Author Topic: Race from $2M to $4M...and Beyond!  (Read 822721 times)

SwordGuy

  • Walrus Stache
  • *******
  • Posts: 8216
  • Location: Fayetteville, NC
Re: Race from $2M to $4M...and Beyond!
« Reply #5350 on: August 27, 2021, 06:33:34 PM »
Best of luck!

wannabe-stache

  • Stubble
  • **
  • Posts: 151
Re: Race from $2M to $4M...and Beyond!
« Reply #5351 on: August 27, 2021, 07:34:34 PM »

[/quote]

We have a relatively large portfolio - even assuming inflated expense levels, we are probably at a 2.25% SWR - and could probably stop working...but I can't help from feeling uneasy when I read comments like these.

The market doesn't give you average returns year over year, it gives you actuals.  40 years from now we might look back and realize an 8% or 10% return.  Or, it could be more, or less, but year to year, it can vary wildly.  And it's hard to argue against folks that point to the correlations between a) high valuations like we have today and b) lower expected returns.

Undoubtedly, someone will read this that has been investing or invested in the markets for 20+ years.  I hope they weigh in with their perspective.

Personally, as a 41 year old, I didn't have "real" money in the market until 2011/2012, and the markets have been good to us all over that time period.  So, my track record is only 10 years.  If I pull the plug now, i could need to live off my portfolio for 50 years.

i don't post often, and love this group and the optimism they imbue, but when i see folks in other threads talking about buying stocks on margin, or selling their homes to invest in ARK funds, or counting on a 10% return, it makes me uneasy.

I don't think "this time is different" but I do think there are clouds on the horizon.  i suppose that's why i am at a <2.5% SWR...

sorry for the rant, i don't want to be the resident raincloud.
[/quote]

Dreadfully, sorry, I forgot to include a statement that included something to the effect of "... and a 4% SWR income of a bit over $120k."
[/quote]
i am not sure what the jist of the "dreadfully sorry" is, hope you didn't take offense to my post.

SwordGuy

  • Walrus Stache
  • *******
  • Posts: 8216
  • Location: Fayetteville, NC
Re: Race from $2M to $4M...and Beyond!
« Reply #5352 on: August 27, 2021, 08:07:38 PM »
Nah, just sorry to have been unclear and cause your concern.   Thanks for caring!

Taran Wanderer

  • Handlebar Stache
  • *****
  • Posts: 1018
Re: Race from $2M to $4M...and Beyond!
« Reply #5353 on: August 27, 2021, 10:18:33 PM »
@Bateaux , will be thinking of you.

UnleashHell

  • Walrus Stache
  • *******
  • Posts: 8718
  • Age: 54
  • Location: Florida
  • Chapter IV - A New ... er.. something
Re: Race from $2M to $4M...and Beyond!
« Reply #5354 on: August 28, 2021, 02:06:39 AM »
  Hopefully the top is never in.

HERETIC!!!!


PhrugalPhan

  • Bristles
  • ***
  • Posts: 268
  • Age: 59
  • Location: No. VA
Re: Race from $2M to $4M...and Beyond!
« Reply #5355 on: August 28, 2021, 09:24:50 AM »
Just checked my investments and compared them to the end of June.  I see I am up $55,000 over two months. 

My first thought was "Oh jeeze, is that all???".  Then I thought this was for two months, so take it out over 12 months at that rate, and I would get an increase of $330,000.   Wait, was I complaining about this type of return?  Is this what it feels like to be in the top 1%???   

When my pension comes online I will never be able to spend money at this rate.  I figured this was the only place I could post this where people would understand my astonishment at these numbers.

Bird In Hand

  • Pencil Stache
  • ****
  • Posts: 819
Re: Race from $2M to $4M...and Beyond!
« Reply #5356 on: August 28, 2021, 09:34:14 AM »
I figured this was the only place I could post this where people would understand my astonishment at these numbers.

Actually this may be the one place where astonishment is relatively low -- since we're all used to seeing this kind of thing. :)

But I do remember the first time I noticed that our investment gains during a year exceeded our gross salaries.  It did seem pretty amazing!  Now it's old hat, and anything less feels like a disappointment :o

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 7480
  • Age: 60
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: Race from $2M to $4M...and Beyond!
« Reply #5357 on: August 28, 2021, 11:09:49 AM »
Haha.. yeah, two weeks ago we bought a brand new SUV.. Never bought anything that expensive before*, in fact it cost more than my first house!

Since we bought it our investments have grown to have almost replaced the "loss" due to buying the car!

Here I am looking at this monster sitting in the driveway and I'm thinking this hunk of metal was almost paid for in 2 weeks!


*My bad.. the airplane cost about $90k to build but I sold it for $85k so I sort of forget about it, houses have cost more too but all sold for a profit.
« Last Edit: August 28, 2021, 11:13:57 AM by Exflyboy »

GreenEggs

  • Handlebar Stache
  • *****
  • Posts: 1376
  • Location: Here & There
Re: Race from $2M to $4M...and Beyond!
« Reply #5358 on: August 28, 2021, 12:11:10 PM »
Haha.. yeah, two weeks ago we bought a brand new SUV.. Never bought anything that expensive before*, in fact it cost more than my first house!

Since we bought it our investments have grown to have almost replaced the "loss" due to buying the car!

Here I am looking at this monster sitting in the driveway and I'm thinking this hunk of metal was almost paid for in 2 weeks!


*My bad.. the airplane cost about $90k to build but I sold it for $85k so I sort of forget about it, houses have cost more too but all sold for a profit.




But, how much is the first house that you bought worth today? 


What kind of SUV did you get?  I recently realized the GMC Yukon Denali sells for $85K, that was a shocker.  :O

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 7480
  • Age: 60
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: Race from $2M to $4M...and Beyond!
« Reply #5359 on: August 28, 2021, 12:50:21 PM »
Haha.. yeah, two weeks ago we bought a brand new SUV.. Never bought anything that expensive before*, in fact it cost more than my first house!

Since we bought it our investments have grown to have almost replaced the "loss" due to buying the car!

Here I am looking at this monster sitting in the driveway and I'm thinking this hunk of metal was almost paid for in 2 weeks!


*My bad.. the airplane cost about $90k to build but I sold it for $85k so I sort of forget about it, houses have cost more too but all sold for a profit.




But, how much is the first house that you bought worth today? 


What kind of SUV did you get?  I recently realized the GMC Yukon Denali sells for $85K, that was a shocker.  :O

Oh much more than what I sold it for back in 1985..:)

We got a Honda Passport Sport AWD, which is their base model. The amazing thing about the base model is you get almost everything that the higher trims get. All the collision avoidance, lane keeping assist, back up camera etc etc. Engine/transmission is the same on every trim level. The only thing you don't get is leather and heated seats... But that is like another $15k and squeeze is nowhere near worth the juice.

All up cost to us was $35,127.. Thats with $1250 Honda discount plus $500 Costco membership discount.. The AWD was $2k.. included in that price.

We wanted a rig that we could sleep in comfortably and DW could get up into the snow for skiing... The only downside is the whee/tire combo is terrible for snow.. so it needs better tires at a minimum and ideally the stupid 20 inch wheels need to be swapped out for 18's.

That way you can deflate the tire somewhat for extra snow grip. No way you can do that with 20 inch "mall creeper" wheels.

But the AWD system itself is superb so swapping out the tires when they wear out is not the end of the world.. Have to make sure you have snow chains for the back wheels at a minimum.

Insurance costs were remarkably low too!.. Like $433 for fully comprehensive (includes $500k liability) for 12 months with a $1000 deductible. I was going to insure for liability only but for that price might as well have full coverage.

Overall a pretty good fit for our needs.

Taran Wanderer

  • Handlebar Stache
  • *****
  • Posts: 1018
Re: Race from $2M to $4M...and Beyond!
« Reply #5360 on: August 28, 2021, 04:38:23 PM »
Studless snow tires on their own rims are really nice, and you don’t have to worry about the removal deadlines. Also, your friends down at Les Schwab will swap them for free every spring and fall while you read the paper and eat popcorn…

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 7480
  • Age: 60
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: Race from $2M to $4M...and Beyond!
« Reply #5361 on: August 28, 2021, 05:32:00 PM »
Studless snow tires on their own rims are really nice, and you don’t have to worry about the removal deadlines. Also, your friends down at Les Schwab will swap them for free every spring and fall while you read the paper and eat popcorn…

Is that so? Funny cus the most highly recommended snow tire (Nokians) are supplied thru Les Schwab.. Do they balance them for free as well?

GreenEggs

  • Handlebar Stache
  • *****
  • Posts: 1376
  • Location: Here & There
Re: Race from $2M to $4M...and Beyond!
« Reply #5362 on: August 28, 2021, 06:08:18 PM »
Haha.. yeah, two weeks ago we bought a brand new SUV.. Never bought anything that expensive before*, in fact it cost more than my first house!

Since we bought it our investments have grown to have almost replaced the "loss" due to buying the car!

Here I am looking at this monster sitting in the driveway and I'm thinking this hunk of metal was almost paid for in 2 weeks!


*My bad.. the airplane cost about $90k to build but I sold it for $85k so I sort of forget about it, houses have cost more too but all sold for a profit.




But, how much is the first house that you bought worth today? 


What kind of SUV did you get?  I recently realized the GMC Yukon Denali sells for $85K, that was a shocker.  :O

Oh much more than what I sold it for back in 1985..:)

We got a Honda Passport Sport AWD, which is their base model. The amazing thing about the base model is you get almost everything that the higher trims get. All the collision avoidance, lane keeping assist, back up camera etc etc. Engine/transmission is the same on every trim level. The only thing you don't get is leather and heated seats... But that is like another $15k and squeeze is nowhere near worth the juice.

All up cost to us was $35,127.. Thats with $1250 Honda discount plus $500 Costco membership discount.. The AWD was $2k.. included in that price.

We wanted a rig that we could sleep in comfortably and DW could get up into the snow for skiing... The only downside is the whee/tire combo is terrible for snow.. so it needs better tires at a minimum and ideally the stupid 20 inch wheels need to be swapped out for 18's.

That way you can deflate the tire somewhat for extra snow grip. No way you can do that with 20 inch "mall creeper" wheels.

But the AWD system itself is superb so swapping out the tires when they wear out is not the end of the world.. Have to make sure you have snow chains for the back wheels at a minimum.

Insurance costs were remarkably low too!.. Like $433 for fully comprehensive (includes $500k liability) for 12 months with a $1000 deductible. I was going to insure for liability only but for that price might as well have full coverage.

Overall a pretty good fit for our needs.


That looks like a nice size SUV.  Plenty of power with 280 hp with 5000 lb towing capacity.  You mentioned sleeping in it.  Is there room for your luggage & gear too, or will you store things in a roof pod when you camp in it? 










Exflyboy

  • Walrus Stache
  • *******
  • Posts: 7480
  • Age: 60
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: Race from $2M to $4M...and Beyond!
« Reply #5363 on: August 28, 2021, 06:23:47 PM »


That looks like a nice size SUV.  Plenty of power with 280 hp with 5000 lb towing capacity.  You mentioned sleeping in it.  Is there room for your luggage & gear too, or will you store things in a roof pod when you camp in it?

Oh yes for the two of us there is plenty of room.. If we need more we could remove the back seats and build a platform/storage container type contraption.

If you needed even more room its not "that much" more money to step up to a Honda Pilot which is the same car but 6 inches longer and three rows of seats. I would imagine with 8 seats the liability insurance costs would be higher though?

The 5000lb towing capacity is a bit of a lie.. You only get 5k pounds if equipped with the transmission oil cooler which is a dealer option.

Honda are known for denying warranty claims and they warn you against DIYing your own transmission level check or fluid fills... Because we are clearly too stupid to check a thing so complicated as a fluid level! That would prevent a DIY install of an oil cooler too.

Seeing as I have no intention of paying my dealer to do anything this is a bit of a dilemma.. I highly doubt I would be hooking up a horse trailer to this thing I really don't need 5k pounds of tow capacity. This car is not a truck and we have a 1989 F250 for the heavy hauling.

As to the 280hp the thing goes like stink! its 0-60 time is reputed to be around 6 seconds!
« Last Edit: August 28, 2021, 06:32:15 PM by Exflyboy »

Taran Wanderer

  • Handlebar Stache
  • *****
  • Posts: 1018
Re: Race from $2M to $4M...and Beyond!
« Reply #5364 on: August 28, 2021, 06:24:54 PM »
Studless snow tires on their own rims are really nice, and you don’t have to worry about the removal deadlines. Also, your friends down at Les Schwab will swap them for free every spring and fall while you read the paper and eat popcorn…

Is that so? Funny cus the most highly recommended snow tire (Nokians) are supplied thru Les Schwab.. Do they balance them for free as well?

I’m not sure. But if they charge, it has to be pretty low cost. And they don’t have to be balanced every year.

JAYSLOL

  • Handlebar Stache
  • *****
  • Posts: 1497
Re: Race from $2M to $4M...and Beyond!
« Reply #5365 on: August 28, 2021, 09:15:41 PM »
Studless snow tires on their own rims are really nice, and you don’t have to worry about the removal deadlines. Also, your friends down at Les Schwab will swap them for free every spring and fall while you read the paper and eat popcorn…

Is that so? Funny cus the most highly recommended snow tire (Nokians) are supplied thru Les Schwab.. Do they balance them for free as well?

Yes, highly recommend the Nokian Hakkapellita R2 SUV tires.  I live in semi-rural Canada and we can have some pretty serious winters, I put a set on my AWD Santa Fe and they are terrific, I’ve literally pulled a stuck F150 through a 200’ long patch of 2’ deep snow to get it back to the road. 

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 7480
  • Age: 60
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
Re: Race from $2M to $4M...and Beyond!
« Reply #5366 on: August 28, 2021, 10:43:38 PM »
Studless snow tires on their own rims are really nice, and you don’t have to worry about the removal deadlines. Also, your friends down at Les Schwab will swap them for free every spring and fall while you read the paper and eat popcorn…

Is that so? Funny cus the most highly recommended snow tire (Nokians) are supplied thru Les Schwab.. Do they balance them for free as well?

Yes, highly recommend the Nokian Hakkapellita R2 SUV tires.  I live in semi-rural Canada and we can have some pretty serious winters, I put a set on my AWD Santa Fe and they are terrific, I’ve literally pulled a stuck F150 through a 200’ long patch of 2’ deep snow to get it back to the road.

Dayum.. That is impressive!

If they are that good then thats probably more than we need, so not much point putting smaller rims on because its highly unlikely to be used in a situation where the tires need to be deflated.

Allie

  • Handlebar Stache
  • *****
  • Posts: 2350
Re: Race from $2M to $4M...and Beyond!
« Reply #5367 on: August 29, 2021, 02:14:14 PM »
I have a set of studless snow tires on my car (also an Awd Santa Fe).  I’ve had them on for 6 years and never switched them out.  I was told they would fail much more quickly if I used them during the summer, and maybe they would last forever if I swapped them.  Last year was the first winter I noticed the were less grippy…but still nothing close to a regular all season tire.  Something to consider if you aren’t in a really hot place and don’t have free swaps available.  I could buy a new set every 6 years for the cost of tires swaps up here.

Bateaux

  • Handlebar Stache
  • *****
  • Posts: 2057
  • Location: Port Vincent
Re: Race from $2M to $4M...and Beyond!
« Reply #5368 on: August 29, 2021, 06:56:47 PM »
Hurricane Ida update.  Just lost power.  I'm enjoying a ham sandwich and a 🍻 beer wearing a headlamp.  Just waiting out the storm now.  We got fairly lucky, as bad as it is outside, it's supposed to be much worse.  The storm took and unexpected slight turn to the north.  Now instead of the dreaded Northeast eyewall, we're getting the Northwest eyewall.  We did three solid days of prepping.  The most I've ever done before a hurricane.  Happy to have just enough cell signal to get out a post.  Someone has metal roof coming apart up the river from us.  I was trying to sleep, it's making too much racket and there are limbs hitting the roof just over my bed.  It will be over for us by daylight.  We're going to make it.

pecunia

  • Handlebar Stache
  • *****
  • Posts: 1984
Re: Race from $2M to $4M...and Beyond!
« Reply #5369 on: August 29, 2021, 07:04:01 PM »
Hurricane Ida update.  Just lost power.  I'm enjoying a ham sandwich and a 🍻 beer wearing a headlamp.  Just waiting out the storm now.  We got fairly lucky, as bad as it is outside, it's supposed to be much worse.  The storm took and unexpected slight turn to the north.  Now instead of the dreaded Northeast eyewall, we're getting the Northwest eyewall.  We did three solid days of prepping.  The most I've ever done before a hurricane.  Happy to have just enough cell signal to get out a post.  Someone has metal roof coming apart up the river from us.  I was trying to sleep, it's making too much racket and there are limbs hitting the roof just over my bed.  It will be over for us by daylight.  We're going to make it.

Good Deal it'll pass.  Don't think I'd want to live there.  I guess I'll just live with the occasional blizzard.

JAYSLOL

  • Handlebar Stache
  • *****
  • Posts: 1497
Re: Race from $2M to $4M...and Beyond!
« Reply #5370 on: August 29, 2021, 08:01:44 PM »
Studless snow tires on their own rims are really nice, and you don’t have to worry about the removal deadlines. Also, your friends down at Les Schwab will swap them for free every spring and fall while you read the paper and eat popcorn…

Is that so? Funny cus the most highly recommended snow tire (Nokians) are supplied thru Les Schwab.. Do they balance them for free as well?

Yes, highly recommend the Nokian Hakkapellita R2 SUV tires.  I live in semi-rural Canada and we can have some pretty serious winters, I put a set on my AWD Santa Fe and they are terrific, I’ve literally pulled a stuck F150 through a 200’ long patch of 2’ deep snow to get it back to the road.

Dayum.. That is impressive!

If they are that good then thats probably more than we need, so not much point putting smaller rims on because its highly unlikely to be used in a situation where the tires need to be deflated.

It’s an older Santa Fe with the stock 16” wheels, and they were a bit under-inflated at that, so I’m not sure how they compare to a lower profile tires on bigger rims, but I’ve been super impressed by them.  But I also agree, get a second set of wheels for the winters, those Nokians are amazing, but it comes at the cost of VERY soft tread so they shouldn’t be run in the summer or they’ll disappear in just a couple seasons.  An extra set of rims let’s you put them on and off anytime yourself and saves trying to get the car into a garage during peak tire-change season as well as the cost

Taran Wanderer

  • Handlebar Stache
  • *****
  • Posts: 1018
Re: Race from $2M to $4M...and Beyond!
« Reply #5371 on: August 29, 2021, 10:45:08 PM »
get a second set of wheels for the winters, those Nokians are amazing, but it comes at the cost of VERY soft tread so they shouldn’t be run in the summer or they’ll disappear in just a couple seasons.  An extra set of rims let’s you put them on and off anytime yourself and saves trying to get the car into a garage during peak tire-change season as well as the cost

Plus, tire rotation is super easy when you only have to jack up one corner of the car at a time.

Car Jack

  • Handlebar Stache
  • *****
  • Posts: 1913
Re: Race from $2M to $4M...and Beyond!
« Reply #5372 on: August 30, 2021, 07:06:20 AM »
I've talked about using snow tires year round many times.  I've used just about every brand from the Hakkas to Blizzak to Altimax to Pirelli and Sumitomo.  I always find people who tell me that they're going to wear out soooo fast.  Well, ok, but we have seen many vehicles...mostly Subarus with snows from day one.  I can't remember a single time that I have ever gotten less than 50k miles out of a set.  With all these similar cars, it's pretty practical to have lots of wheels around with tires.  When a set gets low, it gets relegated to non-snow months only until it's worn to the wear bars.  If I run all seasons in the summer and snows in the winter, they age out way before they wear out.  So the added benefit for me is that the tires wear out just as they're getting to the age where they should be replaced.

I will say that I've more than once (probably more than 5 times) I've gone to either craigslist or to a car enthusiast forum, local thread and bought wheels with good tires for dirt cheap.  Our 13 Crosstrek tires were on the wear bars and I found a set of wheels with snows 45 minutes away for $200 with lugnuts.  The age was fine on these (I asked about the date code before I drove there) and the seller had just traded his Subaru for a Mazda 3, which was in the driveway when I went to pick them up.

Especially now, where most people are driving less, it really makes sense to run snows year round. 

arcturus

  • 5 O'Clock Shadow
  • *
  • Posts: 43
  • Age: 52
  • Location: Ohio
Re: Race from $2M to $4M...and Beyond!
« Reply #5373 on: August 30, 2021, 09:52:54 AM »
Hurricane Ida update.  Just lost power.  I'm enjoying a ham sandwich and a 🍻 beer wearing a headlamp.  Just waiting out the storm now.  We got fairly lucky, as bad as it is outside, it's supposed to be much worse.  The storm took and unexpected slight turn to the north.  Now instead of the dreaded Northeast eyewall, we're getting the Northwest eyewall.  We did three solid days of prepping.  The most I've ever done before a hurricane.  Happy to have just enough cell signal to get out a post.  Someone has metal roof coming apart up the river from us.  I was trying to sleep, it's making too much racket and there are limbs hitting the roof just over my bed.  It will be over for us by daylight.  We're going to make it.

Great to hear the update!  I was watching on Sunday as the system seemed to just sit on SE LA for longer than expected.  Hopefully it has moved on and the worst is behind you.  Now we will just hope that you get power back soon!  Hang in there @Bateaux

Bateaux

  • Handlebar Stache
  • *****
  • Posts: 2057
  • Location: Port Vincent
Re: Race from $2M to $4M...and Beyond!
« Reply #5374 on: August 30, 2021, 11:44:04 AM »
Hey guys.  It was a scary night but everyone and everything is good.  Only minor damages.  The storm took a turn towards New Orleans last minute giving us the western eyewall and not the dreaded eastern eyewall.  Haven't heard from my parents but they are in a solid house.  My fiberoptic internet is working like a champ.  So unlike the horrible 2016 flood I've got some communication.  Also city water is flowing so that's something we didn't have then.  I'm so thankful for how we made out.  Prayers and well wishes for those suffering.  Bateaux out.  We good.

couponvan

  • Walrus Stache
  • *******
  • Posts: 7389
  • Location: VA
    • My journal
Re: Race from $2M to $4M...and Beyond!
« Reply #5375 on: August 30, 2021, 12:39:52 PM »
Glad all is good with you and no major issues for you to deal with.

UnleashHell

  • Walrus Stache
  • *******
  • Posts: 8718
  • Age: 54
  • Location: Florida
  • Chapter IV - A New ... er.. something
Re: Race from $2M to $4M...and Beyond!
« Reply #5376 on: August 30, 2021, 11:56:54 PM »
Hey guys.  It was a scary night but everyone and everything is good.  Only minor damages.  The storm took a turn towards New Orleans last minute giving us the western eyewall and not the dreaded eastern eyewall.  Haven't heard from my parents but they are in a solid house.  My fiberoptic internet is working like a champ.  So unlike the horrible 2016 flood I've got some communication.  Also city water is flowing so that's something we didn't have then.  I'm so thankful for how we made out.  Prayers and well wishes for those suffering.  Bateaux out.  We good.

you should move somewhere that has less hurricanes - like the west coast of Florida!!!

Glad you are ok!

Dicey

  • Senior Mustachian
  • ********
  • Posts: 16625
  • Age: 63
  • Location: NorCal
Re: Race from $2M to $4M...and Beyond!
« Reply #5377 on: August 31, 2021, 01:58:05 AM »
Hey guys.  It was a scary night but everyone and everything is good.  Only minor damages.  The storm took a turn towards New Orleans last minute giving us the western eyewall and not the dreaded eastern eyewall.  Haven't heard from my parents but they are in a solid house.  My fiberoptic internet is working like a champ.  So unlike the horrible 2016 flood I've got some communication.  Also city water is flowing so that's something we didn't have then.  I'm so thankful for how we made out.  Prayers and well wishes for those suffering.  Bateaux out.  We good.
Good news!

2sk22

  • Pencil Stache
  • ****
  • Posts: 852
Re: Race from $2M to $4M...and Beyond!
« Reply #5378 on: August 31, 2021, 03:24:53 AM »
Hey guys.  It was a scary night but everyone and everything is good.  Only minor damages.  The storm took a turn towards New Orleans last minute giving us the western eyewall and not the dreaded eastern eyewall.  Haven't heard from my parents but they are in a solid house.  My fiberoptic internet is working like a champ.  So unlike the horrible 2016 flood I've got some communication.  Also city water is flowing so that's something we didn't have then.  I'm so thankful for how we made out.  Prayers and well wishes for those suffering.  Bateaux out.  We good.

Really glad that you're ok - and it looks like you have power,, communications and water. Hope the recovery in your area is quick.

LightTripper

  • Handlebar Stache
  • *****
  • Posts: 1445
  • Location: London, UK
  • Rural Londoner. Lazy workaholic. Confused.
Re: Race from $2M to $4M...and Beyond!
« Reply #5379 on: August 31, 2021, 03:48:54 AM »
Really glad it took that swerve.  My impression is all the post-Katrina engineering has done its job and the levees held too, which is good news.  Hope the clean up is not too painful for all involved.

Bateaux

  • Handlebar Stache
  • *****
  • Posts: 2057
  • Location: Port Vincent
Re: Race from $2M to $4M...and Beyond!
« Reply #5380 on: August 31, 2021, 01:00:09 PM »
One more quick Ida update.  My parents are safe with only minor damages.  They almost flooded from storm surge, but the water is now dropping.  It was a hell of a journey, but I was able to get to them.   It will be weeks to months before all power is restored.  We are going to make it.

arcturus

  • 5 O'Clock Shadow
  • *
  • Posts: 43
  • Age: 52
  • Location: Ohio
Re: Race from $2M to $4M...and Beyond!
« Reply #5381 on: August 31, 2021, 01:29:26 PM »
One more quick Ida update.  My parents are safe with only minor damages.  They almost flooded from storm surge, but the water is now dropping.  It was a hell of a journey, but I was able to get to them.   It will be weeks to months before all power is restored.  We are going to make it.

That is good news!  Happy to hear it.  I heard today that a highway collapsed in Mississippi. Crazy.  We seem to get a 100 year storm every 16 years (or more frequently) now....unsure where this goes or how this gets better.   But I am glad that your family is relatively unscathed by this.

arcturus

  • 5 O'Clock Shadow
  • *
  • Posts: 43
  • Age: 52
  • Location: Ohio
Re: Race from $2M to $4M...and Beyond!
« Reply #5382 on: August 31, 2021, 01:41:57 PM »
And today -- in one of my favorite misleading statistics, Fidelity reports that the average IRA balance grew to $135K and the average 401K balance grew to $129K.    And they view this as an indicator of "how well Americans are saving for the long term."   

Well, I have 3 IRAs (in addition to a 401K)....and 2 IRAs are below this "average" and one is above it.   If I take the average of the 3, I'm a bit above the national "average."   Of course these IRAs comprise only about 20% of my invested assets and are therefore close to being irrelevant with respect to assessing how well I'm saving for retirement.

What is the usefulness of an "average" account balance when some people may have 1 account and others may have 6 or 7?   This statistic has always bugged me.  I guess its clickbait and I fall for it most of the time, kind of like "do I have enough to retire." 

End rant  :-)
 

Finntastic

  • 5 O'Clock Shadow
  • *
  • Posts: 73
Re: Race from $2M to $4M...and Beyond!
« Reply #5383 on: August 31, 2021, 08:27:05 PM »
Jan 2021 - 1.19m$
Feb 2021 - 1.23m$
Mar 2021 - 1.28m$
Apr 2021 - 1.35m$
May 2021 - 2.65m$
June 2021 - 2.61m$
July 2021 - 2.62m$
August 2021 - 2.82m$*

* We rented out our current house and moved to our off-grid cottage hence our property investment did go up. Also a good month for crypto's, bought some more gold and continue renovating another property.

September: will be spending some money on the house renovation and also got some travels to do, but it does look like we will get to 3m before end of the year and before retirement.

Countdown to FIRE: 122 days. There has been change of plans and I will retire 1st January 2022, my wife retired already over year ago at the age of 43 and I'm going to be 43 also when retiring so later than planned originally but still some good years ahead.

UnleashHell

  • Walrus Stache
  • *******
  • Posts: 8718
  • Age: 54
  • Location: Florida
  • Chapter IV - A New ... er.. something
Re: Race from $2M to $4M...and Beyond!
« Reply #5384 on: September 01, 2021, 12:18:07 AM »
well I'm official quit and out of work. Joint funds with my partner puts us near 3m but we both track independently after both going through divorce.
As she's worth more than me I shall now turn my attention to getting her sorted out with her investments and putting plans in place to extract her from her job!!

luckily as she works for the feds she gets plenty of vacation so we still get to do a lot of non work stuff!!
nearly 3 mill seems improbable as when we got together it was probably around  750k joint net worth. crazy times. Top is in!!

Dicey

  • Senior Mustachian
  • ********
  • Posts: 16625
  • Age: 63
  • Location: NorCal
Re: Race from $2M to $4M...and Beyond!
« Reply #5385 on: September 01, 2021, 01:17:28 AM »
And today -- in one of my favorite misleading statistics, Fidelity reports that the average IRA balance grew to $135K and the average 401K balance grew to $129K.    And they view this as an indicator of "how well Americans are saving for the long term."   

Well, I have 3 IRAs (in addition to a 401K)....and 2 IRAs are below this "average" and one is above it.   If I take the average of the 3, I'm a bit above the national "average."   Of course these IRAs comprise only about 20% of my invested assets and are therefore close to being irrelevant with respect to assessing how well I'm saving for retirement.

What is the usefulness of an "average" account balance when some people may have 1 account and others may have 6 or 7?   This statistic has always bugged me.  I guess its clickbait and I fall for it most of the time, kind of like "do I have enough to retire." 

End rant  :-)
 
Ah, you've hit on one of my pet peeves. I saw that "article" today, too. Why they assume people have only one account is beyond me. DH has a small 401k with his employer, probably right around that "average" amount, but he also has a fucking Defined Benefit Pension! We have $3M in real estate equity, plus two commas in equities, plus two commas in  IRAs, plus a pending two comma inheritance. And like @Finntastic, we have way too much cash. That "small" 401k is just one egg in a basket of many.  Sheesh. Clickbait indeed.

I know ^that^ sounds incredibly braggy but, what the hell? This is the "$2M to $4M...and Beyond" thread, right?

UnleashHell

  • Walrus Stache
  • *******
  • Posts: 8718
  • Age: 54
  • Location: Florida
  • Chapter IV - A New ... er.. something
Re: Race from $2M to $4M...and Beyond!
« Reply #5386 on: September 01, 2021, 01:27:20 AM »
And today -- in one of my favorite misleading statistics, Fidelity reports that the average IRA balance grew to $135K and the average 401K balance grew to $129K.    And they view this as an indicator of "how well Americans are saving for the long term."   

Well, I have 3 IRAs (in addition to a 401K)....and 2 IRAs are below this "average" and one is above it.   If I take the average of the 3, I'm a bit above the national "average."   Of course these IRAs comprise only about 20% of my invested assets and are therefore close to being irrelevant with respect to assessing how well I'm saving for retirement.

What is the usefulness of an "average" account balance when some people may have 1 account and others may have 6 or 7?   This statistic has always bugged me.  I guess its clickbait and I fall for it most of the time, kind of like "do I have enough to retire." 

End rant  :-)
 
Ah, you've hit on one of my pet peeves. I saw that "article" today, too. Why they assume people have only one account is beyond me. DH has a small 401k with his employer, probably right around that "average" amount, but he also has a fucking Defined Benefit Pension! We have $3M in real estate equity, plus two commas in equities, plus two commas in  IRAs, plus a pending two comma inheritance. And like @Finntastic, we have way too much cash. That "small" 401k is just one egg in a basket of many.  Sheesh. Clickbait indeed.

I know ^that^ sounds incredibly braggy but, what the hell? This is the "$2M to $4M...and Beyond" thread, right?

exactly @Dicey . similar boat here. with a couple of rentals (not on the CA scale of equity but still rentals) 4 IRA's, non IRA savings plus the potential for a double comma inheritance then looking at my IRA balance means nothing. within a few years we can probably live very comfortable on SS alone - never mind the income being spun off from rentals and other savings vehicles.

Its a very narrow focus but then again it is a lot of people main source of savings. We do tend to be a little different here.

Dicey

  • Senior Mustachian
  • ********
  • Posts: 16625
  • Age: 63
  • Location: NorCal
Re: Race from $2M to $4M...and Beyond!
« Reply #5387 on: September 01, 2021, 05:42:36 AM »
And today -- in one of my favorite misleading statistics, Fidelity reports that the average IRA balance grew to $135K and the average 401K balance grew to $129K.    And they view this as an indicator of "how well Americans are saving for the long term."   

Well, I have 3 IRAs (in addition to a 401K)....and 2 IRAs are below this "average" and one is above it.   If I take the average of the 3, I'm a bit above the national "average."   Of course these IRAs comprise only about 20% of my invested assets and are therefore close to being irrelevant with respect to assessing how well I'm saving for retirement.

What is the usefulness of an "average" account balance when some people may have 1 account and others may have 6 or 7?   This statistic has always bugged me.  I guess its clickbait and I fall for it most of the time, kind of like "do I have enough to retire." 

End rant  :-)
 
Ah, you've hit on one of my pet peeves. I saw that "article" today, too. Why they assume people have only one account is beyond me. DH has a small 401k with his employer, probably right around that "average" amount, but he also has a fucking Defined Benefit Pension! We have $3M in real estate equity, plus two commas in equities, plus two commas in  IRAs, plus a pending two comma inheritance. And like @Finntastic, we have way too much cash. That "small" 401k is just one egg in a basket of many.  Sheesh. Clickbait indeed.

I know ^that^ sounds incredibly braggy but, what the hell? This is the "$2M to $4M...and Beyond" thread, right?

exactly @Dicey . similar boat here. with a couple of rentals (not on the CA scale of equity but still rentals) 4 IRA's, non IRA savings plus the potential for a double comma inheritance then looking at my IRA balance means nothing. within a few years we can probably live very comfortable on SS alone - never mind the income being spun off from rentals and other savings vehicles.

Its a very narrow focus but then again it is a lot of people main source of savings. We do tend to be a little different here.
Yeah, but you're my people...

arcturus

  • 5 O'Clock Shadow
  • *
  • Posts: 43
  • Age: 52
  • Location: Ohio
Re: Race from $2M to $4M...and Beyond!
« Reply #5388 on: September 01, 2021, 06:34:51 AM »
Jan 2021 - 1.19m$
Feb 2021 - 1.23m$
Mar 2021 - 1.28m$
Apr 2021 - 1.35m$
May 2021 - 2.65m$
June 2021 - 2.61m$
July 2021 - 2.62m$
August 2021 - 2.82m$*

* We rented out our current house and moved to our off-grid cottage hence our property investment did go up. Also a good month for crypto's, bought some more gold and continue renovating another property.

September: will be spending some money on the house renovation and also got some travels to do, but it does look like we will get to 3m before end of the year and before retirement.

Countdown to FIRE: 122 days. There has been change of plans and I will retire 1st January 2022, my wife retired already over year ago at the age of 43 and I'm going to be 43 also when retiring so later than planned originally but still some good years ahead.

Congrats @Finntastic !

arcturus

  • 5 O'Clock Shadow
  • *
  • Posts: 43
  • Age: 52
  • Location: Ohio
Re: Race from $2M to $4M...and Beyond!
« Reply #5389 on: September 01, 2021, 06:40:57 AM »
And today -- in one of my favorite misleading statistics, Fidelity reports that the average IRA balance grew to $135K and the average 401K balance grew to $129K.    And they view this as an indicator of "how well Americans are saving for the long term."   

Well, I have 3 IRAs (in addition to a 401K)....and 2 IRAs are below this "average" and one is above it.   If I take the average of the 3, I'm a bit above the national "average."   Of course these IRAs comprise only about 20% of my invested assets and are therefore close to being irrelevant with respect to assessing how well I'm saving for retirement.

What is the usefulness of an "average" account balance when some people may have 1 account and others may have 6 or 7?   This statistic has always bugged me.  I guess its clickbait and I fall for it most of the time, kind of like "do I have enough to retire." 

End rant  :-)
 
Ah, you've hit on one of my pet peeves. I saw that "article" today, too. Why they assume people have only one account is beyond me. DH has a small 401k with his employer, probably right around that "average" amount, but he also has a fucking Defined Benefit Pension! We have $3M in real estate equity, plus two commas in equities, plus two commas in  IRAs, plus a pending two comma inheritance. And like @Finntastic, we have way too much cash. That "small" 401k is just one egg in a basket of many.  Sheesh. Clickbait indeed.

I know ^that^ sounds incredibly braggy but, what the hell? This is the "$2M to $4M...and Beyond" thread, right?

Well said @Dicey , and not braggy.  I must admit, I'm a sucker for "retirement related" clickbait like this.  Most I can dismiss as an advert for a financial planner.  This is one that seems to get more credibility, and perhaps there is some validity to it for some as @UnleashHell says, but on the other hand, if all I had saved for retirement at this point was $130K I would indeed be in for a very difficult retirement.

The defined benefit plan / pension is one thing that I DON'T have and what a difference-maker that would be as a backstop/source of stability.  I guess I could say that's SS for me, but that doesn't kick in for years and is difficult to predict.

Car Jack

  • Handlebar Stache
  • *****
  • Posts: 1913
Re: Race from $2M to $4M...and Beyond!
« Reply #5390 on: September 01, 2021, 07:34:16 AM »
I also have fun reading financial stories, even if they are wildly wrong.  I do like and quote the Fidelity one on performance of 401k's vs what the owners do...where dead people do way better than anyone else.  It pushes Jack Bogle's quote: "Don't do something, just stand there".

When I moved my TDAmeritrade accounts over to Schwab about 6 months ago, I got the courtesy call from a Schwab advisor.  I've had Schwab accounts for years, but this transfer brought over about $300k into a single tIRA, so I guess I got tagged on their radar.  I had fun sparring with the advisor, as I had time.  "How do you do your analysis to decide what to buy and sell?", he asks.  "I don't do any analysis.  I buy SCHB and rebalance whenever my AA band exceeds 5%".  I could hear him getting frustrated because I had no interest in a free analysis or to get into their intelligent income, if that's what they call it.  I told him that I looked carefully at this offering when it first came out and I didn't like the high ERs for the ETFs they use or the high percentage of cash, sitting, doing nothing.  I think he was probably reaching for anything because he's so used to people either not having a solid plan or having no idea what their programs are.  I do still like Schwab funds but in my old age, I'm going to move to less brokerages and will first consolidate eTrade and Ally Invest into probably Fidelity when my bonus wait periods are over.  While I like the trading platform at Schwab best, I'm quite happy with Fidelity, so they're likely going to be the last man standing for me.  Unfortunate that they have no bonuses to offer, but even my move from TDA to Schwab got me nothing.  Simplification is so DW won't have to run all over trying to figure out where all my accounts are.  I've done something similar with my HYSAs and will likely nuke Ally when I kill the investment account and end up with just Fidelity and DCU for my credit union.

pecunia

  • Handlebar Stache
  • *****
  • Posts: 1984
Re: Race from $2M to $4M...and Beyond!
« Reply #5391 on: September 01, 2021, 08:42:55 AM »
I'll throw this out. Will it stick like spaghetti thrown at a wall?

Once in a while I run into these financial guys wanting me to move my money into what ever they are selling.  They give me this song and dance about how they have these people who study the markets and know what sectors are hot or some similar sales pitch.  I wait for them to finish their memorized blather and ask them one question, "Can you tell me what the 4 percent rule is?"

It's amazing!  About 90 percent of these financial product sales people I've talked to have never heard of it.  How do they train these guys?  I'm a certified novice at this stuff and this seems pretty basic.




Car Jack

  • Handlebar Stache
  • *****
  • Posts: 1913
Re: Race from $2M to $4M...and Beyond!
« Reply #5392 on: September 01, 2021, 09:06:38 AM »
Here's the long story of how they're trained:

http://kronstantinople.blogspot.com/p/edward-jones-saga.html

Dicey

  • Senior Mustachian
  • ********
  • Posts: 16625
  • Age: 63
  • Location: NorCal
Re: Race from $2M to $4M...and Beyond!
« Reply #5393 on: September 01, 2021, 09:34:17 AM »
Related: We keep a lot of dry powder at our bank. We had the old staff trained to leave us alone, but I noticed recently all the key staff members had changed and braced myself for what I knew was coming. Last Friday, we needed a pile o'cash to score a deal on a used truck. (It wasn't for us, it was for DH's brother who was out of town. Truck was in our neighborhood. DH inspected and paid for it. BIL is home, money is repaid, has truck, all is well.) DH and I went into the bank together. We also had an unrelated check to deposit, which was for significantly more than we were withdrawing. The teller looked at our account and said we'd need to speak to the manager.

We ended up having an interesting conversation with two bank people in the middle of the bank (there were no other customers, and we weren't stepping into anybody's cubicle). We very politely told them that we knew exactly what we were doing with our money, did not need their investment services or fancy elite status or whatever and to please fuck the fuckety fuck off.

When that was done and our account was "re-coded" yet again, we climbed into DH's 19 year old truck and left. Would have been amusing to be a fly on the wall after we left.

2sk22

  • Pencil Stache
  • ****
  • Posts: 852
Re: Race from $2M to $4M...and Beyond!
« Reply #5394 on: September 01, 2021, 10:01:50 AM »
...
I went into the bank together. We also had an unrelated check to deposit, which was for significantly more than we were withdrawing. The teller looked at our account and said we'd need to speak to the manager.
...

I had a chuckle when I read this - I got upgraded to "Private Client" status at Chase a few years ago where we keep a big chunk of our "dry powder". I agreed to this as I just keep emergency funds there and not much would change. I did however get a bigger sign bonus for the Chase Sapphire Reserve card. The branch manager was thrilled as I guess they have some kind of a quota to meet in identifying customers like us :-)

arcturus

  • 5 O'Clock Shadow
  • *
  • Posts: 43
  • Age: 52
  • Location: Ohio
Re: Race from $2M to $4M...and Beyond!
« Reply #5395 on: September 01, 2021, 11:07:08 AM »
LOL -- I think @Dicey is a budding novelist.  I got a kick out of reading that story, particularly the interaction with the Bank management team. 

Yes, my banking relationship I'm sure is a profound disappointment for Ch**e Bank, given it consists of a $325 savings balance and whatever I happen to have in my checking account at any moment.

pecunia

  • Handlebar Stache
  • *****
  • Posts: 1984
Re: Race from $2M to $4M...and Beyond!
« Reply #5396 on: September 01, 2021, 01:57:17 PM »
Here's the long story of how they're trained:

http://kronstantinople.blogspot.com/p/edward-jones-saga.html

Good Answer:  This was in your article.

"Several advisors admit that they have been repeatedly embarrassed in lacking the knowledge or authority to answer basic client questions. "I couldn't even tell them what the fees were," one admits. "It was like a hush-hush subject."   "Like, there's no way to tell a client his internal rate of return or to calculate the risk level of his portfolio, and there's no tool to rebalance assets," another one explains. "Clients would walk in and say 'Mike, you're great, really, but how I am doing this year?' and I couldn't show them.""

That article sure brought forth that there are some parasitic big businesses out there that contribute nothing good to their customers and leach from the economy of the United States.  These organizations bear some resemblance to pyramid schemes.

trashtalk

  • Stubble
  • **
  • Posts: 165
Re: Race from $2M to $4M...and Beyond!
« Reply #5397 on: September 01, 2021, 02:30:18 PM »
Here's the long story of how they're trained:

http://kronstantinople.blogspot.com/p/edward-jones-saga.html

Good Answer:  This was in your article.

"Several advisors admit that they have been repeatedly embarrassed in lacking the knowledge or authority to answer basic client questions. "I couldn't even tell them what the fees were," one admits. "It was like a hush-hush subject."   "Like, there's no way to tell a client his internal rate of return or to calculate the risk level of his portfolio, and there's no tool to rebalance assets," another one explains. "Clients would walk in and say 'Mike, you're great, really, but how I am doing this year?' and I couldn't show them.""

That article sure brought forth that there are some parasitic big businesses out there that contribute nothing good to their customers and leach from the economy of the United States.  These organizations bear some resemblance to pyramid schemes.
Wow that article is resolutely…grim. Thanks for sharing. Forewarned is forearmed and all that.

Bateaux

  • Handlebar Stache
  • *****
  • Posts: 2057
  • Location: Port Vincent
Re: Race from $2M to $4M...and Beyond!
« Reply #5398 on: September 01, 2021, 05:31:03 PM »
well I'm official quit and out of work. Joint funds with my partner puts us near 3m but we both track independently after both going through divorce.
As she's worth more than me I shall now turn my attention to getting her sorted out with her investments and putting plans in place to extract her from her job!!

luckily as she works for the feds she gets plenty of vacation so we still get to do a lot of non work stuff!!
nearly 3 mill seems improbable as when we got together it was probably around  750k joint net worth. crazy times. Top is in!!

Success!  Glad to hear it.  I know you are having a rough go with family.  All the best wishes for happy retirement.

Bateaux

  • Handlebar Stache
  • *****
  • Posts: 2057
  • Location: Port Vincent
Re: Race from $2M to $4M...and Beyond!
« Reply #5399 on: September 01, 2021, 05:42:32 PM »
LOL -- I think @Dicey is a budding novelist.  I got a kick out of reading that story, particularly the interaction with the Bank management team. 

Yes, my banking relationship I'm sure is a profound disappointment for Ch**e Bank, given it consists of a $325 savings balance and whatever I happen to have in my checking account at any moment.

We all worked out asses of getting to where we are and now the bankers want to "Help" us with our money.   We didn't win a lottery or some great uncle's inheritance.  We grew this.   I can't say it often enough how much I value this group.