Saving a Million Dollars FAST
We’ll start with Mr. 1500 Days (he’s one of my favorites!). Now he started 2013 with over $585,000. He managed to hit $1,000,000 for the first time less than two years later! Note that Mr. 1500 days uses Personal Capital as well!
To be able to compare him to others, we’re going to focus on his January numbers, which means it took him 3 years:
- Starting out: 1 January 2013: $586,043
- 1 January 2014: $869,635
- 1 January 2015: $987,351
- 1 January 2016: $1,057,961
If you look at his monthly numbers, he was knocked under $1,000,000 three times since first hitting it!
Now the Financial Samurai argues that the first million dollars is the easiest. He details his entire journey to his first million in net worth in the same post. I’ll summarize his journey (in just numbers) here:
- Age 22: Net worth – $160,000
- Age 23: no update
- Age 24: Net worth – $260,000
- Age 25: Net worth – $400,000
- Age 26: Net worth – $550,000
- Age 27: Net worth – $800,000
- Age 28: Net worth – $1,100,000
Financial Samurai’s journey started with a lucky stock market deal, but continued with consistent 401k max-outs, smart job moves, and buying real estate (and having a rental in SF!).
Travis and Amanda over at Freedom with Bruno (spoiler: Bruno is their car) managed to save $1,000,000 as well. Their journey to financial independence is a basic story of reducing financing and completely ramping up savings rates (maxing out both 401ks and IRAs!). Here is the graph on the website:
Again, we’re looking for year-by-year rates, so we’ll make some estimates based on the above graph:
- July 2012: $450,000
- July 2013: $700,000
- July 2014: $825,000
- July 2015: $1,000,000
Jeremy and Winnie are some of my other favorites, so I really want to include them here… although (as far as I have found) they don’t share the specifics of their financial journey. The closest to specifics I can find is this chart with the history of the S&P 500 alongside the history of the Go Curry Cracker portfolio:
But since there are no actual dollar amounts, I can’t include it into the upcoming comparison. Moving on…
Justin over at Root of Good is also a favorite of mine (it helps he has 3 kids like us). He has also published his journey from zero to millionaire in ten years that includes this really helpful chart:
He captions it: “Slow and steady wins the race. Go team tortoise!” But really, he’s among the elite that have managed to hit a million dollars in a ten-year span!
Chris has declared that becoming a millionaire is a letdown. It turns out, when you save and invest money, one day, it just happens! He’s also so nicely set out his path in an awesome chart!
I feel obligated to include Mr. Money Mustache, though his route to early retirement wasn’t to a million dollars (though I’m sure he’s probably a multi-millionaire these days). He’s shared the specifics of his ten-year journey to early retirement in a post called: “A Brief History of the ‘Stash.” I’ll summarize just the numbers below:
- Year 1: $5,000
- Year 2: $23,000
- Year 3: $67,000
- Year 4: $150,000
- Year 5: $250,000
- Year 6: $365,000
- Year 7: $490,000
- Year 8: $600,000
- Year 9: $720,000
- Year 10: $800,000+
Since he is one of the BIG names in early retirement, Mr. Money Mustache is showing the world how it’s done! Steve over at Think, Save, Retire has also argued that you don’t need to be a millionaire to retire.
Tracking Your First $1,000,000
If you’re like me, you like to see aggregated data… maybe even graphs! Well, friends, you’re in luck! I’ve mapped out the above numbers (the ones I was able to pull out specific numbers) on one graph so you can compare!
I like looking at this all together. There’s definitely an exponential growth kick right at the end of the journey for half of our millionaires. Also, once you hit $500,000, it’s completely possible to hit $1,000,000 in 4 years!
What’s the secret formula? High savings rates. The market has helped these guys, but the major strides they make each year are mainly their own contributions!
Who’s line will you follow most closely on your path to early retirement? Track your line by signing up for a FREE account with Personal Capital.
Personal Capital links on the blog are affiliate links. At NO COST to you, we get a “thank you” commission if you sign up through our links. If you don’t feel good about that, open a new window and go directly to their landing page.