Becoming Wealthy in Your 30s: Insights from a Family of a Lawyer and Data Scientist
For numerous individuals, attaining millionaire status is an enduring goal. Yet for this astute couple—a 38-year-old attorney and a 33-year-old data analyst from the Midwest—it became a reality before either hit 40. By making smart financial choices, deliberate trade-offs, and living intentionally, they surpassed the seven-figure net worth threshold in 2024.
Their narrative provides crucial lessons on how regular people can accumulate wealth without the flashiness or high salaries. Below is an outline of their approach—and the insights you can utilize in your own financial journey.
Net Worth Overview
– Current Net Worth: Slightly over $1,000,000
– Total Assets: $1,500,000
– Home: $535,000
– Retirement Accounts: $470,500
– Rental Property: $230,000
– Cash & Savings (HSA, 529s, brokerage): $263,500
– Liabilities: ~$498,800
– Mortgages, SBA loan, home renovation loans
– Net Outcome: Assets minus liabilities = $1,001,200+
Factors Behind Their Financial Success
1. A Robust Earning Base
Both individuals followed distinct yet complementary career trajectories. The wife, an attorney, dedicated much of her career to public interest roles and state jobs—fields typically not recognized for high compensation. Often valuing paid leave, job flexibility, and alignment with her values, she experienced gradual but steady salary growth. Career shifts included positions in nonprofits, a brief return to state employment, and plans to consult part-time in the future.
Conversely, the husband obtained a graduate degree funded by the GI Bill and embarked on a career in data science. Starting with a salary of $135,000 just three years ago, he now earns between $175,000 to $180,000 annually, including bonuses.
Together, their household generates around $280,000 each year.
2. Steady Saving Practices
Despite variations in income—particularly during graduate school and the early years of their legal careers—the couple succeeded in saving approximately 42% of their income on a regular basis. Their savings strategy comprises:
– Maximizing retirement and HSA contributions
– Investing in 529 plans for their two children
– Contributing to a taxable brokerage account
– Conducting quarterly net worth goal assessments
Pro Tip: Set up automated savings before budgeting for other expenditures. “I aim to max out our retirement accounts first. After that, I factor in other costs,” the attorney shared.
3. Strategic Real Estate Decisions
Similar to many financially astute individuals, the couple has tapped into real estate—though not without its hurdles.
The wife purchased a condo early on in her career, utilizing a $15,000 inheritance for the down payment, living with roommates to minimize expenses (a strategy now known as “house hacking”). She eventually transformed the condo into a rental property, yielding $6,000–$7,000 net annually.
Nevertheless, being a landlord has had its challenges. The couple has faced soaring HOA fees, an unwelcome eviction process, and maintenance delays. They are now considering selling the rental, recognizing that the mental costs can sometimes outweigh financial benefits.
Lesson: Not every asset complements your lifestyle. It’s acceptable to shift away from investments that don’t foster your well-being—even if they’re financially successful.
4. Prudent, Intentional Spending
With annual expenses around $160,000, the family isn’t excessively frugal, but their spending reflects conscientious decisions:
– Utilizing discount days and local resident benefits for family outings
– Engaging with couponing communities for strategic purchasing
– Repairing rather than replacing household items
– Opting for used goods whenever feasible
They maintain a loose yet adaptable budget and conduct quarterly reviews. Rising costs like childcare have recently inflated their cost of living, but they expect expenditures to decrease as their children mature.
Secret Indulgence? Theater tickets—often secured for merely $30.
5. Philosophical Perspective on Wealth Accumulation
This couple exemplifies many values promoted by the ESI (Earn, Save, Invest) Money framework. Here’s how they evaluate their strengths:
– Personal Strength: Saving
– Recently Strongest Area: Earning (thanks to the husband’s advancing career)
– Investment Philosophy: Maximize tax-advantaged accounts, invest in index funds, and prepare for fund accessibility before age 59.5
While they don’t pursue every dollar for maximum returns, they focus on consistency and long-term strategy. Their least favorable investment wasn’t a financial setback but a rental property that induced notable stress—a valuable reminder that investment returns are not solely financial but also emotional and time-related.
6. Surmounting Challenges
Their journey encompassed:
– A challenging job market following law school due to the Great Recession
– Absence of paid parental leave in early employment
– A natural disaster that affected their home—repairs were not covered