Author Topic: Race from $1M to $2M  (Read 43432 times)

oldtoyota

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Re: Race from $1M to $2M
« Reply #400 on: December 03, 2017, 05:11:03 PM »
First million was the easiest for me.  Why?  I never added up my investments until I was at about $1.5M.  It was a surprise to me since the wife and I had small accounts scattered all over the galaxy.  None were very big but there were a lot of them.  It's also why I did well during the 08 downturn.  I didn't even know my Fidelity password.  I had moved an old, big 401k to an IRA and half of the money was sitting in a money market account for years.  Since those years were 07, 08, 09, it worked out fine.
Ha. I've heard that from others, too. They never added it up--and then BOOM! Congrats.

oldtoyota

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Re: Race from $1M to $2M
« Reply #401 on: December 03, 2017, 05:12:51 PM »
Household net worth today is at $1.028M ($785K in investments/cash, $243K in home equity).  It took 19 years to get here--let's see how long it takes to do it again.  They say your first million is the hardest, right?  ;-)
It took me 17 years to get to $1mil crossing that threshold on June 1st 2016.  But since then things have skyrocketed:

- getting to $1.1mil took me six months;
- from $1.1mil to $1.2mil took five months;
- from $1.2mil to $1.3mil took five months.

It's been 1.5 months since I reached $1.3mil and I'm now less than $50K away from $1.4mil.

It certainly builds on itself. I wonder how much of it has to do with the bull market.

Bateaux

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Re: Race from $1M to $2M
« Reply #402 on: December 03, 2017, 07:26:40 PM »
Nice to have the market providing a boost. I thought it was going to be a maybe that I'd hit my goal for the year but I'm comfortably above it.

Same here. This crazy bull market is really giving me a tailwind. I wasn't expecting to join you folks in this thread until late 2018 at least.

To be honest, it's making me more anxious rather than more confident. When I'm blowing past my goals this fast, I worry that these gains can't be real or sustainable. Sooner or later, the markets are bound to come crashing back to earth.

I'm still putting money in, because I want to ride the wave as long as it lasts. But I'd feel a lot better about retiring if there was a downturn, even a little one, before I pull the ripcord.

Same here.  This rally just doesn't feel real.  It's very fragile, but it real money right now.  My invested NW goal for 2017 was 1.7M   That is well behind as were approaching 1.85M  The FIRE goal is 2M, that could happen next year.  Not sure I'd be ready to step off onto this mountain top.
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oldtoyota

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Re: Race from $1M to $2M
« Reply #403 on: December 04, 2017, 07:33:22 PM »
Bateaux, You plan to retire in 2019?

If thats the case I would suggest a rebalance now to 70/30 or 80/20. You have plenty of money and can expect some sinificant growth over time with 70% stocks.. But still have bonds to live on for several years.

Just my perspective.

I'm glad to hear this from two of you. I'm graduating in 2019, too. I'm 76% in stocks now. And it's a little higher as I don't include about $20K from a brokerage in that figure. Over the past two years, I've been purchasing bonds with the goal of becoming 70/30.

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #404 on: December 04, 2017, 10:04:05 PM »
It took me 17 years to get to $1mil crossing that threshold on June 1st 2016.  But since then things have skyrocketed:

- getting to $1.1mil took me six months;
- from $1.1mil to $1.2mil took five months;
- from $1.2mil to $1.3mil took five months.

It's been 1.5 months since I reached $1.3mil and I'm now less than $50K away from $1.4mil.

It certainly builds on itself. I wonder how much of it has to do with the bull market.
Probably about 80% of it is due to the market is my guess.  The other 20% is my monthly contributions and quarterly dividends.

Bateaux

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Re: Race from $1M to $2M
« Reply #405 on: December 04, 2017, 10:35:04 PM »
Bateaux, You plan to retire in 2019?

If thats the case I would suggest a rebalance now to 70/30 or 80/20. You have plenty of money and can expect some sinificant growth over time with 70% stocks.. But still have bonds to live on for several years.

Just my perspective.

I'm glad to hear this from two of you. I'm graduating in 2019, too. I'm 76% in stocks now. And it's a little higher as I don't include about $20K from a brokerage in that figure. Over the past two years, I've been purchasing bonds with the goal of becoming 70/30.

I have a Prudential retirement account as well thats worth about 350k, growing at 5% and contributions monthly by my employer of 12% of my salary.  That would knock down my stock percentage.  I'm currently buying the Vanguard total bond fund as well as a taxable account.  Going to try and get a couple of hundred thousand in bond related investment soon, there will still be well over a million in the stock market.  Not sure when I'll FIRE.  2019 at the earliest, 2023 at the latest.  If I want company provided health insurance that's 2023 at age 55.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
 ― Antoine de Saint Exupery-

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oldtoyota

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Re: Race from $1M to $2M
« Reply #406 on: December 09, 2017, 04:45:22 PM »
It took me 17 years to get to $1mil crossing that threshold on June 1st 2016.  But since then things have skyrocketed:

- getting to $1.1mil took me six months;
- from $1.1mil to $1.2mil took five months;
- from $1.2mil to $1.3mil took five months.

It's been 1.5 months since I reached $1.3mil and I'm now less than $50K away from $1.4mil.

It certainly builds on itself. I wonder how much of it has to do with the bull market.
Probably about 80% of it is due to the market is my guess.  The other 20% is my monthly contributions and quarterly dividends.
Nice work! =-)

chasesfish

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Re: Race from $1M to $2M
« Reply #407 on: December 14, 2017, 06:01:36 AM »
Is anyone else flirting with the halfway mark over and over?  The past week and a half make me think I have a chance of cracking $1.5mil before the end of the year.
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ysette9

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Re: Race from $1M to $2M
« Reply #408 on: December 14, 2017, 11:46:49 AM »
I think we are around $1.6, but I cant access some of the accounts right now to do a full update (husband's retirement accounts), so I don't really know. Maybe there will be a nice surprise once we finally have that money date.
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Bateaux

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Re: Race from $1M to $2M
« Reply #409 on: December 14, 2017, 07:52:32 PM »
Just back of the napkin math puts us at about 1.9M. currently.  Investments and cash.  Can't believe we're within 5% of FIRE target.  Even a 0% return next year puts us at 2M.  Still watching this bull market cautiously.   FIRE date is still mid 2019 at the earliest and minimum 2M investments and cash.  Unless we find decent health insurance options, will continue to push out the FIRE date to 2023 when eligible for employers plan.  Currently  $1200 a month for retirees and rising.  Single payer seems like a distant dream now.  We were so close.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
 ― Antoine de Saint Exupery-

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Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #410 on: December 16, 2017, 10:26:04 AM »
Just back of the napkin math puts us at about 1.9M. currently.  Investments and cash...
Looking forward to the day you cross the line to $2M!!