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Pulling a mill off of non MD stuff, maybe they have a family business.
Investing in real estate if you can’t pay fully in cash is pointless right now. Rates are never going back to 3% either
This is exactly why I’m so confused about people sleeping on psych or if I’m trippinI don't get it. Why shouldn't people do psych for the money?
Most physicians who make 500k/yr also work 50+ hrs/wk.
I was told you can also make that kind of money in psych if you work 50+ hrs (cobbling 2 jobs).
These psych guys/gals here obviously know more than I do about psych since I am an IM hospitalist.This is exactly why I’m so confused about people sleeping on psych or if I’m trippin
I don't get it. Why shouldn't people do psych for the money?
Most physicians who make 500k/yr also work 50+ hrs/wk.
I was told you can also make that kind of money in psych if you work 50+ hrs (cobbling 2 jobs).
I don't get it. Why shouldn't people do psych for the money?
Most physicians who make 500k/yr also work 50+ hrs/wk.
I was told you can also make that kind of money in psych if you work 50+ hrs (cobbling 2 jobs).
Yes w2 is better lifestyle no question while 1099 you can hustle and probably retire in half the working years if one wanted.
Yes, you can make 400k+ in psych as described by others above (multiple jobs, undesirable jobs, business, subspecialization/top expertise, etc.). But psychiatry on average is just the highest paid of the lowest paid specialties.
OP, what do you love more? Psychiatry or money? I'll say it's very hard to actually know if you love psychiatry until you are an actual attending, and I don't know anyone who hates money.
What? These specialties, and others, can double or triple the avg psych income. Maybe you are referring to production based practices where new attendings make practically nothing but ramp up to the moon once they are full? These well paid specialties don't need to start a practice. They can jump into a group and practice medicine from Day 1. Their question is whether to make a lot of money as a W-9 or a whole lot of money by joining a group and becoming a partner.
For us, ease of starting a practice is more important because W-9 work as a psychiatrist is generally oppressive.
@finalpsychyearMost physicians don’t want to do that or don’t know how. Anesthesia, radiology, etc. can walk into 1 job earning much more than psych. Their effort to achieve that financial figure is minimal. With psych, you need to find opportunities that mesh together or do above average volume.
If you are willing to search and work 50+ hours, every field (maybe not peds) can earn $500k+.
Small world.Psych employed jobs that will clear $400k are either going to be meat grinder/high patient census positions (very easy to get these) or in undesirable locations (I personally know someone who took a middle-of-nowhere Kentucky job for $400k with a very reasonable caseload).
Psych can pay very well per hour in private practice as mentioned in many places.
I would push back on dl2dp2 above and note that If you really want to be employed and paid well, it's very clear that positions like derm, NSGY, ortho, vascular, uro, ENT, gas, rads, GI, interventional cards are all going to be a much better option. MGMA median salaries will give you an idea of what employed salaries are like. Many are absolutely north of 400k, although the lifestyle of those positions is often significantly worse.
Okay, fair points.
No, it's probably not the best specialty if you want to max income and you don't really care about the work.
Last quarter I had some TOUGH cases and the practice was *quite* full so I was slightly burnt out. Things are getting better again and I'm loving my practice.
It *can* be a very good lifestyle+ specialty, but the pathway isn't very straight. Some psychiatrists do well, but it's not a single W2 job at Kaiser. I hope all of this is fairly standard knowledge at this point.
@finalpsychyear
If I was younger when I finished med school, I would have done radiology.
I am not the type who subscribes to the idea that I can be happy doing only this specialty. I can see myself being ok doing most things in medicine except surgical specialties.
I know rad and gas are swimming in money these days, but if OP can only see him/hersself doing psych, I think he/she can find a way to make 400k+
I have been reading some of your posts and if I am not mistaken, I believe your financial independence (FI) number is somewhere around ~5 mil.When i was starting out several years ago I only worked 2 half days a week while i was building a PP some moonlighting wknds for hospitals sprinkled in there. Now granted there was some stuff related to practice matters that on the other days required some work but i had TONS of free time to workout which i used to do 2x a day 5-6 days a week, dating, trips, friends, etc.
While i didn't make much money I truly enjoyed time over money. This is why I would love to be down to 2 half days a week by the end of the decade maybe i'm dreaming. Being married and adding kids to the mix are the variables I'm not sure would allow this so soon. Ill keep dreaming though.
Psych employed jobs that will clear $400k are either going to be meat grinder/high patient census positions (very easy to get these) or in undesirable locations (I personally know someone who took a middle-of-nowhere Kentucky job for $400k with a very reasonable caseload).
Psych can pay very well per hour in private practice as mentioned in many places.
I would push back on dl2dp2 above and note that If you really want to be employed and paid well, it's very clear that positions like derm, NSGY, ortho, vascular, uro, ENT, gas, rads, GI, interventional cards are all going to be a much better option. MGMA median salaries will give you an idea of what employed salaries are like. Many are absolutely north of 400k, although the lifestyle of those positions is often significantly worse.
Lol, I probably do too. Is this from the system where the recruiters always send pictures of the Kentucky Derby in their e-mails or the smaller system closer to Cincinnati? If neither it sounds like there's an abundance of solid jobs in Kentucky if you don't mind moving there...Small world.
I know that Kentucky job you’re talking about.
There's also a huge difference between truly going for FIRE (full retirement, no longer working/earning) versus busting butt and pulling back to working PT/minimally and still pulling in $50-100k/yr. If you're going full FIRE as a physician, then $5 mil is probably going to be necessary. If you're just dropping to PT work and still pulling in $100k+/yr then yea, you'd probably be fine once you hit a couple of million.I have been reading some of your posts and if I am not mistaken, I believe your financial independence (FI) number is somewhere around ~5 mil.
I think people overestimate how much they need to be financially independent.
Since working part time for us physicians translate to making 125-175k/yr, I believe most of us can cut back once our home is paid off and have 1.5-2 mil in retirement/investment.
5 mil might be necessary for HCOL areas. I think 3 mil is more than enough for low-to-medium COL areas.There's also a huge difference between truly going for FIRE (full retirement, no longer working/earning) versus busting butt and pulling back to working PT/minimally and still pulling in $50-100k/yr. If you're going full FIRE as a physician, then $5 mil is probably going to be necessary. If you're just dropping to PT work and still pulling in $100k+/yr then yea, you'd probably be fine once you hit a couple of million.
Since working part time for us physicians translate to making 125-175k/yr, I believe most of us can cut back once our home is paid off and have 1.5-2 mil in retirement/investment.
Nope. That’s a different one! It’s in the 300k range.Lol, I probably do too. Is this from the system where the recruiters always send pictures of the Kentucky Derby in their e-mails or the smaller system closer to Cincinnati? If neither it sounds like there's an abundance of solid jobs in Kentucky if you don't mind moving there...
Even in low to medium areas recommendation is still at least $5mil. My goal is to be able to retire at 55yo and have $150k/yr available (I said $100k, wife upped that, lol). Our financial advisor crunched the numbers and said our goal should be to hit at least $6mil in our relatively LCOL area. This is also keeping in mind we're calculating for a family of 4-5 and want to pay for UG for them. If you're solo or no kids those numbers may be dramatically different.5 mil might be necessary for HCOL areas. I think 3 mil is more than enough for low-to-medium COL areas.
I dont believe in retiring early but I am a big fan of being financially independent.
3M for me then probably scaling back, especially with house and kids on the way in the next year. I want to spend time with family. Gf is anesthesia and she also wants to scale back once she has kids. Location is Irvine (Orange County).
Its funny when i started working I was told 2.5m was this ideal number and now its doubled in the last several years.Even in low to medium areas recommendation is still at least $5mil. My goal is to be able to retire at 55yo and have $150k/yr available (I said $100k, wife upped that, lol). Our financial advisor crunched the numbers and said our goal should be to hit at least $6mil in our relatively LCOL area. This is also keeping in mind we're calculating for a family of 4-5 and want to pay for UG for them. If you're solo or no kids those numbers may be dramatically different.
Irvine is expensive but given that you and your partner are docs, you can do that easily.3M for me then probably scaling back, especially with house and kids on the way in the next year. I want to spend time with family. Gf is anesthesia and she also wants to scale back once she has kids. Location is Irvine (Orange County).
Depends. My advisor took into account inflation. So she said targeting for $5-6mil today I'd likely end up with $9-11mil by the time I'm looking to retire taking normal inflation into account, which is what would be predicted to be needed then (20-25 years). Who knows though, that was a couple of years ago and we haven't discussed changes to specific target numbers or inflation patterns recently.Its funny when i started working I was told 2.5m was this ideal number and now its doubled in the last several years.
I wont be shocked by the end of the decade if its 7-8m. Im starting to feel that you need to have that magic number NOW for it to truly be magical. If its magical only in theory then by the time you reach it it loses its benefit. For me, I'll just have to step down to PT work and reevaluate what actually makes sense.
Its funny when i started working I was told 2.5m was this ideal number and now its doubled in the last several years.
I wont be shocked by the end of the decade if its 7-8m. Im starting to feel that you need to have that magic number NOW for it to truly be magical. If its magical only in theory then by the time you reach it it loses its benefit. For me, I'll just have to step down to PT work and reevaluate what actually makes sense.
Even in low to medium areas recommendation is still at least $5mil. My goal is to be able to retire at 55yo and have $150k/yr available (I said $100k, wife upped that, lol). Our financial advisor crunched the numbers and said our goal should be to hit at least $6mil in our relatively LCOL area. This is also keeping in mind we're calculating for a family of 4-5 and want to pay for UG for them. If you're solo or no kids those numbers may be dramatically different.
The answer to the retirement number will always depend on market assumptions, your stock/bond split, and inflation. Your financial advisor is taking very conservative numbers into account to come up with that being what you would need. If your house is paid off and you aren't paying for childcare, I would expect 100k in today's dollars to be enough for a very nice lifestyle in a medium to low COL area. That's very reasonable on 3mill liquid +own your home. If you want an extra 50k to travel lavishly, 5 million +own your own home is very reasonable. You can always enact a variable withdrawal rate where you spend less if the market is done (and even spend a bit more if the market is up when you use very conservative numbers).Depends. My advisor took into account inflation. So she said targeting for $5-6mil today I'd likely end up with $9-11mil by the time I'm looking to retire taking normal inflation into account, which is what would be predicted to be needed then (20-25 years). Who knows though, that was a couple of years ago and we haven't discussed changes to specific target numbers or inflation patterns recently.
At first I was thinking $6M comfortably does a $200k minimum withdrawal but then I realized that the tax treatment of the investment portfolio is really important here. $6M in pre-tax (income tax), post-tax roth (no tax), or regular investment account (cap gains) makes a big difference in how the withdrawal amount translates to actual cash flow. Plus it sounds like the $6M could include lump sum expensive UG tuition, which functions less like a retirement withdrawal situation and more like an immediate drop in the investment portfolio.Even in low to medium areas recommendation is still at least $5mil. My goal is to be able to retire at 55yo and have $150k/yr available (I said $100k, wife upped that, lol). Our financial advisor crunched the numbers and said our goal should be to hit at least $6mil in our relatively LCOL area. This is also keeping in mind we're calculating for a family of 4-5 and want to pay for UG for them. If you're solo or no kids those numbers may be dramatically different.
That's interesting because that's a very conservative number that gives you a ton of cushion. A 4% withdrawal rate on 6,000,000 is 240K....even a 3% withdrawal rate is 180K. Even at 4% and taking into account average inflation it's likely you never touch your principle (and possibly see some increase in your balance) given average returns. Even if you want to pay for undergrad you can throw 500 bucks a month each into 529s and have 200K per kid in there by the time they're 18...it shouldn't drastically impact that calculation.
That's all fair, as I told her to plan for worst case scenario. I've worked with too many patients who "thought we were fine" until they weren't and their entire life spirals. It was also partially to make us more aggressive with our saving as we were way behind (still are to a lesser extent) on retirement savings.The answer to the retirement number will always depend on market assumptions, your stock/bond split, and inflation. Your financial advisor is taking very conservative numbers into account to come up with that being what you would need. If your house is paid off and you aren't paying for childcare, I would expect 100k in today's dollars to be enough for a very nice lifestyle in a medium to low COL area. That's very reasonable on 3mill liquid +own your home. If you want an extra 50k to travel lavishly, 5 million +own your own home is very reasonable. You can always enact a variable withdrawal rate where you spend less if the market is done (and even spend a bit more if the market is up when you use very conservative numbers).
I am not a financial advisor/planner, but I have seen the math and listen to an ungodly amount of financial podcasts FWIW if you want a different perspective.
That's all fair, as I told her to plan for worst case scenario. I've worked with too many patients who "thought we were fine" until they weren't and their entire life spirals. It was also partially to make us more aggressive with our saving as we were way behind (still are to a lesser extent) on retirement savings.
Also, who knows where things will be with inflation though. Basic expenses have shot up recently and aren't "normalizing". We'd like to be able travel and go out to dinner fairly regularly but prices are still crazy high. Went out to Maggiano's for dinner last night and dropped almost $200 on 2 adults and a kid after tip and one drink. Even fast-food like places are getting ridiculous. So while the numbers are conservative, I don't think they're all that unrealistic for necessary goals.
Mother's day special. 2 apps, 2 pasta dishes, 2 meat entrees, 2 deserts was $55/person, plus kids meal was around $15 and same for the drink. $30 tip (~20%) put us at $180ish after tax. I guess not "almost $200", but pretty close.Bro what are you eating at Maggiano's? Both get steak, both get an appetizer, both get desserts, their most expensive drinks and do a 25% tip? An average entree there is like 25-30 bucks, kids meal is 10 bucks, even if drinks were 15 bucks each (which they aren't there) you're still <100 before the tip.
Depends. My advisor took into account inflation. So she said targeting for $5-6mil today I'd likely end up with $9-11mil by the time I'm looking to retire taking normal inflation into account, which is what would be predicted to be needed then (20-25 years). Who knows though, that was a couple of years ago and we haven't discussed changes to specific target numbers or inflation patterns recently.
It may have doubled because there's been a drastic ramp up in housing/living costs over the last 5 years that we're unlikely to see again anytime soon. I highly doubt that someone who would need 5 million dollars today to retire would need 8 million dollars to retire by end of the decade which will be 2030 (~10% increase every year over year).
It just really matters what your financial situation looks like when you retire and what kind of standard of living/lifestyle inflation you expect. You also have to take into account tax burden for anything you're pulling from at <55-59.5 years, especially if you're doing things like trying to do a bunch of backdoor Roth IRA conversions or something. Theres a huge difference if you have a house and cars paid off when you retire early vs not....you're taking two of your biggest expenses off the table. There's also a huge difference if you're doing things like wanting to pay for 2-3 kids full college tuition, although this can be heavily mitigated by frontloading money into 529 plans.
That's interesting because that's a very conservative number that gives you a ton of cushion. A 4% withdrawal rate on 6,000,000 is 240K....even a 3% withdrawal rate is 180K. Even at 4% and taking into account average inflation it's likely you never touch your principle (and possibly see some increase in your balance) given average returns. Even if you want to pay for undergrad you can throw 500 bucks a month each into 529s and have 200K per kid in there by the time they're 18...it shouldn't drastically impact that calculation.
Of course not, what I meant by not "normalizing" is that we don't seem to be catching up in terms of price increase in certain areas vs income. Probably too early to tell with longer term, but having talked to people in a few industries (groceries/food being most notable) where supply chain stabilization in certain areas has not led to any reduction in costs and we're actually seeing gouging in some senses.Also about prices not "normalizing", you're never going to see a "normalization" of prices as in actual deflation/price reduction...that would actually be extremely bad if it started occurring across the board. You'll just see a more normal rate of inflation. So yes, the prices you're seeing now are likely never going back down and SHOULD not go back down....that would actually be worse than staying steady or at a typical inflation increase year over year.
That is a lot even for a family of 4.I dont have kids nor do i have a house so the challenge for me is what to anticipate coming up as planning on 2 kids. My colleague who is a few years olders says his pre kids/pre house budget essentially doubled so told me basically to plan for that.
Im running at 105-120k/yr with a 4k/mo house rent and 2 car payments which wrap up in 2026. So i try and base my future budget on spending of 210-230 but it'll be less with no car payments. I think a SWR of 3.5 gets me to needing around 6 based on my colleagues advice which sounded reasonable.
Some people spend a lot more on kids, especially if those kids go to private school. I know people that send their toddlers to "private school" for daycare and pay $40-50k/child/yr for that.That is a lot even for a family of 4.
A decent nanny to watch two kids where I live costs $30/hr. If I actually worked full time like my wife then we would need to spend at least $80k/year for that after taxes, and that's without offering benefits. I agree with the assessment of doubling expenses when you double the number of household members.Some people spend a lot more on kids, especially if those kids go to private school. I know people that send their toddlers to "private school" for daycare and pay $40-50k/child/yr for that.
Of course not, what I meant by not "normalizing" is that we don't seem to be catching up in terms of price increase in certain areas vs income. Probably too early to tell with longer term, but having talked to people in a few industries (groceries/food being most notable) where supply chain stabilization in certain areas has not led to any reduction in costs and we're actually seeing gouging in some senses.
Not trying to go in circles, but your article is more evidence to my point as even with increases slowed it's still dramatically higher increase than the 20 year average of 2.5% yearly increase.Sure but that also doesn't hold up overall. Most of the sticker shock for food for instance are people comparing 2020 prices to 2024. This year price increases are pretty normal and are predicted to be more normal rate going forward. Restaurant prices are certainly being impacted by higher low end labor costs but grocery prices are pretty stable at this point for the past year or so (1.2% increase from March 2023-2024).
USDA ERS - Summary Findings
ERS research and reporting of the Consumer Price Index (CPI) for food contributes to an understanding of which food categories experience substantial price changes, how consumers spend their incomes on food, and how and why prices change.www.ers.usda.gov
Of importance:
"In 2022, food prices increased by 9.9 percent, faster than any year since 1979. Food-at-home prices increased by 11.4 percent, while food-away-from-home prices increased by 7.7 percent. Food prices rose partly due to a Highly Pathogenic Avian Influenza (HPAI) outbreak that affected egg and poultry prices, along with the conflict in Ukraine, which compounded other economy-wide inflationary pressures such as high energy costs. All food price categories increased by more than 5 percent, and all food categories grew faster than their historical average rate.
In 2023, food prices increased by 5.8 percent. Food price growth slowed in 2023 as economy-wide inflationary pressures, supply chain issues, and wholesale food prices eased from 2022. Food-at-home prices increased by 5.0 percent, and food-away-from-home prices increased by 7.1 percent. While prices increased for all food categories except for pork, prices grew more slowly in 2023 than in 2022 for all categories."
Do you like to play games like factorio and rimworld?I'm working to pay for a custom home on farm land, and then the ensuing farm infrastructure to make it a viable niche farm.
Once that's done, I'm out, good bye medicine. The farm is my retirement - annual net will be enough to pay the property taxes and basic living. I want to pop an MI on the tractor, or while trying to pack an Elk out of the mountains at an age that I should be using a cane. That's my next 30-60 years.
-Got the acreage to grow canola to turn into biodiesel; not complete personal/farm need, but heck of a dent
-Fruit trees galore will be planted
-Will have antique combine harvester, and utilize for various cereal crops; do own breakfast mixes, breads, etc
-hops/fruits/honey/grains; for all libation fermentation needs
-Numerous sources of proteins
-Farm pond to grow just enough for rice needs
-well for water
-various forms of own electricity to be off grid
-vehicles that predate chips - I can repair myself, and diesel
-animal fats for oils (or canola) and home made soaps
Essentially looking at list of all the stuff I spend money on and seeing how to reduce or do myself, reduce retirement need by reducing expenses.
-Why go to Rome when you can go fishing?
That is such an american thing lol I don't get your obsessions with prepping and living off the land. Everything seems so gigantic and artificial in the US, that I think it pulls some people in the opposite direction. Truly a country of extremes.I'm working to pay for a custom home on farm land, and then the ensuing farm infrastructure to make it a viable niche farm.
Once that's done, I'm out, good bye medicine. The farm is my retirement - annual net will be enough to pay the property taxes and basic living. I want to pop an MI on the tractor, or while trying to pack an Elk out of the mountains at an age that I should be using a cane. That's my next 30-60 years.
-Got the acreage to grow canola to turn into biodiesel; not complete personal/farm need, but heck of a dent
-Fruit trees galore will be planted
-Will have antique combine harvester, and utilize for various cereal crops; do own breakfast mixes, breads, etc
-hops/fruits/honey/grains; for all libation fermentation needs
-Numerous sources of proteins
-Farm pond to grow just enough for rice needs
-well for water
-various forms of own electricity to be off grid
-vehicles that predate chips - I can repair myself, and diesel
-animal fats for oils (or canola) and home made soaps
Essentially looking at list of all the stuff I spend money on and seeing how to reduce or do myself, reduce retirement need by reducing expenses.
-Why go to Rome when you can go fishing?
I don't get it. Why shouldn't people do psych for the money?
Most physicians who make 500k/yr also work 50+ hrs/wk.
I was told you can also make that kind of money in psych if you work 50+ hrs (cobbling 2 jobs).
How many years out r u again?
Impressive whatever ur invested in had that kind of return 1mo into 2024.
Real estate?
Unless you have a big enough amount invested (tens of millions), even real estate will not give you that return in such a short time period. Either he has an enormous amount of money already, or is taking more risk than is realized (options trading, leverage,...). There is no free lunch, contrary to what equity investors in these speculative times would like to believe.
Pulling a mill off of non MD stuff, maybe they have a family business.
Well, I don't recommend them for that exact reason--they're gigantic time sinks--but you might enjoy them because they're basically the same thing as what you're describing. Logistics simulations.Never heard of them. I stopped playing any computer games years ago after seeing their potential to suck up your time.
@thelastpsych I'll defer responding to your post so as not to hijack this thread.
I mean of course this makes sense. Lots of folks get raised in xyz way and end up being antixyz. We see ebbs and flows with generations directly related to this effect. Because our cities/lives are not setup to have great access to locally sourced, reasonably grown food (like in France or Italy), there are plenty of people who do yearn for that.That is such an american thing lol I don't get your obsessions with prepping and living off the land. Everything seems so gigantic and artificial in the US, that I think it pulls some people in the opposite direction. Truly a country of extremes.
This...seems very unlikely even at very HCOL Stanford or UCLA. Can anyone find a posted academic psychiatry position that is even within $50k of this?In our department (academic in California), attendings average 400-450k for a pretty average workload. Not typical, but proves its possible…
If you’re looking to make 600+ you’re gonna most likely need two jobs or one that you see a ton of patients and you generate RVU or extra patient bonus above your salary.I'm totally open to working more than 40 hours a week actually. Do you think working locums and private practice on the side is a decent way to make like 600+? Without non-competes, it's likely much easier to do over 1 job now, though I recognize that would be like 60 hours a week but I could do it temporarily maybe until after loans are paid off then transition to full-time to private practice
If you’re looking to make 600+ you’re gonna most likely need two jobs or one that you see a ton of patients and you generate RVU or extra patient bonus above your salary.
The best way is to combine at least one inpatient job that allows you to do you work and dip to a second job which I’d personally say a second IP is best but you could do OP or NH coverage. One job should be a W2 so you get your benefits and also they pay some taxes for you and the second should be a 1099 which allows you take advantage of business deductions. This allows the maximal tax advantages which you’ll want as income scales otherwise you’re just taking home 50-60c of every dollar made.
I wouldn’t say so more like 4hrs and 4hrs ish so a normal day basically. IP if you have a good team and structure along with you being efficient should allow for that.So one IP job that is W2 with another 1099 gig that is also IP but potentially OP/NH coverage too. Does this mean like in the AM working one job and then in the PM switching to the other, 12 hours a day M-F basically?
There's also a huge difference between truly going for FIRE (full retirement, no longer working/earning) versus busting butt and pulling back to working PT/minimally and still pulling in $50-100k/yr. If you're going full FIRE as a physician, then $5 mil is probably going to be necessary. If you're just dropping to PT work and still pulling in $100k+/yr then yea, you'd probably be fine once you hit a couple of million.
3M for me then probably scaling back, especially with house and kids on the way in the next year. I want to spend time with family. Gf is anesthesia and she also wants to scale back once she has kids. Location is Irvine (Orange County).
Its funny when i started working I was told 2.5m was this ideal number and now its doubled in the last several years.
I wont be shocked by the end of the decade if its 7-8m. Im starting to feel that you need to have that magic number NOW for it to truly be magical. If its magical only in theory then by the time you reach it it loses its benefit. For me, I'll just have to step down to PT work and reevaluate what actually makes sense
any advice on how to succeed like you did? i'd love to hear more and implement your strategies.5 years out. Thanks.
No family business. No inheritance. I wish. I'm not sure I would have tolerated medical school if I was that privileged. I took out a loan like many medical students and had a healthy negative net worth when finishing residency.
OF is quite lucrative assuming the right niche. Just kidding.
You're right to assume it is due to investments. Anyone can do it though. If you VTSAX and chill, you'll get there too. It'll just take you more time.