Author Topic: Race from $2M to $4M...and Beyond!  (Read 975499 times)

Exflyboy

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Re: Race from $2M to $4M...and Beyond!
« Reply #6100 on: March 31, 2022, 10:50:55 AM »
Spot on @BeanCounter I used to wake up at 3am and had t get up and go over the numbers again because I was convinced I had missed something in the calculations! Because you are clearly thinking much more clearly in a dream at 3am!

I think it was about 9 months before it felt normal.

Now being back at work (short term contract) its clear retirement is a very pleasant state to be in..:)

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #6101 on: April 01, 2022, 06:01:22 AM »
Holy shit 2022 is a bitch.  Work has been my refuge in this crazy year.  Recently helped our son buy a used car.  Dave Ramsey followers think (Dave Car) 2007 Toyota Camry with 168K miles.  It's a one owner friend's car, I was just under the car inspecting it.  Looked great and drove great.  after less than a week of ownership the transmission blows.  Fuck!
My wife, myself and his girlfriend have been getting him back and forth to work for weeks.  The fuel and time costs are barely worth his shitty salary.   We went looking for more used cars yesterday.  Junk.  Expensive junk is all that's out there.  Finally decided to end the shit.  We went to the Kia dealership and bought the only economy car they had new on the lot.  It  had just dropped in from the factory.  Most of the cars on the truck were already presold.  He'll be paying $500 a month for 60 months for the right to drive and that's just the loan.  Mustacian?  Hell no.  He'll be working just be able to drive to work.  I told him he needs a higher paying job.  He's in a highly technical job that pays shit, but has gotten comfortable in the three years he's worked there.  Anyway, my wife and I have several vacations coming up and had to get this situation fixed before then.  This car is 1% of our wealth.  Basically a pimple on our ass.  Lance the puss and move on.

Tornadoes.  Y'all may have heard of the tornados in New Orleans recently.  My wife and I landed in New Orleans on a flight from Chicago an hour before that tornado touched down.  In an attempt to improve our freaking karma I volunteered three days this week with Team Rubicon.  A disaster response veterans based organization.  I must say I love these people.  Dammit!  Why haven't I been doing this.  I've definitely found my retirement civic organization.  If you haven't been military, police or firefighter it may seem odd at first.  You'll adapt quickly even if you aren't, the organization is open to all people.  These are some of the best folks I've ever been around.  We helped a lot of people clean up the mess from the tornados.  These same people have recently rebuilt from floods and hurricanes.   There are also regional operations going on in Texas, Mississippi, Arkansas and Alabama.  There have been operations in every US state and many countries across the globe.  There is a medical mission right now in Poland helping war refugee's from Ukraine.  Hopefully through Team Rubicon, I can help reduce the suck in others people's lives.
It's all good.  It would be boring as Hell without constant chaos.
« Last Edit: April 01, 2022, 06:09:26 AM by Bateaux »

Allie

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Re: Race from $2M to $4M...and Beyond!
« Reply #6102 on: April 01, 2022, 07:21:19 AM »
We also landed in the NOLA airport an hour before the tornados started (although not from Chicago).  Iíll bet we passed each other in the baggage area.  Iím glad you and your wife arrived safely and avoided the storms.  Team rubicon sounds like a wonderful org.

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #6103 on: April 01, 2022, 07:42:50 AM »
We also landed in the NOLA airport an hour before the tornados started (although not from Chicago).  Iíll bet we passed each other in the baggage area.  Iím glad you and your wife arrived safely and avoided the storms.  Team rubicon sounds like a wonderful org.

Small world.  The weather had baggage backed up at the time.  We flew straight down the cold front.  The passengers nor the flight attendants unbuckled the entire bumpy flight.

Watchmaker

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Re: Race from $2M to $4M...and Beyond!
« Reply #6104 on: April 01, 2022, 07:44:08 AM »
Hello all, I've just managed to squeak into this thread this month (2.01 MM). I'm struggling a bit with my plan at this point, but continuing to work for now.

And four months later, I'm at... 2.03 MM. It was actually a pleasant surprise to see I'm back above 2 million for now.

Allie

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Re: Race from $2M to $4M...and Beyond!
« Reply #6105 on: April 01, 2022, 07:54:09 AM »
We also landed in the NOLA airport an hour before the tornados started (although not from Chicago).  Iíll bet we passed each other in the baggage area.  Iím glad you and your wife arrived safely and avoided the storms.  Team rubicon sounds like a wonderful org.

Small world.  The weather had baggage backed up at the time.  We flew straight down the cold front.  The passengers nor the flight attendants unbuckled the entire bumpy flight.

That sounds awful.  Our planeís bags were half unloaded when they made the announcement and shut it all down.  Thankfully, our bags came out in the first half and we were able to skeedaddle out of there.

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Re: Race from $2M to $4M...and Beyond!
« Reply #6106 on: April 01, 2022, 08:35:42 AM »
Bateaux - I admire you for helping people.  I should do similarly.

Zoot

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Re: Race from $2M to $4M...and Beyond!
« Reply #6107 on: April 01, 2022, 09:14:19 AM »
Well, everybody, I've finally decided to declare my presence in this thread.

As of month-end for March, we're at $2.04MM net worth, $1.62MM when removing home equity.

I feel kind of smarmy for declaring $2MM, because of the home equity piece--both because it plumps up the total figure and because I recently increased the value of our home in our household balance sheet based on comps in our neighborhood, thereby giving a bump to the equity number--but there it is.  I think I won't feel like a "real" multi-millionaire until our non-home assets are over $2MM.  ;-)

We could pay off the remaining mortgage (at 3.125%) by selling some equities (and incurring some capital gains as a result) and dumping out our cash reserve, but we've decided to let it ride for now.  I'm itching to pull that trigger--I understand the math of why NOT to pay it off, but gosh, it would be nice not to have to account for a mortgage payment in our cash flow needs. 

For now, DH (44) and I (55) are still employed full time.  He's in a job he loves and I'm in a job I can at least tolerate, and we're not QUITE to the point where our stash could fund our cash flow needs (see above about the mortgage payment cramping my style!), so we're continuing to squirrel away funds until such time as one or both of us is ready to pull the trigger and declare FIRE.

Anyway--glad to be here, even on a "technicality."  :)

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #6108 on: April 01, 2022, 09:44:49 AM »
Well, everybody, I've finally decided to declare my presence in this thread.

As of month-end for March, we're at $2.04MM net worth, $1.62MM when removing home equity.

I feel kind of smarmy for declaring $2MM, because of the home equity piece--both because it plumps up the total figure and because I recently increased the value of our home in our household balance sheet based on comps in our neighborhood, thereby giving a bump to the equity number--but there it is.  I think I won't feel like a "real" multi-millionaire until our non-home assets are over $2MM.  ;-)

We could pay off the remaining mortgage (at 3.125%) by selling some equities (and incurring some capital gains as a result) and dumping out our cash reserve, but we've decided to let it ride for now.  I'm itching to pull that trigger--I understand the math of why NOT to pay it off, but gosh, it would be nice not to have to account for a mortgage payment in our cash flow needs. 

For now, DH (44) and I (55) are still employed full time.  He's in a job he loves and I'm in a job I can at least tolerate, and we're not QUITE to the point where our stash could fund our cash flow needs (see above about the mortgage payment cramping my style!), so we're continuing to squirrel away funds until such time as one or both of us is ready to pull the trigger and declare FIRE.

Anyway--glad to be here, even on a "technicality."  :)

I proped up my NW with property when I first jumped to this thread.  There are no NW police here.  You'll be legit soon enough.  You could always sell the house and live in your car.  Have fun on your journey.

LightTripper

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Re: Race from $2M to $4M...and Beyond!
« Reply #6109 on: April 01, 2022, 10:06:40 AM »
In my view wealth is wealth! Hope you're ready to let go of the only tolerable job soon!

Zoot

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Re: Race from $2M to $4M...and Beyond!
« Reply #6110 on: April 01, 2022, 10:50:05 AM »
I proped up my NW with property when I first jumped to this thread.  There are no NW police here.  You'll be legit soon enough.  You could always sell the house and live in your car.  Have fun on your journey.

Glad to be in such good company, Bateaux!  :) 

And you know, I never thought of it that way--selling the house and living in the car, i.e., moving the dollars from one column into another.  That's really the only difference in home equity and investable assets, isn't it?  The dollars are there--they are just "invested" in real estate I happen to live in.  I can feel my brain re-wiring itself on that as I type.  Thanks for that perspective!

Zoot

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Re: Race from $2M to $4M...and Beyond!
« Reply #6111 on: April 01, 2022, 10:54:35 AM »
In my view wealth is wealth! Hope you're ready to let go of the only tolerable job soon!

The day can't come soon enough. :)

I've set myself multiple goals over the years--$1MM net worth, $1MM plus paid off house, the year the Rule of 55 hits, $2MM net worth.  I've hit every one of those (the last two in the past 3 months!) and yet I'm still working; it's really hard to turn off the "firehose of cash."  The firm line I've drawn for myself is that I won't work a day past January 2, 2026 (the first working day of the year I turn 59.5 and can draw from my retirement accounts without penalty).  Hoping I can extricate myself from my bad case of OMY before then, though!

secondcor521

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Re: Race from $2M to $4M...and Beyond!
« Reply #6112 on: April 01, 2022, 12:28:48 PM »
The firm line I've drawn for myself is that I won't work a day past January 2, 2026 (the first working day of the year I turn 59.5 and can draw from my retirement accounts without penalty).  Hoping I can extricate myself from my bad case of OMY before then, though!

I hope you make it out sooner; you probably will.

But I just popped in to note something that I hope you're aware of:  The 59.5 rule is that penalty-free withdrawals must happen after you actually are 59.5.  Withdrawals that happen in the year in which you turn 59.5 but before you actually turn 59.5 would still incur the 10% penalty.

So if you were to turn 59.5 in November of 2026, a withdrawal on January 3, 2026 would incur the 10% penalty.  A withdrawal on December 1, 2026 would not.

Overall probably a minor issue, but I thought I'd point it out.  Perhaps it will save some 55 year olds some penalties some year.

couponvan

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Re: Race from $2M to $4M...and Beyond!
« Reply #6113 on: April 01, 2022, 12:57:19 PM »
We hit the midway point of the race this month.  Was it really only 2 years ago that I joined this thread?  Nuts. I have a feeling it's going to take much longer for the "Beyond" part here because of 3 kids in college.  In one more year we will unload our fancy pants house and potentially live in a tiny trailer and smaller FIRE house for two years.  Bring on the living poor with lots of assets life. I don't know why I keep thinking about going back to work, but I think it's because I lack a true purpose right now, and that feels wrong. I will be evaluating volunteer/life options over the next few months.

Zoot

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Re: Race from $2M to $4M...and Beyond!
« Reply #6114 on: April 01, 2022, 03:46:16 PM »
But I just popped in to note something that I hope you're aware of:  The 59.5 rule is that penalty-free withdrawals must happen after you actually are 59.5.  Withdrawals that happen in the year in which you turn 59.5 but before you actually turn 59.5 would still incur the 10% penalty.

So if you were to turn 59.5 in November of 2026, a withdrawal on January 3, 2026 would incur the 10% penalty.  A withdrawal on December 1, 2026 would not.

Overall probably a minor issue, but I thought I'd point it out.  Perhaps it will save some 55 year olds some penalties some year.

Oh, my goodness--thank you for that distinction!  I thought the 59.5 thing worked the same as the Rule of 55--that is, that it was in the year that those things happened, not the specific date.  I never knew that the 59.5 was your ACTUAL half-birthday; I thought it worked like the "year in which you turn 55" thing.

Now, thankfully, my birthday is pretty early in the year so I'd be looking at an early-Q3 date instead of January 2.  Still, the thought of adding 183 days to my hard-stop date is actually pretty depressing--might give me the kick in the pants I need to figure out how to leave sooner (hopefully a LOT sooner).  But in case it comes to waiting until 2026 to pull the plug, you just saved me a LOT of money in taxes.  :)

(edit: syntax)
« Last Edit: April 01, 2022, 03:47:48 PM by Zoot »

secondcor521

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Re: Race from $2M to $4M...and Beyond!
« Reply #6115 on: April 01, 2022, 05:26:52 PM »
But I just popped in to note something that I hope you're aware of:  The 59.5 rule is that penalty-free withdrawals must happen after you actually are 59.5.  Withdrawals that happen in the year in which you turn 59.5 but before you actually turn 59.5 would still incur the 10% penalty.

So if you were to turn 59.5 in November of 2026, a withdrawal on January 3, 2026 would incur the 10% penalty.  A withdrawal on December 1, 2026 would not.

Overall probably a minor issue, but I thought I'd point it out.  Perhaps it will save some 55 year olds some penalties some year.

Oh, my goodness--thank you for that distinction!  I thought the 59.5 thing worked the same as the Rule of 55--that is, that it was in the year that those things happened, not the specific date.  I never knew that the 59.5 was your ACTUAL half-birthday; I thought it worked like the "year in which you turn 55" thing.

Now, thankfully, my birthday is pretty early in the year so I'd be looking at an early-Q3 date instead of January 2.  Still, the thought of adding 183 days to my hard-stop date is actually pretty depressing--might give me the kick in the pants I need to figure out how to leave sooner (hopefully a LOT sooner).  But in case it comes to waiting until 2026 to pull the plug, you just saved me a LOT of money in taxes.  :)

(edit: syntax)

I'm glad the clarification was useful.

Maybe you can save some in taxable or do a Roth conversion ladder or use the Rule of 55 (which is the calendar year thing as you state) or something rather than have to work longer. :)

Fomerly known as something

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Re: Race from $2M to $4M...and Beyond!
« Reply #6116 on: April 01, 2022, 09:38:17 PM »
Well, everybody, I've finally decided to declare my presence in this thread.

As of month-end for March, we're at $2.04MM net worth, $1.62MM when removing home equity.

I feel kind of smarmy for declaring $2MM, because of the home equity piece--both because it plumps up the total figure and because I recently increased the value of our home in our household balance sheet based on comps in our neighborhood, thereby giving a bump to the equity number--but there it is.  I think I won't feel like a "real" multi-millionaire until our non-home assets are over $2MM.  ;-)

We could pay off the remaining mortgage (at 3.125%) by selling some equities (and incurring some capital gains as a result) and dumping out our cash reserve, but we've decided to let it ride for now.  I'm itching to pull that trigger--I understand the math of why NOT to pay it off, but gosh, it would be nice not to have to account for a mortgage payment in our cash flow needs. 

For now, DH (44) and I (55) are still employed full time.  He's in a job he loves and I'm in a job I can at least tolerate, and we're not QUITE to the point where our stash could fund our cash flow needs (see above about the mortgage payment cramping my style!), so we're continuing to squirrel away funds until such time as one or both of us is ready to pull the trigger and declare FIRE.

Anyway--glad to be here, even on a "technicality."  :)

I proped up my NW with property when I first jumped to this thread.  There are no NW police here.  You'll be legit soon enough.  You could always sell the house and live in your car.  Have fun on your journey.

Heck, I propped up my NW with fuzzy math based on having a pension plus home equity to get in this thread.
« Last Edit: April 01, 2022, 09:40:28 PM by Fomerly known as something »

rmorris50

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Race from $2M to $4M...and Beyond!
« Reply #6117 on: April 02, 2022, 05:07:16 AM »
Well, everybody, I've finally decided to declare my presence in this thread.

As of month-end for March, we're at $2.04MM net worth, $1.62MM when removing home equity.

I feel kind of smarmy for declaring $2MM, because of the home equity piece--both because it plumps up the total figure and because I recently increased the value of our home in our household balance sheet based on comps in our neighborhood, thereby giving a bump to the equity number--but there it is.  I think I won't feel like a "real" multi-millionaire until our non-home assets are over $2MM.  ;-)

We could pay off the remaining mortgage (at 3.125%) by selling some equities (and incurring some capital gains as a result) and dumping out our cash reserve, but we've decided to let it ride for now.  I'm itching to pull that trigger--I understand the math of why NOT to pay it off, but gosh, it would be nice not to have to account for a mortgage payment in our cash flow needs. 

For now, DH (44) and I (55) are still employed full time.  He's in a job he loves and I'm in a job I can at least tolerate, and we're not QUITE to the point where our stash could fund our cash flow needs (see above about the mortgage payment cramping my style!), so we're continuing to squirrel away funds until such time as one or both of us is ready to pull the trigger and declare FIRE.

Anyway--glad to be here, even on a "technicality."  :)

I proped up my NW with property when I first jumped to this thread.  There are no NW police here.  You'll be legit soon enough.  You could always sell the house and live in your car.  Have fun on your journey.

Heck, I propped up my NW with fuzzy math based on having a pension plus home equity to get in this thread.
NW is NW, and for many Americans their house is their largest asset class. But liquidity does matter when wanting to produce cash flow from your assets.

When I do retirement cash flow projections I ignore my home equity and Roth. The latter is my unexpected health care / LTC fund :-)


Sent from my iPhone using Tapatalk
« Last Edit: April 02, 2022, 09:46:54 AM by rmorris50 »

on the road

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Re: Race from $2M to $4M...and Beyond!
« Reply #6118 on: April 02, 2022, 08:06:42 AM »
Joining this race, coming over from the $1M to $2M thread. Hello fellow travelers!

I am moving on to the next thread after 23 months. I found MMM about 11 years ago. I donít have great records from that time, but I doubt I had more than $100K invested. It took roughly 9 years from there to the first million and then 2 years for the second million thanks to big increases in income in recent years and a white hot stock market. MMM was a big help to me in getting here. Happy travels to all on the journey.

Liquid net worth

      2020       2021       2022
Jan              $1,428K    $1,979K
Feb     $984K    $1,463K    $1,967K
Mar     $883K    $1,501K    $1,991K
Apr     $721K    $1,720K    $2,111K
May   $1,092K    $1,793K
Jun              $1,828K
Jul              $1,841K
Aug   $1,217K    $1,860K
Sep   $1,260K    $1,906K
Oct   $1,265K    $1,866K
Nov   $1,253K    $1,951K
Dec   $1,375K    $1,911K


arcturus

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Re: Race from $2M to $4M...and Beyond!
« Reply #6119 on: April 02, 2022, 08:30:35 AM »
Well, everybody, I've finally decided to declare my presence in this thread.

As of month-end for March, we're at $2.04MM net worth, $1.62MM when removing home equity.

I feel kind of smarmy for declaring $2MM, because of the home equity piece--both because it plumps up the total figure and because I recently increased the value of our home in our household balance sheet based on comps in our neighborhood, thereby giving a bump to the equity number--but there it is.  I think I won't feel like a "real" multi-millionaire until our non-home assets are over $2MM.  ;-)

We could pay off the remaining mortgage (at 3.125%) by selling some equities (and incurring some capital gains as a result) and dumping out our cash reserve, but we've decided to let it ride for now.  I'm itching to pull that trigger--I understand the math of why NOT to pay it off, but gosh, it would be nice not to have to account for a mortgage payment in our cash flow needs. 

For now, DH (44) and I (55) are still employed full time.  He's in a job he loves and I'm in a job I can at least tolerate, and we're not QUITE to the point where our stash could fund our cash flow needs (see above about the mortgage payment cramping my style!), so we're continuing to squirrel away funds until such time as one or both of us is ready to pull the trigger and declare FIRE.

Anyway--glad to be here, even on a "technicality."  :)

I proped up my NW with property when I first jumped to this thread.  There are no NW police here.  You'll be legit soon enough.  You could always sell the house and live in your car.  Have fun on your journey.

Heck, I propped up my NW with fuzzy math based on having a pension plus home equity to get in this thread.
NW is NW, and for many Americans is their largest asset class. But liquidity does matter when wanting to produce cash flow from your assets.

When I do retirement cash flow projections I ignore my home equity and Roth. The latter is my unexpected health care / LTC fund :-)


Sent from my iPhone using Tapatalk


I do a very similar thing @rmorris50 , I have my (conservative, I'm sure) spreadsheet calcs that go out 40 years and calculate an expected amount of cash that I will have left as I'm approaching room temperature and then I use home equity (but not HSA) as an added measure of safety if, for some reason my cash number turns negative due to market fluctuations.   Its one of about 3 approaches I use to triangulate on what is do-able for me in terms of RE.

For those of you who have actually ADDED to their stache balances since the end of 2021, all I can say is I'm not worthy.   I continue to actively contribute but I'm still only at about $2.25 invested as of 31 March which is down from my high water mark of $2.31 as of 31 Dec.   

@Bateaux sorry about your car fiasco, I'm inching my way closer to getting everyone out of college (one at the end of this year and one in mid 2023) and then I'm hoping things can stabilize for a couple years before pulling the trigger.

Congrats to @on the road and @Zoot (and others I may have missed) on joining the thread.
« Last Edit: April 02, 2022, 08:56:46 AM by arcturus »

Exflyboy

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Re: Race from $2M to $4M...and Beyond!
« Reply #6120 on: April 02, 2022, 01:42:56 PM »
@Zoot I had to comment on what it "feels" like to be a multimillionair...hmm.

For me I feel the same as that broke ass student in 1985 starting my first professional job and wondering if I can afford a house? Answer: barely!

At the recent market peak our liquid investments were $3.2M + $40k/year available in pensions and house worth around $600k (guess).

Honestly there was a short "no way, wow!" moment at $1M liquid, and then head shaking at how $1M turns into $3M and it gets easier and easier. But honestly money just becomes less and less relevant.

I think out of habit though we make it relevant.. Like I just took a short term job that is so ridiculously overpaid I simply couldn't resist.. But its stressful, eats up all my time, makes me exhausted ALL the time.. But heck I could add 10% (almost) to our NW in just a single year of work. This still makes no sense whatsoever!

I.e I am back to exchanging TIME for MONEY. TIME is limited and is a declining balance every day.. MONEY however will probably continue to grow unaided and I'll die with $10M+.

Yet I continue to to this job.. its a fun job to a degree and I enjoy it, but on balance I'd rather not do it.

What does it feel like? It doesn't feel like anything important.. In fact thats the thing.. It IS important when you DON'T have any money.. When you DO have it, its not important anymore.

Taran Wanderer

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Re: Race from $2M to $4M...and Beyond!
« Reply #6121 on: April 02, 2022, 03:42:17 PM »
@Exflyboy - I was just thinking the same thing.  I logged onto my favorite thread to comment, and you beat me to it!

I turned in my resignation this week.  Unfortunately, my team was shocked, and some were sad.  My leaders were shocked, but honestly they shouldn't have been - I've been expressing concern and giving signals for a couple of years now, and nothing has changed.  When this new opportunity fell in my lap, it was easy to say yes.  Because what's the downside?  Retire early with $3M+ NW?  That's a pretty awesome downside. 

I called my cousin, a small business owner to share the news of all this yesterday.  The new opportunity is a partnership with a really reasonable buy-in, so I plan to write a check.  She encouraged that.  It will be 1% of our NW, and it should return several times that every year.  But if it doesn't, it's not the end of the world, right?  Then I picked up the mail this morning and found a Q1 check for a board position I have.  Also found a fairly large bill for legal advice related to the new opportunity - note to self, lawyers are expensive!  But it all washed out very much in my favor.

I'll start the new role mid-month.  I'm excited about the new team and the new work.  We'll do some cool stuff.  The cash flow will be nice, but in the background, most of that $3M+ will be working to generate more, and on average it will make more than I make by working.  And by the 4% rule, it will cover core spending and many ridiculous luxuries.

It's so strange that you focus on earning more and controlling spending for so long.  You finally hit $1 million NW, and you share on one of these threads, and smugly walk around the grocery store thinking, "None of these people know I'm a millionaire!"  Then, before you know it, you hit $2M.  Then boom, $3M.  If you don't quit working, the snowball accelerates.  And if you do quit working, opportunities jump out of the woodwork at you like @Exflyboy 's and you get to decide, "Do I really need more money?" It's truly wild.

arcturus

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Re: Race from $2M to $4M...and Beyond!
« Reply #6122 on: April 02, 2022, 03:51:07 PM »
@Exflyboy - I was just thinking the same thing.  I logged onto my favorite thread to comment, and you beat me to it!

I turned in my resignation this week.  Unfortunately, my team was shocked, and some were sad.  My leaders were shocked, but honestly they shouldn't have been - I've been expressing concern and giving signals for a couple of years now, and nothing has changed.  When this new opportunity fell in my lap, it was easy to say yes.  Because what's the downside?  Retire early with $3M+ NW?  That's a pretty awesome downside. 

I called my cousin, a small business owner to share the news of all this yesterday.  The new opportunity is a partnership with a really reasonable buy-in, so I plan to write a check.  She encouraged that.  It will be 1% of our NW, and it should return several times that every year.  But if it doesn't, it's not the end of the world, right?  Then I picked up the mail this morning and found a Q1 check for a board position I have.  Also found a fairly large bill for legal advice related to the new opportunity - note to self, lawyers are expensive!  But it all washed out very much in my favor.

I'll start the new role mid-month.  I'm excited about the new team and the new work.  We'll do some cool stuff.  The cash flow will be nice, but in the background, most of that $3M+ will be working to generate more, and on average it will make more than I make by working.  And by the 4% rule, it will cover core spending and many ridiculous luxuries.

It's so strange that you focus on earning more and controlling spending for so long.  You finally hit $1 million NW, and you share on one of these threads, and smugly walk around the grocery store thinking, "None of these people know I'm a millionaire!"  Then, before you know it, you hit $2M.  Then boom, $3M.  If you don't quit working, the snowball accelerates.  And if you do quit working, opportunities jump out of the woodwork at you like @Exflyboy 's and you get to decide, "Do I really need more money?" It's truly wild.

Please allow me to add my congratulations @Taran Wanderer -- sounds like a refreshing change of pace for you.  Good luck!

Exflyboy

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Re: Race from $2M to $4M...and Beyond!
« Reply #6123 on: April 02, 2022, 04:02:45 PM »
Yup @Taran Wanderer I hope the new opportunity goes well.. and if it doesn't C'est La Vie..:)

ingrownstudentloans

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Re: Race from $2M to $4M...and Beyond!
« Reply #6124 on: April 02, 2022, 05:11:46 PM »
Joining this race after a short stint in the 1-2 race.  Focusing on continuing to double my money in as short a period of time as possible.

(tracking retirement accounts, taxable accounts and conservative equity in my rental properties, investment land and side businesses)

12/2014    $32,000
12/2016    $64,000 (24 months)
1/2018      $128,000 (25 months)
5/2019      $256,000 (16 months)
11/2020  $512,000 (19 months)
12/2021  $1,024,000 (13 months)
4/2022    $2,048,000 (4 months)
[10/2023 $4,096,000 (19 months] **TARGET**
--
4/1/2022     $2,336,219

shureShote

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Re: Race from $2M to $4M...and Beyond!
« Reply #6125 on: April 03, 2022, 05:27:46 PM »
Ingrown, those are awesome numbers! Good luck in this next step! You may have to change your username to Moore's Law.

ingrownstudentloans

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Re: Race from $2M to $4M...and Beyond!
« Reply #6126 on: April 05, 2022, 09:18:05 AM »
Ingrown, those are awesome numbers! Good luck in this next step! You may have to change your username to Moore's Law.

Thanks, shure!  I doubt I can beat the speed from 1-2 as a lot of things collided at the right time to make those numbers work.  I was elevated to owner at work at the same time I made significant contributions resulting in a one-off 7-figure bonus.  My compensation has been increased, so bonuses of that size are unlikely to occur again, but wouldn't be turned down :)  Given the new expected ownership distributions and my increased salary, my goal to double again is a stretch but doable if I keep my head down.

Roboturner

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Re: Race from $2M to $4M...and Beyond!
« Reply #6127 on: April 14, 2022, 09:54:15 AM »
Spoiler: show

Q2 2016:
LNW: 528k
TNW: 720k

Q3 2016:
LNW: 652k
TNW: 845k

YE 2016:
LNW: 685k
TNW: 893k

Q1 2017:
LNW: 800k
TNW: 1001k

Q2 2017:
LNW: 845k
TNW: 1060k

Q3 2017:
LNW: 921k
TNW: 1142k

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

Q1 2018:
LNW: 1.09 MM
TNW: 1.33 MM

Q2 2018:
LNW: 1.16 MM
TNW: 1.45 MM

Q3 2018:
LNW: 1.28 MM
TNW: 1.57 MM

YE 2018:
LNW: 1.14 MM
TNW: 1.43 MM

Q1 2019:
LNW: 1.41 MM
TNW: 1.71 MM

Q2 2019:
LNW: 1.60 MM
TNW: 1.78 MM

Q3 2019:
LNW: 1.64 MM
TNW: 1.82 MM

YE 2019:
LNW: 1.84 MM
TNW: 2.02 MM

Q1 2020:
LNW: 1.60 MM
TNW: 1.79 MM

Q2 2020:
LNW: 1.94 MM
TNW: 2.15 MM

Q3 2020:
LNW: 2.12 MM
TNW: 2.46 MM

YE 2020:
LNW: 2.40 MM
TNW: 2.74 MM

Q1 2021:
LNW: 2.69 MM
TNW: 3.00 MM

Q2 2021:
LNW: 2.52 MM
TNW: 3.30 MM

Q3 2021:
LNW: 3.08 MM
TNW: 3.54 MM

YE 2021:
LNW: 3.37 MM
TNW: 3.83 MM



Q1 2022:
LNW: 3.36 MM
TNW: 3.77 MM

Treading water on one salary with an unpredictable market, onward.

Fomerly known as something

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Re: Race from $2M to $4M...and Beyond!
« Reply #6128 on: April 16, 2022, 06:53:33 PM »
I almost had a big issue.  I missed a 0 in my Real Estate downpayment wire.  Lucky for me that account didnít exist so the wire got reversed.  But the blessing of being in the $2 million+ group was that I seriously was mentally calculating what I would sell in order to keep the deal while I hopefully got my money back.

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #6129 on: April 18, 2022, 12:19:24 AM »
I'm laid down in the back of the Expedition and my wife is driving us through the Florida darkness.  By daylight we'll arrive at our house.  It's been almost three months since we've been there.  This week kicks off summer vacations for us.  We'll be headed to Tampa in a few days for some beach and amusement park fun with friends.  The one mores continue to drop.  One more Easter, one more Fourth of July, one more Christmas, one more Mardi Gras. 
I can't imagine what it will be like having an open schedule.  No more torture on the body trying to squeeze every moment out of time off.  We just turned the dog leg from the panhandle to the peninsula.  We'd been eating up longitude headed east.  Now we're dropping latitude headed south.  Almost to the Suwannee River now.  I hope to paddle that entire river in coming years along with so.many more.  Hopefully we get out on the Rainbow River or Crystal River this week.  Just checking in.  Hope all of you are doing good.
« Last Edit: April 18, 2022, 12:21:53 AM by Bateaux »

2Birds1Stone

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Re: Race from $2M to $4M...and Beyond!
« Reply #6130 on: April 18, 2022, 09:01:02 AM »
I'm laid down in the back of the Expedition and my wife is driving us through the Florida darkness.  By daylight we'll arrive at our house.  It's been almost three months since we've been there.  This week kicks off summer vacations for us.  We'll be headed to Tampa in a few days for some beach and amusement park fun with friends.  The one mores continue to drop.  One more Easter, one more Fourth of July, one more Christmas, one more Mardi Gras. 
I can't imagine what it will be like having an open schedule.  No more torture on the body trying to squeeze every moment out of time off.  We just turned the dog leg from the panhandle to the peninsula.  We'd been eating up longitude headed east.  Now we're dropping latitude headed south.  Almost to the Suwannee River now.  I hope to paddle that entire river in coming years along with so.many more.  Hopefully we get out on the Rainbow River or Crystal River this week.  Just checking in.  Hope all of you are doing good.

Go have a 60 oz margarita for me @ Marguerita Grill in Homosassa!

pecunia

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Re: Race from $2M to $4M...and Beyond!
« Reply #6131 on: April 18, 2022, 10:57:47 AM »
I'm laid down in the back of the Expedition and my wife is driving us through the Florida darkness.  By daylight we'll arrive at our house.  It's been almost three months since we've been there.  This week kicks off summer vacations for us.  We'll be headed to Tampa in a few days for some beach and amusement park fun with friends.  The one mores continue to drop.  One more Easter, one more Fourth of July, one more Christmas, one more Mardi Gras. 
I can't imagine what it will be like having an open schedule.  No more torture on the body trying to squeeze every moment out of time off.  We just turned the dog leg from the panhandle to the peninsula.  We'd been eating up longitude headed east.  Now we're dropping latitude headed south.  Almost to the Suwannee River now.  I hope to paddle that entire river in coming years along with so.many more.  Hopefully we get out on the Rainbow River or Crystal River this week.  Just checking in.  Hope all of you are doing good.

Certainly sounds better than the snow that was falling this morning.  Summer comes damned early down there.  Enjoy your break.

Dicey

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Re: Race from $2M to $4M...and Beyond!
« Reply #6132 on: April 18, 2022, 11:37:53 AM »
Speaking of unusual weather, we have had a couple days of drenching rain, with more predicted. Friends, it does not rain in California in April! Or it hasn't in a very long time. We are ecstatic! So much happiness all around!

With tongue firmly in cheek, I say to you, @Bateaux, "Come on in, the water's fine!"

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #6133 on: April 19, 2022, 07:48:13 PM »
I'm laid down in the back of the Expedition and my wife is driving us through the Florida darkness.  By daylight we'll arrive at our house.  It's been almost three months since we've been there.  This week kicks off summer vacations for us.  We'll be headed to Tampa in a few days for some beach and amusement park fun with friends.  The one mores continue to drop.  One more Easter, one more Fourth of July, one more Christmas, one more Mardi Gras. 
I can't imagine what it will be like having an open schedule.  No more torture on the body trying to squeeze every moment out of time off.  We just turned the dog leg from the panhandle to the peninsula.  We'd been eating up longitude headed east.  Now we're dropping latitude headed south.  Almost to the Suwannee River now.  I hope to paddle that entire river in coming years along with so.many more.  Hopefully we get out on the Rainbow River or Crystal River this week.  Just checking in.  Hope all of you are doing good.

Certainly sounds better than the snow that was falling this morning.  Summer comes damned early down there.  Enjoy your break.

The pool is clean and 76 degrees.

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #6134 on: April 19, 2022, 07:52:58 PM »
I'm laid down in the back of the Expedition and my wife is driving us through the Florida darkness.  By daylight we'll arrive at our house.  It's been almost three months since we've been there.  This week kicks off summer vacations for us.  We'll be headed to Tampa in a few days for some beach and amusement park fun with friends.  The one mores continue to drop.  One more Easter, one more Fourth of July, one more Christmas, one more Mardi Gras. 
I can't imagine what it will be like having an open schedule.  No more torture on the body trying to squeeze every moment out of time off.  We just turned the dog leg from the panhandle to the peninsula.  We'd been eating up longitude headed east.  Now we're dropping latitude headed south.  Almost to the Suwannee River now.  I hope to paddle that entire river in coming years along with so.many more.  Hopefully we get out on the Rainbow River or Crystal River this week.  Just checking in.  Hope all of you are doing good.

Go have a 60 oz margarita for me @ Marguerita Grill in Homosassa!

We've been there.  Most likely headed to Crumps for some live music Saturday.  Thursday and Friday we'll be in Tampa with friends.

RedefinedHappiness

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Re: Race from $2M to $4M...and Beyond!
« Reply #6135 on: April 19, 2022, 09:00:53 PM »
Posting to follow.

Malossi792

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Re: Race from $2M to $4M...and Beyond!
« Reply #6136 on: April 20, 2022, 02:25:55 AM »
Posting to follow.
Didn't know one could do that here.
I lurk here all the time, love the intelligent conversation, the perspective, the calmness that comes through.
I have a lot of respect for you folks!
Hope to join you one day, might need a decade or two of great income, savings rate and ROI combined though :)

BeanCounter

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Re: Race from $2M to $4M...and Beyond!
« Reply #6137 on: April 20, 2022, 04:17:12 AM »
Today is our last day at Disney with the kids. Boy, if you ever need a way to just burn money, this is the place to do it. Iíve had to remind myself several times that this is why we worked and saved so much and that itís ok to enjoy a week of massive spending.
Weíve had a good time though, and made a few memories.
Note to self- buy more Disney stock

RedefinedHappiness

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Re: Race from $2M to $4M...and Beyond!
« Reply #6138 on: April 20, 2022, 10:54:04 AM »
Posting to follow.
Didn't know one could do that here.
I lurk here all the time, love the intelligent conversation, the perspective, the calmness that comes through.
I have a lot of respect for you folks!
Hope to join you one day, might need a decade or two of great income, savings rate and ROI combined though :)

Agreed.  Didn't have time to post much previously.  Similar to you, I appreciate hearing from people in a similar situation. Have always seen this thread and never read it.  Stumbled upon it the other day and was helpful to hear perspectives of OMY syndrome, uncertainty, fire happiness and everything in between.  Typed PTF to make sure I wouldn't forget to track this thread more often.

I for one have a mental block that I'm working on.  Hopefully this thread will give me perspective and will be the start of having confidence and direction to the RE in FIRE.

Taran Wanderer

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Re: Race from $2M to $4M...and Beyond!
« Reply #6139 on: April 20, 2022, 11:48:58 AM »
Trying to settle into the new job.  I expected that I would miss the competency and responsiveness of big company IT department. Boy, was I right. This is kind of a shitshow. But Iíll figure it out.

Fomerly known as something

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Re: Race from $2M to $4M...and Beyond!
« Reply #6140 on: April 20, 2022, 08:56:24 PM »
My condo closes tomorrow.  California is weird.  I signed everything on Monday.  Apparently closing is the title companies actually physically filling stuff at the courthouse.  I have no clue when tomorrow it will be done and I could get keys.  Which means I get keys on Friday since I will be at work in the city all day tomorrow.  I didnít want to get ahead of myself, so I guess I should start looking into people to actually move me.

SwordGuy

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Re: Race from $2M to $4M...and Beyond!
« Reply #6141 on: April 20, 2022, 09:46:11 PM »
My condo closes tomorrow.  California is weird.  I signed everything on Monday.  Apparently closing is the title companies actually physically filling stuff at the courthouse.  I have no clue when tomorrow it will be done and I could get keys.  Which means I get keys on Friday since I will be at work in the city all day tomorrow.  I didnít want to get ahead of myself, so I guess I should start looking into people to actually move me.
It's up to the seller (or the financing compan) as to whether you can have the keys at signing or whether you have to wait until the papers are filed at the courthouse.

Waiting until the papers are filed is safer from the seller's point of view.

Fomerly known as something

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Re: Race from $2M to $4M...and Beyond!
« Reply #6142 on: April 21, 2022, 07:19:41 AM »
My condo closes tomorrow.  California is weird.  I signed everything on Monday.  Apparently closing is the title companies actually physically filling stuff at the courthouse.  I have no clue when tomorrow it will be done and I could get keys.  Which means I get keys on Friday since I will be at work in the city all day tomorrow.  I didnít want to get ahead of myself, so I guess I should start looking into people to actually move me.
It's up to the seller (or the financing compan) as to whether you can have the keys at signing or whether you have to wait until the papers are filed at the courthouse.

Waiting until the papers are filed is safer from the seller's point of view.

Never had it happen anywhere but at signing.  Of course Iíve always signed with the seller in a room on the day of closing.

SwordGuy

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Re: Race from $2M to $4M...and Beyond!
« Reply #6143 on: April 21, 2022, 07:58:23 AM »
My condo closes tomorrow.  California is weird.  I signed everything on Monday.  Apparently closing is the title companies actually physically filling stuff at the courthouse.  I have no clue when tomorrow it will be done and I could get keys.  Which means I get keys on Friday since I will be at work in the city all day tomorrow.  I didnít want to get ahead of myself, so I guess I should start looking into people to actually move me.
It's up to the seller (or the financing compan) as to whether you can have the keys at signing or whether you have to wait until the papers are filed at the courthouse.

Waiting until the papers are filed is safer from the seller's point of view.

Never had it happen anywhere but at signing.  Of course Iíve always signed with the seller in a room on the day of closing.

It's the seller's choice.  Bought a number of homes before I encountered this situation, so I asked the realtor about it.

The transfer of ownership isn't technically official until the papers are filed.    If the buyers were to hurt themselves on the property before the papers are filed, who has the position of legal jeopardy?   The official owners of the property according to public record, that's who.


Fomerly known as something

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Re: Race from $2M to $4M...and Beyond!
« Reply #6144 on: April 22, 2022, 07:42:49 AM »
My condo closes tomorrow.  California is weird.  I signed everything on Monday.  Apparently closing is the title companies actually physically filling stuff at the courthouse.  I have no clue when tomorrow it will be done and I could get keys.  Which means I get keys on Friday since I will be at work in the city all day tomorrow.  I didnít want to get ahead of myself, so I guess I should start looking into people to actually move me.
It's up to the seller (or the financing compan) as to whether you can have the keys at signing or whether you have to wait until the papers are filed at the courthouse.

Waiting until the papers are filed is safer from the seller's point of view.

Never had it happen anywhere but at signing.  Of course Iíve always signed with the seller in a room on the day of closing.

It's the seller's choice.  Bought a number of homes before I encountered this situation, so I asked the realtor about it.

The transfer of ownership isn't technically official until the papers are filed.    If the buyers were to hurt themselves on the property before the papers are filed, who has the position of legal jeopardy?   The official owners of the property according to public record, that's who.

It varies by state.  It maybe seeker choice where you have transacted.  Itís has never been in the previous states Iíve lived in.

FireLane

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Re: Race from $2M to $4M...and Beyond!
« Reply #6145 on: April 25, 2022, 04:41:27 PM »
Posting to follow.
Didn't know one could do that here.
I lurk here all the time, love the intelligent conversation, the perspective, the calmness that comes through.
I have a lot of respect for you folks!
Hope to join you one day, might need a decade or two of great income, savings rate and ROI combined though :)

Yeah, I say lurkers and PTFers welcome! This thread isn't a private club with a bouncer at the door. More like a fireside chat where everyone's invited to pull up a chair and listen in on the conversation.

EscapeVelocity2020

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Re: Race from $2M to $4M...and Beyond!
« Reply #6146 on: April 25, 2022, 04:46:14 PM »
Posting to follow.
Didn't know one could do that here.
I lurk here all the time, love the intelligent conversation, the perspective, the calmness that comes through.
I have a lot of respect for you folks!
Hope to join you one day, might need a decade or two of great income, savings rate and ROI combined though :)

Yeah, I say lurkers and PTFers welcome! This thread isn't a private club with a bouncer at the door. More like a fireside chat where everyone's invited to pull up a chair and listen in on the conversation.

So who was that person that I submitted 5 years of tax returns and all of my investment details to???

Taran Wanderer

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Re: Race from $2M to $4M...and Beyond!
« Reply #6147 on: April 25, 2022, 09:42:15 PM »
Didnít you know? You donít have to do that until you formally declare your intentions to be part of this groupÖ er, I mean until after we accept youÖ er, I mean until after the audits are completeÖ er, unless you decide not to!

BeanCounter

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Re: Race from $2M to $4M...and Beyond!
« Reply #6148 on: April 28, 2022, 09:25:35 AM »
I don't know about you guys, but I think our portfolio is going to finish April 2022 about the same spot it was in April 2021. Giving up all of last year's gains.
I new that "beyond" number was too good to be true at the end of 2021. I'm slightly disappointed, but mostly......"meh" (as my teen would say). Curious to see what is next.

I have three more weeks at my part time contract gig with former employer. None of this market volatility is making me consider trying to stay and do another project for them. It's also not making me want to try and find another client. I think I'll just relax and enjoy summer with the kids, maybe try not to spend too much. :)

couponvan

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Re: Race from $2M to $4M...and Beyond!
« Reply #6149 on: April 28, 2022, 01:18:39 PM »
Iím not exactly sure how to value pre IPO shares of DHís company. I mean I have the appraisal value and all, but I donít want to count any chickens before they hatch. We are back to where we were last summer in regular investment accounts, but we pulled a bunch out for property and new company investments. I will waive my auditor wand tomorrow when I do bills for month end and call it ďreasonable estimatesĒ that do not have an overall material impact on our numbers. Still in the middle of this race, retired, and kinda bored. Not bored enough to work though. I have been day laboring in my yard saving hundreds on landscapers. Ha!