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No and no.

IMO your generation has told themselves that you can never be a millionaire while "working for the Man", the only way to become wealthy is to start your own business, be your own boss, entrepreneur, passive income The urban legend is that corporations are bad, all they care about is profit, they hate their employees, yada. But the facts show the opposite to be true - about 85% of start-ups fail - and the owner desperately tries to keep it going, runs up some loans, typically over $50k in credit cards, etc. That leaves them 5 years older, deep in debt, and looking for a job. (BTW, I've hired guys who came back after failing, they made very good employees, no more complaints/bitterness about the Man, happy to have the job).

Meanwhile most W2 workers can set aside $500/m into a 401k, direct it into an 11%/yr Index, and grow it to $1,325,000 in 30 yrs. In your case, $500/m added on top of your $850k equals over $20 million. I'm pretty certain that you can live on 4% of that, lol.

I'm often surprised that more people won't do this - where I worked for 35 yrs, only about 35% of the workers signed up for a 401k. But it turns out that with a little patience and discipline, it's not that difficult to be a multimillionaire, most families could set aside $500/m. In fact, when I go to a retiree lunch, there are several multimillionaires sitting at the table.

I would tell you to stop working a bunch of min wage jobs and concentrate on your real job. Make investing your family priority - but enjoy spending the rest.

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