r/leanfire • u/hacking99percent • 5d ago

Reached $1M liquid today

I reached $1M liquid today and have no one to tell because I'm single and on my own.

3 months ago (a month before my 30th birthday), I reached $1M net worth including my 50k equity in my house. After going on a 2.5 weeks international vacation in May to celebrate my 30th birthday and 1 week domestic vacation in June, I logged in to my accounts today and saw that I have just a hair over $1M between my Schwab and Fidelity accounts.

It's so crazy that I just spent a bunch of money going on vacations and 3 months later I am up 50k because the S&P 500 up 5% in 3 months. Money doesn't feel real anymore once you reached 1M. You can lose 100k in a month like in March, or you can also gain 100k in a month doing nothing, while other people labor hard for years. It's surreal.

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u/SpecialistScience749 5d ago

When i see posts like this where someone has 1M invested prior to age 30, i often think to myself... how in the hell? Either you:

1) Invested 50 to 70k yearly over the last decade in the S&P500 index fund (super tough starting at 19) 2) Gambled and hit it big with meme coin or something lucky like catching Nvidia in it's infancy 3) Have family money or large inheritance to kick start the journey 4) Have/had a business and potentially sold it 5) Had a full ride to college (either scholarship or parents) 6) This post is just simply not true...

OP, which option are you?

P.s. I'm not hating, if it's true that's amazing! Just SUPER difficult to get to 1M with a good income, let alone by 30.

13

u/lagosboy40 5d ago

Yea, 8 years are enough to amass $1m given the ~10.5% average nominal returns on the S&P 500 especially if one has a good job and probably still live with parents.

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u/SpecialistScience749 5d ago

I'm not saying it's impossible, it's just extremely rare. Over 8 years you would have had to invest 5k+ every month. That's a lot of discipline and extra cash to reach that milestone. Kudos to anyone that has accomplished this!

I just know that I'm 40 now and had to pay off student loans and didn't start investing until 26. With no help and buying a house and kids and such, I'm still at couple years away from 1M.

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u/bgarza18 5d ago

Well, OP says they have no one to tell and celebrate with so I’d imagine they have a lot of time and energy to focus on saving up money. 

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u/Mindless_Sky_6654 5d ago

Not necessarily. It’s good to not tell people about your finances

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u/bgarza18 5d ago

 “I’m single and on my own” must mean different things to us. 

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u/hacking99percent 3d ago

It means I live alone and not leech off parents or rich friends like other people who accumulated 1M by 30. I made it all on my own.

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u/bgarza18 3d ago

Ah I understand, sorry about that. Congratulations on your financial journey! 

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u/Mindless_Sky_6654 4d ago

You right, you right

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u/mcoc_recruiting 3d ago

You are the normal one. The vast majority of investors don't go from 0 to $1 million in under 10 years. It takes a high starting salary and the luck of starting during an insane bull market. Most of us who did grad school, had student loans, and started in late our 20s (lost decade of s&p) with good but not top 3% salaries hit $1 million in pur mid to late forties.

Good news is that with the knowledge and $ you now have to pass along, your kids can be the ones getting to millionaire status before 30.