Retired and broke.

[emmett442]

Originally Posted By: Astro14


A great read is "The Millionaire Next Door".

The actual financial habits of millionaires are far, far different than people generally believe.

I'm in the middle of reading the sequel: Richer than a Millionaire. Just as good!

 

[Astro14]

Originally Posted By: fdcg27
Originally Posted By: Mr Nice
Quote:
Any two income family that has even median income can be worth well into seven figures by the time retirement becomes a desirable option, but not if they've already [censored] that money away on frivolities during their working lives.


There’s a few millionaires on BITOG because of their financial choices over the past 20-30 years.



I suspect that most of those over sixty are in the seven figure net worth range.
This is partly a generational thing in that our parents were the children of those who had to scrape a living during the nineteen thirties.
The habit of thrift is hard while that of spending is easy.


While I would hope that most over sixty have that seven figure net worth, it's actually quite rare.

You make a great point that the habit of thrift is hard.

Paying yourself first, planning for the future, living within your means, are the keys to achieving that seven figure position by the time you're sixty, but even so, achieving that goal with those keys require two things:

1. Discipline
2. Decades

 

[ArrestMeRedZ]

I think Astro nailed it. Discipline over time is what makes millionaires. You may have the one in a thousand or in ten thousand that makes it by buying and selling bitcoin, Amazon, or real estate at exactly the right time, but for everyone that makes it that way, there are scores that miss.
There are a lot of people that do things just right, then life sneaks up on them through no fault of their own. Family illness, lost job, divorce, etc. that can throw off the best plans and execution.
As to the $70-80k cars, I don't know of very many self made millionaires who would buy them. People who really enjoy them and are willing to sacrifice something else, or ones that want you to think they are millionaires are the ones that buy them.

 

[Mr Nice]

The important question is how much money do you realistically need ?

Best way to accumulate $1M is a good retirement plan and constantly contribute when times are good and bad. Also some side investments in other accounts.