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Author Topic: zero to 1 million in about 12 years, while averaging 85K/year income  (Read 3818 times)

clarkfan1979

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zero to 1 million in about 12 years, while averaging 85K/year income
« on: May 03, 2020, 04:26:02 PM »
After grad school, I got my first real job in August 2011 at the age of 32. I had a net worth of +25K and my wife had a net worth of about -25K, so combined we were around zero. Over the next 8.75 years, we went from zero to 740K. We were both working full-time for the first 4 years and then my wife switched to part-time work. I think we should hit 1 million by August 2023. I think other people have done it quicker. However, I am proud of our progress based on averaging 85K/year. I think we broke 100K/year one-time (2014).

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Serendip

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Re: zero to 1 million in about 12 years, while averaging 85K/year income
« Reply #1 on: May 03, 2020, 05:24:13 PM »
Congrats @clarkfan1979 --that's enviable progress!!
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Mrs. Sloth

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Re: zero to 1 million in about 12 years, while averaging 85K/year income
« Reply #2 on: May 03, 2020, 11:46:23 PM »
That pretty much means you kept every dollar earned!!! Probably more if you factor in taxes! Something to be proud of!
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maisymouser

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Re: zero to 1 million in about 12 years, while averaging 85K/year income
« Reply #3 on: May 04, 2020, 07:13:14 AM »
Holy cow OP!!! This gives me so much hope. I am in year 4 or 5 of my FI journey and I am at about 200k NW with gross pay of 65k. Hoping to catch up to you!
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clarkfan1979

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Re: zero to 1 million in about 12 years, while averaging 85K/year income
« Reply #4 on: May 04, 2020, 03:58:34 PM »
Quote from: F.I.Life on May 03, 2020, 11:46:23 PM
That pretty much means you kept every dollar earned!!! Probably more if you factor in taxes! Something to be proud of!

The biggest contributor to our net worth is leveraged real estate. However, with the help of MMM, I have been able to increase my savings rate, which helped us buy more real estate. That's probably the most honest answer. Other people on here are better savers than me.
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HPstache

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Re: zero to 1 million in about 12 years, while averaging 85K/year income
« Reply #5 on: May 04, 2020, 04:00:35 PM »
Quote from: clarkfan1979 on May 04, 2020, 03:58:34 PM
Quote from: F.I.Life on May 03, 2020, 11:46:23 PM
That pretty much means you kept every dollar earned!!! Probably more if you factor in taxes! Something to be proud of!

The biggest contributor to our net worth is leveraged real estate. However, with the help of MMM, I have been able to increase my savings rate, which helped us buy more real estate. That's probably the most honest answer. Other people on here are better savers than me.

If you don't mind me asking, what percentage of your $1M NW is Real Estate?
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Mrs. Sloth

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Re: zero to 1 million in about 12 years, while averaging 85K/year income
« Reply #6 on: May 04, 2020, 06:53:32 PM »
Quote from: clarkfan1979 on May 04, 2020, 03:58:34 PM
Quote from: F.I.Life on May 03, 2020, 11:46:23 PM
That pretty much means you kept every dollar earned!!! Probably more if you factor in taxes! Something to be proud of!

The biggest contributor to our net worth is leveraged real estate. However, with the help of MMM, I have been able to increase my savings rate, which helped us buy more real estate. That's probably the most honest answer. Other people on here are better savers than me.

We are actually in a very similar situation as you. Currently have about $1 million in NW and averaged about $100,000 gross per year (spouse and I) for the last 12 years (the beginning years were much lower). Also have leveraged real estate as well (subtracted out a % for commission and possible cap gains ). Woohoo! Can I quit my job yet??? Lololll
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jojoguy

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Re: zero to 1 million in about 12 years, while averaging 85K/year income
« Reply #7 on: May 06, 2020, 04:45:33 AM »
I love reading stories like these. Congrats, sir!
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clarkfan1979

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Re: zero to 1 million in about 12 years, while averaging 85K/year income
« Reply #8 on: May 10, 2020, 06:02:17 PM »
Quote from: v8rx7guy on May 04, 2020, 04:00:35 PM
Quote from: clarkfan1979 on May 04, 2020, 03:58:34 PM
Quote from: F.I.Life on May 03, 2020, 11:46:23 PM
That pretty much means you kept every dollar earned!!! Probably more if you factor in taxes! Something to be proud of!

The biggest contributor to our net worth is leveraged real estate. However, with the help of MMM, I have been able to increase my savings rate, which helped us buy more real estate. That's probably the most honest answer. Other people on here are better savers than me.

If you don't mind me asking, what percentage of your $1M NW is Real Estate?

We are 8.75 years into our 12 year journey from zero to one million. We are currently at 740K.

Retirement Accounts: 90K
Cash: 60K
Real Estate Equity: 605K (35% equity)
Misc Property: 13K

Student Loan Debt: 28K

Total: 740K
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