timelines also vary, with some embracing early retirement, while others continue working due to job satisfaction. Regardless of their specific situations, all seem to emphasize the importance of intentional financial management and finding contentment in life beyond wealth accumulation.
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In their 30s:
$1,700,000 net worth - a couple (he is 37 and she is 33) living in the Northeastern part of the US. Their accumulated net worth is 95th percentile for their age. Their net worth is all in financial assets (no real estate) and it’s allocated 64% in stock index ETFs, 33% in bond ETFs, t-bills and CDs, and remainder is in physical gold and silver kept in a safety deposit box. In their interview, they emphasize the importance of intentional financial management, defining personal goals, and finding contentment rather than constantly increasing consumption as income grows. The couple's journey to financial independence began when the interviewee discovered early retirement resources at age 24. They attribute their success to consistent saving, living below their means, and making informed investment choices. Their current lifestyle involves slow travel and exploring different parts of the world, with plans to eventually settle down and buy a home. They share valuable advice for aspiring millionaires, including the importance of paying oneself first, understanding employer benefits, and avoiding the trap of comparing oneself to others on social media. They also emphasize the significance of defining personal wealth goals and finding a balance between saving for the future and enjoying life in the present. The couple's story highlights that early financial education and consistent application of sound financial principles can lead to significant wealth accumulation and the freedom to pursue one's passions at a relatively young age.
In their 40s:
$2,600,000 net worth - a 46 year old that was married for 13 years, divorced for 10 years and is now remarried for about one year. This interview provides insights into her financial journey over the past four years. Her annual income has increased to around $380k (this does not include her husband’s income). Her accumulated net worth (excluding her new husband) is 94th percentile for her age. Her net worth consists of 48% retirement accounts (401k, Roth IRA, HSA), 15% in deferred comp account, 16% in investment real estate, 10% in taxable brokerage account and 10% in cash/bonds. They both emphasize the importance of balancing present enjoyment with future planning, influenced by the unexpected deaths of coworkers which prompted them to pursue some 'someday' goals sooner. Looking ahead, they have adjusted their retirement timeline, pushing it out by about four years due to family commitments and continued job satisfaction. They maintain their core financial advice: ensure each dollar spent contributes to building the desired lifestyle. She also stresses the importance of enjoying the journey, recognizing that life can be unpredictable.
$5,000,000 net worth - a couple in their late 40s with 2 teenagers living in the suburbs near the west coast. Their accumulated net worth is 98th percentile for their age group. Their net worth consists of 50% real estate (primary home, rental properties & syndications), 24% in retirement accounts (401k / IRAs), 19% in taxable brokerage account, 4% in cash, and 1% in personal assets (car, etc.). They reached millionaire status in their mid-30s by living below their means, avoiding debt except for their house, and practicing stealth wealth. In their interview, they highlight the importance of investing early, particularly in index funds, and continuously improving one's skills to increase earning potential. They also share some financial mistakes they've made, including missing out on 401(k) contributions, being overly cautious with debt during the 2008 housing crash, and maintaining an excessively large emergency fund. Their advice to others is to set clear financial goals, choose a life partner with similar financial values, and ignore market fluctuations when investing for the long term. Looking towards the future, they plan to retire in about 7 years when their youngest child graduates from college. They express excitement about pursuing various hobbies, traveling, and enjoying a relaxed lifestyle in retirement.
In their 50s:
$4,643,000 net worth - a couple (ages 57 and 55) started their early retirement 4 years ago in April 2020. They have been married for 17 years. Their accumulated net worth is 95th percentile based upon their age group. Their net worth consists of 64% retirement accounts (IRA, Roths), 16% in personal residence, and 20% in taxable brokerage account. They have fully embraced retirement, focusing on travel, personal growth, and maintaining an active lifestyle. They've spent extended periods in countries like Costa Rica and Portugal. He is currently doing 6 unpaid volunteer roles (one is an usher to attend concerts for free). Their advice is the importance of not just financial readiness for retirement, but also considering what brings happiness and purpose in life. The interviewee stresses that retirement should be viewed as the beginning of an exciting new chapter rather than an ending. They encourage others to expect the best and maintain a positive attitude, highlighting that their own transition from humble beginnings to early retirement exemplifies the American Dream.
In their 70s:
$3,200,000 net worth -a couple in their late 70s that have been married for 56 years provides insights into their financial and personal life in this interview. Their accumulated net worth is 90th percentile based upon their age group. Their net worth consists of 43% retirement accounts (IRA, Roths), 29% in 2 personal residences, 11% in rental real estate, 9% in inherited farmland, and 4% in savings/cash. Their net worth has increased $400K since their last interview 3 years ago. They maintain a comfortable retirement lifestyle with an annual income between $100K and $150K, primarily from RMDs, Social Security, and rental income. Their annual spending is around $90-100K, covering basics like housing, insurance, and taxes. They faced unexpected expenses in recent years, including $60K for dental work and a $30K condo assessment. Looking ahead, the couple is considering their options for the "final chapter" of their lives. They've decided against a continuing care community for now, preferring to maintain their privacy. Their plans include renovating their Minnesota condo and potentially selling their Arizona house to move back into a townhouse. The interviewee's advice to readers is to cherish each day, prioritize health, retire as soon as financially feasible, and "live in peace".
What is the meaning behind Ten Wilsons?
The $100,000 bill is the highest denomination ever issued by the U.S. Federal Government. Woodrow Wilson is the president on the $100,000 bill.
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