ACHIEVED $1M NET WORTH BY AGE 31, At age 25, I set a goal to achieve a $1 million net worth by 40. To accomplish this, I created a spreadsheet assuming 7% market returns and calculated the necessary annual savings. We adhered to this plan, saving and investing in index funds while adjusting our lifestyle around the remaining income. Why did we reach…
At age 25, I set a goal to achieve a $1 million net worth by 40. To accomplish this, I created a spreadsheet assuming 7% market returns and calculated the necessary annual savings. We adhered to this plan, saving and investing in index funds while adjusting our lifestyle around the remaining income.
Why did we reach our goal sooner? My wife, unhappy with her job and the lack of respect she received, decided to leave. She started doing bookkeeping and tax work for former clients, gradually building a small accounting business with two employees. Her earnings from the business allowed us to save 100% of her income, accelerating our financial progress.
Today, at age 34, our combined net worth is $1.6 million, excluding home and business equity. Our story is simple: effective planning and lifestyle adjustments led to unexpected financial success.
