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How a $160k Salary Funded a $1.2M Portfolio by Age 29
Eric Chan built a $1.2 million portfolio on a $160,000 household income by age 29. The secret: debt-free education, a military stipend, and disciplined spending. Here's how.
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Eric Chan, a 29-year-old family medicine resident in Anchorage, has built an investment portfolio worth roughly $1.2 million. His household income last year was about $160,000 – a residency salary of $76,000 plus a $78,600 Air Force stipend. His wife, a personal trainer, earned about $5,000.
The foundation of Chan's portfolio is a debt-free education. His parents covered his undergraduate degree at Johns Hopkins University and his medical degree from the University of Texas Health Science Center. He graduated without student loans and has never taken on any other debt.
Chan joined the Air Force through its Financial Assistance Program. The program provided an annual grant and a monthly living stipend during his three-year residency. In exchange, he committed to three years of service after training. The stipend nearly doubled his income during residency.
Chan and his wife keep expenses low. They buy groceries in bulk, cook most meals at home, and eat out once or twice a month. They limit driving to cut fuel costs. "We like to spend money on stuff that will be a good return for us both," he told CNBC Make It.