Author Topic: Race from $2M to $4M...and Beyond!  (Read 519169 times)

AM43

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Re: Race from $2M to $3M.....and beyond!
« Reply #1800 on: November 04, 2019, 11:58:44 AM »
Happy to join this race and I cant believe I am in "Race from $2M to $3M.....and beyond!"
Holy Shit!!
I am 48 and my spouse is 47.
2 kids 14 and 10.
Liquid assets: $1.1 mill
Real state: $ 1.2 mill not counting primary residence.
I am not including various other valuables for simplicity of calculations.
I have tens of thousands of dollars worth of tools and machinery, 2 vehicles  and some other valuables.
No loans, CC debt etc.
Debt:  $170.000  @ 2.5%
That puts us at approx. $2.1 mill


texxan1

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Re: Race from $2M to $3M.....and beyond!
« Reply #1801 on: November 04, 2019, 10:24:25 PM »
For the sake of the race, i will join in

Have aprox 2,026,00 in a combination of cash, taxable and non tax investments... plus a few boats, a small business that rocks and a paid off waterfront house in Texas... with owned assets, im around 2.6m.....

Single man, 47 about to call it quits in the next 6 months... holding out for the wheelbarrel full of cash from my day job.....

Soon to be, FIREDNFISHIN


2sk22

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Re: Race from $2M to $3M.....and beyond!
« Reply #1802 on: November 05, 2019, 02:34:32 AM »
Happy to join this race and I cant believe I am in "Race from $2M to $3M.....and beyond!"
Holy Shit!!
I am 48 and my spouse is 47.
2 kids 14 and 10.
Liquid assets: $1.1 mill
Real state: $ 1.2 mill not counting primary residence.
I am not including various other valuables for simplicity of calculations.
I have tens of thousands of dollars worth of tools and machinery, 2 vehicles  and some other valuables.
No loans, CC debt etc.
Debt:  $170.000  @ 2.5%
That puts us at approx. $2.1 mill

Welcome aboard - that's a great achievement and you have reached this point much sooner than I did!

soccerluvof4

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Re: Race from $2M to $3M.....and beyond!
« Reply #1803 on: November 05, 2019, 03:03:34 AM »
Welcome Newcomers! always good to see more

pecunia

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Re: Race from $2M to $3M.....and beyond!
« Reply #1804 on: November 05, 2019, 04:54:35 PM »
You know what is kind of good.  It looks like most of the people herein have put in the time and effort to earn this money.  I get the impression that most are honest hard working folks.  I guess the system still works,.......well sometimes.

flyingaway

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Re: Race from $2M to $3M.....and beyond!
« Reply #1805 on: November 06, 2019, 08:12:37 AM »
Maybe folks in this club should think about how to spend more money.
If you don't spend, the portfolio will keep growing.

Yes this is a giant conundrum for me (like a freaking GREAT problem to have).

I've mentioned this elsewhere but I'm 58 and currently draw 1.5%. When our pension kick in fully (4 years) our WR would be $zero based on our highest spending year so far.

So for spending what would make me happy?.. honestly spending doesn't make me happy so buying a fancy car/house/airplane won't do much for me.

The "best" I've come up with is to take long international trip in Business class.. But thats such a giant waste of money.

And round we go again..:)

I think I might do it for the next trip to Malaysia in April.. like JFDI and see how I feel.. Gulp!

Your WR of 1.5% is beyond conservative as you certainly know. Do you have any plans to spend more money when you have time? or you just let the portfolio grow?

I cannot believe anyone claim that they could not find any way to spend their money.

Exflyboy

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Re: Race from $2M to $3M.....and beyond!
« Reply #1806 on: November 06, 2019, 11:14:46 AM »
Maybe folks in this club should think about how to spend more money.
If you don't spend, the portfolio will keep growing.

Yes this is a giant conundrum for me (like a freaking GREAT problem to have).

I've mentioned this elsewhere but I'm 58 and currently draw 1.5%. When our pension kick in fully (4 years) our WR would be $zero based on our highest spending year so far.

So for spending what would make me happy?.. honestly spending doesn't make me happy so buying a fancy car/house/airplane won't do much for me.

The "best" I've come up with is to take long international trip in Business class.. But thats such a giant waste of money.

And round we go again..:)

I think I might do it for the next trip to Malaysia in April.. like JFDI and see how I feel.. Gulp!

Your WR of 1.5% is beyond conservative as you certainly know. Do you have any plans to spend more money when you have time? or you just let the portfolio grow?

I cannot believe anyone claim that they could not find any way to spend their money.

I'm retired so I have plenty of time to spend. As for plans.. Well we take one or two trips abroad once a year and I don't have any further plans over and above that.

It not that I am trying not to spend.. I just don't have anything I need.. Except maybe a lay flat bed on long flights.

I would point out that MMM himself still only spends $30k/year and we know his blog alone is pulling in over $400k annually. So I think my "problem" is tiny compared to his..:)

flyingaway

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Re: Race from $2M to $3M.....and beyond!
« Reply #1807 on: November 06, 2019, 11:21:48 AM »
Your WR of 1.5% is beyond conservative as you certainly know. Do you have any plans to spend more money when you have time? or you just let the portfolio grow?

I cannot believe anyone claim that they could not find any way to spend their money.

I'm retired so I have plenty of time to spend. As for plans.. Well we take one or two trips abroad once a year and I don't have any further plans over and above that.

It not that I am trying not to spend.. I just don't have anything I need.. Except maybe a lay flat bed on long flights.

I would point out that MMM himself still only spends $30k/year and we know his blog alone is pulling in over $400k annually. So I think my "problem" is tiny compared to his..:)

But what is the point of having that much money left?

I know having more money makes you feel safe. But I would like to find some ways to spend my money, much better than leave it to charity to spend on something/someone I don't know.

(I do have children who will get my money if I have something left).

Exflyboy

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Re: Race from $2M to $3M.....and beyond!
« Reply #1808 on: November 06, 2019, 11:43:29 AM »
@flyingaway Yes your argument is not lost on me. I probably over saved before I quit work, but then I "only" had just over $1M at the time. I didn't know what my pensions would be worth and in time the stash has just grown all by itself.

No point in leaving money, but what is the point in spending on stuff that doesn't bring you pleasure?

So this is not a problem as such.. it just is.

If I do have a challenge its making cost less of a factor in purchase decisions. For example we live on a 5.5 acre ranch-ett. It has over an acre of grass to cut and we keep horses here.

One day this will be too much for us to maintain and I don't really like gardening anyway. We love living here so the obvious answer is to hire lawn care firm to take care of all of it.

We have two rentals.. one is a single wide trailer.. I would like to get out of that business, but for now we have great renters, so maybe when they are ready to move on we'll sell the trailer and have someone haul it away. It doesn't hurt that my pension from the UK fully matures in 2 years so that would be a perfect exit point.

DavidAnnArbor

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Re: Race from $2M to $3M.....and beyond!
« Reply #1809 on: November 06, 2019, 07:10:07 PM »
Spending a lot of money on health insurance might become a necessity if the ACA and the subsidies are struck down by the Supreme Court

flyingaway

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Re: Race from $2M to $3M.....and beyond!
« Reply #1810 on: November 07, 2019, 07:26:27 AM »
Spending a lot of money on health insurance might become a necessity if the ACA and the subsidies are struck down by the Supreme Court

In that case, many people would be affected, and the people in this club would be OK.

Exflyboy

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Re: Race from $2M to $3M.....and beyond!
« Reply #1811 on: November 07, 2019, 12:03:29 PM »
Spending a lot of money on health insurance might become a necessity if the ACA and the subsidies are struck down by the Supreme Court

In that case, many people would be affected, and the people in this club would be OK.

There was a pretty visceral reaction the last time they thought they were going to remove the ACA. I'm not sure the GOP would risk it.. Certainly not in an election year.

pecunia

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Re: Race from $2M to $3M.....and beyond!
« Reply #1812 on: November 07, 2019, 04:05:28 PM »
What if they get their buds in the courts to do this?  No political fallout.

Exflyboy

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Re: Race from $2M to $3M.....and beyond!
« Reply #1813 on: November 07, 2019, 04:08:50 PM »
What if they get their buds in the courts to do this?  No political fallout.

I'd love to see the result of that mid term election.. We'd have a 52 Trillion medicare for all "solution" in pretty quick order I would think..


Car Jack

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Re: Race from $2M to $3M.....and beyond!
« Reply #1814 on: November 08, 2019, 07:24:09 AM »

If I do have a challenge its making cost less of a factor in purchase decisions. For example we live on a 5.5 acre ranch-ett. It has over an acre of grass to cut and we keep horses here.

One day this will be too much for us to maintain and I don't really like gardening anyway. We love living here so the obvious answer is to hire lawn care firm to take care of all of it.

A perfectly acceptable solution is to stake out a smaller lawn around the house and let the rest become a field.  I have a neighbor who did exactly that.  I've got a bit over 13 acres, but it's mostly forest with a small lawn.  Because someone would have to trespass to complain about it, I let it get pretty high before cutting.  The up sides to that include that when Mr. and Mrs. Perfect down the street with their $300 a month watering bill can't keep up with the mid summer sun and their lawn becomes a big brown patch, mine is just fine with 5 inch blades shading itself.  Cutting it down to 3" keeps it really nice and green.

MaybeBabyMustache

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Re: Race from $2M to $3M.....and beyond!
« Reply #1815 on: November 08, 2019, 08:50:22 AM »
Just looked at our numbers, and we are closing in on $4M. Of course, much of that is tied up in our primary residence (plan to relocate to MCOL after kids are out of the house) & a vacation property (no plans to sell).

I calculated how each component of our "portfolio" factors into overall net worth (rounding)
36% - primary residence
13% - vacation house
41% - retirement accounts
10% - cash/other investment accounts

It's unpopular, but given the size/value of our primary residence, we will continue to funnel money into paying that down, while also increasing our non retirement accounts. (We will of course continue to max tax advantaged retirement accounts + back door options.)

We've also just "realized" (not a surprise, but snuck up on us a bit) that our oldest child has only 4.5 years of school left, so time to get a bit more serious about college savings. We don't factor those numbers into our net worth.
« Last Edit: November 08, 2019, 07:18:12 PM by MaybeBabyMustache »

SwordGuy

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Re: Race from $2M to $3M.....and beyond!
« Reply #1816 on: November 08, 2019, 05:48:01 PM »


House                        6.37%
Real Estate Investments     36.55%
Cash                         3.15%
Stocks/Bonds                52.81%
Other                        1.12%


Will be selling 2 houses in the next few months, so Real Estate Investments will drop to about 33% and cash or stocks/bonds will rise.   

dogboyslim

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Re: Race from $2M to $3M.....and beyond!
« Reply #1817 on: November 11, 2019, 08:40:19 AM »
Primary home: 15%
60/40 Equity/Bond Retirement funds: 73%
60/40 Bond/Equity AT funds: 12%

We have about 50k in cash, but I don't include it or any of my other assets in my total.

2sk22

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Re: Race from $2M to $3M.....and beyond!
« Reply #1818 on: November 11, 2019, 10:24:22 AM »
We've also just "realized" (not a surprise, but snuck up on us a bit) that our oldest child has only 4.5 years of school left, so time to get a bit more serious about college savings. We don't factor those numbers into our net worth.

Paying for kids college is when you will really feel the need for cash! What's your strategy going to be? HELOCs?

Dicey

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Re: Race from $2M to $3M.....and beyond!
« Reply #1819 on: November 12, 2019, 12:27:43 AM »
Just looked at our numbers, and we are closing in on $4M. Of course, much of that is tied up in our primary residence (plan to relocate to MCOL after kids are out of the house) & a vacation property (no plans to sell).

I calculated how each component of our "portfolio" factors into overall net worth (rounding)
36% - primary residence
13% - vacation house
41% - retirement accounts
10% - cash/other investment accounts

It's unpopular, but given the size/value of our primary residence, we will continue to funnel money into paying that down, while also increasing our non retirement accounts. (We will of course continue to max tax advantaged retirement accounts + back door options.)

We've also just "realized" (not a surprise, but snuck up on us a bit) that our oldest child has only 4.5 years of school left, so time to get a bit more serious about college savings. We don't factor those numbers into our net worth.
Your mortgage is probably cheaper than any college loan you might get. Maybe funnel money into the college fund instead of the mortgage??

soccerluvof4

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Re: Race from $2M to $3M.....and beyond!
« Reply #1820 on: November 12, 2019, 02:54:44 AM »
I read somewhere that the University of Chicago is the first school to top the 100k mark per year starting this next year. Wether true or not being the only one I dont get why anyone would pay more than a 1/3 of that if not 1/4 or less. Insane. A kid on my DS soccer team got an offer to play at Loyola and they gave him a 65% scholarship and he still declined and is going to Madison instead to play because its still cheaper. Loyola is 70+k a year. So yea, if your paying for kids college be prepared go where they get the most $ and its the cheapest or will put a big dent in your retirement

Dicey

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Re: Race from $2M to $3M.....and beyond!
« Reply #1821 on: November 12, 2019, 07:31:52 AM »
I read somewhere that the University of Chicago is the first school to top the 100k mark per year starting this next year. Wether true or not being the only one I dont get why anyone would pay more than a 1/3 of that if not 1/4 or less. Insane. A kid on my DS soccer team got an offer to play at Loyola and they gave him a 65% scholarship and he still declined and is going to Madison instead to play because its still cheaper. Loyola is 70+k a year. So yea, if your paying for kids college be prepared go where they get the most $ and its the cheapest or will put a big dent in your retirement

My cousin's kids had a similar but opposite story. One went to UCLA, paying in-state tuition. The other went to Brown on an athletic scholarship. The one at the in-state school paid more OOP than the one at the super-expensive Ivy League school. Interestingly, Brown has a one-year (aka "fifth year") master's program, only or their own undergraduate students. Sure, it's expensive, but you're out and working in half the time.

Conclusion: the U.S. college system is second only to our health care system in all its Byzantine glory.

2sk22

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Re: Race from $2M to $3M.....and beyond!
« Reply #1822 on: November 12, 2019, 11:25:43 AM »
Conclusion: the U.S. college system is second only to our health care system in all its Byzantine glory.

Aint that true! As I have mentioned on other topics, anyone with kids heading to college in a few years should be on the College Confidential parent forum to get a better understanding of the options. You need to start setting expectations very early to avoid anguished scenes in the final year of high school. I say this with experience - one daughter finishing college next year and another starting year after next :-)

Exflyboy

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Re: Race from $2M to $3M.....and beyond!
« Reply #1823 on: November 12, 2019, 11:43:59 AM »
At least going to college is optional.. Healthcare largely is not!

I don't think I would be heading to college today honestly.. Far better deals to be had in the trades. Yeah the work might suck but you could retire in 10 years.. Under water welder, regular welder, plumber, electrician etc.

pecunia

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Re: Race from $2M to $3M.....and beyond!
« Reply #1824 on: November 12, 2019, 05:31:44 PM »
At least going to college is optional.. Healthcare largely is not!

I don't think I would be heading to college today honestly.. Far better deals to be had in the trades. Yeah the work might suck but you could retire in 10 years.. Under water welder, regular welder, plumber, electrician etc.

The work might always suck.  I see a lot of posts from computer geeks on this site who are not overly enamored with their jobs.  One of the great things about the jobs you noted is that you get paid for every hour you work.  Work in excess of 40 hours is paid more.  The other extreme is the professional.  You are effectively paid less after 40 hours per unit time.

Yet, you don't see too many guys from the trades posting herein.

soccerluvof4

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Re: Race from $2M to $3M.....and beyond!
« Reply #1825 on: November 13, 2019, 04:07:35 AM »
Conclusion: the U.S. college system is second only to our health care system in all its Byzantine glory.

Aint that true! As I have mentioned on other topics, anyone with kids heading to college in a few years should be on the College Confidential parent forum to get a better understanding of the options. You need to start setting expectations very early to avoid anguished scenes in the final year of high school. I say this with experience - one daughter finishing college next year and another starting year after next :-)
At least going to college is optional.. Healthcare largely is not!

I don't think I would be heading to college today honestly.. Far better deals to be had in the trades. Yeah the work might suck but you could retire in 10 years.. Under water welder, regular welder, plumber, electrician etc.
At least going to college is optional.. Healthcare largely is not!

I don't think I would be heading to college today honestly.. Far better deals to be had in the trades. Yeah the work might suck but you could retire in 10 years.. Under water welder, regular welder, plumber, electrician etc.

The work might always suck.  I see a lot of posts from computer geeks on this site who are not overly enamored with their jobs.  One of the great things about the jobs you noted is that you get paid for every hour you work.  Work in excess of 40 hours is paid more.  The other extreme is the professional.  You are effectively paid less after 40 hours per unit time.

Yet, you don't see too many guys from the trades posting herein.
I read somewhere that the University of Chicago is the first school to top the 100k mark per year starting this next year. Wether true or not being the only one I dont get why anyone would pay more than a 1/3 of that if not 1/4 or less. Insane. A kid on my DS soccer team got an offer to play at Loyola and they gave him a 65% scholarship and he still declined and is going to Madison instead to play because its still cheaper. Loyola is 70+k a year. So yea, if your paying for kids college be prepared go where they get the most $ and its the cheapest or will put a big dent in your retirement

My cousin's kids had a similar but opposite story. One went to UCLA, paying in-state tuition. The other went to Brown on an athletic scholarship. The one at the in-state school paid more OOP than the one at the super-expensive Ivy League school. Interestingly, Brown has a one-year (aka "fifth year") master's program, only or their own undergraduate students. Sure, it's expensive, but you're out and working in half the time.

Conclusion: the U.S. college system is second only to our health care system in all its Byzantine glory.



I see that with My oldest in College. He was on scholarship for sports and after two years was sick of the demands so now a "regular' student. Hes working and paying his way but now taking on Fafsa debt as the first two years even with scholarship money it still cost some. But it will take him another year now so there is more cost and he seems to like to do stuff with his hands more so I agree totally with the trades. The key with the trades is being smart enough during the down times to have some business sense and to build a good reputation for yourself because when the Housing industry crashes a lot of trades people really really suffer. Commercial too. But thats like anything.
« Last Edit: November 13, 2019, 04:09:34 AM by soccerluvof4 »

flyingaway

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Re: Race from $2M to $3M.....and beyond!
« Reply #1826 on: November 13, 2019, 11:00:35 AM »
In my opinion, college expenses have been increasing at a crazy rate because student loans are readily available. Many students do not have a sense of loans and they just go for the maximum loans available. They do not seem to care that the loans need to be repaid in the future. Accordingly, universities have been upgraded to serve students with easy money in their hands.

pecunia

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Re: Race from $2M to $3M.....and beyond!
« Reply #1827 on: November 13, 2019, 05:09:43 PM »
In my opinion, college expenses have been increasing at a crazy rate because student loans are readily available. Many students do not have a sense of loans and they just go for the maximum loans available. They do not seem to care that the loans need to be repaid in the future. Accordingly, universities have been upgraded to serve students with easy money in their hands.

What are those "upgrades?"  Do they have better libraries in the past, better laboratories, more programs?  Is the extra money providing additional services to the students?

flyingaway

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Re: Race from $2M to $3M.....and beyond!
« Reply #1828 on: November 13, 2019, 07:25:30 PM »
In my opinion, college expenses have been increasing at a crazy rate because student loans are readily available. Many students do not have a sense of loans and they just go for the maximum loans available. They do not seem to care that the loans need to be repaid in the future. Accordingly, universities have been upgraded to serve students with easy money in their hands.

What are those "upgrades?"  Do they have better libraries in the past, better laboratories, more programs?  Is the extra money providing additional services to the students?

Mostly infrastructures, new lavish student center, many buildings of expensive student dorms, a lot of more supporting staffs. Sorry, no increase in the number of professors. (I am a professor). The public universities are now run like a company. 

Exflyboy

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Re: Race from $2M to $3M.....and beyond!
« Reply #1829 on: November 13, 2019, 08:56:11 PM »
In my opinion, college expenses have been increasing at a crazy rate because student loans are readily available. Many students do not have a sense of loans and they just go for the maximum loans available. They do not seem to care that the loans need to be repaid in the future. Accordingly, universities have been upgraded to serve students with easy money in their hands.

What are those "upgrades?"  Do they have better libraries in the past, better laboratories, more programs?  Is the extra money providing additional services to the students?

Mostly infrastructures, new lavish student center, many buildings of expensive student dorms, a lot of more supporting staffs. Sorry, no increase in the number of professors. (I am a professor). The public universities are now run like a company.

I have a Prof friend of mine at Oregon State who would agree with you!

RWD

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Re: Race from $2M to $3M.....and beyond!
« Reply #1830 on: November 13, 2019, 08:59:42 PM »
Mostly infrastructures, new lavish student center, many buildings of expensive student dorms, a lot of more supporting staffs. Sorry, no increase in the number of professors. (I am a professor). The public universities are now run like a company.

I have a Prof friend of mine at Oregon State who would agree with you!

The Kelley Engineering Center is really cool though!

soccerluvof4

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Re: Race from $2M to $3M.....and beyond!
« Reply #1831 on: November 14, 2019, 02:30:52 AM »
In my opinion, college expenses have been increasing at a crazy rate because student loans are readily available. Many students do not have a sense of loans and they just go for the maximum loans available. They do not seem to care that the loans need to be repaid in the future. Accordingly, universities have been upgraded to serve students with easy money in their hands.

What are those "upgrades?"  Do they have better libraries in the past, better laboratories, more programs?  Is the extra money providing additional services to the students?

Mostly infrastructures, new lavish student center, many buildings of expensive student dorms, a lot of more supporting staffs. Sorry, no increase in the number of professors. (I am a professor). The public universities are now run like a company.

I have a Prof friend of mine at Oregon State who would agree with you!



Thats all it is. Both the schools my 2 oldest go to our loaded with cranes building foo foo living type facilities and alot of shopping centers with apartments above them. New social study areas with fancy chairs etc... Some of its pretty cool and neat to see but its not worth what its doing in raising the schools rates.

tooqk4u22

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Re: Race from $2M to $3M.....and beyond!
« Reply #1832 on: November 14, 2019, 08:56:23 AM »
In my opinion, college expenses have been increasing at a crazy rate because student loans are readily available. Many students do not have a sense of loans and they just go for the maximum loans available. They do not seem to care that the loans need to be repaid in the future. Accordingly, universities have been upgraded to serve students with easy money in their hands.

What are those "upgrades?"  Do they have better libraries in the past, better laboratories, more programs?  Is the extra money providing additional services to the students?

Mostly infrastructures, new lavish student center, many buildings of expensive student dorms, a lot of more supporting staffs. Sorry, no increase in the number of professors. (I am a professor). The public universities are now run like a company.

I have a Prof friend of mine at Oregon State who would agree with you!

That is the majority of where the money goes.  But the issue with student loans is twofold:(1) is what Exflyboy said above and (2) the fact that the loans are government backed and can't be discharged in bankruptcy.   No lender in the f'ing mind would lend tens or hundreds of thousands of dollars to an 17-23 year old.  So the government enacted these policies to expand education to the masses, so here we are - unintended consequences.   If the government wants to play a roll then they should play both sides of it - give the loans and govern restrict the colleges/universities.  Not sure how that would happen.


flyingaway

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Re: Race from $2M to $3M.....and beyond!
« Reply #1833 on: November 14, 2019, 10:17:05 AM »
I know a medical school professor who probably makes more than $400K a year. His two children go to medical schools with the maximum loans that they could get.

Why? because the loans could be forgiven in the future (by working at not-for-profit hospitals for a few years).

soccerluvof4

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Re: Race from $2M to $3M.....and beyond!
« Reply #1834 on: November 15, 2019, 03:47:04 AM »
I know a medical school professor who probably makes more than $400K a year. His two children go to medical schools with the maximum loans that they could get.

Why? because the loans could be forgiven in the future (by working at not-for-profit hospitals for a few years).


I am surprised the kids didnt go to school where he is a professor and get free College. I was always under the impression that was one of the biggest perks of being a professor.

AdrianC

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Re: Race from $2M to $3M.....and beyond!
« Reply #1835 on: November 15, 2019, 06:13:04 AM »
The work might always suck.  I see a lot of posts from computer geeks on this site who are not overly enamored with their jobs.  One of the great things about the jobs you noted is that you get paid for every hour you work.  Work in excess of 40 hours is paid more.  The other extreme is the professional.  You are effectively paid less after 40 hours per unit time.
Any computer geek working on salary is doing it wrong. Go contracting. Work from home. Bill by the hour.
Quote
Yet, you don't see too many guys from the trades posting herein.
Partly a class thing? Also, they really don't make a lot of money. An electrician can make about $30/hour. An engineer or computer geek > $100/hour.

flyingaway

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Re: Race from $2M to $3M.....and beyond!
« Reply #1836 on: November 15, 2019, 10:12:54 AM »
I know a medical school professor who probably makes more than $400K a year. His two children go to medical schools with the maximum loans that they could get.

Why? because the loans could be forgiven in the future (by working at not-for-profit hospitals for a few years).


I am surprised the kids didnt go to school where he is a professor and get free College. I was always under the impression that was one of the biggest perks of being a professor.

Rich people are willing to spend money to send their kids to better schools.

BeanCounter

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Re: Race from $2M to $3M.....and beyond!
« Reply #1837 on: November 15, 2019, 10:20:29 AM »
 "not for profit" hospitals are as big of fallacy as "not for profit" universities.

Car Jack

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Re: Race from $2M to $3M.....and beyond!
« Reply #1838 on: November 15, 2019, 11:13:28 AM »
In my opinion, college expenses have been increasing at a crazy rate because student loans are readily available. Many students do not have a sense of loans and they just go for the maximum loans available. They do not seem to care that the loans need to be repaid in the future. Accordingly, universities have been upgraded to serve students with easy money in their hands.

What are those "upgrades?"  Do they have better libraries in the past, better laboratories, more programs?  Is the extra money providing additional services to the students?

At my alma mater, president makes over a million dollars a year and has added a new layer of top executives between her and the traditional next layer.  They're also on a building spree and have taken the limit on student admissions, leading to lack of adequate housing on campus, lack of space in the library for everyone to work in, as they had in the past and a stated, new discrimination policy for admissions.

soccerluvof4

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Re: Race from $2M to $3M.....and beyond!
« Reply #1839 on: November 15, 2019, 03:22:43 PM »
In my opinion, college expenses have been increasing at a crazy rate because student loans are readily available. Many students do not have a sense of loans and they just go for the maximum loans available. They do not seem to care that the loans need to be repaid in the future. Accordingly, universities have been upgraded to serve students with easy money in their hands.

What are those "upgrades?"  Do they have better libraries in the past, better laboratories, more programs?  Is the extra money providing additional services to the students?

At my alma mater, president makes over a million dollars a year and has added a new layer of top executives between her and the traditional next layer.  They're also on a building spree and have taken the limit on student admissions, leading to lack of adequate housing on campus, lack of space in the library for everyone to work in, as they had in the past and a stated, new discrimination policy for admissions.


The building where my DD is off the charts as well. Every year seems to be a new record for Freshman class and they have added at least a half dozen new types of places to live in the last two years and these are very large ones. One thing that has attracted the growth is they haven't raised tuition in the last 6 years and its a highly regarded school. But still to $ in my view

pecunia

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Re: Race from $2M to $3M.....and beyond!
« Reply #1840 on: November 15, 2019, 04:24:48 PM »
And the hits just keep coming,.......

The Dow Jones hits a new high!

https://www.foxbusiness.com/markets/dow-marches-towards-28000-with-big-boost-from-one-company

In between pictures of the Donald, this article makes the bod claim that the recession may not be in the near future.

I'm thinkin' the powers at be will keep the stock market slowly climbing until the November 2020 election.  It will get people to vote their way.

After that they will sell off their holdings and the apocalypse will arrive.

Exflyboy

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Re: Race from $2M to $3M.....and beyond!
« Reply #1841 on: November 15, 2019, 07:51:11 PM »
But just think how much money we can make by holding firm through the apocalypse and climbing up the other side..:)

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Re: Race from $2M to $3M.....and beyond!
« Reply #1842 on: November 15, 2019, 09:43:22 PM »
And the hits just keep coming,.......

The Dow Jones hits a new high!

https://www.foxbusiness.com/markets/dow-marches-towards-28000-with-big-boost-from-one-company

In between pictures of the Donald, this article makes the bod claim that the recession may not be in the near future.

I'm thinkin' the powers at be will keep the stock market slowly climbing until the November 2020 election.  It will get people to vote their way.

After that they will sell off their holdings and the apocalypse will arrive.

Stock market highs based on a government deficit, trade deficits, QE, and lower interest rates are just adding to the wealth gap at this point - the people that were rich are getting way richer way faster, the people that were hanging on are still barely hanging on.  The apocalypse, this time, might even be worse than too big to fail, which is why it is good to not need to rely on wealth.  But most wealthy folks have already diversified into real assets, I don't think selling their stock is a big priority.  When you get so much net worth really quickly, it doesn't feel like a bad idea to shelter it, even if you miss out on some extra.

2sk22

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Re: Race from $2M to $3M.....and beyond!
« Reply #1843 on: November 16, 2019, 04:07:04 AM »

I don't think selling their stock is a big priority.  When you get so much net worth really quickly, it doesn't feel like a bad idea to shelter it, even if you miss out on some extra.

I think you have touched upon something important here. I was used to watching my net worth creeping upwards at a painfully slow rate for many years. This was the case despite never stopping my automatic investments even through 2008 and 2009. Even ten years ago, I used to worry a lot about having enough for retirement.

Two things happened in the past ten years - my field of work suddenly became hot (salary really jumped) and the stock market started rising inexorably (QE definitely has some role this as @EscapeVelocity2020 suggests).

I still have this uneasy feeling of easy-come-easy-go. Compared to most people here, I have way more invested in cash/CDs./Bonds

soccerluvof4

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Re: Race from $2M to $3M.....and beyond!
« Reply #1844 on: November 16, 2019, 08:33:34 AM »

I don't think selling their stock is a big priority.  When you get so much net worth really quickly, it doesn't feel like a bad idea to shelter it, even if you miss out on some extra.

I think you have touched upon something important here. I was used to watching my net worth creeping upwards at a painfully slow rate for many years. This was the case despite never stopping my automatic investments even through 2008 and 2009. Even ten years ago, I used to worry a lot about having enough for retirement.

Two things happened in the past ten years - my field of work suddenly became hot (salary really jumped) and the stock market started rising inexorably (QE definitely has some role this as @EscapeVelocity2020 suggests).

I still have this uneasy feeling of easy-come-easy-go. Compared to most people here, I have way more invested in cash/CDs./Bonds


i am pretty high in Cash and Cd's as well , maybe not as much as you BUT everyone has got to do what helps them sleep at night.

Exflyboy

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Re: Race from $2M to $3M.....and beyond!
« Reply #1845 on: November 16, 2019, 11:25:10 AM »
I had some investments in a taxable account roll into LTCG territory a couple of weeks ago -- I cashed out a little bit.  We have WAAAAAY more in cash than probably anyone here, but for various reasons I am comfortable with that and also wanted to lock in some of the gains.  We are technically still within the original parameters of this thread, but if things don't level off or drop soon we may need to bump up another notch....

You mean you are beyond "beyond"?..

A bit like the financial version of Buzz Lightyear..:)

Bateaux

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Re: Race from $2M to $3M.....and beyond!
« Reply #1846 on: November 16, 2019, 11:44:46 AM »
Upon crossing another milestone 2.25M liquid, I should be all giddy and jumping with joy for soon to come FIRE.  Hell no, I'm more skeptical than ever.  The last 250k came too fast and easy.  I'm afarid it could evanesce.  QE inflates the bubble even thinner. 

Exflyboy

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Re: Race from $2M to $3M.....and beyond!
« Reply #1847 on: November 16, 2019, 12:41:41 PM »
Probably a good time to re-balance back to ones desired allocation.. Maybe even a little insurance beyond that.

Can always pile back into equities when the market eventually tanks.

alienbogey

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Re: Race from $2M to $3M.....and beyond!
« Reply #1848 on: November 16, 2019, 10:56:31 PM »
That sounds suspiciously like market timing to me.

On the other hand, I have to agree with the feeling that this bull market has to stop sometime.  But if the next bear market and/or recession is due to QE then I can't see how to avoid inflation that will make the '70's look like the good old days.

And if inflation does go off like a volcano the last things I want to be in is cash or bonds.  I'll just stick with equities and go with the MMM mantra of riding out the storm.

My 2 cents (in today's dollars).


flyingaway

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Re: Race from $2M to $3M.....and beyond!
« Reply #1849 on: November 17, 2019, 09:20:04 AM »
That sounds suspiciously like market timing to me.

On the other hand, I have to agree with the feeling that this bull market has to stop sometime.  But if the next bear market and/or recession is due to QE then I can't see how to avoid inflation that will make the '70's look like the good old days.

And if inflation does go off like a volcano the last things I want to be in is cash or bonds.  I'll just stick with equities and go with the MMM mantra of riding out the storm.

My 2 cents (in today's dollars).

Maybe, the low inflation is because people put their money in stock market. If they pull the money out of the stock market and start buying things, you will see inflation rise quickly.