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Home equity and 401K is where I suspect a lot of this wealth lies. So it's not quite as 'liquid' as the headline might suggest. There has also been a tremendous runup in house prices and home based wealth creation over the past few years. So if you combine home equity with 401K and a double income family, it's not hard to get to 7 figures.

If you're reading this and feel frustrated or left behind, consider your age. If you're in your 20s, you have another 20 years of productivity before you're middle-aged. Assuming you're financially responsible, in a relationship with someone else who is financially responsible and both have careers, it is relatively easy to get out of debt and slowly accumulate a considerable nest egg. Also possible as an individual, but the arithmetic and risk makes it a bit harder.

The trick is to avoid the traps: Student debt is a big one. Sorry, I know this ship has sailed for most of you. Just don't do it, and choose a cheaper source of education. I'm on a furious dev hiring spree right now and I don't even bother to look at degrees.

The biggest traps I've seen sabotage my friends, and leave them in their 40s or 50s without much to show, is not paying off student debt, buying expensive cars (The BMW X series seems to be the biggest culprit), and going on expensive vacations that incurs more debt.

Live modestly, get rid of the debt first. Then go from there. And may no mind to the conspicuous consumption all around you.