Author Topic: Race from $1M to $2M  (Read 532202 times)

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #700 on: November 10, 2018, 12:30:15 PM »
Cornbread this race is not friendly it’s dead  serious haha...
Whoa!  This is getting serious!!  :-)

I got bumped back about $70k so I’m at 1.4 and change.
$1.4 is damn good and only going to get higher.

In reality I will never catch you because you have your well deserved pension and I am a corporate drone with no pension.
Isn't this like comparing apples and oranges?  I keep my pension amount separate from my net worth.  Net worth is just net worth.  Then there is the amount of passive income produced from the net worth.  This is when I take that amount and add the amount of the pension to come up with a dollar amount.

You probably will overtake me in NW soon.  In about nine months, my accumulation phase most likely will be put on hold indefinitely as I decide on my FIRE options.

brooklynmoney

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Re: Race from $1M to $2M
« Reply #701 on: November 11, 2018, 06:58:01 AM »
Thanks for the support, Cornbread. I likewise am thrilled for you receiving permission to retire.
It’s funny what people do or don’t count on net worth. I actually dont count my home equity as I feel like it’s not real until I actually sell. They are shutting down my subway line and I’m sure the value is tanking right now but I’m hopeful it will recover at some point.

No matter whose net worth is higher we both win because we will have the freedom to live life as we choose as FI individuals.

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #702 on: November 11, 2018, 01:26:15 PM »
No matter whose net worth is higher we both win because we will have the freedom to live life as we choose as FI individuals.
Amen!!

muckety_muck

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Re: Race from $1M to $2M
« Reply #703 on: December 03, 2018, 09:03:49 PM »
We just passed $1M for the first time this month, and plan to work another 5-6 years based on our vested retirement balances, healthcare at current jobs continuing in retirement, etc. so we're not really trying to hit $2M necessarily, but it likely the number we will be very close to mid-2022 when we plan to FIRE.

Count us in! :)

Quick update, we're halfway there, $1.5M approaching the end of 2018. It's a long, boring slog but only took us about 27 months to increase our NW by 50%! Faster than I thought. Just some encouragement to keep us all going :)

Acorns

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Re: Race from $1M to $2M
« Reply #704 on: December 03, 2018, 09:48:16 PM »
We just passed $1M for the first time this month, and plan to work another 5-6 years based on our vested retirement balances, healthcare at current jobs continuing in retirement, etc. so we're not really trying to hit $2M necessarily, but it likely the number we will be very close to mid-2022 when we plan to FIRE.

Count us in! :)

Quick update, we're halfway there, $1.5M approaching the end of 2018. It's a long, boring slog but only took us about 27 months to increase our NW by 50%! Faster than I thought. Just some encouragement to keep us all going :)

Just wondering if you could share how much of the increase is from savings and how much is from market growth?

talltexan

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Re: Race from $1M to $2M
« Reply #705 on: December 07, 2018, 08:18:35 AM »
props to you guys for a $500,000 increase in NW in less than three years!

muckety_muck

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Re: Race from $1M to $2M
« Reply #706 on: December 07, 2018, 07:14:42 PM »


Quick update, we're halfway there, $1.5M approaching the end of 2018. It's a long, boring slog but only took us about 27 months to increase our NW by 50%! Faster than I thought. Just some encouragement to keep us all going :)

Just wondering if you could share how much of the increase is from savings and how much is from market growth?

I'm not exactly sure, but this is maxing two 401k's each year, and sending average of about $35k to Vanguard after-tax per year... kids college fund investments (about $3k/year is gifted from grandparents for kids college). I haven't been on this board in a while, but I did update my journal with the numbers I could get my hands on quickly. Switched computers late 2017/early 2018 so I'm missing most of 2017's numbers. There was quite a bit of market growth between 2016 and Jan 2018, so I can't take credit for all of it :) We didn't get any inheritances or huge windfalls from house sales, etc. This was all grind it out, save it and invest it. Two full time working parents with all the normal expenses (ridiculous daycare, groceries, mortgage pmt, utilities, etc). If I had to guess, I would say about $80k/year is what we saved, some of that was before tax though so it's misleading.

AccidentalMiser

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Re: Race from $1M to $2M
« Reply #707 on: December 07, 2018, 07:34:16 PM »
Congrats, Muckety.  Well done.

We almost hit 1.1M last week but have fallen back some.  We first hit 1M in July but the market's been a little rough and we eliminated a investment property from the balance sheet with zero to show for it (long story).

I love your description as a long, boring slog.  I know what you mean.  Our NW was about 750k at the beginning of '17 and I can't believe we've grown so quickly.  It sure doesn't feel like we're making progress until we look back at the road we've travelled!

UPDATE:  2-20-19: Hit 1.2 M for the first time.  Yay!
« Last Edit: February 20, 2019, 07:42:15 PM by AccidentalMiser »

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #708 on: December 08, 2018, 08:26:29 AM »
4th quarter dividends and capital gains distros are coming up.  I'm wondering how my numbers are going to look for 2018 with the tax law changes and the wildly fluctuating stock market.  In 2017, my non-retirement accounts generated $26K in income, and I am hoping to surpass $30K in 2018.  The answer will come in a few more weeks!

Bateaux

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Re: Race from $1M to $2M
« Reply #709 on: December 17, 2018, 10:06:52 PM »
Taking heavy losses.  Glad I've OMY, OMY to 2020.  I'm getting ready to sell some taxable stocks at a loss and then toss what money is left to fully fund our 2018 Roth IRAs.  I quit funding them in April to build cash.   It's not nearly as fun losing money.

Car Jack

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Re: Race from $1M to $2M
« Reply #710 on: December 18, 2018, 06:56:21 AM »
I expect some of the people in the $2M+ thread are going to drop in here.  I'm a bit afraid to update my spread sheet.  With the losses yesterday, I know I'm only a hundred k or so away from dropping back in the under $2M territory.

Bateaux

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Re: Race from $1M to $2M
« Reply #711 on: December 18, 2018, 12:38:47 PM »
Total NW is still 2M but investment assets have dipped below.

Car Jack

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Re: Race from $1M to $2M
« Reply #712 on: December 18, 2018, 12:58:38 PM »
Well, I went and updated the spread sheet.  I guess the combination of all the money I've put into the market over the year and the fact that I'm 50/50 meant that the number I look (total investment assets) hasn't really changed. 


2Birds1Stone

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Re: Race from $1M to $2M
« Reply #713 on: December 18, 2018, 01:13:57 PM »
I'm sure some of you will be joining us in the $500k->$1M thread at some point.

It's safer over there, income makes a bigger dent in the forward trajectory.

omachi

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Re: Race from $1M to $2M
« Reply #714 on: December 18, 2018, 02:07:50 PM »
Haven't done a total tally yet, but in my easily assessed after tax account, returns are negative and new investments are larger than those losses. May be that I'm still making enough that we're moving forward, even if not fast. That's fine, since I'm accumulating I'd prefer to deal with losses while I still have income, buy things on sale, and hopefully have a nice sequence of returns after I retire.

dogboyslim

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Re: Race from $1M to $2M
« Reply #715 on: December 19, 2018, 09:48:15 AM »
Well, I went and updated the spread sheet.  I guess the combination of all the money I've put into the market over the year and the fact that I'm 50/50 meant that the number I look (total investment assets) hasn't really changed.

I dropped back.  Not too worried about it since I'm not living off my stache yet.  Was painful to see the amount of the drop though.  Should come back by 2030.  ;)

dougules

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Re: Race from $1M to $2M
« Reply #716 on: December 19, 2018, 02:56:33 PM »
Well, I went and updated the spread sheet.  I guess the combination of all the money I've put into the market over the year and the fact that I'm 50/50 meant that the number I look (total investment assets) hasn't really changed.

I dropped back.  Not too worried about it since I'm not living off my stache yet.  Was painful to see the amount of the drop though.  Should come back by 2030.  ;)

I'm excited to see a discount on my next purchase. 

Car Jack

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Re: Race from $1M to $2M
« Reply #717 on: December 20, 2018, 07:17:25 AM »

I'm excited to see a discount on my next purchase.

I put in a limit order at a price I thought SCHB would never get to again.  Already planned to pull the money back out of Schwab and throw it into my Ally account.  Then I get an email.....a buy has been made.  Oh, cool. 

TempusFugit

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Re: Race from $1M to $2M
« Reply #718 on: December 24, 2018, 03:01:22 PM »
I have been reluctant to check balances this month for obvious reasons.  I peeked at them over the weekend and to my surprise, I was still ensconced in the (very nice) vestibule of this thread. 

Then...today. Merry Christmas, indeed.    Well, perhaps several of us can set up a transient camp in the parking lot until this little bear market thingy blows over. 



MM_MG

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Re: Race from $1M to $2M
« Reply #719 on: December 28, 2018, 10:33:20 PM »
I'll play. 

Investments and cash ~$1.2, total net worth around $1.8 counting personal property and home equity (the latter doesn't really factory into my retirement equation). 

A Bateaux post about target numbers brought me to this thread, but I'll stick around for motivation.  Doubt we'll cross $2M in net worth this year, but than again I didn't expect to get the returns I've been getting this year either.  I keep waiting for a "correction" but I'll enjoy the numbers while they last.   Still have a ways to go to meet our goals, and we expect a 10-17 year work horizon in front of us...so far.  :)

To my surprise we crossed over $2 million net worth sometime this year.  But it includes real estate that I don't factor into my target number.  Fun to watch, but plan to still grind it out.
« Last Edit: December 29, 2018, 10:02:05 AM by MM_MG »

bgfoot

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Re: Race from $1M to $2M
« Reply #720 on: December 29, 2018, 11:07:16 AM »
My update
Still over $1M The last quarter has not been good. But I have maxed out my 401K, Roth and H.SA for 2018. Still on target for an exit strategy in early 2019

brooklynmoney

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Re: Race from $1M to $2M
« Reply #721 on: December 29, 2018, 11:36:34 AM »
Ignorance is bliss. I keep buying but refuse to open personal capital. Might see how long I can keep this up. I usually check at least 1x a week. Right now I’m more concerned with spending less than last year. I’ve got about $100 left to carry me through which includes NYE.

talltexan

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Re: Race from $1M to $2M
« Reply #722 on: January 03, 2019, 08:44:23 AM »
Haven't done a total tally yet, but in my easily assessed after tax account, returns are negative and new investments are larger than those losses. May be that I'm still making enough that we're moving forward, even if not fast. That's fine, since I'm accumulating I'd prefer to deal with losses while I still have income, buy things on sale, and hopefully have a nice sequence of returns after I retire.

This was my position in my 401K. Just gotta keep stuffing the pillow.

omachi

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Re: Race from $1M to $2M
« Reply #723 on: January 03, 2019, 11:42:32 AM »
Haven't done a total tally yet, but in my easily assessed after tax account, returns are negative and new investments are larger than those losses. May be that I'm still making enough that we're moving forward, even if not fast. That's fine, since I'm accumulating I'd prefer to deal with losses while I still have income, buy things on sale, and hopefully have a nice sequence of returns after I retire.

This was my position in my 401K. Just gotta keep stuffing the pillow.
Yes, definitely keeping up the buying. Got through the tally of retirement accounts in addition to after tax and balances are up over the year, but only by about 1/3 of what we contributed. So losses, but not a decrease in net worth year over year.

Roboturner

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Re: Race from $1M to $2M
« Reply #724 on: January 03, 2019, 04:36:35 PM »
Well, we finally lost money Q/Q, and probably not the last time - ah well, looks like we'll have some sales for the next couple years to pump into

Q2 2016:
LNW: 528k
TNW: 720k

Q3 2016:
LNW: 652k
TNW: 845k

YE 2016:
LNW: 685k
TNW: 893k

Q1 2017:
LNW: 800k
TNW: 1001k

Q2 2017:
LNW: 845k
TNW: 1060k

Q3 2017:
LNW: 921k
TNW: 1142k

YE 2017:
LNW: 1,012k
TNW: 1,230k

Q1 2018:
LNW: 1.09 MM
TNW: 1.33 MM

Q2 2018:
LNW: 1.16 MM
TNW: 1.45 MM

Q3 2018:
LNW: 1.28 MM
TNW: 1.57 MM

YE 2018:
LNW: 1.14 MM
TNW: 1.43 MM

Allie

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Re: Race from $1M to $2M
« Reply #725 on: January 04, 2019, 11:00:56 PM »
I’d like to join the race!  I’m tracking household NW, since DH and I have combined finances.  Really, he does the work and I sit around and watch the accounts.

I’d love to get to 1.6 this year, but with the stuff we have planned (like surgeries and house repairs) 1.5 is more likely.  Fingers crossed for nice, steady investment growth and no unexpected emergencies!

So, as it stands now:

1/19 - TNW 1.47; LNW 1.33

Arbitrage

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Re: Race from $1M to $2M
« Reply #726 on: January 07, 2019, 03:39:24 PM »

I'm including home equity; planning to sell the house and move to a lower COLA.

12/31/2011: $244k
12/31/2012: $344k
12/31/2013: $446k
12/31/2014: $541k
12/31/2015: $674k
12/31/2016: $822k
12/31/2017: $1071k
1/31/2018:  $1092k or so after today's drop
12/31/2018: $1152k

Definitely not what I hoped for, but my investments performed very poorly and I was up $80k YOY, so I can't complain too much.  Just need to keep plowing money in to reach FI!

HappierAtHome

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Re: Race from $1M to $2M
« Reply #727 on: January 07, 2019, 03:44:54 PM »
Starting 2019 on $1.1M. Slow progress since we entered this race - dropped our income by 40%, and the markets haven't been helping.

CanuckExpat

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Re: Race from $1M to $2M
« Reply #728 on: January 09, 2019, 10:36:34 PM »
Hit ~$1.0M  in 05/2016 when we sold our house
At  $1.17M in 10/2016 we quit our jobs
At $1.18 at end of 2016

Might be a slow race to two million with no jobs, but hope to join you, doing it while sitting around drinking and hoping the markets do their magic. Slow and steady...

At $1.36M  at end of 2017
NW increase of almost $180k without jobs. I'll take that for markets doing their magic


At $1.24M at end of 2018
Not really a forward race at this point, but I guess it's still better than working :)

Bateaux

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Re: Race from $1M to $2M
« Reply #729 on: January 12, 2019, 01:46:53 PM »
Back over 1.9M again.  Hope to be back over 2M in coming months if the economy holds.  Just can't see FIRE happening on less than 2M for my mental well being.  I'm going to try and keep spending down to 3% maybe increase to 4% eventually.  Hopefully by our golden years we can give more to charities annually than we spend.

desk_jockey

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Re: Race from $1M to $2M
« Reply #730 on: January 13, 2019, 09:12:40 AM »
Back over 1.9M again.  Hope to be back over 2M in coming months if the economy holds.  Just can't see FIRE happening on less than 2M for my mental well being.  I'm going to try and keep spending down to 3% maybe increase to 4% eventually.  Hopefully by our golden years we can give more to charities annually than we spend.

I’m back in the race, after briefly & barely graduating when I checked numbers at the end of the 3rd Quarter.   While I don’t bet [much] on my ability to do market predictions, I feel this is a race where I’ll cross the line a few more times in both directions before I fire sometime in 2020 to 2022.  At the current PE10 ratio range, to FIRE I would like to have a 3.5% WR for normal expenses plus an supplemental medical expense fund to help bridge any major costs until we have access to Medicare.


oldtoyota

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Re: Race from $1M to $2M
« Reply #731 on: January 13, 2019, 04:06:21 PM »
Well done, all!

I'm planning a little bit of spendy activity. A trip to Europe. Possible schooling for child.

My work life changed over the past few years. I work for myself from home most of the time. The stress is low. My clients are fun and smart, and I love working with them. So I'm probably going to be someone who is FI but maybe not officially RE according to the internet retirement police. =-) I can increase or reduce my workload if I want more money or want to travel more, so I'm feeling good about things.

I'm entering a period of wanting to work on some personal projects. If I can do that *and* the business, then I will be a happy camper.

Overall, life is good.







talltexan

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Re: Race from $1M to $2M
« Reply #732 on: January 14, 2019, 08:30:12 AM »
the talltexan household has fallen backwards with the market downturn, so we still have most of the second $million in front of us.

JoJoP

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Re: Race from $1M to $2M
« Reply #733 on: January 20, 2019, 05:58:28 PM »
Well done, all!

I'm planning a little bit of spendy activity. A trip to Europe. Possible schooling for child.

My work life changed over the past few years. I work for myself from home most of the time. The stress is low. My clients are fun and smart, and I love working with them. So I'm probably going to be someone who is FI but maybe not officially RE according to the internet retirement police. =-) I can increase or reduce my workload if I want more money or want to travel more, so I'm feeling good about things.

I'm entering a period of wanting to work on some personal projects. If I can do that *and* the business, then I will be a happy camper.

Overall, life is good.

It seems like you've got a perfect plan. 

ynotme

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Re: Race from $1M to $2M
« Reply #734 on: January 25, 2019, 03:29:27 PM »
My progress from $1M to $2M

2014: $1,008,000
2015: $1,191,000 (18%)
2016: $1,353,000 (13%)
2017: $1,561,000 (15%)
2018: $1,659,000 (  6%)

Last year was the lowest $ and % increase to date. Hard work when you don't have those investment returns adding to your net worth.



marty998

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Re: Race from $1M to $2M
« Reply #735 on: January 25, 2019, 04:43:18 PM »
I haven't posted in this thread in a while (can't actually find my last one!) but I just went over $1.2m for the first time yesterday.

Market rebound in the first few weeks of January has helped, but I wouldn't be sad if it dipped down again over the next few months in order to buy some more :)


Unique User

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Re: Race from $1M to $2M
« Reply #736 on: February 01, 2019, 05:51:08 AM »
Total NW went over $1.5 again due to the market.  Our target is $1.6 by April 2020 when we both give notice.  We're almost there!

2011: $506k
2012: $594k
2013: $757k
2014: $835k
2015: $979k
2016: $1138k
2017: $1389k
2018: $1467k

DavidAnnArbor

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Re: Race from $1M to $2M
« Reply #737 on: February 01, 2019, 12:18:19 PM »
Congrats.
I wonder if the unwinding of the federal holdings of treasuries and mortgage backed securities is in part to blame for lowered asset valuations.

The Hot Topic in Markets Right Now: ‘Quantitative Tightening’
https://nyti.ms/2GbIplo

talltexan

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Re: Race from $1M to $2M
« Reply #738 on: February 05, 2019, 12:01:47 PM »
The unwinding you describe is a "tight" monetary policy, but we also have a very "loose" fiscal policy to the tune of our $1 trillion budget deficit, so that should be offsetting things a little.

oldtoyota

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Re: Race from $1M to $2M
« Reply #739 on: February 20, 2019, 05:20:40 PM »
Well done, all!

I'm planning a little bit of spendy activity. A trip to Europe. Possible schooling for child.

My work life changed over the past few years. I work for myself from home most of the time. The stress is low. My clients are fun and smart, and I love working with them. So I'm probably going to be someone who is FI but maybe not officially RE according to the internet retirement police. =-) I can increase or reduce my workload if I want more money or want to travel more, so I'm feeling good about things.

I'm entering a period of wanting to work on some personal projects. If I can do that *and* the business, then I will be a happy camper.

Overall, life is good.

It seems like you've got a perfect plan.

Thank you.

It's been a long road. Before I came here, I used to be on the Fool.com forum. I had the savings/frugality part down before coming here. This forum helped me learn about some additional areas that helped me reach my goal. =-D


AccidentalMiser

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Re: Race from $1M to $2M
« Reply #740 on: February 20, 2019, 07:45:09 PM »
Hit 1.2 M today for the first time.  Market is scary but I'm going to hold fast and keep pouring it in every two weeks.  1049 days to RE.  Maybe sooner but I think I should wait until the year I turn 55.

talltexan

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Re: Race from $1M to $2M
« Reply #741 on: February 21, 2019, 08:15:30 AM »
I'm a little disappointed in myself for not having taken advantage of the dramatic dip between Christmas Eve and early January. I got spooked and had new money going into bonds during that period. It was only perhaps $3-$5K, but it would have been nice to get that stuff on sale.

PathtoFIRE

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Re: Race from $1M to $2M
« Reply #742 on: February 21, 2019, 10:57:12 AM »
Yeah, because of job changes plus topping off the 401k at the end of November, we had only a trickle entering the markets during December and January. Sucks but will be totally unnoticeable in a few years.

chasesfish

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Re: Race from $1M to $2M
« Reply #743 on: February 21, 2019, 09:52:59 PM »
Getting really close.

If I include the value of my pension...its really, really close.

I think DFW housing market softening is going to whack me a little then the sustainable withdraw rate starts

Money Badger

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Re: Race from $1M to $2M
« Reply #744 on: February 23, 2019, 06:17:42 PM »
Stuck just under $1.3M since end of 2017 due to personal decisions on investments (market timer anyone?)... Starting to recover from moving/downsizing expenses after achieving debt freedom though...   Just paid off the last expense from that last day of Feb.

So the good news is now the budget for March amazingly has almost $1500 more in free cash flow.   All going into the after tax investments.   The bad news is work drama is ongoing after a re-org... So an income interruption (or FIRE call) is likely this year.  But the stash is going to get a bump in early 2021 with a family windfall...    So the plan is to just do what has to be done until 2021... Then after that, Bring on RE baby...  Money Badger don't care.

oldtoyota

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Re: Race from $1M to $2M
« Reply #745 on: February 23, 2019, 09:04:08 PM »
How much have you earned this year from investments? I'm surprised at how much our investments increased this calendar year.

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Re: Race from $1M to $2M
« Reply #746 on: February 26, 2019, 04:58:12 AM »
How much have you earned this year from investments? I'm surprised at how much our investments increased this calendar year.

10.3% as of Feb 25 including dividends.

PC says sp500 was 10.5%.

My investments were about 7.5% cash though as I've been dollar cost averaging proceeds from a home sale into the market. I know better factually but I just couldn't bring myself to pull the trigger on such a large sum on one day. Turned out for the best bc it would have been in October. Luck!

arebelspy

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Re: Race from $1M to $2M
« Reply #747 on: February 28, 2019, 02:37:11 PM »
Might be a slow race to two million with no jobs, but hope to join you, doing it while sitting around drinking and hoping the markets do their magic. Slow and steady...

whats your WR.  4% of 1.17M or less?

Hard to say because we have a lot of changes and went into permanent travelling mode, so don't know what our expenses are. Will aim to keep them below $40,000. Long term it will depend on cost of housing in whatever area we settle in.

We're in a similar situation!  North of 1MM, FIRE'd, so our "race" to 2MM will be more like a slow crawl.

Unknown expenses due to travel/kids and unknown future "settling" situation.

But hey, I'd rather crawl to 2MM while not working than rocket there while working full time, personally.  :D

I'd guess maybe.. 2021 or so?  Could be earlier or later, depending on market returns and any contributions.

Guess it's time for an update, two years later.

April 2010: Net Worth $0

January 2015: $1MM

June 2015: FIRE'd.

January 2017 (the time of the above quoted post): 1.44MM

January 2019 (present): 1.76MM

My 2021 guess looks fairly accurate. It might happen earlier, in 2020, or later, in 2022 or after, if we see a market dip. Either way, we're not sweating it.

Our first retire, then get rich plan is working pretty well. Asset runaway, where it accumulates faster than you draw down on it, is pretty sweet.

Though our expenses are no longer Mustachian-level. They're a bit north of 4% of what our current stache is. I'm not sure exactly, as I no longer track spending. They're over 3x what they were in our accumulation phase. They're optimized and in-line with our values, which is all I care about, rather than an arbitrary number.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

ysette9

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Re: Race from $1M to $2M
« Reply #748 on: February 28, 2019, 09:42:14 PM »
In the vein of what arebelspy just posted, I happen to look back at where we were when I wrote my first journal entry here, four years and one month ago.


Jan 2015: a hair's breadth away from $1M
Feb 2019: $1.966 (invested, doesn't count 529s or home equity)

So that means it took us ten years collectively to get from $0 to $1M and four years to go from $1 to $2. Maybe this is the magical compound interest thingie that caught my attention like a bolt of lightening in that finance class I took as an undergrad.

winkleweizen

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Re: Race from $1M to $2M
« Reply #749 on: March 01, 2019, 09:13:34 AM »
Joining this race!

march 2019: 1.04m

 

Wow, a phone plan for fifteen bucks!