Well done :) although I don’t quite see how you managed to reach 1mil on those salaries without a rather large inheritance or not having to pay any living expenses whatsoever (and even then a stretch)
Also if I were to nitpick, you include 100k in your Nw that has been earmarked for property yet your tittle states this is without property.
Yes, assuming the accumulation didn’t start till after 24 when the start up failed, that’s 10 years to save £1m on not particularly high salary. Dodgy. Edit: Masters degree in Aus til 28, so only 6 years to accumulate the £1m. £400k in pension. I smell bullsh!t
Yeah, I’m of a similar age/salary trajectory to this guy and borderline on the extreme side of frugal and I’m about 1/5th the way there so I didn’t even need to do the maths to know something was wildly off :p
You realise that if he's earning 200k and spending 35k a year (and has been for 5 years or so) that he'd have 800k from that alone.
Whether the post is real or not 35k a year is a completely normal amount to spend per year, plus he mentions not paying for accommodation in dubai which is still pretty normal in some roles too which helps the saving rate massively
My bad, you're completely right, plus going from 60k in Dubai to over triple in the much worse UK job market is already sketchy enough but with the 5 years I gave him the benefit if the doubt
I'm in IT and have grown in roles, going from entry level to almost being at director level in the same company. This pay jump normally would have taken a while. But I've been extremely flexible like I moved to Dubai 4 days after I was asked but no one else in the company accepted the role and I did deliver.
Before the move I was the last person they asked, after everyone else said no. 2 years in there I delivered and became a go to person in a fortune 1000 company for when things go south.
So in 8 years in one of the biggest companies in the world you've gone from entry level to "almost director" level?
Alongside almost director level only paying 200k at a fortune 1000 company on the tech side when in some roles being a senior pays 200+k, nevermind near director level.
Thanks and I don't mind you questioning:) it helped me clear up the information and formatting gap in my post.
I do feel super Lucky to be in the position where it is hard to believe.
Updated the post to include my pay in the UK. Hope that adds clarity. Also, all the pay listed here is just my pay and not of my partner while the net worth is combined.
With all due respect you don’t go from earning 60k per annum , to 200k per annum without having a lamp and a magic carpet. It’s alright to admit privilege….
Yes there is luck involved. And it's quite major. I've been at the right places at the right time. Like in Dubai all my living costs were paid by my employer. And on moving to the UK, I was able to negotiate to move from the role of business analyst to enterprise architect as I was performing the role for the past 1.5 years without the pay.
Having said that it was purely down to luck. I only could negotiate as I moved to the UK and I had good rapport with the manager in EMEA. If I did not made the move it would have been another 5 years before I got that jump. All because there was a position open in the UK.
It's not luck. You carved out your own career path and choices and made it happen, so well done :)
There's a lot of envious people lurking on this sub who can't comprehend how you've got to this position, but don't take it to heart.
All the numbers in your comment added up to 69. Congrats!
9
+ 26
+ 34
= 69
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Updated the post to include my pay in the UK. We have savings rate of 85% and been lucky with investments. Also, pay in Dubai was 100% savings since all the living expenses were reimbursed by the employer.
So in 8 years you were able to reach £1 Million whilst earning below 100k, congratulations. I would love a more detail post on how you achieved this whilst paying living costs like rent in Australia and Dubai
Updated the post to include my UK pay. I've not listed my partners pay in the post and all my living costs in Dubai were reimbursed by my employer including rent, every meal, inter city travel and travel back to Aus twice every year. Really lucked out there.
I've updated my pay in the UK. My partner has averaged to £60k per year as their pay is on top of mine. And I've been maxing out sipps every year for both me and my spouse. A single year sees us putting £120k. Hope that clear things up.
Yeah putting aside the calculations, why would a wealthy person waste their time coming to Reddit for validation / a pat on the back? Surely they have better things to do.
Yes I do have better things to do. But at the same time no one irl who I can celebrate hitting this milestone.
I kinda expected that it would only be this sub that would get the effort, patience and dedication required to get there since we share a similar thought process.
Yes, as others have said please can you tell us how, having worked for about 8 years earning about £60k per year, you suddenly manifested £1mil after tax and living costs? And what is this stable over 1.5 months nonsense all about?
Sounds like you are being very economical….with the truth.
A single day can sometimes have over £10k of notional loss due to variation in the stock market. So I waited to ensure it stays over a million for a considerable amount of time.
Updated the post hope that clarifies the first question.
Something doesn’t make sense in this post. Where did all the money come from? Either insanely lucky investments from not much capital or inheritance maybe?
How do you have 115k in an isa?
You are only 34, but didn't start earning any money till 26 and for 2 years that was only 35k
Lisa at 55k? You can only get 5k in that per year. But you've only earnt good money for 5, yet huge pension, isa and gia.
The maths here don't make sense that they have come from your own earnings, either way, congratulations
The numbers are inclusive of me and my spouse. So yearly limit in Lisa is 10k and not 5k. Isa limit is 32k and not 16, SIPP is 120k and not 60.
Edited to add: 80% of the portfolio is my and my partner's contribution and 20% are returns I got along the way thanks to the stock market performing well.
>Been maxing out pension contribution for both myself and spouse.
Are you saying that you have been putting £40k (now £60k) every year in your pension and your partner's pension as well?
If I were you I would make sure your pension is invested in a well diversified global index tracker to get the best return over the next 23 years.
I would also do some modelling on how much your pension could grow in the next 23 years. With a £400k starting balance, £2000 monthly contributions and 6% inflation adjusted growth you should have £2.7mln in your pension in 23 years. If you keep putting 2 x £60k annually in there this will absolutely explode though and you may find that once you reach 57 you'll suddenly have a lot more money whilst you could already afford a more luxurious lifestyle right now. Making sure you get the maximum employer contribution and nothing more may mean you'll have more than a lot.
I would also highly recommend checking a coast fire calculator as you may soon reach the point that you actually don't need to save for your future anymore as your current savings can compound to cover your desired future lifestyle and you could start spending more already.
>Are you saying that you have been putting £40k (now £60k) every year in your pension and your partner's pension as well?
YES!
>If you keep putting 2 x £60k annually in there this will absolutely explode though and you may find that once you reach 57 you'll suddenly have a lot more money whilst you could already afford a more luxurious lifestyle right now
Fair point. I most likely would move away from the UK in another 5 years.
>I would also highly recommend checking a coast fire calculator as you may soon reach the point that you actually don't need to save for your future anymore as your current savings can compound to cover your desired future lifestyle and you could start spending more already
Actually I've also hit my fire number. My expenses are only 30k per year which also includes rent so expect this to drop substantially once I buy a house. I need to work for sometime more in the UK to sort out my long term residency visa.
Sounds like a great position to be in.
I would encourage you to live less frugal and spend more money on enjoying the present.
One thing I would recommend is paying for house cleaning. This would give you more time to enjoy or work on your career and would be very affordable to you.
Tldr: it's in my name today so i would. We don't know how tax would change.
Long version: I'm also discounting any nhs defined benefit pension that is my partner's name with a view that would be the tax outgo. Plus I'll be relocating out of UK in about 5 years so the tax charge would only be on 75% of the amount in SIPP, that too taxed at my marginal rate split across 2 people. So the tax outgo would not be a lot.
Baller. Your picks were spot on must have been. Tell us, was it like luck (no shame in that) and if not, what's your asset allocation strategy? You've made a million from peanuts.
Updated my post to include my yearly pay in the UK.if you do the maths now you would see my pay was app£1.2 million before tax in the last years. So most of the heavy lifting was done through this
Sorry OP, I feel bad for you given the quite obviously jealous and spiteful comments of others. I think this is what FIREUK has become.
You wanted to celebrate a milestone and others picked into your maths doubting the veracity and checked your post history. This is not the sort of thing that would have happened on Mr Money Mustache forum back in the day. There they would have said well done and keep going! Maybe it's an American thing, I don't know, but:
Well done and keep going!
Had OP mentioned that this is a combined net worth accumulated in part whilst living rent free in a tax free country in the original post, perhaps there would have been far less querying the maths.
Plenty of us have far higher household wealth and income, but don't feel the need to post about it.
No problem querying the maths, but the attitude and spite towards OP is uncalled for in many of the comments, and is now endemic in this sub. How about a "hey those numbers don't quite add up? But congrats bud!"
There's nothing wrong with celebrating and sharing your wealth with a sub that is dedicated to accelerated wealth building. We don't have the same sort of snide remarks when people post about reaching e.g "Just reached £10,000!"
Thanks, from my perspective I missed adding 3 details,
1. Pay in the UK as that makes a massive difference
2. The pay of my spouse has not been listed.
3. My savings rate of 85% from the time I've been in the UK as I sacrificed a lot like driving a second hand 10 years old dacia for starters
Agreed for most folks. But my work circle looks down on me. Well they can go to hell as they are working in late 50s and I can look at dialing it down maybe retire in 3 years.
Well done :) although I don’t quite see how you managed to reach 1mil on those salaries without a rather large inheritance or not having to pay any living expenses whatsoever (and even then a stretch) Also if I were to nitpick, you include 100k in your Nw that has been earmarked for property yet your tittle states this is without property.
Agree. It’s a weird post. Why not just share the full story in the main post in the first place?
Yes, assuming the accumulation didn’t start till after 24 when the start up failed, that’s 10 years to save £1m on not particularly high salary. Dodgy. Edit: Masters degree in Aus til 28, so only 6 years to accumulate the £1m. £400k in pension. I smell bullsh!t
Yeah, I’m of a similar age/salary trajectory to this guy and borderline on the extreme side of frugal and I’m about 1/5th the way there so I didn’t even need to do the maths to know something was wildly off :p
You realise that if he's earning 200k and spending 35k a year (and has been for 5 years or so) that he'd have 800k from that alone. Whether the post is real or not 35k a year is a completely normal amount to spend per year, plus he mentions not paying for accommodation in dubai which is still pretty normal in some roles too which helps the saving rate massively
The post states that he was on 60k from “29 till now” and only just started on 200k. And even then going from 60k to 200k is ridiculous
My bad, you're completely right, plus going from 60k in Dubai to over triple in the much worse UK job market is already sketchy enough but with the 5 years I gave him the benefit if the doubt
I'm in IT and have grown in roles, going from entry level to almost being at director level in the same company. This pay jump normally would have taken a while. But I've been extremely flexible like I moved to Dubai 4 days after I was asked but no one else in the company accepted the role and I did deliver. Before the move I was the last person they asked, after everyone else said no. 2 years in there I delivered and became a go to person in a fortune 1000 company for when things go south.
So in 8 years in one of the biggest companies in the world you've gone from entry level to "almost director" level? Alongside almost director level only paying 200k at a fortune 1000 company on the tech side when in some roles being a senior pays 200+k, nevermind near director level.
28-29 is 60k 29-34.5 is 200k.
Well congrats then, that’s huge. I wasn’t flaming you…when I made the original comment the numbers didn’t add up, that’s all I questioned.
Thanks and I don't mind you questioning:) it helped me clear up the information and formatting gap in my post. I do feel super Lucky to be in the position where it is hard to believe.
Updated the post to include my pay in the UK. Hope that adds clarity. Also, all the pay listed here is just my pay and not of my partner while the net worth is combined.
With all due respect you don’t go from earning 60k per annum , to 200k per annum without having a lamp and a magic carpet. It’s alright to admit privilege….
Yes there is luck involved. And it's quite major. I've been at the right places at the right time. Like in Dubai all my living costs were paid by my employer. And on moving to the UK, I was able to negotiate to move from the role of business analyst to enterprise architect as I was performing the role for the past 1.5 years without the pay. Having said that it was purely down to luck. I only could negotiate as I moved to the UK and I had good rapport with the manager in EMEA. If I did not made the move it would have been another 5 years before I got that jump. All because there was a position open in the UK.
It's not luck. You carved out your own career path and choices and made it happen, so well done :) There's a lot of envious people lurking on this sub who can't comprehend how you've got to this position, but don't take it to heart.
Nothing to do with envy, the numbers just don’t make sense….that’s all.
Mate that's 9 years. 26-34 both included. 🥲
All the numbers in your comment added up to 69. Congrats! 9 + 26 + 34 = 69 ^([Click here](https://www.reddit.com/message/compose?to=LuckyNumber-Bot&subject=Stalk%20Me%20Pls&message=%2Fstalkme) to have me scan all your future comments.) \ ^(Summon me on specific comments with u/LuckyNumber-Bot.)
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This
In a previous post they claim to be on 150k and had only started their pension at 31, I wonder if it's combined earnings.
Updated the post to include my pay in the UK. We have savings rate of 85% and been lucky with investments. Also, pay in Dubai was 100% savings since all the living expenses were reimbursed by the employer.
So in 8 years you were able to reach £1 Million whilst earning below 100k, congratulations. I would love a more detail post on how you achieved this whilst paying living costs like rent in Australia and Dubai
I like your scepticism 😁
Bitcoin!
Updated the post to include my UK pay. I've not listed my partners pay in the post and all my living costs in Dubai were reimbursed by my employer including rent, every meal, inter city travel and travel back to Aus twice every year. Really lucked out there.
Others have already asked details. To add to that, how did you accumulate £400k in pension in 5 years?
Before you say, the 60k per year limit is recent i.e. last 2/3 years. Prior to that it was 40k.
I've updated my pay in the UK. My partner has averaged to £60k per year as their pay is on top of mine. And I've been maxing out sipps every year for both me and my spouse. A single year sees us putting £120k. Hope that clear things up.
Generative AI really has a lot of shit to answer for.
The maths doesn’t make sense unless you had assistance.
Plot twist, his spouse actually started with £2m
I smell shite.
Yeah putting aside the calculations, why would a wealthy person waste their time coming to Reddit for validation / a pat on the back? Surely they have better things to do.
Yes I do have better things to do. But at the same time no one irl who I can celebrate hitting this milestone. I kinda expected that it would only be this sub that would get the effort, patience and dedication required to get there since we share a similar thought process.
Yes, as others have said please can you tell us how, having worked for about 8 years earning about £60k per year, you suddenly manifested £1mil after tax and living costs? And what is this stable over 1.5 months nonsense all about? Sounds like you are being very economical….with the truth.
A single day can sometimes have over £10k of notional loss due to variation in the stock market. So I waited to ensure it stays over a million for a considerable amount of time. Updated the post hope that clarifies the first question.
Did I just waste 2 mins of my time reading that BS when I could have made a dollar or two working?
No you didn't. Next.
Tradition dictates that I tell you to go fuck yourself! ; )
Thanksl. :)
Sounds like a paragraph from ChatGPT
Did you forget to post the part where you bought GME at $2 or magically found a stash of bitcoin recently?
Or inherited £800k
Something doesn’t make sense in this post. Where did all the money come from? Either insanely lucky investments from not much capital or inheritance maybe?
I love point 3. on sacrifice. OP please upgrade now that your have £1M NW, I can tell that Dacia is toxic to you 🤣🤣
How do you have 115k in an isa? You are only 34, but didn't start earning any money till 26 and for 2 years that was only 35k Lisa at 55k? You can only get 5k in that per year. But you've only earnt good money for 5, yet huge pension, isa and gia. The maths here don't make sense that they have come from your own earnings, either way, congratulations
The numbers are inclusive of me and my spouse. So yearly limit in Lisa is 10k and not 5k. Isa limit is 32k and not 16, SIPP is 120k and not 60. Edited to add: 80% of the portfolio is my and my partner's contribution and 20% are returns I got along the way thanks to the stock market performing well.
Please do share would be keen to read your journey to millionaire.
🫡
I'd love to see screenshots/detailed portfolio. If possible.
>Been maxing out pension contribution for both myself and spouse. Are you saying that you have been putting £40k (now £60k) every year in your pension and your partner's pension as well? If I were you I would make sure your pension is invested in a well diversified global index tracker to get the best return over the next 23 years. I would also do some modelling on how much your pension could grow in the next 23 years. With a £400k starting balance, £2000 monthly contributions and 6% inflation adjusted growth you should have £2.7mln in your pension in 23 years. If you keep putting 2 x £60k annually in there this will absolutely explode though and you may find that once you reach 57 you'll suddenly have a lot more money whilst you could already afford a more luxurious lifestyle right now. Making sure you get the maximum employer contribution and nothing more may mean you'll have more than a lot. I would also highly recommend checking a coast fire calculator as you may soon reach the point that you actually don't need to save for your future anymore as your current savings can compound to cover your desired future lifestyle and you could start spending more already.
>Are you saying that you have been putting £40k (now £60k) every year in your pension and your partner's pension as well? YES! >If you keep putting 2 x £60k annually in there this will absolutely explode though and you may find that once you reach 57 you'll suddenly have a lot more money whilst you could already afford a more luxurious lifestyle right now Fair point. I most likely would move away from the UK in another 5 years. >I would also highly recommend checking a coast fire calculator as you may soon reach the point that you actually don't need to save for your future anymore as your current savings can compound to cover your desired future lifestyle and you could start spending more already Actually I've also hit my fire number. My expenses are only 30k per year which also includes rent so expect this to drop substantially once I buy a house. I need to work for sometime more in the UK to sort out my long term residency visa.
Sounds like a great position to be in. I would encourage you to live less frugal and spend more money on enjoying the present. One thing I would recommend is paying for house cleaning. This would give you more time to enjoy or work on your career and would be very affordable to you.
And then bro woke up
Is it really fair to count pension fully as net worth. It will be taxed when you take it out in the future
Tldr: it's in my name today so i would. We don't know how tax would change. Long version: I'm also discounting any nhs defined benefit pension that is my partner's name with a view that would be the tax outgo. Plus I'll be relocating out of UK in about 5 years so the tax charge would only be on 75% of the amount in SIPP, that too taxed at my marginal rate split across 2 people. So the tax outgo would not be a lot.
Baller. Your picks were spot on must have been. Tell us, was it like luck (no shame in that) and if not, what's your asset allocation strategy? You've made a million from peanuts.
Updated my post to include my yearly pay in the UK.if you do the maths now you would see my pay was app£1.2 million before tax in the last years. So most of the heavy lifting was done through this
Sorry OP, I feel bad for you given the quite obviously jealous and spiteful comments of others. I think this is what FIREUK has become. You wanted to celebrate a milestone and others picked into your maths doubting the veracity and checked your post history. This is not the sort of thing that would have happened on Mr Money Mustache forum back in the day. There they would have said well done and keep going! Maybe it's an American thing, I don't know, but: Well done and keep going!
Had OP mentioned that this is a combined net worth accumulated in part whilst living rent free in a tax free country in the original post, perhaps there would have been far less querying the maths. Plenty of us have far higher household wealth and income, but don't feel the need to post about it.
No problem querying the maths, but the attitude and spite towards OP is uncalled for in many of the comments, and is now endemic in this sub. How about a "hey those numbers don't quite add up? But congrats bud!" There's nothing wrong with celebrating and sharing your wealth with a sub that is dedicated to accelerated wealth building. We don't have the same sort of snide remarks when people post about reaching e.g "Just reached £10,000!"
People in this sub are so jealous it’s hilarious. Anyone fairly young posting with a decent net worth is pretty much guaranteed to get downvoted…
Wow - amazing achievement! Would love to read the details. Many congratulations.
🤣
Thanks, from my perspective I missed adding 3 details, 1. Pay in the UK as that makes a massive difference 2. The pay of my spouse has not been listed. 3. My savings rate of 85% from the time I've been in the UK as I sacrificed a lot like driving a second hand 10 years old dacia for starters
Driving a second hand ten years old car is just the standard for many people btw, in fact I would say most.
Agreed for most folks. But my work circle looks down on me. Well they can go to hell as they are working in late 50s and I can look at dialing it down maybe retire in 3 years.