North Carolinian Sushant Thakray went from $30,000 in student debt to retiring with a $3 million portfolio in a little over a decade, and he described how he did it on the "Marriage, Kids and Money" YouTube channel.
He says that his portfolio consists of $2 million in stocks and $1 million in real estate. He is married with two children, and they are debt-free on their home. The $2 million stock portfolio has $500,000 allocated into retirement accounts and $1.5 million allocated into taxable brokerage accounts.
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Getting From Zero To $1 Million
Thakray entered the workforce in 2007 with $30,000 in student loans. He and his wife got married in 2009, and they both worked in the pharmaceutical industry. The couple started investing the year they got married and consumed a lot of financial guru Dave Ramsey's content.
One of Ramsey's lessons is to live below your means, and the couple took that advice in stride.
"We always believe in living below our means," Thakray said on "Marriage, Kids and Money."
The path from zero to $1 million didn't happen overnight. They reached the milestone in 2021. Soon after reaching the milestone, Thakray retired from his job to create financial YouTube videos. His wife still works at her pharmaceutical job but plans to retire soon.
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Paying Off Debt Quickly
Like a true Ramsey student, Thakray doesn't want to be in any type of debt. This desire to get out of debt as soon as possible resulted in the couple paying in cash for their home. They were able to pay cash for a $90,000 home back when it was easier to find homes with that type of price tag.
While some people would have held a low-interest mortgage and put their money to work in the stock market, Thakray said that he didn't want to play that game.
"Sometimes, financially, it doesn't make sense to pay off everything, but the peace of mind matters to us a lot more," he said on "Marriage, Kids and Money."
Both spouses worked on career growth, and that was a big part of their financial success. Their annual household income jumped from $60,000 to $200,000 over the years.
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Compounding To $3 Million And Future Goals
Although it took the couple more than a decade to reach a $1 million net worth, it was much easier for them to reach $3 million. That milestone took less than five years for the couple to achieve.
Their story demonstrates the value of compound growth and letting your money sit in valuable investments. However, Thakray's wealth growth doesn't reflect individual stock picking or unnecessary risks. He kept it simple with index funds.
"[Investing] is a simple thing," he said. "We make it complicated. We don't need to do that. Just stay in the market."
Thakray is now teaching his young son how to invest in ETFs, stocks, and retirement accounts. He plans to teach his younger child soon. He hopes to build generational wealth in his family by educating his children on personal finance.
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