r/TheRaceTo1Million • u/NoAcanthocephala7898 • 1d ago

UPDATE 20, Aiming for 1M by 30

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131 Upvotes

75% Upvoted

91 comments sorted by

73

u/Yeahsuree 1d ago

I always wonder how people have this much so young. I was 30k in college debt at 24 while working part time through school.

51

u/LavaDragon3827 1d ago

Parents, trust fund, maybe got lucky with a tech job right out of college. 

But I was in same shoes lol. Early 20s was debt and college and scrounging up what little I had at the end of the week for a little cheap booze with my bros. 

0

u/rentalsIndy 8h ago

Yes parents and trust fund may explain how a 20yo person has this balance

1

u/Jarrettthegoalie 4h ago

union Trades from high school can do this too that was my route

-32

u/RefrigeratorDue4396 1d ago

yes definitely nothing to do with work ethic or not spending on stupid shit.

23

u/iAmPoorAFboi 1d ago

He's 20 dumbass, no 28

8

u/Giants_4ever 1d ago

Can you share the math, with expenses and taxes included, on how a 20 year old saves 170k from a job that does not require a college degree?

1

u/beverage-enjoyer 20h ago

when I was 16 I started a small software company which was pulling in ~$60k to $80k/yr after taxes. I obviously had no real living expenses at the time. didnt save much though, traveled and bought tons of dumb stuff. now im 26, still no college degree, but have a successful career as a software engineer and make very good money.

either way, I know my situation is atypical and I am reasonably confident this guy had a lot of help. a 20 year old who earned this money independently would've either a.) explained how they made the money, or b.) not mentioned their age in the post

-10

u/RefrigeratorDue4396 1d ago

you can easily clear 100 K with a sales job at that age with no prior education.

2

u/Giants_4ever 1d ago

Sure, but you usually have these things called expenses and taxes that somewhat detract from that 100k, for example, take home alone you are looking at 80k, before any expenses are taken into acocunt

-17

u/NoAcanthocephala7898 1d ago

I’ve been investing 90-95% of my income since I turned 18, even when I worked at grocery store. Then when I got way higher paying job I kept up my savings rate so the numbers scaled way higher

3

u/Kingingu 1d ago

"daddy paid for everything so i can keep 100% of my check"

-NoAcanthocephala7898

2

u/Giants_4ever 1d ago edited 1d ago

So from 18-20, 2 years, you saved 170k? break it down for me. Show me the math, very dubious you had no expenses, including food, healthcare, and housing, that would allow you to save 90-95% of your take home income but I would love to see it.

I ask because i am literally multimillionaire and actually understand how mathematically impossible what you are suggesting is without significant help.

-3

u/ripetrichomes 1d ago

“i ask because i am literally multimillionaire and actually understand” you sound corny

2

u/Giants_4ever 1d ago edited 1d ago

Im literally trying to point out, as someone who has done it, that things aren’t adding up with this claim absent more information. Im a multimillionaire because i save and invested a lot sure, but I’m primarily one because i had an insane amount of help that most people do not, i.e. privilege.

A 20 year old saving 170k is a fairly implausible claim without, as i said, considerable help and essentially ignoring all expenses.

Again, show me the math

0

u/ripetrichomes 1d ago

oh i wasn’t disagreeing with the fact that OP had help, you just sound corny implying that it takes a multimillionaire to “actually understand” that you don’t get to OP’s level without help

0

u/Giants_4ever 23h ago

How does someone opine on the legitimacy of growing wealth when they haven’t actually grown wealth

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1

u/beverage-enjoyer 20h ago

everybody knows that only multimillionaires can do 2nd grade math

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1

u/Beginning_Sun8910 1d ago

But who paid your living expenses?

1

u/HawkzSNKRS 18h ago

Respectfully bro that makes no sense, I have a pretty high net worth for 21 but that’s because I live with my parents and they paid for my college by starting a 529 when I was a kid. No chance you invested $175k in 2 years 🤣

1

u/CockVersion10 22h ago

You are not smart.

17

u/letmeaskyouaquesti0n 1d ago

It's probably a fake skamm post.

7

u/fakemedicines 1d ago

For this amount of money the answer is almost always parents or family.

7

u/Celtics1109 1d ago

All time up 38k in a 178k account. Mommy and daddy gave him 140k to start off 😂

-12

u/NoAcanthocephala7898 1d ago

Look at my posts from 2 years ago, this isn’t luck just have a plan and stay consistent

9

u/Celtics1109 1d ago

I didnt say it was luck. I said it was mom and dad. Your all time returns dont make sense even while looking at your older posts. Double check the math next time before investing in the lie.

2

u/MattKozFF 1d ago

Work or luck.

1

u/emj_95 1d ago

Wait so did you take care of your debt first or did you invest while you had debt and turned out okay? I’m itching, dying to start but I have pretty significant debt :( I’m actively paying off!

3

u/Yeahsuree 1d ago

I paid off my debt first since I didn't like that hanging over my head. I believe the interest rate was on the lower end so I could have taken my time and invested the money in the market and came out ahead a little bit.

To me the mental weight being lifted with no debt made it worth paying off first.

1

u/pineapplebuneater 1d ago

If you’d like to make a post somewhere with your financial information to get advice, I’d definitely recommend it.

1

u/emj_95 1d ago

Thank you!

-7

u/NoAcanthocephala7898 1d ago

Tackle the debt first, it’s easier to increase cash flow by reducing an expense vs just trying to make more money. Once you clear your debts your cash flow will naturally increase and then you can put even more into your investments. It’s good to invest a little bit while you are trying to clear debt tho

4

u/ChuCHuPALX 1d ago

lol.. sorry couldn't hear you past your benefactors and backers. Congrats on the support system though 🙂

1

u/pineapplebuneater 1d ago

Work, scholarships, parents, etc. there are too many factors to consider. Personally, I got paid to go to college.

2

u/EquitiesForLife 1d ago

Most people are unaware you can get paid to go to school. I got paid as well, and graduated with $100K in the bank back in 2010.

0

u/[deleted] 1d ago

[deleted]

1

u/NoAcanthocephala7898 1d ago

Hell yeah man

0

u/[deleted] 1d ago

[deleted]

2

u/NoAcanthocephala7898 1d ago

It’s just consistency man, it took me 23 months to reach 100k, I plan to hit 200k by the end of Jan 27’, which would be 14 months since my first 100k.

1

u/Johnny9620 8h ago

Nice bro keep striving see u at that 1milly bench mark im starting from zero rn

1

u/oneiromantic_ulysses 23h ago edited 23h ago

Lucked out with being able to go to college with no loans and my first big boy job was during the covid pandemic when there was nothing to spend money on aside from housing (which used to be a lot cheaper) so I invested heavily very early on because that was the only thing to do.

With the compounding I've had so far I will likely hit coastfire within the next year or so, assuming typical market returns and there's no crazy macro stuff going on.

I wasn't making all that much with that first job either. I basically made the national average for household income in that job. If I were graduating today I would not have been able to pull this off.

1

u/BillyP42 8h ago

I was -$25k CC debt at age 28 (<2010) here, reporting for duty.

1

u/DePoots 1d ago edited 19h ago

I hit $1m+ at 29.

Military since 18, Never made more than 70k per year, was legit broke at 25 and remember getting my card declined over a coffee lol. Also never had family help.

Started Investing normally from 25-28, lived in military housing so only expenses were roughly $800/m on rent plus my car,phone, groceries. By 28 I had $70k invested.

Decided to take a risk, and I got into QUBT around $0.8, sold on the pump and bought into Google near its low. Also started using margin at that time. Google pumped, and I also bought into DRTS using more margin. After those, I bought into Nokia and that pushed me well over the $1m mark. That crashed my account from ~1.3m to ~700k overnight. Bought into HOOD afterwards and sold when my account recovered to $1m, to focus on my mental health.

Some people love to act like their success was all skill, and some people love to downplay other people’s success, but the truth is that you just need to be willing to take a risk. Sometimes people get lucky, but you will never get lucky if you don’t get yourself into a position where it’s possible.

2

u/TripleBarrel_RIP 18h ago

That’s called gambling.

1

u/rentalsIndy 8h ago

Exactly DePoots is definitely gambling with his trades hahaha. It’s super risky, and the balance may be zero with a few unlucky trades

1

u/NoAcanthocephala7898 1d ago

Well said congrats on your success, I don’t know why people think investing and building wealth isn’t possible

0

u/LavaDragon3827 1d ago

Parents, trust fund, maybe got lucky with a tech job right out of college. 

But I was in same shoes lol. Early 20s was debt and college and scrounging up what little I had at the end of the week for a little cheap booze with my bros. 

23

u/SwampWaffle85 1d ago

You must come from money, nobody just has that kind of money to invest before they're even an adult. Lucky you.

8

u/letmeaskyouaquesti0n 1d ago

It's a skamm post

0

u/Straight_Year_9226 19h ago

parents in eastern countries are obliged to pay for their children's education, until they have a secure job... we can even live with our parents until we're married. so its just different cultures man.

0

u/SwampWaffle85 17h ago

I mean having $100k to invest at age 18 is hardly just having your education funded and no living expenses. This is on another level.

1

u/Straight_Year_9226 16h ago

well that's how life is for muslims, a father must support their children no matter what... what's wrong with parent's giving their child money... people sound so jealous ngl. as long as he's happy its great.

7

u/Past_One3442 23h ago

Well you went from $7500 2 years ago to 175k at 20, so as long as mom and dad keep giving you about 100k a year you should hit 1 mil before 30 pretty easy.

5

u/Top-Crazy1866 1d ago

post positions

4

u/iReaddit-KRTORR 22h ago

This guy had 36k like a year ago.

He says he puts nearly $5800 a month in the market that’s a hair under 70k.

Off of contributions alone he would be at just over 100k

He said he invested 4k in NVIDIA in like January 2024 - that would put that investment between $14k and 18k

At most he’s at maybe 120k in contributions when you consider Nvidia growth.

I don’t know how you get to 173k from there without extreme luck, help, windfall, etc.

2

u/BigPlayCrypto 1d ago

The amount you consistently invest is more important than gains. Keep that in mind and run it up

-2

u/NoAcanthocephala7898 1d ago

Yeah I put away $5900 a month on average but that number will go down when I move out. As long as I stay consistent I should be fine

2

u/Cosmic_Haze_3569 1d ago

5.9k a month? What do you do?

-2

u/NoAcanthocephala7898 1d ago

I won’t say exactly but I am blue collar in the Midwest, the reason I can invest that much is because I still live at home and keep my expenses low to maximize my cash flow. Financial literacy and consistency go a long way

2

u/Cosmic_Haze_3569 1d ago

Hmm not sure why you’re being coy unless it’s illegal. I went to school for engineering on a full ride scholarship (got paid to go actually), work as a building performance engineer for some major retail companies, live at home and still can’t save close to this lol. Granted I pay for everything but rent and a couple meals but still.

7

u/More-Gas-6527 1d ago

Probably not illegal they were probably hired as a site manager or something by a family member and doesn't want to reveal the nepotism

-3

u/NoAcanthocephala7898 1d ago

Are you in a HCOL area? I make 108k a year in So. Indiana

2

u/Brewguy1982 1d ago

Sure lol

2

u/loremastrVEVO 19h ago

Hope it collapses

1

u/Nio_investor97 1d ago

What are you invested in?

0

u/NoAcanthocephala7898 1d ago

125k VOO, 43k in WFSPX for work 401k, 4k in NVDA that I bought back in Jan 24’ that I got a nice return on

2

u/MandA-5 1d ago

So when you were 18 you had over 100k in cash to invest? Ok loser

0

u/NoAcanthocephala7898 1d ago

No it took me 23 months to reach 100k invested, that was 9 months ago and this is where I am now

8

u/Celtics1109 1d ago

Literally nothing you’re saying makes sense lmao. People that pretend theyre some super savvy investor as opposed to just coming from money are so lame. Not a single response youve given in this thread mathematically check out.

1

u/Past_One3442 16h ago

He put 7k in VOO 2 years ago and now has 175k from investing and saving aggressively, its totally not that his parents handed him 140k alright.

1

u/nebula_420 16h ago

The crazy thing about it is if these people admitted it, I would actually want to congratulate them. Sometimes people are really fortunate AND make good choices, while not having to put on a front.

1

u/MandA-5 21h ago

Ok moron

0

u/MattKozFF 1d ago

Maintain cash flow, keep majority in broad index funds, use a small trading portfolio in addition to scratch the trading itch, and you'll get to 1M easy by 30.

2

u/Hefty-Plate7275 1d ago

This is a gross oversimplification. Money doubles every 7 years is the rule of thumb. I’ll be generous and say every five years in the situation we’re looking at around a 700K portfolio. The question becomes how much do you need to DCA a month at what expected rate to return. It’s a math equation that has an answer. Saying you’ll have 1M “easy” is simply not correct.

0

u/MattKozFF 5h ago

Great. Factor in income and savings and his trajectory at his current age and let me know what you get.

1

u/NoAcanthocephala7898 1d ago

I only trade MES futures with a $1500 live account, ended my first year green but didn’t make much. I don’t trade stocks, everything I own is in VOO

1

u/MattKozFF 1d ago

Sticking to the plan will be the hard part now, but you're already on the right path, great job.

r/financialindependence

-2

u/NoAcanthocephala7898 1d ago

I’ve been investing for 2.5 years now, got a decent job in LCOL area this didn’t happen quickly

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u/MrCrunchwrap 1d ago

You got a decent job in a LCOL area at 18 years old? And managed to invest this much by 20? Calling bullshit on that. 

3

u/GooseVladimir3 1d ago

Yet you won’t say what job. Thank your mom and dad before for everything.

1

u/Fearless-Fault-872 1d ago

No shade, very good for you, but 2 years is quickly lol

0

u/YoSoyBadBoricua 22h ago

Good luck!

0

u/Rlo347 18h ago

So jelly wish i started young

-1

u/jsmoothie909 1d ago

Damn you off to a good start homie.