Author Topic: Hit $1MM!  (Read 6094 times)

familyFIguy

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Hit $1MM!
« on: May 01, 2022, 06:48:21 PM »
That's it really. Just super excited as our net worth just went over $1MM and wanted to shout it somewhere!

details:
33m, 37f, 3 kids, single-income
Working on FIRE for about 6 years
30% liquid 70% real estate

(Not sure if this is the forum to share, so if not sorry y'all)

BlueHouse

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Re: Hit $1MM!
« Reply #1 on: May 01, 2022, 06:51:34 PM »
Congratulations!  It's good to hear the good news!

Visitation

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Re: Hit $1MM!
« Reply #2 on: May 01, 2022, 07:08:39 PM »
 Congrats.   The first million is the hardest!

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maizefolk

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Re: Hit $1MM!
« Reply #3 on: May 01, 2022, 07:51:11 PM »
Way to go, you! Especially hard to hit new NW milestones the way the market has been acting lately. Congratulations!

And one of the great things about this forum is that you really can tell all of us exciting news like this that make cause hurt feelings or accusations of bragging in the real world.

JAYSLOL

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Re: Hit $1MM!
« Reply #4 on: May 01, 2022, 11:04:35 PM »
Nice!  Congrats!  You both really rocked it to hit that in your 30s, well done!  That’s definitely the big one I’m really looking forward to, save me a seat, I’ll join the club sometime in the next 10 or 12 years or something haha

shureShote

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Re: Hit $1MM!
« Reply #5 on: May 04, 2022, 07:45:31 AM »
Impressive. What type of real estate? Home plus rentals? Other?

Congrats!

cool7hand

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Re: Hit $1MM!
« Reply #6 on: May 04, 2022, 09:44:26 AM »
Impressive. Most impressive.

familyFIguy

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Re: Hit $1MM!
« Reply #7 on: May 06, 2022, 11:16:59 AM »
Thanks everyone! This is really great :)

Impressive. What type of real estate? Home plus rentals? Other?

Congrats!

We got really fortunate with real-estate, buying our home near Seattle for ~$270k about 8 years ago. As it's gone up in value, we have taken that extra equity to buy a 1/3 ownership in a triplex nearby with some friends, and then buy two multi-family properties on our own in a nearby city that was much, much cheaper than Seattle.

The plan is the keep this sort of snowball rolling. We have plans to buy some more property in about a month, and then continue to use our increasing equity stakes to fund another property purchase out of state probably in the next 12 months.


Dicey

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Re: Hit $1MM!
« Reply #8 on: May 08, 2022, 12:30:32 AM »
Thanks everyone! This is really great :)

Impressive. What type of real estate? Home plus rentals? Other?

Congrats!

We got really fortunate with real-estate, buying our home near Seattle for ~$270k about 8 years ago. As it's gone up in value, we have taken that extra equity to buy a 1/3 ownership in a triplex nearby with some friends, and then buy two multi-family properties on our own in a nearby city that was much, much cheaper than Seattle.

The plan is the keep this sort of snowball rolling. We have plans to buy some more property in about a month, and then continue to use our increasing equity stakes to fund another property purchase out of state probably in the next 12 months.
Congratulations! That's a lot of progress in a short amount of time. Be careful not to stretch yourself too thin as you build your RE Empire.

Real life, real time example: Last month, we paid cash for a condo that needs a full gut reno, intending to grab a mortgage after it closed. Whoops! Then a long-term tenant gave notice and moved out of a different property and the interior needs to be painted before we rent it out again. Unfortunately, DH had foot surgery scheduled and he won't be able to do much for six weeks or so. Fortunately, we believe in cash reserves and big, fat emergency funds, so we'll be fine, but wouldn't you know it, a house that would be great for us to rehab and downsize into just came on the market. Yeah, not gonna happen...
« Last Edit: June 17, 2022, 01:14:29 AM by Dicey »

Chris Pascale

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Re: Hit $1MM!
« Reply #9 on: May 08, 2022, 07:09:37 PM »
Terrific news.

change_seeker

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Re: Hit $1MM!
« Reply #10 on: June 02, 2022, 11:23:13 AM »
Congratulations!

GardenBaker

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Re: Hit $1MM!
« Reply #11 on: June 06, 2022, 01:54:49 PM »
Awesome job on a fantastic milestone!! Congrats!

iris lily

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Re: Hit $1MM!
« Reply #12 on: June 06, 2022, 03:36:40 PM »
Good job! I like hearing these success stories.

Adventine

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Re: Hit $1MM!
« Reply #13 on: June 06, 2022, 03:37:27 PM »
Well done! Congratulations!

Fru-Gal

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Re: Hit $1MM!
« Reply #14 on: June 06, 2022, 03:38:35 PM »
Way to go! ...and at such a young age on one income with kids!!!!

Dee_the_third

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Re: Hit $1MM!
« Reply #15 on: June 06, 2022, 03:44:56 PM »
Yaaaas

Well done, esp doing it with kids. The first million is the hardest.

jinga nation

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Re: Hit $1MM!
« Reply #16 on: June 06, 2022, 05:58:14 PM »
high five! very nice!

Rytrik

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Re: Hit $1MM!
« Reply #17 on: June 13, 2022, 04:48:17 PM »
Congrats!

ricelife

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Re: Hit $1MM!
« Reply #18 on: June 19, 2022, 09:34:37 AM »
Congrats!!

Simpli-Fi

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Re: Hit $1MM!
« Reply #19 on: June 23, 2022, 10:53:52 PM »
yeah, that's badass so thanks for sharing in the correct forum, ha!

familyFIguy

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Re: Hit $1MM!
« Reply #20 on: June 29, 2022, 10:30:08 PM »
This is all so encouraging. Thank you all! It feels like there is so little movement so often and that FI will never come and it can get very discouraging. Very encouraging to have everyone reply to this thread :)

familyFIguy

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Re: Hit $1MM!
« Reply #21 on: October 05, 2023, 12:58:09 PM »
Following up on this! Just hit over 1.25MM and feeling like an absolute badass -- a 25% increase in a year and a half!
37% liquid
63% RE

Thanks all! Just needed to shout it from the mountain top somwhere :)

erp

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Re: Hit $1MM!
« Reply #22 on: October 05, 2023, 02:10:52 PM »
I'm late to the party, but congratulations! You've got it now :)

familyFIguy

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Re: Hit $1MM!
« Reply #23 on: January 02, 2024, 02:33:25 PM »
Hi all,

I wanted to drop a quick update as 2023 just ended! I'm super excited as this was a great year for us financially and this is the one place I can shout it from the rooftop!

Income
2018: 77k
2019: 156k
2020: 191k
2021: 204k
2022: 247k
2023: 293k

Expenses (savings rate)
2018: 51k (34%)
2019: 83k (47%)
2020: 82k (57%)
2021: 92k (55%)
2022: 82k (67%)
2023: 72k (75%) (!!!!)

Net Worth (change from PY)
2018: 246k (+25%)
2019: 361k (+47%)
2020: 567k (+57%)
2021: 905k (+60%)
2022: 988k (+9%)
2023: 1.384M (+40%)

During 2023 we also paid off a 135k HELOC which we used to buy investment properties in 2022! And to flex just a bit, we're a single income with a family of 5, and a spouse in grad school.

Thanks all!

AMandM

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Re: Hit $1MM!
« Reply #24 on: January 15, 2024, 01:42:20 PM »
Well done, you two!
Good job not letting your income increases drive spending increases, especially with kids.

 

Wow, a phone plan for fifteen bucks!