Author Topic: Race from $1M to $2M  (Read 118062 times)

Phryne

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Re: Race from $1M to $2M
« Reply #600 on: June 20, 2018, 01:26:50 AM »
Hi All,

Iím ready to join this thread! Our NW (excluding home equity of ~$500k) hit $1.004m yesterday!

Weíre aiming for $1.4m & a paid off house to retire in Oct 2023... reaching that magical number makes it feel so much more achievable!

Bateaux

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Re: Race from $1M to $2M
« Reply #601 on: June 20, 2018, 09:30:19 PM »
Hi All,

Iím ready to join this thread! Our NW (excluding home equity of ~$500k) hit $1.004m yesterday!

Weíre aiming for $1.4m & a paid off house to retire in Oct 2023... reaching that magical number makes it feel so much more achievable!

Great job!   Congratulations.

talltexan

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Re: Race from $1M to $2M
« Reply #602 on: June 27, 2018, 11:33:05 AM »
Hi All,

Iím ready to join this thread! Our NW (excluding home equity of ~$500k) hit $1.004m yesterday!

Weíre aiming for $1.4m & a paid off house to retire in Oct 2023... reaching that magical number makes it feel so much more achievable!

CONGRATULATIONS!

Just having this online group made such a difference. There wasn't really anyone in real life with whom I could celebrate crossing into double-commas.

Phryne

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Re: Race from $1M to $2M
« Reply #603 on: June 28, 2018, 03:34:42 AM »
Thanks Guys!
So true, I really appreciate the support in this little corner of the internet!

letsdoit

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Re: Race from $1M to $2M
« Reply #604 on: June 29, 2018, 10:47:00 AM »
Neither of you have umbrella insurance?

And you have a rental property, Frank!

Aggghhh.

Go. Run. Today. Get some umbrella insurance. :)

Way reduce the risk and worry from that "unless we get sued" idea you mentioned.

I'm glad this seems to be consensus.  we don't have rentals and have a lot less than 1mill, but I started carrying it anyway.  bc it would be easy to be sued, or plausible

ysette9

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Re: Race from $1M to $2M
« Reply #605 on: June 30, 2018, 04:19:00 PM »
Agreed. We got an umbrella policy when our assets started approaching the $1M mark. I was surprised at how cheap it was. A year or two ago I upped the umbrella coverage to $2M and again, was struck by how little additional it cost, especially once I made sure our deductibles were appropriately high.

Roboturner

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Re: Race from $1M to $2M
« Reply #606 on: July 05, 2018, 12:23:40 PM »
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

Crabbie

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Re: Race from $1M to $2M
« Reply #607 on: July 06, 2018, 10:35:01 AM »
Will throw my hat in here. This is value of portfolio + rental property.

2018/06/01 - 1442000

2018/06/01 - 1442000
2018/07/01 - 1460000

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #608 on: July 06, 2018, 04:29:38 PM »
Q2 2018:
LNW: 1.16 MM
TNW: 1.45 MM
What do the 'LNW' and 'TNW' stand for?

Arbitrage

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Re: Race from $1M to $2M
« Reply #609 on: July 06, 2018, 08:08:19 PM »
Q2 2018:
LNW: 1.16 MM
TNW: 1.45 MM
What do the 'LNW' and 'TNW' stand for?

Not the poster you're asking of, but pretty sure those are "Liquid Net Worth" and "Total Net Worth."

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #610 on: July 07, 2018, 07:25:03 AM »
...pretty sure those are "Liquid Net Worth" and "Total Net Worth."
Ah! That makes a lot of sense.  Thanks.

Roboturner

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Re: Race from $1M to $2M
« Reply #611 on: July 09, 2018, 11:57:42 AM »
yup!

cash & stocks vs. home equity

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #612 on: July 09, 2018, 05:36:03 PM »
Reached the $1.5 million mark today!  It took awhile with all the market volatility, but today's market surge put me over the plateau.

AccidentalMiser

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Re: Race from $1M to $2M
« Reply #613 on: July 10, 2018, 06:38:42 AM »
Hello!  This morning, we hit 1,001,996 net worth.  While I recognize we may never make it to 2M, weíre determined to continue the good habits that have gotten us this far: simplicity, frugality and thankfulness.

Itís been a great ride so far and they say the first million is the hardest so Iím really looking forward to making this journey with the members of this great community!

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #614 on: July 10, 2018, 07:23:58 PM »
Hello!  This morning, we hit 1,001,996 net worth.  While I recognize we may never make it to 2M, weíre determined to continue the good habits that have gotten us this far: simplicity, frugality and thankfulness.

Itís been a great ride so far and they say the first million is the hardest so Iím really looking forward to making this journey with the members of this great community!
Welcome to the club!  It's true that the first million takes the longest and is the hardest.  You'll be pleasantly surprised at how fast the amount grows from there.  In my case, it took 17 years to crack the 6-digit mark.  But since making that mark it only took two years for my stash to grow another $500K.

Herbert Derp

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Re: Race from $1M to $2M
« Reply #615 on: July 11, 2018, 11:36:43 PM »
Continuing to make progress...

11/23/2012: $45,000.00
08/03/2013: $100,000.00
01/01/2016: $408,896.04
01/01/2017: $617,283.09
06/06/2017: $758,104.40
10/15/2017: $856,488.71
11/18/2017: $929,536.54
11/27/2017: $944,395.35
12/17/2017: $956,928.07
01/01/2018: $968,307.87
01/05/2018: $987,442.11
01/08/2018: $996,215.32
01/09/2018: $998,819.79
01/10/2018: $999,079.24
01/11/2018: $1,003,101.34
02/01/2018: $1,061,732.89
02/28/2018: $1,062,750.48
05/18/2018: $1,149,432.76
06/06/2018: $1,203,026.63
07/11/2018: $1,232,435.26

gpyros85

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Re: Race from $1M to $2M
« Reply #616 on: July 12, 2018, 12:03:22 AM »
Continuing to make progress...

11/23/2012: $45,000.00
08/03/2013: $100,000.00
01/01/2016: $408,896.04
01/01/2017: $617,283.09
06/06/2017: $758,104.40
10/15/2017: $856,488.71
11/18/2017: $929,536.54
11/27/2017: $944,395.35
12/17/2017: $956,928.07
01/01/2018: $968,307.87
01/05/2018: $987,442.11
01/08/2018: $996,215.32
01/09/2018: $998,819.79
01/10/2018: $999,079.24
01/11/2018: $1,003,101.34
02/01/2018: $1,061,732.89
02/28/2018: $1,062,750.48
05/18/2018: $1,149,432.76
06/06/2018: $1,203,026.63
07/11/2018: $1,232,435.26


Please explain more!

Herbert Derp

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Cache_Stash

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Re: Race from $1M to $2M
« Reply #618 on: July 16, 2018, 11:36:20 AM »
Well, I hit an intraday high of 1,000,000 today in investable passive assets.  Didnít want to join the club until I hit that number.  I have 600K in real estate for a total of a 1.6M.

Fireíd last year in August.

markbike528CBX

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Re: Race from $1M to $2M
« Reply #619 on: July 16, 2018, 06:21:36 PM »
Well, I hit an intraday high of 1,000,000 today in investable passive assets.  Didnít want to join the club until I hit that number.  I have 600K in real estate for a total of a 1.6M.

Fireíd last year in August.

Welcome to the club Cash Stash! Intraday is valid too!

  I just FIRED  on June 1st.

Backstory: Cash Stash and I once worked for the same SemiBigCorp.

Cash Stash, the space in your username makes it difficult to include a paging link like @markbike528CBX

DavidAnnArbor

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Re: Race from $1M to $2M
« Reply #620 on: July 16, 2018, 07:36:58 PM »
Did you two know each other at the company ?

markbike528CBX

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Re: Race from $1M to $2M
« Reply #621 on: July 17, 2018, 10:11:13 AM »
Did you two know each other at the company ?

Nope, separate sides of the continent and of SemiBigCorp. At the time of bankruptcy, "restructuring" I saw a post from Cash Stash that described situation and announcement timing that was too close to being coincidental.   A few PM's later we determined that we where in the same SemiBigCorp.

talltexan

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Re: Race from $1M to $2M
« Reply #622 on: July 18, 2018, 08:02:33 AM »
Great that you guys were able to find each other on the Millionaire's thread! I couldn't imagine how my co-workers would treat me if they knew I was wealthy enough to be here.

sisto

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Re: Race from $1M to $2M
« Reply #623 on: July 18, 2018, 08:39:19 AM »
I've been here for a while now NW wise, but still really pushing to hit the $1M with just cash and investments. I've been sitting around $950K for what seems like forever.

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #624 on: July 18, 2018, 06:54:21 PM »
I've been here for a while now NW wise, but still really pushing to hit the $1M with just cash and investments. I've been sitting around $950K for what seems like forever.
You'll hit your break-out day soon.

AccidentalMiser

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Re: Race from $1M to $2M
« Reply #625 on: July 18, 2018, 08:20:15 PM »
I couldn't imagine how my co-workers would treat me if they knew I was wealthy enough to be here.

Yup.  I was so excited last week (Iíve been a millionaire for over a week!) but I couldnít tell anyone I actually know (DW excepted, of course).  What a wonderful problem to have!

talltexan

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Re: Race from $1M to $2M
« Reply #626 on: July 24, 2018, 08:17:53 AM »
I'm trying to not even make a big deal about it with Mrs. TallTexan, because I don't want her to loosen up on the spending thing.

Bird In Hand

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Re: Race from $1M to $2M
« Reply #627 on: July 26, 2018, 07:18:08 AM »
The nice market run this month (and capped off with yesterday's surge) pushed TNW over $1.7MM.  LNW is knocking on the door of $1.4MM.

I'm not sure why I still pay attention to $100k increments as though they are meaningful milestones...but I do!

Car Jack

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Re: Race from $1M to $2M
« Reply #628 on: July 26, 2018, 08:56:34 AM »
$100k increments are easy to keep track of at this point.  Keeping $1.4M LNW in your head is easy, then one day, you're updating your spreadsheet and find the number move to $1,500,010 and feel like you've clicked over the next milestone.

I certainly do this.

Bird In Hand

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Re: Race from $1M to $2M
« Reply #629 on: July 26, 2018, 10:09:45 AM »
Yeah, I guess $100k increments represent reasonable mini-milestones.

If you're a 4% SWR kind of person, $100k represents an additional $4k/yr spending.  It's a little easier for me to think of annual spending in $5k chunks, so maybe I should make my milestones $125k instead...or just become a 5% SWR person.  :D

FireLane

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Re: Race from $1M to $2M
« Reply #630 on: July 26, 2018, 12:20:15 PM »
My LNW just inched up to $1.25M. The uptick in the market this month definitely helped.

I decided a while ago that this was my official FI number. If Mrs. FL and I were willing to accept some significant lifestyle changes, we could live indefinitely on this amount. So that's nice to know. To live indefinitely at our current lifestyle will take a bit more, so I'm still working for now. Plus, it's a good idea to have a buffer against health care insanity, high market valuations and any other black swans we haven't thought of. Maybe I'll RE before $2M, maybe not.

How's everyone else doing?

begood

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Re: Race from $1M to $2M
« Reply #631 on: July 26, 2018, 01:26:07 PM »
I feel dumbÖ what does LNW mean?

Bird In Hand

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Re: Race from $1M to $2M
« Reply #632 on: July 26, 2018, 02:03:58 PM »
I feel dumbÖ what does LNW mean?

LNW == Liquid Net Worth (investments, savings, retirement acounts, etc.)
TNW == Total Net Worth (LNW + home equity, business equity, and other assets that aren't easily converted to cash very quickly)
« Last Edit: July 26, 2018, 02:07:59 PM by Bird In Hand »

begood

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Re: Race from $1M to $2M
« Reply #633 on: July 26, 2018, 02:10:59 PM »
I feel dumbÖ what does LNW mean?

LNW == Liquid Net Worth (investments, savings, retirement acounts, etc.)
TNW == Total Net Worth (LNW + home equity, business equity, and other assets that aren't easily converted to cash very quickly)

TYK for the explanation of LNW! :)

Bird In Hand

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Re: Race from $1M to $2M
« Reply #634 on: July 26, 2018, 02:35:45 PM »
TYK for the explanation of LNW! :)

NP!  :P

I decided a while ago that this was my official FI number. If Mrs. FL and I were willing to accept some significant lifestyle changes, we could live indefinitely on this amount. So that's nice to know. To live indefinitely at our current lifestyle will take a bit more, so I'm still working for now. Plus, it's a good idea to have a buffer against health care insanity, high market valuations and any other black swans we haven't thought of. Maybe I'll RE before $2M, maybe not.

We're in a similar boat.  We came up with a barebones FI number based on the average of certain essential expenses over the past few years.  We recently reached 4% of that figure in our retirement + savings accounts.  Like you, we'd have to make some pretty big lifestyle adjustments to make it happen.  But it is comforting to know that we've reached that level.

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #635 on: July 26, 2018, 07:22:47 PM »
I'm not sure why I still pay attention to $100k increments as though they are meaningful milestones...but I do!

$100k increments are easy to keep track of at this point.  Keeping $1.4M LNW in your head is easy, then one day, you're updating your spreadsheet and find the number move to $1,500,010 and feel like you've clicked over the next milestone.

I certainly do this.
This is what I do too.

bgfoot

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Re: Race from $1M to $2M
« Reply #636 on: July 27, 2018, 10:43:49 AM »
First time posting but followed for about a year. Joining the club. Total assets excluding real estate 1.26
Split 40% taxable and 60% tax deferred. Mostly Vanguard for mutual funds. Also own a few stocks through dividend reinvestment plans

jengod

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Re: Race from $1M to $2M
« Reply #637 on: July 31, 2018, 01:34:09 AM »
hello! posting to follow.
just checked our spreadsheet:

liquid net worth: $1.72m
total net worth: $2.85m

the house is paid off but we plan to live in it for the foreseeable future.

Fomerly known as something

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Re: Race from $1M to $2M
« Reply #638 on: July 31, 2018, 05:48:17 AM »
Add me to the Minimal FI but still working due to the US health care situation.  If I stick around to my minimal retirement age at my current job (47 so it's actually not a bad number), I get to keep subsidized health care for life.  There has been some congressional grumbling to change this and if it does I'm gone but it's too big of a carrot not to stay working for at this point.

MishMash

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Re: Race from $1M to $2M
« Reply #639 on: July 31, 2018, 08:25:00 AM »
I'll join in too, our number is 2 million (not including DHs pension).  Stupid high for this forum, I know, DH still isn't 100% on the frugality thing, and we plan on living in a HCOL area.  DH also has to do 5 more years to secure the lifelong health care and pension sooo why not continue to build the stash.

33 (me) and 36 (DH) here TNW 1.34 Investable 1.21

And before anyone asks, we don't include DHs pension in the calculations because if he gets booted prior to his 20 year mark he gets zip, nada, nilch.  So until he hits that 20 year mark we have chosen to not include it in NW or income calculations since it is not a sure thing.

August 2018 TNW 1.83 1.6 investable.  And I quit my job a year ago. 

Roboturner

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Re: Race from $1M to $2M
« Reply #640 on: August 01, 2018, 12:29:20 PM »
SO and I officially hit our FI number (2 mos ahead of schedule!)

just have to work on the RE part now...

Golden handcuffs and fluff require probably another 2 yrs. Minimal heartache for maximum earning, so I think we can hack it. 

Herbert Derp

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Re: Race from $1M to $2M
« Reply #641 on: August 03, 2018, 12:27:51 AM »
Onwards and upwards! Up $300K so far in 2018!

11/23/2012: $45,000.00
08/03/2013: $100,000.00
01/01/2016: $408,896.04
01/01/2017: $617,283.09
06/06/2017: $758,104.40
10/15/2017: $856,488.71
11/18/2017: $929,536.54
11/27/2017: $944,395.35
12/17/2017: $956,928.07
01/01/2018: $968,307.87
01/05/2018: $987,442.11
01/08/2018: $996,215.32
01/09/2018: $998,819.79
01/10/2018: $999,079.24
01/11/2018: $1,003,101.34
02/01/2018: $1,061,732.89
02/28/2018: $1,062,750.48
05/18/2018: $1,149,432.76
06/06/2018: $1,203,026.63
07/11/2018: $1,232,435.26
08/02/2018: $1,269,509.32

Bird In Hand

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Re: Race from $1M to $2M
« Reply #642 on: August 03, 2018, 06:50:40 AM »
SO and I officially hit our FI number (2 mos ahead of schedule!)

just have to work on the RE part now...

Golden handcuffs and fluff require probably another 2 yrs. Minimal heartache for maximum earning, so I think we can hack it.

That's awesome, congrats!

What kind of golden handcuffs are we dealing with here?

Cache_Stash

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Re: Race from $1M to $2M
« Reply #643 on: August 03, 2018, 01:16:48 PM »
Well, I hit an intraday high of 1,000,000 today in investable passive assets.  Didnít want to join the club until I hit that number.  I have 600K in real estate for a total of a 1.6M.

Fireíd last year in August.

Welcome to the club Cash Stash! Intraday is valid too!

  I just FIRED  on June 1st.

Backstory: Cash Stash and I once worked for the same SemiBigCorp.

Cash Stash, the space in your username makes it difficult to include a paging link like @markbike528CBX

Thatís awesome you finally Fired!  It has taken some time to adjust and decompress.  Now when I go for a drive in my truck mid week and I see all those commuters, I get a pretty good feeling about freedom.  Itís pretty nice.  I also shop for groceries in the morning on work days and the stores are empty.  Itís definitely different in subtle ways.

markbike528CBX

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Re: Race from $1M to $2M
« Reply #644 on: August 03, 2018, 03:39:12 PM »
Well, I hit an intraday high of 1,000,000 today in investable passive assets.  Didnít want to join the club until I hit that number.  I have 600K in real estate for a total of a 1.6M.

Fireíd last year in August.

Welcome to the club Cash Stash! Intraday is valid too!

  I just FIRED  on June 1st.

Backstory: Cash Stash and I once worked for the same SemiBigCorp.

Cash Stash, the space in your username makes it difficult to include a paging link like @markbike528CBX

Thatís awesome you finally Fired!  It has taken some time to adjust and decompress.  Now when I go for a drive in my truck mid week and I see all those commuters, I get a pretty good feeling about freedom.  Itís pretty nice.  I also shop for groceries in the morning on work days and the stores are empty.  Itís definitely different in subtle ways.

I have always been taken back by the number of people out on workdays, it bothers me a lot less now that I'm not stuck in a cubical or a " big rebar/concrete building ".

Also, NW definitely includes Real Estate, especially above and beyond the primary residence.

DesireeD

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Re: Race from $1M to $2M
« Reply #645 on: August 10, 2018, 05:49:31 PM »
In the real world I have no one other than my SO to talk about our millionaire status. Certainly not my relatives, who would stick their hands out, or my friends. Never dreamed I would be here. I guess itís true that itís lonely at the top. Thanks for existing.
Even here among my fellow millionaires, I canít bring myself to disclose my wealth. I have I deep sense is shame that I donít deserve this wealth, even though Iíve worked and saved hard for it. People are always trying to ďhelp me outĒ with free or discounted things/services because I appear very poor. I fix most things on my own old clunker of a car myself, but I didnít feel up to dropping the tranny to change out the clutch. I found a good ol boy who had a home garage to do it for me. He did a great job, but only wanted to charge me a tiny sum. Iím sure he felt like he was doing a good deed for a super poor person and keeping her sad car on the road. I paid him an extra 100.$
People are always trying to give me charity! I hate it. I donít want to change from my stealth wealth lifestyle. Anyone else look super poor? How to you deal with being a charity case.

markbike528CBX

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Re: Race from $1M to $2M
« Reply #646 on: August 10, 2018, 06:07:48 PM »
In the real world I have no one other than my SO to talk about our millionaire status. Certainly not my relatives, who would stick their hands out, or my friends. Never dreamed I would be here. I guess itís true that itís lonely at the top. Thanks for existing.
Even here among my fellow millionaires, I canít bring myself to disclose my wealth. I have I deep sense is shame that I donít deserve this wealth, even though Iíve worked and saved hard for it. People are always trying to ďhelp me outĒ with free or discounted things/services because I appear very poor. I fix most things on my own old clunker of a car myself, but I didnít feel up to dropping the tranny to change out the clutch. I found a good ol boy who had a home garage to do it for me. He did a great job, but only wanted to charge me a tiny sum. Iím sure he felt like he was doing a good deed for a super poor person and keeping her sad car on the road. I paid him an extra 100.$
People are always trying to give me charity! I hate it. I donít want to change from my stealth wealth lifestyle. Anyone else look super poor? How to you deal with being a charity case.

If you feel bad about it and can't convince the seller/service provider to accept more money, maybe donate the difference to charity.  I'm a bit too stingy to do this regularly, but I just signed myself up to servitude for a charity function.    ---- kinda pay it forward?

DesireeD

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Re: Race from $1M to $2M
« Reply #647 on: August 10, 2018, 06:23:21 PM »
I do that. I feel like Iím misappropriating poor culture. Is that a thing? I was raised dirt poor. I spent a dozen years working for a homeless shelter. I know poor. Iím not poor, I canít let people know Iím not poor, and I donít want charity. I just enjoy the poor lifestyle. Guess Iím a poor poser.

Timmm

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Re: Race from $1M to $2M
« Reply #648 on: August 11, 2018, 12:57:01 PM »
I convert gift money to charity donations. No more quibbling with relatives who feel obligated to send checks as gifts. Even better, I pick ones they'd be HORRIFIED to support, even indirectly.


CoffeeAndDonuts

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Re: Race from $1M to $2M
« Reply #649 on: August 21, 2018, 07:44:06 PM »
Wahoo!!! We were nearly to $1m liquid when we made a large donation in Dec 2017 to our Donor Advised Fund. We almost crossed again and then the market correction earlier this year. Since then we've been bouncing around, trending up, slowly. Today we were at $980'ish and the wire for the sale of our old home came through blasting clear through to nearly $1.25m and a networth around $1.35m. We chose to use our new home purchase as an opportunity to bump the mortgage balance up in Dec 2017 so home equity is pretty meager but liquid assets are way up.

For reference, my net worth measure had me crossing $1m back in March 2017. Good run.

It's going to busy through the end of the year.

I'll be moving the funds into equities pretty quickly but will admit that a short period of dollar cost averaging into the market makes investing so much go down a bit more easily. That said, I want to get a large portion in before November so it's staged for Dec 2019 tax maneuvers (e.g. tax loss/gain harvesting, charity, etc).

Super excited to be here! Not many people left in real life I can share with!