Quote: (10-23-2015 09:13 AM)tynamite Wrote:
One million seconds is 8 years, one billion seconds is 33 years.
Your math sucks. 1 million seconds is actually about 11.57 days.
(1,000,000 / 60 / 60 / 24)
Alternatively
1,000,000 / (60*60*24)
You aren't even going to be a millionaire by 30 even if you are very well employed. (I.e. Investment Banker)
The only people I know who are at 1M+ by 30 are people who are small business owners that are highly leveraged. (Own 10+ rental properties)
All of these people own labour businesses. (Plumbers, Roofers, Electricians etc.)
People who go to the university typically spend too long in school to feasibly be millionaires before 30.
Take the prototypical high achieving lawyer. Graduates at 24.
Makes 160k, 190, 220, 250k, 280k, 310k. (Numbers obviously vary but are probably higher than 99% of lawyers at that experience level)
In total he makes 1.13 before taxes. Tax man gets 40%. 1.13 mil - 452k = $678k net earnings.
He has to spend a lot of that money in simple living costs and considering he will have to live in a major city and the costs he will incur at least 50k / year in outflow.
So 678k - (50*6) = 378k net
It's improbable he is able to invest at a rate that will make him anywhere near a millionaire by 30. Probably 500-600k and thats not even factoring in the likely massive student loans and complete avoidance of lifestyle inflation.
All the retire by 35 guys are married or have significant others. It's far far easier to become a millionaire when two people are making the money than one. The shared costs reduce your outflow substantially and if each only has to save 500k it's much easier than one saving one million.