Author Topic: Race from $2M to $3M.....and beyond!  (Read 48677 times)

Bateaux

  • Handlebar Stache
  • *****
  • Posts: 1140
  • Location: Port Vincent
Re: Race from $2M to $3M.....and beyond!
« Reply #300 on: February 06, 2018, 06:06:47 PM »
I'm in CAT A.  Lost about 100k.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
 ― Antoine de Saint Exupery-

Class of 2020

itchyfeet

  • Pencil Stache
  • ****
  • Posts: 569
Re: Race from $2M to $3M.....and beyond!
« Reply #301 on: February 06, 2018, 08:30:48 PM »
I'm in CAT A.  Lost about 100k.

Sorry to hear that.

I guess when with the bulls occasionally one of the buggers will step on your foot. Sure this causes short term pain, but in the long run a bruised hoof is not going to stop you surging to your destination where you will graze on sweet pastures.

wannabe-stache

  • 5 O'Clock Shadow
  • *
  • Posts: 59
Re: Race from $2M to $3M.....and beyond!
« Reply #302 on: February 07, 2018, 10:59:07 AM »
So.... which camp are you in:

A. The bigger you are the harder you fall. Ie: this small blip in the market set you back a 6 figure sum which is more than 3 or 4% of you net worth; or

B. As you are wealthy and properly diversified this small blip cost you far less than the market movement, like maybe only 1%; or

C. You knew the top was in, shorted the market, made an absolute killing and grew your stash even to a more enviable number??

D i suppose. young investor here, heavily exposed to equity mutual funds, lost a lot of $ on paper ($30K in one day - ouch!) and looking forward to putting more money to work for another 10-15 years according to the terms of my investment philosophy statement.

EscapeVelocity2020

  • Handlebar Stache
  • *****
  • Posts: 1727
  • Age: 44
  • Location: Houston
    • EscapeVelocity2020
Re: Race from $2M to $3M.....and beyond!
« Reply #303 on: February 07, 2018, 08:31:51 PM »
So.... which camp are you in:

A. The bigger you are the harder you fall. Ie: this small blip in the market set you back a 6 figure sum which is more than 3 or 4% of you net worth; or

B. As you are wealthy and properly diversified this small blip cost you far less than the market movement, like maybe only 1%; or

C. You knew the top was in, shorted the market, made an absolute killing and grew your stash even to a more enviable number??

Another 'none of the above'.  Although I've been aware that the markets are freaking out as opposed to going straight up, I have only a vague idea (within 100k) of my net worth and even less idea what these gyrations have done to the portfolio.  I did check in on my son's 529 since those funds are coming closer to being tapped.  There's ~110k in a moderately aggressive 70/30 fund, so I might move to a more conservative 50/50 fund, but it's a small optimization in the whole scheme of things.  I still feel pretty good about my (thus far too conservative) AA, given that we have 'enough' and sufficient opportunity to make money in bond-like income.

Getting excited that long-bond income is finally on the rise though!
Transitioning to FIRE'd albeit somewhat cautiously...

AdrianC

  • Pencil Stache
  • ****
  • Posts: 896
  • Location: Cincinnati
Re: Race from $2M to $3M.....and beyond!
« Reply #304 on: February 08, 2018, 08:12:11 AM »
Definitely an 'A', not that it makes any difference to me. Surprised more people on here aren't 'A's.

3-4% drop after a 25% rise in one year...no worries.

itchyfeet

  • Pencil Stache
  • ****
  • Posts: 569
Re: Race from $2M to $3M.....and beyond!
« Reply #305 on: February 08, 2018, 11:50:36 PM »
Yeah, no worries, but now down more than $50K for the week 😳

bwall

  • Bristles
  • ***
  • Posts: 410
Re: Race from $2M to $3M.....and beyond!
« Reply #306 on: February 09, 2018, 10:30:57 AM »
Just now found this thread and it's amazing. . . . I don't think anyone has used the term High Net Worth Individuals (HWNI) yet, but it applies to everyone with $1m in investible assets, not to mention $2m. Here is the definition per wiki:

High-net-worth individual (HNWI) is a term used by some segments of the financial services industry to designate persons whose investible assets (such as stocks and bonds) exceed a given amount. Typically, these individuals are defined as holding financial assets (excluding their primary residence) with a value greater than US$1 million.

https://en.wikipedia.org/wiki/High-net-worth_individual

Here's another article talking about the growth and distribution of HWNI's.

http://www.telegraph.co.uk/business/2017/09/28/number-high-net-worth-individuals-hits-all-time-high-165-million/


Bateaux

  • Handlebar Stache
  • *****
  • Posts: 1140
  • Location: Port Vincent
Re: Race from $2M to $3M.....and beyond!
« Reply #307 on: February 10, 2018, 04:50:23 AM »
I  think High Net Worth Individual needs to be redefined.   I'd term that to be closer to 5 million.  If you have 1 million invested outside of home and pensions you have a nice pad, but in 2018 it's not high net worth.  It's bare bones living without extra income if retired.  Some here can do it.  If they do, they are very frugal.   I think you start to feel wealth at about 2.5 million invested, on up to about 5 million.   After 5 million your what I'd think of as rich and ready to take on the more risky investments of HNWI.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
 ― Antoine de Saint Exupery-

Class of 2020

itchyfeet

  • Pencil Stache
  • ****
  • Posts: 569
Re: Race from $2M to $3M.....and beyond!
« Reply #308 on: February 10, 2018, 08:53:22 AM »
$5M USD is a huge sum of money. In Australia it would put you in the top 1% based on Net Worth. I am not even talking investable assets.

Do you think that is the pass mark for HNWI in a wealthy developed country (top 1%)?



Bateaux

  • Handlebar Stache
  • *****
  • Posts: 1140
  • Location: Port Vincent
Re: Race from $2M to $3M.....and beyond!
« Reply #309 on: February 10, 2018, 09:03:26 AM »
$5M USD is a huge sum of money. In Australia it would put you in the top 1% based on Net Worth. I am not even talking investable assets.

Do you think that is the pass mark for HNWI in a wealthy developed country (top 1%)?

If you're living on 1 million invested as a sole income stream, you're the typical millionaire next door.  There is very little flash living on 40k a year.  You're basically middle class but not having to work. (Mustacian)   At the 5 million invested level you can have flashy house, cars, vacations, parties...the things truly rich people do.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
 ― Antoine de Saint Exupery-

Class of 2020

Car Jack

  • Pencil Stache
  • ****
  • Posts: 679
Re: Race from $2M to $3M.....and beyond!
« Reply #310 on: February 10, 2018, 11:29:27 AM »
I believe $40k is under the poverty line for a family of 4.  If there is other sources of income (social security, pension, occasional bank robbery), then it's not a lot to get above the line.  But it ain't livin' high, that's for sure.

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 5318
  • Age: 56
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: Race from $2M to $3M.....and beyond!
« Reply #311 on: February 10, 2018, 12:01:55 PM »
A few generalisations of course.

I.e do you have kids? Location?.. $40k in NYC won't go far but in rural Wyoming it would.

If you live in UK your healthcare costs would also be zero.

We live in Oregon on our 5.5 acres (2 adults) and with the house paid off we consistently spend around $30k/year. But we have probably skimped on insurance during the accumulation phase so we are now paying about $1500/year more to protect our stash from lawsuits.

Assume we have a couple of vacations at say $10k would put us right at $40k/year.. If we had to pay fell whack on our HC premiums that would add another $14k.

So $55k for living decent in FIRE for us.

itchyfeet

  • Pencil Stache
  • ****
  • Posts: 569
Re: Race from $2M to $3M.....and beyond!
« Reply #312 on: February 10, 2018, 08:27:55 PM »
A few generalisations of course.

I.e do you have kids? Location?.. $40k in NYC won't go far but in rural Wyoming it would.

If you live in UK your healthcare costs would also be zero.

We live in Oregon on our 5.5 acres (2 adults) and with the house paid off we consistently spend around $30k/year. But we have probably skimped on insurance during the accumulation phase so we are now paying about $1500/year more to protect our stash from lawsuits.

Assume we have a couple of vacations at say $10k would put us right at $40k/year.. If we had to pay fell whack on our HC premiums that would add another $14k.

So $55k for living decent in FIRE for us.

So you over saved??

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 5318
  • Age: 56
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: Race from $2M to $3M.....and beyond!
« Reply #313 on: February 11, 2018, 12:16:30 AM »
A few generalisations of course.

I.e do you have kids? Location?.. $40k in NYC won't go far but in rural Wyoming it would.

If you live in UK your healthcare costs would also be zero.

We live in Oregon on our 5.5 acres (2 adults) and with the house paid off we consistently spend around $30k/year. But we have probably skimped on insurance during the accumulation phase so we are now paying about $1500/year more to protect our stash from lawsuits.

Assume we have a couple of vacations at say $10k would put us right at $40k/year.. If we had to pay fell whack on our HC premiums that would add another $14k.

So $55k for living decent in FIRE for us.

So you over saved??


Yes at 4% our income could be about $115k/yr.. Prior to the correction at least.

bigchrisb

  • Handlebar Stache
  • *****
  • Posts: 1067
Re: Race from $2M to $3M.....and beyond!
« Reply #314 on: February 11, 2018, 03:13:00 AM »
Category a for me. Down over 100k, or about 3%. Given I gained the same the month before, I'm not exactly losing sleep!

As for "high net worth" classifications, the cynic in me thinks it's a bracket thought up by the financial sharks (advisors, fund managers and hedge funds), not because it's a mark of independent wealth, but rather a target market.  I'd like to be collecting 2% on someone else's investable assets!

bwall

  • Bristles
  • ***
  • Posts: 410
Re: Race from $2M to $3M.....and beyond!
« Reply #315 on: February 11, 2018, 09:40:21 AM »
As for "high net worth" classifications, the cynic in me thinks it's a bracket thought up by the financial sharks (advisors, fund managers and hedge funds), not because it's a mark of independent wealth, but rather a target market.  I'd like to be collecting 2% on someone else's investable assets!

I believe your analysis to be accurate, not cynical. Giving a demographic a name helps in lots of ways. As you mention, financial advisors provided the definition for their own purposes, such as allowing actors across the industry to identify a 'whale' when they see one. However, the same classification also allows the 'marks' to know that they've been identified as such and then to react accordingly. By knowing better how scare the cohort you belong to is, it allows you to better understand the motivations of financial advisors you may encounter.

For example, a couple of months ago I was in Europe trying to open a business bank account. The gentleman I spoke with began the conversation by saying that they had strict requirements for new account holders, such as monthly fees of 60 EUR and minimum capital of 500,000 EUR. "Not a problem", I said. And, immediately the tone of the conversation changed significantly. I hung up the phone and it occurred to me that the banker doesn't get such phone calls often.

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 5318
  • Age: 56
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: Race from $2M to $3M.....and beyond!
« Reply #316 on: February 11, 2018, 10:37:26 AM »
Category a for me. Down over 100k, or about 3%. Given I gained the same the month before, I'm not exactly losing sleep!

As for "high net worth" classifications, the cynic in me thinks it's a bracket thought up by the financial sharks (advisors, fund managers and hedge funds), not because it's a mark of independent wealth, but rather a target market.  I'd like to be collecting 2% on someone else's investable assets!

So you have $3.3M?... Nice..:)

Dicey

  • Walrus Stache
  • *******
  • Posts: 7930
  • Age: 60
  • Location: NorCal
Re: Race from $2M to $3M.....and beyond!
« Reply #317 on: February 11, 2018, 01:35:32 PM »
Category a for me. Down over 100k, or about 3%. Given I gained the same the month before, I'm not exactly losing sleep!

As for "high net worth" classifications, the cynic in me thinks it's a bracket thought up by the financial sharks (advisors, fund managers and hedge funds), not because it's a mark of independent wealth, but rather a target market.  I'd like to be collecting 2% on someone else's investable assets!

So you have $3.3M?... Nice..:)
Hmmm, I think those might be Aussie dollars. Still mighty nice, but they don't stretch quite as far as USD.
I did it! I have a journal!
A Lot Like This
And hell yes, I am still moving confidently in the direction of my dreams...

bigchrisb

  • Handlebar Stache
  • *****
  • Posts: 1067
Re: Race from $2M to $3M.....and beyond!
« Reply #318 on: February 11, 2018, 02:01:27 PM »
Category a for me. Down over 100k, or about 3%. Given I gained the same the month before, I'm not exactly losing sleep!

As for "high net worth" classifications, the cynic in me thinks it's a bracket thought up by the financial sharks (advisors, fund managers and hedge funds), not because it's a mark of independent wealth, but rather a target market.  I'd like to be collecting 2% on someone else's investable assets!

So you have $3.3M?... Nice..:)
Hmmm, I think those might be Aussie dollars. Still mighty nice, but they don't stretch quite as far as USD.
Yep, Pacific Pesos. I don't convert as,
A) I save and spend in Aud, and
B) the exchange rate is quite volatile, having ranged between 1.1 and 0.7 usd in recent memory.
Current conversion puts me at about 2.5m in greenbacks.

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 5318
  • Age: 56
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: Race from $2M to $3M.....and beyond!
« Reply #319 on: February 11, 2018, 02:27:01 PM »
Still a sizable stash.. Well done..:)

farmecologist

  • Bristles
  • ***
  • Posts: 311
Re: Race from $2M to $3M.....and beyond!
« Reply #320 on: February 11, 2018, 09:18:52 PM »
As for "high net worth" classifications, the cynic in me thinks it's a bracket thought up by the financial sharks (advisors, fund managers and hedge funds), not because it's a mark of independent wealth, but rather a target market.  I'd like to be collecting 2% on someone else's investable assets!

'Accredited investor' is also a classification and is currently required by law for some investments such as PeerStreet, etc...

  https://info.peerstreet.com/glossary/accredited-investor/


Bateaux

  • Handlebar Stache
  • *****
  • Posts: 1140
  • Location: Port Vincent
Re: Race from $2M to $3M.....and beyond!
« Reply #321 on: February 12, 2018, 01:24:43 AM »
As for "high net worth" classifications, the cynic in me thinks it's a bracket thought up by the financial sharks (advisors, fund managers and hedge funds), not because it's a mark of independent wealth, but rather a target market.  I'd like to be collecting 2% on someone else's investable assets!

'Accredited investor' is also a classification and is currently required by law for some investments such as PeerStreet, etc...

  https://info.peerstreet.com/glossary/accredited-investor/

I'd qualify by item number 2.  Doesn't mean much, I'm not qualified in any way to play with big boy investments.  I've got primal fear just buying some individual stocks.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
 ― Antoine de Saint Exupery-

Class of 2020

itchyfeet

  • Pencil Stache
  • ****
  • Posts: 569
Re: Race from $2M to $3M.....and beyond!
« Reply #322 on: February 12, 2018, 10:23:14 AM »
Well folks, it’s a big pay day today 👀

Bateaux

  • Handlebar Stache
  • *****
  • Posts: 1140
  • Location: Port Vincent
Re: Race from $2M to $3M.....and beyond!
« Reply #323 on: February 12, 2018, 12:02:54 PM »
Good.  I'm down over 100k.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
 ― Antoine de Saint Exupery-

Class of 2020

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 5318
  • Age: 56
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: Race from $2M to $3M.....and beyond!
« Reply #324 on: February 12, 2018, 12:16:33 PM »
Good.  I'm down over 100k.

Only about 1.0 Tesla's then..:)

Bateaux

  • Handlebar Stache
  • *****
  • Posts: 1140
  • Location: Port Vincent
Re: Race from $2M to $3M.....and beyond!
« Reply #325 on: February 13, 2018, 04:14:32 AM »
Good.  I'm down over 100k.

Only about 1.0 Tesla's then..:)

Sub 100k losses now.  Not Model X or P100D Model S.  Getting into Model 3 range.


😁
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
 ― Antoine de Saint Exupery-

Class of 2020

JoJoP

  • 5 O'Clock Shadow
  • *
  • Posts: 66
Re: Race from $2M to $3M.....and beyond!
« Reply #326 on: February 27, 2018, 10:04:53 AM »
Category a for me. Down over 100k, or about 3%. Given I gained the same the month before, I'm not exactly losing sleep!

As for "high net worth" classifications, the cynic in me thinks it's a bracket thought up by the financial sharks (advisors, fund managers and hedge funds), not because it's a mark of independent wealth, but rather a target market.  I'd like to be collecting 2% on someone else's investable assets!

I agree.  It's like the old song "Would you walk away from a fool and his money?"  Once they know you've got some, you might as well paint a bulls-eye on your forehead.  I wanted to be a Chase Private Client, because at the time it allowed you to get the valuable 100,000 point Chase Sapphire Reserve credit card, even if you had a lot of recent credit cards open.  CPC allowed an override of policy restrictions.  The CPC query happened right AFTER we took our liquid cash and bought an investment property.  So our funds at Chase were shy of private client material, and they kept an eagle eye on our assets to make sure we surpassed the requirements within a couple of months.  Then they requested multiple meetings with the Investment Banker, whose goal was to get us to move our assets over to him for "management."  No thanks, I said.  We'll keep an eye on our own money, thanks anyway. 

As an aside, the Private Client status does give some perks, such as fee free ATMs world wide.  That's been handy on our international travels. 

Hope you all rebounded from the dip.  We're mostly in real estate, so I didn't even look to see what happened with my brokerage account.   I'm only sorry that I didn't have some spare cash to buy on the dip.   ExFlyBoy, are you back with us yet?
« Last Edit: February 27, 2018, 10:13:07 AM by JoJoP »

JoJoP

  • 5 O'Clock Shadow
  • *
  • Posts: 66
Re: Race from $2M to $3M.....and beyond!
« Reply #327 on: February 27, 2018, 10:32:28 AM »
I  think High Net Worth Individual needs to be redefined.   I'd term that to be closer to 5 million.  If you have 1 million invested outside of home and pensions you have a nice pad, but in 2018 it's not high net worth.  It's bare bones living without extra income if retired.  Some here can do it.  If they do, they are very frugal.   I think you start to feel wealth at about 2.5 million invested, on up to about 5 million.   After 5 million your what I'd think of as rich and ready to take on the more risky investments of HNWI.

 Great point, Bateaux.  This is the shame of it... very few people (relative to the population) have 1 Million, yet, using the 4% rule/$40K a year, as a barometer, it still requires frugal living if you expect it to last a lifetime.  You'll have a hard time being in an Assisted Living facility on 40K a year.  And if both members of a couple make it that long, forget it on $40K.  But, hopefully the assets will be growing and keeping pace as one ages, so the 4% will meet the requirements.   

Here's my inner skeptic: I think the term HNW basically means to the financial world that this person might need a financial adviser or an investment banker.  As noted above, it's a marketing term. 

dogboyslim

  • Bristles
  • ***
  • Posts: 348
Re: Race from $2M to $3M.....and beyond!
« Reply #328 on: February 27, 2018, 12:14:25 PM »
This is the difference between looking at wealth and looking at income.  I feel its difficult to classify anyone with >$1 MM as anything BUT a high net worth individual.  You may or may not be living only off the assets, but just by sitting on our butts we can generate more income than 40% of the household population in the US.  I struggle with a concept that says this is the same as someone with no or zero net worth and a similar income.  They are in no way the same thing.
« Last Edit: February 27, 2018, 12:53:53 PM by dogboyslim »

Bateaux

  • Handlebar Stache
  • *****
  • Posts: 1140
  • Location: Port Vincent
Re: Race from $2M to $3M.....and beyond!
« Reply #329 on: February 28, 2018, 11:51:56 PM »
I'm still waiting on the secret handshake of the HNW club.  So far I very much feel like an outsider.   It took us a long time to get here.   Maybe it was so gradual we didn't notice.

I'm looking at homes in Florida to retire to in the 200 to 300k range.  I remember that being so much money to me once.  We gained that much in NW in the last year.  I guess it's real.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
 ― Antoine de Saint Exupery-

Class of 2020

EscapeVelocity2020

  • Handlebar Stache
  • *****
  • Posts: 1727
  • Age: 44
  • Location: Houston
    • EscapeVelocity2020
Re: Race from $2M to $3M.....and beyond!
« Reply #330 on: March 01, 2018, 12:30:18 AM »
I'm still waiting on the secret handshake of the HNW club.  So far I very much feel like an outsider.

Well, if it helps, I feel like Ted Cruz gave me a secret handshake now that I can use some of our burgeoning 529 funds for my daughter's private schooling in Texas.  Funds that have appreciated nicely since 2003 are able to be spent tax free up to 10k.  And I feel pretty good about spending them now before the market craps out!
Transitioning to FIRE'd albeit somewhat cautiously...

Bateaux

  • Handlebar Stache
  • *****
  • Posts: 1140
  • Location: Port Vincent
Re: Race from $2M to $3M.....and beyond!
« Reply #331 on: March 01, 2018, 12:36:18 AM »
For some reason we can exchange this magic creation of numbers for real things.  I mean, we didn't have to trade hours for these dollars. 
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
 ― Antoine de Saint Exupery-

Class of 2020

Car Jack

  • Pencil Stache
  • ****
  • Posts: 679
Re: Race from $2M to $3M.....and beyond!
« Reply #332 on: March 01, 2018, 08:10:00 AM »
The Ken Fisher ad that splashes across the top of Marketwatch for me uses $500k as their number.  I think it's just a number to fish out clients who want to feel like big shots being high net worth and using "their guy" to manage their weath.

"Private Client" was mentioned and I know Fidelity gives you this designation if your account is over $1M.  With this, you get a Private Client manager which means that when you call Fidelity for a generic question, you have to tell them "no, I don't want to be transferred to my private client manager because it'll land in his voicemail and I won't hear for 3 days what the answer to my simple question is".  On the good side, it means that you get turbo tax for free.  There's a trick to get not only online but downloaded versions.  I did it this year just to see if I could get it.  I was able to.

I work in a 3 building business complex.  One building is chock full of Wealth Management firms.  The question "Where are all the customers' yachts?" comes to mind.  In the parking lot, I see on my lunchtime walk every day: Maserati Quattroporte, Maserati Ghibli, BMW i8, Audi S5, Porsche 911 turbo S, Mercedes E300 4 matic, Jaguar sedan (I forgot what they're called....something R).  Makes me chuckle that they're "managing" to turn the wealth of their clients into their own to waste on big dollar cars (and I'm a car guy).

dogboyslim

  • Bristles
  • ***
  • Posts: 348
Re: Race from $2M to $3M.....and beyond!
« Reply #333 on: March 01, 2018, 08:30:09 AM »
I give these guys more of a pass on the high dollar cars.  Don't think about this group, think about normal people.  Are they more going to trust giving all their money to the person driving the early 2000's Honda civic, or the person driving the known expensive car?

I think Lexus/Audi A6 is sufficient for that purpose though, so I don't give a complete pass.  Still, I want a DB9.  I will NEVER buy one, but I want one!

Also, Vanguard calls us Flagship clients.  If I get to $5M, I get to be a Flagship Select Client!
« Last Edit: March 01, 2018, 10:07:30 AM by dogboyslim »

itchyfeet

  • Pencil Stache
  • ****
  • Posts: 569
Re: Race from $2M to $3M.....and beyond!
« Reply #334 on: March 01, 2018, 08:30:46 AM »
My broker used to classify me as a premium client, then I became a platinum client. I’ll have to change brokers to become a private client I suppose. I want to level up 😁

Bateaux

  • Handlebar Stache
  • *****
  • Posts: 1140
  • Location: Port Vincent
Re: Race from $2M to $3M.....and beyond!
« Reply #335 on: March 01, 2018, 01:25:53 PM »
We've been trying to dump an Ameriprise account for over a month.  They keep dragging it out.  Going straight to VTSAX the minute they allow the transfer.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
 ― Antoine de Saint Exupery-

Class of 2020

Secretly Saving

  • Bristles
  • ***
  • Posts: 415
Re: Race from $2M to $3M.....and beyond!
« Reply #336 on: March 01, 2018, 03:16:15 PM »
"Private Client" was mentioned and I know Fidelity gives you this designation if your account is over $1M.  With this, you get a Private Client manager which means that when you call Fidelity for a generic question, you have to tell them "no, I don't want to be transferred to my private client manager because it'll land in his voicemail and I won't hear for 3 days what the answer to my simple question is".  On the good side, it means that you get turbo tax for free.  There's a trick to get not only online but downloaded versions.  I did it this year just to see if I could get it.  I was able to.

What's the trick?

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 5318
  • Age: 56
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: Race from $2M to $3M.....and beyond!
« Reply #337 on: March 01, 2018, 05:32:22 PM »
I give these guys more of a pass on the high dollar cars.  Don't think about this group, think about normal people.  Are they more going to trust giving all their money to the person driving the early 2000's Honda civic, or the person driving the known expensive car?

I think Lexus/Audi A6 is sufficient for that purpose though, so I don't give a complete pass.  Still, I want a DB9.  I will NEVER buy one, but I want one!

Also, Vanguard calls us Flagship clients.  If I get to $5M, I get to be a Flagship Select Client!

In order to get to one of these favoured status's I'd have to move all my money to one place.. But heck if I combine mine and my Wife's accounts just at Vanguard we are over $1M there.. Rest of the 401k's are spread about so that keeps us incognito..:)

Dicey

  • Walrus Stache
  • *******
  • Posts: 7930
  • Age: 60
  • Location: NorCal
Re: Race from $2M to $3M.....and beyond!
« Reply #338 on: March 02, 2018, 01:15:08 AM »
We have a mortgage with Chase, plus our checking and savings. There is a LOT of cash there right now, because we are actively searching for our next real estate project. They consistently bug us about becoming Private Clients. Yes, I may have enough to meet their minimum, but I'll be damned if I'm going to have them manage my money. And it kind of pisses me off that they won't count the mortgage for qualifying purposes.

Oh, well. We're somehow managing to live a pretty happy life without being Chase Private Clients, lol!
I did it! I have a journal!
A Lot Like This
And hell yes, I am still moving confidently in the direction of my dreams...

wannabe-stache

  • 5 O'Clock Shadow
  • *
  • Posts: 59
Re: Race from $2M to $3M
« Reply #339 on: March 09, 2018, 12:57:59 PM »
i wasn't tracking NW until May 2017 and it's up an unreal amount in that time frame.  started at $2.1M, ended the year at $2.8M.

With some year end bonus payments expected this month, at this pace (putting aside market volatility) i would bet anything we're at $3.0M by mid Feb if not sooner. it's unreal how it grows even from day to day.

Calling myself to task for that statement. i cursed us all.

but, we've continued down the savings path and with the recent runup, we are at $2.985M.  $15K to go, which of course could become $100K to go in a flash as February pointed out.

webguy

  • Stubble
  • **
  • Posts: 249
  • Age: 32
  • Location: Minnesota
Re: Race from $2M to $3M.....and beyond!
« Reply #340 on: March 09, 2018, 01:40:34 PM »
Can I join your thread?  We just hit 2M yesterday! And with the friendly market today we're up another 15k already!  I'm carrying over our progress from the race to 2M thread if that's OK as I like keeping track of it this way.

I'd like to join to help motivate me. Currently at $540k and hope to hit the big 1M in the next couple of years.

I made it to $748k! Keep saving everybody!!

I made it to $988k and was getting excited... and then taxes hit! Looks like it'll be another few months yet :(

I finally did it!! Crawled over the line to $1,000,330 today!  Feels pretty surreal. Never thought I'd actually be worth a million dollars. Now I guess I keep on saving towards the next million!

Currently at $1.11m.  Don't really have a goal number at this point. I love running my own business so just tryna ride it out as long as possible and "make hay while the sun shines" as they say.

Passed the half way point!  Somehow we have $1.535m. Not sure how long the next 0.465 will take but I'll report back if we get there!

It took a little longer than I’d hoped due to the market being a douchebag lately but we Just hit 2 million today! We’re officially multi-millionaires I guess! I crunched the numbers and I think our “fat fire” number is around 2.5-3M so I’ll probably keep trucking away till we hit that, then I’m not sure what I’ll do.

markbike528CBX

  • Pencil Stache
  • ****
  • Posts: 675
  • Location: the Everbrown part of the Evergreen State (WA)
Re: Race from $2M to $3M.....and beyond!
« Reply #341 on: March 09, 2018, 07:11:37 PM »
@webguy , once you are in , you are in forever, only upward ...and beyond! are ways to exit.

bluebelle

  • Stubble
  • **
  • Posts: 185
  • Location: Toronto
Re: Race from $2M to $3M.....and beyond!
« Reply #342 on: March 10, 2018, 09:18:05 AM »
just popped in to say I've enjoyed the first 10 days of March far more than the first 10 days of Feb.

carstenjames

  • 5 O'Clock Shadow
  • *
  • Posts: 8
Re: Race from $2M to $3M.....and beyond!
« Reply #343 on: March 10, 2018, 09:22:52 AM »
@webguy congratulations!  Looking through your posts it seems you have started a successful software business?  Would you mind sharing what kind of software you make and how you sell it?  Would love to hear your story!  I am addicted to successful entrepreneurial stories :)

Car Jack

  • Pencil Stache
  • ****
  • Posts: 679
Re: Race from $2M to $3M.....and beyond!
« Reply #344 on: March 13, 2018, 07:58:06 AM »
"Private Client" was mentioned and I know Fidelity gives you this designation if your account is over $1M.  With this, you get a Private Client manager which means that when you call Fidelity for a generic question, you have to tell them "no, I don't want to be transferred to my private client manager because it'll land in his voicemail and I won't hear for 3 days what the answer to my simple question is".  On the good side, it means that you get turbo tax for free.  There's a trick to get not only online but downloaded versions.  I did it this year just to see if I could get it.  I was able to.

What's the trick?

I can't remember, but I remember going in and you have the choice to order a number of options.  The online is free.  I think I clicked the downloadable version and 3 or 4 options came up....one of them being free.  I could be off on how I got it......maybe there was a charge but then a minus equal amount on checkout.  Didn't take me more than 2 minutes screwing around to get it.

JoJoP

  • 5 O'Clock Shadow
  • *
  • Posts: 66
Re: Race from $2M to $3M.....and beyond!
« Reply #345 on: March 29, 2018, 03:22:06 PM »
Can I join your thread?  We just hit 2M yesterday! And with the friendly market today we're up another 15k already!  I'm carrying over our progress from the race to 2M thread if that's OK as I like keeping track of it this way.

I'd like to join to help motivate me. Currently at $540k and hope to hit the big 1M in the next couple of years.

I made it to $748k! Keep saving everybody!!

I made it to $988k and was getting excited... and then taxes hit! Looks like it'll be another few months yet :(

I finally did it!! Crawled over the line to $1,000,330 today!  Feels pretty surreal. Never thought I'd actually be worth a million dollars. Now I guess I keep on saving towards the next million!

Currently at $1.11m.  Don't really have a goal number at this point. I love running my own business so just tryna ride it out as long as possible and "make hay while the sun shines" as they say.

Passed the half way point!  Somehow we have $1.535m. Not sure how long the next 0.465 will take but I'll report back if we get there!

It took a little longer than I’d hoped due to the market being a douchebag lately but we Just hit 2 million today! We’re officially multi-millionaires I guess! I crunched the numbers and I think our “fat fire” number is around 2.5-3M so I’ll probably keep trucking away till we hit that, then I’m not sure what I’ll do.

Hi webguy, welcome!  I like looking at the dates of your quotes... you really flew through that second million quickly.   Congrats and welcome to the thread.  It's kind of a lifetime status thread.  Once you hit these numbers,  you just hang around with us from now on.
« Last Edit: March 29, 2018, 03:24:50 PM by JoJoP »

soccerluvof4

  • Magnum Stache
  • ******
  • Posts: 3322
  • Location: Artic Midwest
  • Retired at 50
    • My Journal
Re: Race from $2M to $3M.....and beyond!
« Reply #346 on: April 01, 2018, 06:55:22 AM »
Was in the middle of these parameters, crept across the finish line only to get punched back down. Feel like a whack a mole! Currently excluding paid for house around the 3/4 mark after being hit by the market downward move. Being 3 years fire'd though a lot more positive!
" In life you don't get what you deserve you get what you negotiate"

wannabe-stache

  • 5 O'Clock Shadow
  • *
  • Posts: 59
Re: Race from $2M to $3M.....and beyond!
« Reply #347 on: April 21, 2018, 08:26:19 PM »
Finally made it after April bonus payments came through. Including home equity were at $3.1M. I will say that it’s a very “ho hum” feeling to cross the threshold. Maybe it will be more exciting when we are at $3M of investments.

honeyfill

  • Stubble
  • **
  • Posts: 173
  • Age: 61
  • Location: Tucson
Re: Race from $2M to $3M.....and beyond!
« Reply #348 on: April 28, 2018, 10:14:08 PM »
still hanging in there at 2.45 million. took a big hit in Jan/Feb in the market and in paying off the kitchen remodel but on the road to recovery now.  Still planning on June 1 retirement!!



Bateaux

  • Handlebar Stache
  • *****
  • Posts: 1140
  • Location: Port Vincent
Re: Race from $2M to $3M.....and beyond!
« Reply #349 on: April 30, 2018, 06:52:48 PM »
still hanging in there at 2.45 million. took a big hit in Jan/Feb in the market and in paying off the kitchen remodel but on the road to recovery now.  Still planning on June 1 retirement!!

At least you're well above the 2M dollar hump.  We came within $31k before the market turned.  Now we're over $90k short.  When the time comes I'm sure we'll flynright past the 2M mark.  Good luck!  June is so very close now.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
 ― Antoine de Saint Exupery-

Class of 2020