Author Topic: Just hit one million  (Read 6682 times)

Norioch

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Just hit one million
« on: April 18, 2018, 01:11:28 AM »
After getting my tax refund and after the recent rise in stock prices, I calculated my net worth today and it was over $1,000,000 for the first time. WOO! Seventh digit acquired!

The FIRE goal I set for myself long ago was $1,000,000 *adjusted for inflation based on January 1 2000 CPI*, because I like big round numbers but also understand the importance of inflation. Based on that metric, I'd need about $1.5M in today's money, so I'm two thirds of the way there.

Linda_Norway

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Re: Just hit one million
« Reply #1 on: April 18, 2018, 04:38:11 AM »
Congrats!!!

That is nice big round number to reach. Well done.

11ducks

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Re: Just hit one million
« Reply #2 on: April 18, 2018, 05:13:42 AM »
Does that officially make you a millionaire then? Congratulations!!!! I hope to see you there one day!

KTG

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Re: Just hit one million
« Reply #3 on: April 18, 2018, 01:11:55 PM »
Awesome! Congrats! Might I ask how old you are?

Just curious how old people are when they hit that number.

Norioch

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Re: Just hit one million
« Reply #4 on: April 18, 2018, 01:37:09 PM »
Does that officially make you a millionaire then? Congratulations!!!! I hope to see you there one day!
Thanks, and good luck to you. I now consider myself a millionaire, although some people use different definitions. I'm including the value of my condo in my net worth based on Zillow's estimate (which frankly I think is too high) and some people would argue you're only a millionaire if you have a million dollars in investments, not counting home equity, but I think that's silly. Also some people use the word "millionaire" to describe someone with one million dollars in annual income, which I'm nowhere close to having.

Awesome! Congrats! Might I ask how old you are?
Thanks. I'm 32.

living small

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Re: Just hit one million
« Reply #5 on: April 18, 2018, 01:42:52 PM »
woohoo! nicely done!

KTG

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Re: Just hit one million
« Reply #6 on: April 19, 2018, 06:50:45 AM »
Thanks. I'm 32.

Damn that's impressive. I am so far behind :(

jengod

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Re: Just hit one million
« Reply #7 on: April 19, 2018, 10:32:12 AM »
Nicely done. Dave Ramsey talks about reaching the "pinnacle point," where basically your money gets a job and starts bringing home more money, and also where you almost kind of can't even blow it all anymore, even if you want to. Enjoy!

tarheeldan

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Re: Just hit one million
« Reply #8 on: April 19, 2018, 10:53:39 AM »
Congratulations!!!

dude

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Re: Just hit one million
« Reply #9 on: April 19, 2018, 11:28:16 AM »
Congrats! It's a very cool milestone to hit.

For KTG -- I (and wife) hit $1M net worth @50 (& 43), and then $1M in investment accounts last year (52, 45).

nouveauRiche

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Re: Just hit one million
« Reply #10 on: April 19, 2018, 11:50:25 AM »
This is awesome.  Rock on!

birdman2003

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Re: Just hit one million
« Reply #11 on: April 19, 2018, 12:09:39 PM »
awesome!

Brother Esau

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Re: Just hit one million
« Reply #12 on: April 19, 2018, 01:39:21 PM »
Congrats! It's a very cool milestone to hit.

For KTG -- I (and wife) hit $1M net worth @50 (& 43), and then $1M in investment accounts last year (52, 45).

Similar for us. $1M in NW at 50 and 45 last year. Now sniffing at $1M in investment accounts.

KTG

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Re: Just hit one million
« Reply #13 on: April 20, 2018, 07:50:41 AM »
That's awesome. Based on what my returns have been since the start of the year, this is going to take me a long long time.

Rosy

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Re: Just hit one million
« Reply #14 on: April 20, 2018, 07:59:40 AM »
Congrats on hitting such a huge milestone at 32!!!


Slee_stack

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Re: Just hit one million
« Reply #15 on: April 20, 2018, 10:18:13 AM »
Yeah, only the final number matters to the individual.

My personal definition doesn't count personal residence because we all need somewhere to live.  Yes one can find cheaper...or face more expensive...housing depending on their plans.

Also, if someone is part of a couple, the technical number to be 'millionaires' would be $2M.

Obviously some folks here don't need to be anywhere close to an individual 'millionaire' based on their own plans.


Regardless, OP should be congratulated for being 66% to their goal.  2/3 is a good milestone fraction.


Despite shoveling cash in with regularity, we are down a little bit overall from January.  Such is the market.  I'm taking it as a positive that we have been able to mostly tread water...raw NW wise.

I remain incredibly skeptical about the 'value' of our residence...its just a bit absurd to be honest... so I just ignore it entirely.  We'll factor it in on the day it sells and the day we find out what our replacement housing will cost us.  It certainly is an ongoing money suck tax wise every year...


malacca

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Re: Just hit one million
« Reply #16 on: April 21, 2018, 10:53:45 AM »
Wahooooooooooooooo!


swashbucklinstache

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Re: Just hit one million
« Reply #17 on: April 21, 2018, 05:58:48 PM »
After getting my tax refund and after the recent rise in stock prices, I calculated my net worth today and it was over $1,000,000 for the first time. WOO! Seventh digit acquired!

The FIRE goal I set for myself long ago was $1,000,000 *adjusted for inflation based on January 1 2000 CPI*, because I like big round numbers but also understand the importance of inflation. Based on that metric, I'd need about $1.5M in today's money, so I'm two thirds of the way there.

Nice! And 2/3rds of the way in dollars is probably more like 85% of the way there in time depending on the market. You could be there in two years with 0 contributions if we went +30% in the next 12 months +15% in the following 12.

clarkfan1979

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Re: Just hit one million
« Reply #18 on: April 21, 2018, 11:05:45 PM »
Congrats. 32 sounds sound like you did it in about 10 working years.

I got a late start because of grad school. I got my first job at 31. I am on track to hit one million at 43, so 12 years. My spouse works part-time. We might have been able to get there sooner if she worked full-time, but that wouldn't be as much fun for us.

dragoncar

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Re: Just hit one million
« Reply #19 on: April 22, 2018, 03:22:26 AM »
Me too.  One million DOLL HAIRS.  HAHA not dollar doll hairs.  Fooled U

JLE1990

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Re: Just hit one million
« Reply #20 on: April 23, 2018, 11:13:16 AM »
Wow you should have included the age in your OP. Doing that at 32!!! is sooo impressive. If you set that goal in 2000, does that mean you decided you wanted to be a millionaire at 14? And then went out and did it? Awesome!

Norioch

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Re: Just hit one million
« Reply #21 on: April 23, 2018, 07:45:22 PM »
If you set that goal in 2000, does that mean you decided you wanted to be a millionaire at 14? And then went out and did it?

I actually have planned to retire early since I was a child (my dad retired at age 49 so I just assumed that was normal) but I didn't have a specific goal until I actually started saving money, which was when I got my first real job, about ten years ago. I just picked $1,000,000 because it was a nice round number. But I knew a million dollars isn't as much money as it used to be because of inflation, so I figured I should index my goal to inflation. But what should be the reference point? I might as well pick a big round number for the date, too, so I picked January 1 2000. My thought process was really no more complicated than that. I didn't learn about the ER community and the 4% safe withdrawal rule until much later, but fortunately it just so happens that my expenses are low enough that if I ever hit my goal, my expenses should be under 4% of my investments at that point.

ratdaydays

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Re: Just hit one million
« Reply #22 on: May 04, 2018, 04:43:41 PM »
Congrats! That's awesome!

Gone Fishing

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Re: Just hit one million
« Reply #23 on: May 05, 2018, 06:46:55 AM »
Interesting simularities to my story.  I sat in high school classes running FIRE calculations (before the term existed) on a TI-85.  My dad retired in his late 40's to pursue another career.

What do your expenses look like?


Mezzie

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Re: Just hit one million
« Reply #24 on: May 05, 2018, 07:29:19 AM »
Congrats!


Norioch

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Re: Just hit one million
« Reply #25 on: May 05, 2018, 07:11:43 PM »
What do your expenses look like?

No debt, no dependents, no expensive health problems (yet), and my condo is fully paid off and the HOA fees and taxes are fairly low. I could probably live off 4% of my non-condo NW already, but I want a bigger margin of safety.

There are some big infrequent expenses I've been putting off, though. I need a new water heater, and I'd like a new mattress, and my car is a 17-year-old junker which I'd like to replace. Also when I retire I'd like to move into an actual house (but in a lower cost-of-living area than my current city).

Cali

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Re: Just hit one million
« Reply #26 on: May 08, 2018, 05:15:09 AM »
No debt, no dependents, no expensive health problems (yet), and my condo is fully paid off and the HOA fees and taxes are fairly low. I could probably live off 4% of my non-condo NW already, but I want a bigger margin of safety.

There are some big infrequent expenses I've been putting off, though. I need a new water heater, and I'd like a new mattress, and my car is a 17-year-old junker which I'd like to replace. Also when I retire I'd like to move into an actual house (but in a lower cost-of-living area than my current city).

I love that someone with a million bucks has a junker. MustachianPower!

ETA- just watched another coworker drive up with a brand new car. Old car was FIVE years old. They couldn't bear it!
This is why I need my mustachians.

gpyros85

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Re: Just hit one million
« Reply #27 on: May 10, 2018, 09:25:14 PM »
What has been your income over the years?

Norioch

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Re: Just hit one million
« Reply #28 on: May 10, 2018, 10:29:20 PM »
What has been your income over the years?

Very high, especially for the last four years. I don't live that mustachianly, honestly. I buy lots of frivolous things. It's just easy to save tons of money when you make tons of money.

PhilB

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Re: Just hit one million
« Reply #29 on: June 05, 2018, 05:55:15 AM »
No debt, no dependents, no expensive health problems (yet), and my condo is fully paid off and the HOA fees and taxes are fairly low. I could probably live off 4% of my non-condo NW already, but I want a bigger margin of safety.

There are some big infrequent expenses I've been putting off, though. I need a new water heater, and I'd like a new mattress, and my car is a 17-year-old junker which I'd like to replace. Also when I retire I'd like to move into an actual house (but in a lower cost-of-living area than my current city).

I love that someone with a million bucks has a junker. MustachianPower!

ETA- just watched another coworker drive up with a brand new car. Old car was FIVE years old. They couldn't bear it!
This is why I need my mustachians.
I just missed 1 million in cash and investments - I was at 999,000 when Italy caused the markets to drift off a few days ago - but i'm hoping to get another couple of years out of my 17 year old Volvo!

jim555

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Re: Just hit one million
« Reply #30 on: June 05, 2018, 06:01:21 AM »
Great milestone, congrats!

BTDretire

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Re: Just hit one million
« Reply #31 on: June 07, 2018, 09:11:11 AM »
My secret is, it took us 7 years to go from 1M to 2 M earning about $75k.
Hope you do it as quicker or quicker

We did it in those years when Obama was helping the rich get richer,
now Trump is just creating jobs for everyone. /s/


itchyfeet

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Re: Just hit one million
« Reply #32 on: June 07, 2018, 10:01:03 AM »
Top work! And by 32, CRAzY 😜

The last third of your stash will take next to no time at all.

My first million took around 20 years, the second one a fraction of that.

PhilB

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Re: Just hit one million
« Reply #33 on: June 08, 2018, 03:20:04 AM »
No debt, no dependents, no expensive health problems (yet), and my condo is fully paid off and the HOA fees and taxes are fairly low. I could probably live off 4% of my non-condo NW already, but I want a bigger margin of safety.

There are some big infrequent expenses I've been putting off, though. I need a new water heater, and I'd like a new mattress, and my car is a 17-year-old junker which I'd like to replace. Also when I retire I'd like to move into an actual house (but in a lower cost-of-living area than my current city).
I love that someone with a million bucks has a junker. MustachianPower!

ETA- just watched another coworker drive up with a brand new car. Old car was FIVE years old. They couldn't bear it!
This is why I need my mustachians.
I just missed 1 million in cash and investments - I was at 999,000 when Italy caused the markets to drift off a few days ago - but i'm hoping to get another couple of years out of my 17 year old Volvo!
Woo Hoo!  I got my second comma!  Quite a bit older than the OP (52) but just as excited!

Zamboni

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Re: Just hit one million
« Reply #34 on: June 08, 2018, 04:06:37 AM »
Congrats, Norioch and PhilB!

Norioch

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Re: Just hit one million
« Reply #35 on: June 08, 2018, 09:20:55 AM »
Congratulations PhilB, and it's all the more impressive since you're measuring yourself a millionaire in pounds instead of US dollars!

PhilB

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Re: Just hit one million
« Reply #36 on: June 09, 2018, 12:34:30 AM »
Congrats, Norioch and PhilB!
$1M at age 32 impresses me more - my NW at that age was probably less then 50k including house equity.  Congratulations!