John has a net worth of 4.2M. Of the 4.2M, 1.8M is invested in real estate split between his primary home and a condo rental. He as about 500K in his 401(k), and an additional 800K in other retirement accounts. John is 55 years old and first hit a net worth of 1M at the age of 39. He discusses teaching his kids about money, vacation costs, estimated spending after retirement, general mistakes and advice, and what it feels like being close to retirement.
Gender Male
Age 55
Profession Advertising Sales
Net Worth 4.2M
Allocation
Retirement Accounts 1.3M
Non Retirement Accounts 1M
Home Equity 1M
Other Real Estate 800K
529 3K
Cash 100K
Other 50K
Total Debt 0
Investment Philosophy One rental and 80% stocks and 20% bonds in market investments
Age Became Millionaire 39
Household Annual Spending 120K
Range of Annual Income 40K – 250K
Financial Goal 3MM in investment and retirement accounts
Book Recommendations Kiplinger Magazine, I will teach you to be Rich
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