can you become a millionaire on minimum wage if you avoid getting married or having kids?

[Anonymous No.2781514]

I was speaking to a successful doctor yesterday and he said he'd have to work till he dropped dead to support his kids

is marriage/family formation bad for your financial health?

[Anonymous No.2781547]

If you got $15/hour, saved 100% and worked 3000 hours per year... it would take you 22 years to hit $1m.

[Anonymous No.2781593]

Just invest in crypto dude, you will be in the 1% soon enough.

Also yeah kids are a money drain. As is having a partner.

The absolute best you can do to maximize money is being a loner

[Anonymous No.2781612]

>>2781514
>the fucking face when upper middle class people can't distinguish between "support" and "spoil."

One year's salary for a doctor could literally "support" a kid from birth up until they turn 18.

>B-but muh kids need the newest ipads or they'll get made fun of

[Anonymous No.2781618]

>>2781612
This
/thread

[Anonymous No.2781638]

Wasn't there a statistic (probably bullshit but might not be far from the truth for some people) that it takes 250k to raise 1 kid from age 0 - 18? This probably applies to some upper middle class families, mine sure as hell didn't spend this much on me (didn't get gifts on most birthdays even). That's already quarter of a mil.

[Anonymous No.2781661]

>>2781612
Maybe if you only feed them bread and water

[Anonymous No.2781698]

Best Wojack ever.. thanks OP

[Anonymous No.2781705]

>>2781514
Well. Assuming you work 40 hrs a week 50 weeks, you earn $8/hr, that's 16K a year. Since you're poor let's say you get free health insurance or your employer provides. So then all you need is food water shelter. Let's say you bike to work. A shitty $300/mo room $100 a month on food and $100 on utilities/other shit will leave you with $780/mo. Throw that in a Roth IRA and you have tax free growth. So let's say stock market grows at 10% like it has in the past. You're saving almost $10K a year. 5.5K compounds at 10%, 4.5K compounds at say 8%. In just a bit over 25 years you should have 1M$ net worth.

Now I didn't even include the possibility of a raise and you have to keep in mind with inflation, $1M won't be worth as much in 25 years. So much variance in that regard. But in 30-40 years of working, it's easily done.

[Anonymous No.2781707]

>>2781661
>food-$400/mo
>housing-$500/mo (kid's portion of housing cost)
>education-$150/mo (summer camps, books, school projects, etc.)
>activities-$100/mo (sports, entertainment, etc)

That's $1,150 per month, or $13,800 per year, for a total cost of $248,400 for 18 years of child rearing.

This is a generous number, given that you're probably already paying for a spare room in your house if you've bought one.

[Anonymous No.2781724]

>>2781547
and had no rent/expenses or taxes , and 1 mil still was relevant after inflation

[Anonymous No.2781725]

>>2781707
This.

Average kid only costs like 250-280,000 to raise, completely. Then if you pay for his college tuition it's another 200k or so in the US and that's it. He should be working beyond that. We'll throw in another 10k or whatever in case he isn't working and needs help after college for a year or something.

[Anonymous No.2781739]

>>2781725
>Average kid only costs like 250-280,000 to raise
> only

For something that requires a huge ammount of work, commitment and provides zero value that's quite alot of money.

[Anonymous No.2781837]

>>2781739
I'm sorry anon your dad didn't value you.

[Anonymous No.2781843]

>>2781739
>provides zero value
It's your offspring, your genes. This is how you "continue" to live on after you die though. If you don't have kids you pretty much get erased for good when you die, value or not.

[Anonymous No.2781945]

>>2781843
I'll be dead so I'm alright with that.

[Anonymous No.2781998]

>>2781739
That's like a year's work of work for anyone who has held a decent job for over 20 years.

And plenty for a doctor to pay.

Now consider that you've got like 18 years to fully amass that amount of money. You should be fine.