Topic: To pick the brains of those that are more experienced/wealthier. How they amassed their wealth and what they would do differently if they could go back to their early 20’s.
Question:
- What wealth building streams have you created for yourself to reach financial freedom?
- Are there specific stocks you consistently invest in and hold?
- Real estate…worth buying a home ASAP? Buy, hold, and flip?
Goal: Retirement by age 50, financially free
Reach Goal: Retirement by age 50, $10MM net worth
Background: My wife and I, 26(m) and 24(f) currently bring home roughly $200k in household income. Still renting and keeping living expenses low. We save around 40% of that household income, after taxes.
Wealth streams:
- 401k with 6% employer matching (currently contribute 10% of my paychecks)
- Individual brokerage accounts (contribute whatever is left of the paycheck after living costs and 401k contribution)
- Tech consulting job with path to mid 6-figures (peak earnings by roughly age 40), wife is a teacher (only 2% annual raises)
- Get an MBA and increase that earning potential by going to a tier 1 consulting firm? (roughly mid 6 figures to low 7 figures but large grad school debt and reduced work-life-balance)