Author Topic: Race from $2M to $3M  (Read 9641 times)

Exflyboy

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Re: Race from $2M to $3M
« Reply #50 on: July 16, 2017, 06:48:50 PM »
I wasn't sure if I graduated to this group as our "liquid" includes $519k in pensions.. so assuming they are still there when we plan to start using them then liquid NW is $2.344M.

House (includes two rentals on the same property) I am guessing will net us $400k.. but it currently pays about $20k in rent so its hard to sell..:)

We are both RE'd now

Congrats ExFB!

Thanks Chip..:)

Bateaux

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Re: Race from $2M to $3M
« Reply #51 on: July 21, 2017, 12:34:17 AM »
Well done Exflyboy.

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Bateaux

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Re: Race from $2M to $3M
« Reply #52 on: August 02, 2017, 11:05:55 PM »
This fantastic thread deserves to be at the top of the list.  Not near enough traffic here.  Bump.
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Itchyfeet

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Re: Race from $2M to $3M
« Reply #53 on: August 02, 2017, 11:30:01 PM »
Haha Bateaux.

I think the issue is that this thread is almost the antithesis of MMM. If one is frugal why would you need more than $2M.

In any case, accumulating more than $2M either requires a lot of time or a very high income.

I would presume that most people who have accumulated more than $2M are already in there 50s, so not the core audience of MMM. Only a small percentage of MMM posters are doctors, lawyers, investment bankers, CEOs etc who could earn there way to $2M at a young age.

A few will have got very lucky with their finances (like me), by taking risks when young that paid off over the years.

I know that there are plenty of wealthy MMM posters, but most are FIRED and don't give a hoot about any race towards even greater wealth.

Exflyboy

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Re: Race from $2M to $3M
« Reply #54 on: August 03, 2017, 02:44:49 AM »
Hmm we're FIRED yes.. in our 50's yes.. very high income, well did OK but averaged just over $100k.

We saved for 21 years and hit about $2.7m including the house.

Two hoots about making more? Heck I certainly want more.. but maybe I'm greedy :)
« Last Edit: August 03, 2017, 03:03:49 AM by Exflyboy »

Bateaux

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Re: Race from $2M to $3M
« Reply #55 on: August 03, 2017, 02:49:49 AM »
Itchy feet I just read about your biking vacation.   Can't wait to do that.  Maybe we'll meet you guys in person out there soon.  My wife does her second Ironman next month.   All that training would be put to great use.  I'm 49 and have no plans to be working at 51.
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Itchyfeet

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Re: Race from $2M to $3M
« Reply #56 on: August 03, 2017, 03:31:46 AM »
Hmm we're FIRED yes.. in our 50's yes.. very high income, well did OK but averaged just over $100k.

We saved for 21 years and hit about $2.7m including the house.

Two hoots about making more? Heck I certainly want more.. but maybe I'm greedy :)

Well done on amassing $2.7M. Obviously you are not too greedy having chosen FIRE over trying to race to $3.0M. I am sure in good time your $2.7M will grow beyond $3.0M even if it is financing your
Lives at the same time.

Bateaux

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Re: Race from $2M to $3M
« Reply #57 on: August 03, 2017, 05:58:13 AM »
Exflyboy I pretty much think that the 3 million number will come unless you do something to avoid it.  Most likely all of us who have breached 2 million NW will see 3 million at some point.
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EscapeVelocity2020

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Re: Race from $2M to $3M
« Reply #58 on: August 03, 2017, 06:37:15 AM »
Interested to see how this thread goes, but I'm on vacation right now...  Funny thing is, I'm 50k or more better off than when I started this trip, makes it tough to focus on being frugal!
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begood

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Re: Race from $2M to $3M
« Reply #59 on: August 03, 2017, 06:40:26 AM »
Hmm we're FIRED yes.. in our 50's yes.. very high income, well did OK but averaged just over $100k.

We saved for 21 years and hit about $2.7m including the house.

Two hoots about making more? Heck I certainly want more.. but maybe I'm greedy :)

Well done on amassing $2.7M. Obviously you are not too greedy having chosen FIRE over trying to race to $3.0M. I am sure in good time your $2.7M will grow beyond $3.0M even if it is financing your
Lives at the same time.

We're in our early 50s, not FIREd (husband lives to work; only child still to edumacate through three years of high school and then college).

My husband's income didn't get above $100K until age 34, and then only for ten years. He started a second career for less than half the money but more than twice the personal satisfaction when he was 44. But we started off with some huge advantages: we married young (and stayed married); our parents paid for our college educations, so no student loans; our parents taught us the "save early and often" mantra AND gave us their old cars, so we started our adult lives without any debt at all. We never had to climb out of a hole.

And then we made four interstate moves with the company my husband worked for. He got raises with each new job, the relo packages were generous, and he banked his bonuses and ESOP. That all allowed us to make the choice twenty years later of moving out of corporate life to academic life without feeling like we would stunt our retirement or limit our daughter's education options.

We are nudging up against $2.5M this week.

Mr Griz

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Re: Race from $2M to $3M
« Reply #60 on: August 03, 2017, 07:04:36 AM »
We didn't top $2M because it was a goal as such. It was the side effect of living below our means, avoiding debt, and having well-paying jobs that we liked. DW and I both have good defined benefit pensions that will easily cover our expenses when I retire next year. I expect the stache to be over $2.5M by then and it will just keep growing since we shouldn't need to tap into it. I recently reread MMM's post on giving away money. We're going to be looking at that soon I think.

Dicey

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Re: Race from $2M to $3M
« Reply #61 on: August 03, 2017, 07:48:15 AM »
Congrats, EFB!

Your post reminded me that I don't count the value of DH's Defined Benefit Pension in our NW tally. Oh well, I'm not gonna start now, because that would kick me out of this thread, lol!.

In response to Itchyfeet, yes, we're in our fifties (me just barely, and on the wrong end), but we were never high wage earners. I hit $105k exactly once in my career and I was self-employed, so I paid a higher SS tax haircut. For reasons outlined upthread, DH still works. He earns about 80k a year and will probably work for 3 more years, to hit the max healthcare benefit.

We live in a HCOLA, so housing has always been disproportionately high, but owning RE is what made the biggest impact on our NW. Well, that and a dogged determination to RE dating back to my early twenties.

I also believe there are more "oldsters" around than you think. However, once FIRE hits and the shackles of work are removed, people take advantage of their freedom and fly away.

Regarding giving it away, per Mr Griz, I highly recommend it. DH and I joke that we tithe and then some to our community and we're having a blast doing it.
 
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Car Jack

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Re: Race from $2M to $3M
« Reply #62 on: August 03, 2017, 08:11:34 AM »
I'm 60 and am an engineer.  Wife is a nurse.  She left work when our second son arrived.  I've made 6 figures since about 2000 but attribute our gains to the fact that I've always tried to either put off or not buy things.  I'm not above doing menial work and for years, while driving a racecar on weekends (I instructed so no track fees), I was picking up junk cars of the same make, usually for free for racecar spares.  I learned that I could sell the leftover parts between craigslist, racing sites and car marque sites and then the chassis got cut into pieces I could lift on my trailer and I'd go bring them for scrap money.  Anyways, I've always tried to live way below my means and that's my story.  Never had a title above Principal Engineer. 

We're not retired yet with one son in college (we're paying full boat at an expensive private college) and another with some learning issues who may cost us some significant money.  Once the older one graduates and has a job, I'll consider if I'll quit.  The wife would probably go back to work full time then to get the health insurance.  So I won't really retire early....I'll retire on time.  But I was 43 when our second son came, so we are very late with getting the kids set.

Bateaux

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Re: Race from $2M to $3M
« Reply #63 on: August 03, 2017, 09:10:46 PM »
You guys truly are incredible.   Thanks for the motivation. 
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bigchrisb

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Re: Race from $2M to $3M
« Reply #64 on: August 03, 2017, 09:20:22 PM »
I'm a little younger, 35, wife 37.  I'm an engineer (a theme?), wife a diplomat.  Fortunate to have higher than average incomes, a high savings rate and to have had a fairly aggressive investment strategy through boom markets. 

However, its a pretty simple formula, spend a lot less than you earn, invest the difference, keep at it for years.

Exflyboy

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Re: Race from $2M to $3M
« Reply #65 on: September 02, 2017, 09:51:19 AM »
So our NW assuming our house is worth $400k (its a hobby farm with few comps so very hard to estimate) is now $2.766M.

Looking back at this thread I see the NW has grown by $22k since mid July.. or about 2k per week!

This includes the fact we have been in Europe for most of it and of course we're not working.

It seems sort of surreal seeing those number and causes me to think back to 2003 when we had just paid the house off and had very little other savings. My projections at that time showed a NW just North of a million bucks in about 10 years and I had a hard time believing that would really happen.

Itchyfeet

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Re: Race from $2M to $3M
« Reply #66 on: September 02, 2017, 10:58:27 AM »
Awesome work!

August was a month with zero growth for us, despite working and despite saving around 50% of our pay cheque. Still, 2017 has been good thus far.

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Re: Race from $2M to $3M
« Reply #67 on: September 03, 2017, 04:59:02 AM »
I'm in the "race" from 2M to 3M slightly over half way not including a paid for house or any other assets.  I am going on 2.5 years Fire'd am 52 and MY DW is 48. Just about a year ago because of the Healthcare Scare with 4 kids she took a job with great benefits offset by not the greatest pay.  The big thing is for us is we save every dime she does make or use it specifically on home improvements as we have been redoing the 1970's raised ranch we bought when we downsized.  We have 4 kids one first year of college far out of state and another one leaving in January. Despite scholarships and 529s saved all our kids play select sports which are not cheap so trying to get our number to grow has been challenging but we have been doing it even after my withdrawals to live on. After this year I feel we should see a significant living cost drop so hopefully unless the market tanks and or? we will be there sooner than later. For me its more about the challenge than the need of money as well as preservation. I always am looking for ways to save but also reward ourselves with trips etc..
My DW liked being Fire'd and home with me but she loves her new job and the hours don't interfere. As many said when your going to work knowing you dont need the money its alot easier. Also we save more because though she is not a big spender I love the challenge more to save so I have find alot more way to do so by doing all the shopping and cooking as well as other things. Good luck to all the 3M chasers.  Like someone else mentioned I too would like to be in real-estate and investments but just never seem to find anything that makes sense but I keep looking.
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Bateaux

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Re: Race from $2M to $3M
« Reply #68 on: September 05, 2017, 02:29:50 AM »
I feel inadequate in this thread, since I have to throw in personal real estate to belong.  Glad you're all here, gives me a target to aim for.
« Last Edit: September 05, 2017, 09:12:26 PM by Bateaux »
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Dicey

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Re: Race from $2M to $3M
« Reply #69 on: September 05, 2017, 07:21:17 AM »
I feel inadequate in this thread, since I have to through in personal real estate to belong.  Glad you're all here, gives me a target to aim for.
Don't feel that way, Bateaux! Zillow says my house is worth $1.3M and it's paid for. I count it. What I don't count is the value of DH's Defined Benefit Pension or our rental equity. Meh. There's so much in the pot that our income in retirement is going to exceed what we live on now, which is DH's salary. He has three years to go and I pulled the trigger nearly five years ago.

This makes me question the wisdom of filling tax-deferred accounts over taxable all these years. In some ways it seems like it might have been better to pay the taxes up front. FWP,  I know.
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Exflyboy

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Re: Race from $2M to $3M
« Reply #70 on: September 05, 2017, 08:37:55 AM »
Dicey,

This is definitely in the "good problem to have category".. You took the option to reduce your tax back then, which meant you could save more money.. yes?.. This also meant your stash grew faster.

So now you have arrived and have more money than you will ever need (yes I'm trying hard to believe this too.. But $5m would be extra safe..:)..)... Now you are faced with extra taxes and probably RMD's in retirement...So.. who cares.. You the man more tax.

I would argue the fact you got to FI sooner and now have a bigger pot which far outweigh the sadness of writing a check for extra taxes.

Yes I will be in this boat too.

Besides, your house is worth $1.3M.. well, when your ready you can sell it.. move to a tiny hovel like mine on nearly 6 acres and have almost a million tax free to spend on a huge party.

I think you have done great..:)


Bateaux

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Re: Race from $2M to $3M
« Reply #71 on: September 05, 2017, 09:22:08 PM »
Don't mind me.  Still in my 40's and I'm being all winey pants about 2 million NW.  Facepunch, double facepunch.  It's all good. 

Actually had to meditate about buying a new leaf blower a few days ago.   It was  $150 at Lowes $165 with tax, found it for $125 at Amazon with no tax or shipping.  WTF!  I'm a dang millionaire, hell technically a multimillionaire on the lowest rung.  I'm debating a leaf blower purchase.   You people have ruined my life.
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Exflyboy

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Re: Race from $2M to $3M
« Reply #72 on: September 05, 2017, 11:40:48 PM »
Don't mind me.  Still in my 40's and I'm being all winey pants about 2 million NW.  Facepunch, double facepunch.  It's all good. 

Actually had to meditate about buying a new leaf blower a few days ago.   It was  $150 at Lowes $165 with tax, found it for $125 at Amazon with no tax or shipping.  WTF!  I'm a dang millionaire, hell technically a multimillionaire on the lowest rung.  I'm debating a leaf blower purchase.   You people have ruined my life.

Same here.. I'm trying to talk myself into buying a new+ bigger refrigerator.. The old one is 20 years old.. too small, doesn't match the rest of the kitchen appliances and the shelves have mostly collapsed!.. My NW is only $2.7M, WTF am I thinking.. I'll go broke if I keep throwing money around like this..:)

Or as was pointed out on my Journal ..."doesn't it feel weird to spend 3X as much on a fridge as you did your car?"...:)

Dicey

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Re: Race from $2M to $3M
« Reply #73 on: September 06, 2017, 01:25:42 AM »
Oh, but a new fridge will be so much more energy efficient,  it will pay for itself in no time!

Bateaux, you crack me up!
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Bateaux

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Re: Race from $2M to $3M
« Reply #74 on: September 06, 2017, 01:59:31 AM »
Oh, but a new fridge will be so much more energy efficient,  it will pay for itself in no time!

Bateaux, you crack me up!

I did buy a new fridge.  Last one is 25 years old.  Still works, it's still in use in storage room.  Keep beer, water, etc in it.  Ice maker died years ago.   DW wanted fancy ice, water side by side.   Ice without trays is dang nice.  Since I've totally rebuilt and doubled the size of the kitchen everything is new.  Dish washer matches fridge.  Used it once.  Did all my own work.  I did buy the unfinished cabinets, prebuilt.   Still a work in progress.  I have about 19 offers for me to do a tavertine backslash like mine.  No way in hell.  That shit is a PITA!  MMM I'm not when it comes to carpentry, plumbing, electrical, floors.  I do mine but no way I'm hiring myself out.
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farmecologist

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Re: Race from $2M to $3M
« Reply #75 on: September 06, 2017, 07:12:12 AM »
Don't mind me.  Still in my 40's and I'm being all winey pants about 2 million NW.  Facepunch, double facepunch.  It's all good. 

Actually had to meditate about buying a new leaf blower a few days ago.   It was  $150 at Lowes $165 with tax, found it for $125 at Amazon with no tax or shipping.  WTF!  I'm a dang millionaire, hell technically a multimillionaire on the lowest rung.  I'm debating a leaf blower purchase.   You people have ruined my life.

I also agonize over purchases like that.  However, I'm convinced that this frugal behavior is what got many of us where we are. 

I see so many people these days 'living it up' with all the 'toys'.  These are people who I'll pretty much guarantee can't afford it ( or have misguided priorities ).  Back before the crash of '08-'09 I saw exactly the same behavior.  People never learn!   

« Last Edit: September 06, 2017, 11:07:43 AM by farmecologist »

Exflyboy

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Re: Race from $2M to $3M
« Reply #76 on: September 06, 2017, 10:00:08 AM »
Absolutely its what got us to where we are.

I would have passed the "marshmellow test" and been asking if resisted even longer could I get extra marshmellows.. then sold the marshmellows to my friends for cash!

I like my pile of ever increasing marshmellows..:)

markbike528CBX

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Re: Race from $2M to $3M
« Reply #77 on: September 06, 2017, 11:48:40 AM »
........I also agonize over purchases like that.  However, I'm convinced that this frugal behavior is what got many of us where we are. snip..... 

I don't think of it as being frugal.   I think of it as being more efficient at our retail therapy.   

We get so much more mileage/time over agonizing than the impulsive buyer does.  It took me over two weeks to by some shorts on ebay.  Impulse buyer would have gotten 30seconds on the buy, and another 30 seconds unwrapping the package.

EscapeVelocity2020

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Re: Race from $2M to $3M
« Reply #78 on: September 06, 2017, 01:46:58 PM »
Don't mind me.  Still in my 40's and I'm being all winey pants about 2 million NW.  Facepunch, double facepunch.  It's all good. 

Actually had to meditate about buying a new leaf blower a few days ago.   It was  $150 at Lowes $165 with tax, found it for $125 at Amazon with no tax or shipping.  WTF!  I'm a dang millionaire, hell technically a multimillionaire on the lowest rung.  I'm debating a leaf blower purchase.   You people have ruined my life.

I also agonize over purchases like that.  However, I'm convinced that this frugal behavior is what got many of us where we are. 

I see so many people these days 'living it up' with all the 'toys'.  These are people who I'll pretty much guarantee can't afford it ( or have misguided priorities ).  Back before the crash of '08-'09 I saw exactly the same behavior.  People never learn!

Well, I know it's not Mustachian, but when I started this journey the whole idea was to delay gratification, but ultimately gratify myself a little.  Now that I'm so far beyond my wildest dreams, I am letting myself enjoy the 'stache a whole lot more.  I even bought one of those 'robo-vacs' during Primeday ($185).  My wife was beside herself when I announced it (she similarly questioned my mental state when I gave her an Apple laptop after years of being anti-Apple) and we use it every day to keep up with the dog and cat fur.

In the whole scheme of things, bringing a little extra joy and life to our household is worth what now amounts to pocket change.  With that said, the bigger issue is reigning in complexity and clutter.  I still evaluate purchases based on if they will 'carry their weight' in terms of taking up space and time in my life.  This one worked out well but we bought a 'fancy refrigerator' (Exflyboy take note) that has most certainly not panned out, maybe just because it was a lemon.  Should've just bought a simple one that did it's main job well though...

Sadly, I've had to stay out of the 'Has the Forum Gone Soft' thread :)
« Last Edit: September 06, 2017, 01:50:53 PM by EscapeVelocity2020 »
Transitioning to FIRE'd albeit somewhat cautiously...

Car Jack

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Re: Race from $2M to $3M
« Reply #79 on: September 08, 2017, 09:18:31 AM »
I'd like some tips on how an apple laptop helps with dog and cat fur.  We have 2 semi-longhair (aka shedding) cats and a 10 year old powerbook.

Kidding, of course.  With the robovac, if it's the name brand, I've worked with the designers for years.  The thing they have not solved and you should be careful about is landmines from the dog.  The unit doesn't know how to handle it so it tends to pick some of it up and spread it all around the room, then come get some more and spread it around the room.

I have the same angst about buying stuff and have on many occasions looked at something and gone home to sleep on it, never to return to buy whatever it was.  Can't even think about how much I've saved vs just buying the thing.

Bateaux

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Re: Race from $2M to $3M
« Reply #80 on: September 08, 2017, 09:29:59 AM »
I've gone to the big box stores and sporting goods stores many times filling a cart with items.  I had a thousand dollars worth of reloading equipment mentally bought.  Pushed it round and round the giant Cabelas store.  Then put it back on the shelf.  Sometimes I don't even have to be in the store.  Academy sports just had an incredible deal on an AR15 rifle.  The best price I'd ever seen and it was 2nd Amendment tax free weekend here in Louisiana.   I carried that ad around for days.  Mentally I was in full possession of that rifle.  The ad expired, I tossed it in the trash and the cash, not the rifle is in my safe.
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EscapeVelocity2020

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Re: Race from $2M to $3M
« Reply #81 on: September 08, 2017, 02:29:46 PM »
Thanks for the tip CJ, my wife is home and only runs the vac while she's there, so we should be OK.  She quite enjoys Robbie's company as he roams around.

I spent years squeezing pennies so I'm not suddenly out blowing wads of cash, but I am loosening up.  Life is just getting too short for me to keep stressing out over some of these things (as well as stressing the marriage), especially since a little sharpening of the pencil around tax time, moving investments to lower fee versions of the same thing, nailing my FSA amounts, maintaining good health, etc. are the areas where the real money is being won and lost these days...  Even with that said, we have gone pretty far down the list of "priority purchases", so we are back in a mode of over 50% savings rate.
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Re: Race from $2M to $3M
« Reply #82 on: September 15, 2017, 08:34:01 AM »
Don't mind me.  Still in my 40's and I'm being all winey pants about 2 million NW.  Facepunch, double facepunch.  It's all good. 

Actually had to meditate about buying a new leaf blower a few days ago.   It was  $150 at Lowes $165 with tax, found it for $125 at Amazon with no tax or shipping.  WTF!  I'm a dang millionaire, hell technically a multimillionaire on the lowest rung.  I'm debating a leaf blower purchase.   You people have ruined my life.

This is exactly what I am dealing with.  We are in Miami and post-Irma (and post-telling my landscaper he wasn't needed anymore), i realized i really need a rake and a leaf blower.  so i went online to find used items.  i didn't find MMM until 4 months ago, otherwise i would have trotted over to home depot and bought brand new stuff without even thinking about it.

with that, i am jumping into this thread.  DW and i are 34 and 37 respectively and due to high incomes and, despite our below average savings rates, we have $1.6M invested and $2.3M with the home equity.  if i had found MMM 3 years ago i have no doubt we would have way more than $1.6M invested...

savedough

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Re: Race from $2M to $3M
« Reply #83 on: September 15, 2017, 12:34:44 PM »
Disclaimer: I don't belong in this thread at all.

EXCEPT - I feel that I am many of you 20 years ago, plugging along as an engineer barely making 6 figures, agonizing over purchases, banking my savings in tax-advantaged accounts and accumulating years for a pension.  We are thisclose to $1M net worth and I am 35 (for another two months) counting our home equity which isn't much since we live in a decently priced home.

This makes me happy to see that if my husband and I stay the course, we will make it. 


begood

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Re: Race from $2M to $3M
« Reply #84 on: September 15, 2017, 12:38:05 PM »
I'm having a little mini freakout today, friends. I check our cash flow monthly but our investments only quarterly. Today's the day. Our investments (taxable + rollover IRA) are up $172K in 2017. One hundred and seventy-two THOUSAND dollars. In nine months.

The extended bull market is clearly driving that growth, and I am alllllll too aware that it can and will drop at some point, possibly soon! October seems like a common drop month. But is this how compounding works? The more $$, the faster the growth? Even though it suffers the vagaries of the market? If so, how stupid am I not to have understood that before?

mm1970

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Re: Race from $2M to $3M
« Reply #85 on: September 15, 2017, 02:31:48 PM »
Haha Bateaux.

I think the issue is that this thread is almost the antithesis of MMM. If one is frugal why would you need more than $2M.

In any case, accumulating more than $2M either requires a lot of time or a very high income.

I would presume that most people who have accumulated more than $2M are already in there 50s, so not the core audience of MMM. Only a small percentage of MMM posters are doctors, lawyers, investment bankers, CEOs etc who could earn there way to $2M at a young age.

A few will have got very lucky with their finances (like me), by taking risks when young that paid off over the years.

I know that there are plenty of wealthy MMM posters, but most are FIRED and don't give a hoot about any race towards even greater wealth.

Eh...We are engineers.  So, high income but not very high income.  Frugal.  HCOL area.
Not in our 50s yet.  Close.  Prob hit $2M a couple of years ago.
Two kids in elementary school.

I figured that we would prob be typical of people on this thread, no?

farmecologist

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Re: Race from $2M to $3M
« Reply #86 on: September 15, 2017, 03:04:29 PM »
Haha Bateaux.

I think the issue is that this thread is almost the antithesis of MMM. If one is frugal why would you need more than $2M.

In any case, accumulating more than $2M either requires a lot of time or a very high income.

I would presume that most people who have accumulated more than $2M are already in there 50s, so not the core audience of MMM. Only a small percentage of MMM posters are doctors, lawyers, investment bankers, CEOs etc who could earn there way to $2M at a young age.

A few will have got very lucky with their finances (like me), by taking risks when young that paid off over the years.

I know that there are plenty of wealthy MMM posters, but most are FIRED and don't give a hoot about any race towards even greater wealth.

Eh...We are engineers.  So, high income but not very high income.  Frugal.  HCOL area.
Not in our 50s yet.  Close.  Prob hit $2M a couple of years ago.
Two kids in elementary school.

I figured that we would prob be typical of people on this thread, no?

Yep...no doctors, etc...here either.   Not in our 50s yet either.  Two kids - one started college this year and one is in high school.
 
The definition of 'high income' can be very subjective..and vastly different depending on where you live ( HCOL vs LCOL, etc.. ).  Having kids ( and number of kids ) can also have a huge impact on the capability to save.

I think 'frugal but not minimalist, and being persistent' is the common thread here.   We have been saving slow and steady for 20+ years.  We don't buy many expensive 'toys' like boats, campers, expensive cars, cabins, and all that other crap.  It still boggles my mind to see how many people buy these 'toys' and clearly cannot afford them.  I think many people seem to think they are entitled to the 'stuff' and it often seems to get them into financial trouble.  I really love it when people complain about not having nearly enough to retire....while driving around fancy vehicles and such. 

BTW - I added 'cabins' above because quite a few people in my neck of the woods have them...and *always* seem to complain about how expensive they are to maintain.


honeybbq

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Re: Race from $2M to $3M
« Reply #87 on: September 15, 2017, 04:39:39 PM »
Itchy feet I just read about your biking vacation.   Can't wait to do that.  Maybe we'll meet you guys in person out there soon.  My wife does her second Ironman next month.   All that training would be put to great use.  I'm 49 and have no plans to be working at 51.

I've done a couple halves. Some day I will do my full. Thank you  (From me) for supporting your wife! Spouses make all the difference in the tri-journey. :)

I feel inadequate in this thread, since I have to throw in personal real estate to belong.  Glad you're all here, gives me a target to aim for.

I belong if I count my house equity.

I just turned 40. Medical fields. High earner that tries not to spend too much.

Waiting for that 3 to become  4.....

Itchyfeet

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Re: Race from $2M to $3M
« Reply #88 on: September 15, 2017, 10:06:25 PM »

Eh...We are engineers.  So, high income but not very high income.  Frugal.  HCOL area.
Not in our 50s yet.  Close.  Prob hit $2M a couple of years ago.
Two kids in elementary school.

I figured that we would prob be typical of people on this thread, no?

Yep, 40 & 45 here. Accountant and school teacher.

It took me about 20 years of working (DW 14 years)  to accumulate the first million, and only about 4 years for the 2nd.

Bateaux

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Re: Race from $2M to $3M
« Reply #89 on: September 16, 2017, 07:41:43 PM »
Itchy feet I just read about your biking vacation.   Can't wait to do that.  Maybe we'll meet you guys in person out there soon.  My wife does her second Ironman next month.   All that training would be put to great use.  I'm 49 and have no plans to be working at 51.

I've done a couple halves. Some day I will do my full. Thank you  (From me) for supporting your wife! Spouses make all the difference in the tri-journey. :)

I feel inadequate in this thread, since I have to throw in personal real estate to belong.  Glad you're all here, gives me a target to aim for.

I belong if I count my house equity.

I just turned 40. Medical fields. High earner that tries not to spend too much.

Waiting for that 3 to become  4.....

I'm debating traing for a 1/2 Ironman next Spring.  My wife runs her 2nd full in Chattanooga next weekend.  Good luck with your events.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
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Itchyfeet

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Re: Race from $2M to $3M
« Reply #90 on: September 16, 2017, 09:01:05 PM »
I really need to find something to train for...... and people to train with. I am hopeless left to my own devices. Full of excuses

Bateaux

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Re: Race from $2M to $3M
« Reply #91 on: September 17, 2017, 08:14:38 AM »
The 1/2 Ironman I'm considering is going to be held in Puerto Rico.  They are under the gun of Hurricane Maria which may hit them with 120 mph winds.   
“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 2019

Secretly Saving

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Re: Race from $2M to $3M
« Reply #92 on: September 17, 2017, 09:15:37 AM »
Haha Bateaux.

I think the issue is that this thread is almost the antithesis of MMM. If one is frugal why would you need more than $2M.

In any case, accumulating more than $2M either requires a lot of time or a very high income.

I would presume that most people who have accumulated more than $2M are already in there 50s, so not the core audience of MMM. Only a small percentage of MMM posters are doctors, lawyers, investment bankers, CEOs etc who could earn there way to $2M at a young age.

A few will have got very lucky with their finances (like me), by taking risks when young that paid off over the years.

I know that there are plenty of wealthy MMM posters, but most are FIRED and don't give a hoot about any race towards even greater wealth.

Eh...We are engineers.  So, high income but not very high income.  Frugal.  HCOL area.
Not in our 50s yet.  Close.  Prob hit $2M a couple of years ago.
Two kids in elementary school.

I figured that we would prob be typical of people on this thread, no?

Yep.
Engineer and teacher.
30s
Kids in elem school.
2m+ invested plus Real Estate

OthalaFehu

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Re: Race from $2M to $3M
« Reply #93 on: September 17, 2017, 10:03:11 AM »
Just crested 2M in assets but have 440k in liabilities dragging me back down. I am 43, so will keep plugging away. Zero to 1 was way harder than 1 to 2. I keep data and charts on all aspects of my financial picture. It became so much of a hobby, I started sharing it all with the public. Viva the FIRE Revolution!
One Day a Rains will come and wash away all you see before you, through Othala kept the true. http://othalafehu.com

Exflyboy

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Re: Race from $2M to $3M
« Reply #94 on: September 17, 2017, 11:50:29 AM »
If the bull keeps running (big IF) we will need a $3M to $4M thread soon..:)

bigchrisb

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Re: Race from $2M to $3M
« Reply #95 on: September 17, 2017, 02:59:13 PM »
Haha Bateaux.

I think the issue is that this thread is almost the antithesis of MMM. If one is frugal why would you need more than $2M.

In any case, accumulating more than $2M either requires a lot of time or a very high income.

I would presume that most people who have accumulated more than $2M are already in there 50s, so not the core audience of MMM. Only a small percentage of MMM posters are doctors, lawyers, investment bankers, CEOs etc who could earn there way to $2M at a young age.

A few will have got very lucky with their finances (like me), by taking risks when young that paid off over the years.

I know that there are plenty of wealthy MMM posters, but most are FIRED and don't give a hoot about any race towards even greater wealth.

Eh...We are engineers.  So, high income but not very high income.  Frugal.  HCOL area.
Not in our 50s yet.  Close.  Prob hit $2M a couple of years ago.
Two kids in elementary school.

I figured that we would prob be typical of people on this thread, no?

Yep.
Engineer and teacher.
30s
Kids in elem school.
2m+ invested plus Real Estate

35 Engineer here. Self made through investment, both listed stocks and private businesses (invested in and grew my former employer before selling the company).  My wife is a public servant, but we have not combined finances.  If we had, we would be in the race to 4m. 

Mostly invested in stocks with a bit of leverage.  The first million took 7 years, the second 3.5, and the next 900k was under a year.  I always knew the theory that it would turn exponential, but I'm still a bit disbelieving of the reality.   

Itchyfeet

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Re: Race from $2M to $3M
« Reply #96 on: September 17, 2017, 08:29:20 PM »
900K in 1 year. Wowsers!!!

2017 started off super strong for me, but has faded. I think my stash growth this year will be less than 2015 and 2016.

I too have got to here rolling the dice on a bit of leverage. I just figured worst case was that I pay back the loan over an extended period. Best case the inclvestment returns beat the cost of debt and I get a bit of a leg up. I got a bit lucky, although that is only a part of the story.

honeybbq

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Re: Race from $2M to $3M
« Reply #97 on: September 18, 2017, 12:48:29 PM »
The 1/2 Ironman I'm considering is going to be held in Puerto Rico.  They are under the gun of Hurricane Maria which may hit them with 120 mph winds.

Why that particular half? It does sound fun to travel. My tri group is all doing Costa Rica this Nov. (it's a full though)


honeybbq

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Re: Race from $2M to $3M
« Reply #98 on: September 18, 2017, 12:49:02 PM »
I really need to find something to train for...... and people to train with. I am hopeless left to my own devices. Full of excuses

Do you have a tri group?

I've found the best way to get my ass in gear is to sign up for a race! :)

Bateaux

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Re: Race from $2M to $3M
« Reply #99 on: September 19, 2017, 02:20:24 PM »
Itchyfeet - HoneyBBQ we're clogging up the thread with all the nice things we can do once were into the 7 figures 😁   
Anyway, probably going to wait for the 2019 Puerto Rico Ironman unless Maria spares them somehow.  We could do another location.  Have fun.
“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 2019