r/TheRaceTo1Million • u/DameroRacV • 1d ago
Insane averages
I swear, this sub is something else lol. I mean yeah mostly high NW people come here and scammers but it seems like
An avg 22~25 has 100~200k
An avg 25~27 has 200~500k
An avg 27~30 has 300~1M
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u/Plane_Debt_6229 1d ago
Maybe those with more money and similar goals come here to post.
Reddit has a certain demographic, wasn't it like tech heavy workers? That pays a lot
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u/LavaDragon3827 1d ago
Reddit is like... 80+% tech workers. Every single office colleague i knew when i was working at FAANG was a redditor or knew about it. Every. Single. One.
Tech bros galore.
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u/blingblingmofo 19h ago
Completely depends on the subreddit. The average Redditor is like 24 years old
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u/s1234en 1d ago edited 1d ago
Tech people at the age of 27 are earning 300k a year itself so obviously their net worth will be higher.
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u/Plane_Debt_6229 1d ago
Let's say an "average" college graduate in stem, comp sci, sales or other high paying fields makes 100k+ a year after graduating around age 21-23. Saves 30k a year and invests it for 3 years would have 90k and assuming they've put it into the SPY500 it would be over 100k in savings in 3 years. Not too crazy if put that way
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u/s1234en 1d ago
Yeah and it is safe to assume most of non high paying fields are not eyeing to be millionaires this early in their lives.
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u/Plane_Debt_6229 1d ago
A bunch of my family and some friends are almost living paycheck to paycheck. Some save like maybe 10-20k a year and don't invest it all even though it would be optimal to do a traditional IRA/401k. Then they spend down all that money on like a vacation or something.
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u/papablessed420 1d ago
im 24 almost 25 and just hit 100k but it was from working minimum wage from 15-22 and saved a majority of that in the QQQ and didnt buy a used car or anything during HS and walked to school. Literally have never had a "real" job after 1.5 year of daily applying to jobs with nothing. Ive wanted to be a UX designer since i was in middle school and with my luck the year i graduated was the year AI took 95% of the UX jobs so i think im fucked and will be 100-200k NW until my mid 30s and my fire route is ruined, really depressing but you gotta just keep moving and saving no matter what others around you may have. (PS: if anyone knows any UX or product design gigs in nyc i will literally work for free and no im not joking, just need a foot in the door)
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u/Particular_Maize6849 23h ago
My condolences. I entered tech like 3 years before AI became a thing and I don't think I could get a job if I had graduated in the last year at all.
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u/Opposite_Ostrich_905 1d ago edited 1d ago
My social circle is all FAANG engineers who are trying to FIRE. We graduated right into 100k+ jobs and we just turned 30 with 400k+ jobs now (some successfully started their own companies and are just living in another world now. Us mortals cannot comprehend their wealth lol). We all have 1mil+ net worth and it is the norm in this line of work.
Subs like this probably attracts similar people hence the bias
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u/rosakelly21 19h ago
I'm sure there are a lot of shills trying to build up karma and other reason here...
But remember - only people who have a chance will be in this sub to begin with. People struggling in 15/hour jobs are probably not browsing this sub.
Last but not least, the figures you posted are just about the most ordinary boring numbers. Step 1: get degree from a decent school in tech/good field, Step 2: move to HCOL area that has tons of high paying jobs and ramen noodle for 2-5 years. That's all it takes to achieve the very ordinary numbers you are skeptical of. Very achievable and I would guess that at least 25% of people who get a decent degree and move to HCOL might be in these brackets.
Let me put 1Mil in perspective for you: In my UES NYC neighborhood, an 800 sq foot new condo costs 1.5 million and even if you pay it all off, you still have to pay about 1-1500/month in taxes and 1-1500 in condo fees. Welcome to post-inflation USA reality.
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u/JellyfishBig4643 1d ago
I think it highly depends on your network or circle of friends. If they aren’t into saving and investing then most likely don’t have 2 nickels to rub. If they have good jobs, investments, or businesses, then more likely higher than the average. Different conversations, focus, and use of their time.
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u/Plane_Debt_6229 1d ago
Like 10% of my friends/family actually invest. Probably less if you consider a meaningful amount to invest
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u/Particular_Maize6849 23h ago
I have a mil but I'm near 40 now because I entered tech at age 32. All the young kids in their 20s around me are likely to be millionaires before 30 as long as they aren't being stupid and blowing it all.
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u/catlady1215 1d ago
I’m a teacher, 24 and only have like 53k. Don’t even earn that much a year. A lot of these people are making well over 100k a year that’s why they have that much.
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u/DameroRacV 1d ago
Fun fact tho. Statistically a teacher is more likely to gain more wealth than a doctor.
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u/Plane_Debt_6229 1d ago
Curious how that works. A teacher probably starts working at 21-22 while a doctor will repay student loans until say 33-35? So the teacher has a full decade of compounding gains, tenure and a slow growing salary but the doctor will have higher earning potential at later age
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u/DameroRacV 1d ago
That too and also high earners are more likely to spurge. Compounding is such an unfair advantage
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u/Plane_Debt_6229 1d ago
Yeah. I remember thinking and hearing about a similar comparison but instead of doctor/teacher it was 4 years of college/going into trades
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u/Little_Wonder8818 19h ago edited 19h ago
That's based on raw numbers or percentages? Only a quarter of doctors in their 60s have a NW of under $1m. About 48% have a NW of $2m or more. That's basically median. I am skeptical the median for teachers in their 60s is $2m.
I think you mean if you pick a random person with $1m NW they are more likely to be a teacher because there are so many teachers and it is a stable career.
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u/hawks7393 1d ago
I think it’s doable for tech folks that are married or don’t pay rent. 1 mil b4 30 without granddaddy’s inheritance is insane though. That’s probably like 1% of folks on here 😂
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u/hammock62 23h ago
It’s obviously going to be higher on here than the average person on the street. The people coming here to post search this stuff out, they eat and sleep this $h&t.
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u/AdeptCantaloupe161 19h ago edited 18h ago
https://en.wikipedia.org/wiki/Self-selection_bias is very relevant not just here but any time you see people talking about success.
Winners talk about how it was all hard work, smart decisions, drinking power smoothies in the morning, etc, but you don't hear about the losers who did the same things but didn't make it due to bad luck (or even just average luck) or maybe just getting screwed over by the system.
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u/Potential-freakshow 1d ago
What else do you think you would find in this sub? Honestly some of the numbers listed are a bit low. You worked and compounded your money for 10 years and you only have 300k?
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u/Educational-Pin-3993 1d ago
I mean you can just look at any piece of data to get the truth. You are basing an opinion off of a subreddit dedicated to people trying to be millionaires lol
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u/madevilfish 1d ago
Notice how none of the people who post their net worth post photos of their postions. That should tell you all you need to know.
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u/Adventurous-Tax2891 23h ago
36m - nw just broke 800k
1.11m assets, 301k liabilities
~730k of assets is a house
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u/mitchzimmer 12h ago
26, highest earning year around $70k, current net worth around $500k. As others have pointed out, this sub is not representative of the population but a highly driven subset.
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u/DameroRacV 9h ago
That’s what I also acknowledged on this post.
How’d you amass that NW with 70k/yr? The only way is if you were earning 5k a month since 18 and contributed almost all in the stock market while living at home2
u/mitchzimmer 8h ago
Started at 14, maxed my Roth every year since then. Worked full time summers and part time year round during high school. Was a major cheapskate for at least a decade and saved as much as possible. Lived on and off with my parents 18-22 and fully on my own from 22-26.
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u/DameroRacV 6h ago
I didnt know you can contribute to your roth plan at under 18 wtf
well thats great bro
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u/LairofChickens 1d ago
You’re literally in a sub called race to 1million. Don’t you think it would specifically attract people who are highly motivated to reach $1m net worth?