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<blockquote data-quote="Deleted member 2897" data-source="post: 314867"><p>Because that average salary is at year 15 of a career. Lets say over a 35 year career (retire at age 65) you earned $135k as an average (assuming some growth from year 15 up through retirement at year 35). You earned $4.7M over your career just in salary ($130k avg * 35 years). What did you make in stock options? What did your savings and investments earn? If you saved 5% of what you earned each year and that investment yielded a 6% average return, you'd have another $579k. Now you're up to a total of $6.2M. Of course you have taxes that will have taken 15%-20% of this and you'll have expenses. But the point is just the 5% savings off your salary under these conservative estimates (only saving 5% and only getting a 6% return) would have gotten you halfway to a millionaire. Odds are you would have owned a home that would have probably tripled in value over 35 years, so that's another few hundred grand in equity in the house. So here you are with pretty easy math showing how a 65 year old would have been a millionaire several times over. Someone 40 years old would be well down that path, and so on. The math is really quite easy. I can tell you that I personally saved a lot more than 5% and I have no idea what my returns have been, but we crossed the millionaire mark somewhere around age 38 and probably a third of that was home equity and two-thirds of that was savings, investments, and retirement funds. Its not such much how much you make, but what you do with it. Of course its a lot easier if you make a ton of money, but you can retire a multi-millionaire on < $100k salary if you watch what you do.</p></blockquote><p></p>
[QUOTE="Deleted member 2897, post: 314867"] Because that average salary is at year 15 of a career. Lets say over a 35 year career (retire at age 65) you earned $135k as an average (assuming some growth from year 15 up through retirement at year 35). You earned $4.7M over your career just in salary ($130k avg * 35 years). What did you make in stock options? What did your savings and investments earn? If you saved 5% of what you earned each year and that investment yielded a 6% average return, you'd have another $579k. Now you're up to a total of $6.2M. Of course you have taxes that will have taken 15%-20% of this and you'll have expenses. But the point is just the 5% savings off your salary under these conservative estimates (only saving 5% and only getting a 6% return) would have gotten you halfway to a millionaire. Odds are you would have owned a home that would have probably tripled in value over 35 years, so that's another few hundred grand in equity in the house. So here you are with pretty easy math showing how a 65 year old would have been a millionaire several times over. Someone 40 years old would be well down that path, and so on. The math is really quite easy. I can tell you that I personally saved a lot more than 5% and I have no idea what my returns have been, but we crossed the millionaire mark somewhere around age 38 and probably a third of that was home equity and two-thirds of that was savings, investments, and retirement funds. Its not such much how much you make, but what you do with it. Of course its a lot easier if you make a ton of money, but you can retire a multi-millionaire on < $100k salary if you watch what you do. [/QUOTE]
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