Broke $750,000 in net worth

[Gin1984]

I just broke $750,000 in net worth for the first time.  Normally I just track investable assets because net worth won't give me income but I do track net worth on empower just to make sure I am going in the right direction and logged on this morning to see that I have more than $750,000.  It will drop under $750,000 as I have a $9,000 bill next month but happy to see that. Next up, 1 million dollar, lol.

[jeroly]

I just broke $750,000 in net worth for the first time.  Normally I just track investable assets because net worth won't give me income but I do track net worth on empower just to make sure I am going in the right direction and logged on this morning to see that I have more than $750,000.  It will drop under $750,000 as I have a $9,000 bill next month but happy to see that. Next up, 1 million dollar, lol.

Good job!

They say that the first $750,000 is the hardest.

:-)

[JimDogRock]

You would only need to have 1.2% growth to go from $750,000 to $759,000. So, 14.4% annualized growth. And this is without any contributions.

Perhaps you will remain at the milestone next month.
Either way, congrats!

[lcmac32]

Congratulations on that milestone!  I have made that one as well, but I am more tracking for my FIRE number at this point IRA only so no equity in the home included.  Without equity and brokerage and cash, I am not to that level.  I am just about to finish the $250-500k race on IRA, though which is exciting.  Now I have to get back on a more frugal grind and start piling that cash back into savings/market.

[GilesMM]

MMM retired happily with a whole lot less and look how he turned out! Well done!

[Telecaster]

They say that the first $750,000 is the hardest.

:-)

It really is.   In the early years, your portfolio balance is dominated by your contributions, but somewhere around $750k-ish you really start to see the power of compounding take over. 

[JAYSLOL]

They say that the first $750,000 is the hardest.

:-)

It really is.   In the early years, your portfolio balance is dominated by your contributions, but somewhere around $750k-ish you really start to see the power of compounding take over.

I’m only at ~300k and this year’s been wild, I’ll contribute like $2-4k to accounts each month, but the accounts are often going up by $10-15k each month.  Can’t wait to see what the $750k mark does for me on the good months haha

[RWD]

They say that the first $750,000 is the hardest.

:-)

It really is.   In the early years, your portfolio balance is dominated by your contributions, but somewhere around $750k-ish you really start to see the power of compounding take over.

I’m only at ~300k and this year’s been wild, I’ll contribute like $2-4k to accounts each month, but the accounts are often going up by $10-15k each month.  Can’t wait to see what the $750k mark does for me on the good months haha

The usual saying is the first $100k is the hardest. By $750k you're basically on escape velocity.

[Gin1984]

They say that the first $750,000 is the hardest.

:-)

It really is.   In the early years, your portfolio balance is dominated by your contributions, but somewhere around $750k-ish you really start to see the power of compounding take over.

I’m only at ~300k and this year’s been wild, I’ll contribute like $2-4k to accounts each month, but the accounts are often going up by $10-15k each month.  Can’t wait to see what the $750k mark does for me on the good months haha

The usual saying is the first $100k is the hardest. By $750k you're basically on escape velocity. We hit $750k just 17 months before $1M. But stomach beware, in one of those 17 months our net worth dropped by $200k! (start of pandemic)

Yes, it looks like I will be FI in 8.7 years.  I tried to see if I could pinch a bit more and decrease it and amount it would take for even a year was so much more then when I was younger. It used to be that $10 could move the needle, now it pretty much market driven, lol.

[EscapeVelocity2020]

They say that the first $750,000 is the hardest.

:-)

It really is.   In the early years, your portfolio balance is dominated by your contributions, but somewhere around $750k-ish you really start to see the power of compounding take over.

I’m only at ~300k and this year’s been wild, I’ll contribute like $2-4k to accounts each month, but the accounts are often going up by $10-15k each month.  Can’t wait to see what the $750k mark does for me on the good months haha

The usual saying is the first $100k is the hardest. By $750k you're basically on escape velocity. We hit $750k just 17 months before $1M. But stomach beware, in one of those 17 months our net worth dropped by $200k! (start of pandemic)

Did somebody mention Escape Velocity?!  Just for fun, I saw this article published in USAToday - Do we really need $1M in retirement savings? Not even close, one top economist says

[lcmac32]

MMM retired happily with a whole lot less and look how he turned out! Well done!

I do believe MMM had a paid for house if I remember correctly.  That would make it a whole lot easier.   MMM did turn out financially fine and then some!

I think the problem for many, especially me, is that I/we want this house, this location (near my children), this car; this "whatever".  The min number is still less than a 1M in IMO.  It is really about do I want FIRE more than I want other things.  Right now, I still have too many other things.   

If I didn't, I am sure I could be just fine in a LOCL (my home state for 1) and FIRE'd already.  I am also beginning to fear the OMY syndrome starting to come on.

[lcmac32]

[/quote]
Yes, it looks like I will be FI in 8.7 years.  I tried to see if I could pinch a bit more and decrease it and amount it would take for even a year was so much more then when I was younger. It used to be that $10 could move the needle, now it pretty much market driven, lol.
[/quote]

If you are at $750k already 8.7 years seems a long way out to FIRE.  (of course inflation has made it a little harder)

[JAYSLOL]

They say that the first $750,000 is the hardest.

:-)

It really is.   In the early years, your portfolio balance is dominated by your contributions, but somewhere around $750k-ish you really start to see the power of compounding take over.

I’m only at ~300k and this year’s been wild, I’ll contribute like $2-4k to accounts each month, but the accounts are often going up by $10-15k each month.  Can’t wait to see what the $750k mark does for me on the good months haha

The usual saying is the first $100k is the hardest. By $750k you're basically on escape velocity. We hit $750k just 17 months before $1M. But stomach beware, in one of those 17 months our net worth dropped by $200k! (start of pandemic)

I had just hit $100k maybe 6 months prior to Covid and watched my accounts go from ~$113k to ~$85k in a matter of weeks. Hurt a little, but was actually more annoyed that I didn’t have much cash on hand than the actual drop in NW. I also remember in late 2018 when there was drop in the market and it was the first time I saw my account drop by over a thousand in one day. Should be fun to get to the $750k-1M range and see 6 figure swings lol

[Gin1984]

Yes, it looks like I will be FI in 8.7 years.  I tried to see if I could pinch a bit more and decrease it and amount it would take for even a year was so much more then when I was younger. It used to be that $10 could move the needle, now it pretty much market driven, lol.
[/quote]

If you are at $750k already 8.7 years seems a long way out to FIRE.  (of course inflation has made it a little harder)
[/quote]
I have $750,000 in net worth but only $492,000 in investments.  But yes, we live in a high COLA and have agreed to pay for college expenses.

[lcmac32]

Make sense Gin!  I am in a HCOLA right now too, and don't see a easy way out as all my kids are within an hour or so from me, so will be hard unless I can talk them into a LCOLA.  Keep fighting.  I am right there with you in the net worth versus retirement savings boat. 

[marcus_aurelius]

I just broke $750,000 in net worth for the first time.  Normally I just track investable assets because net worth won't give me income but I do track net worth on empower just to make sure I am going in the right direction and logged on this morning to see that I have more than $750,000.  It will drop under $750,000 as I have a $9,000 bill next month but happy to see that. Next up, 1 million dollar, lol.

Congratulations! Looking forward to your $1M post :-)

[J.P. MoreGains]

Nice work! Has to be a good feeling!

[Dicey]

Did somebody mention Escape Velocity?!  Just for fun, I saw this article published in USAToday - Do we really need $1M in retirement savings? Not even close, one top economist says

Good link, EV.

This quote from a naysayer made me snirt. “What about more older adult children living for free with older parents?" WTF? You think it's okay to expect parents to keep working so their kids can be freeloaders? Ugh.

[freedom8991]

Congratulations!  Awesome job:)

[erp]

Woo! Congratulations :)

[ChpBstrd]

I broke the $750k barrier twice. I first hit seven-fifty in July 2018. By September my NW was $784k. But then it fell to $687k by December 2018. I re-attained $750k just two months later in February 2019.

By February 2021, I broke the millionaire barrier for the first time, and hit my ATH of $1.389M that December. At the time, I had a $1.4M FIRE number and needed just a tiny upward market blip to get out of my aggressive allocation. Instead, the market figured out rates were rising, and my NW fell all the way down to $878k (see my obsession with macroeconomics in other posts). I compounded my mistake by sitting out the 2023 bull market in safe assets earning ~5%. I didn't rejoin the double-comma club until December 2023 after an aggressive bet on long-duration bonds, and now I'm at $1.2M just six months later after leaning hard into QQQ.

So don't be demoralized if you have to hit 750 again in the future. Stay the course instead of doing dumb trades and AA reversals like I did through some truly crazy times! At least this time I've locked in most of my gains with a collar strategy, so hopefully I won't need to revisit $750k anytime soon.

[EliteZags]

I broke the $750k barrier twice. I first hit seven-fifty in July 2018. By September my NW was $784k. But then it fell to $687k by December 2018. I re-attained $750k just two months later in February 2019.

By February 2021, I broke the millionaire barrier for the first time, and hit my ATH of $1.389M that December. At the time, I had a $1.4M FIRE number and needed just a tiny upward market blip to get out of my aggressive allocation. Instead, the market figured out rates were rising, and my NW fell all the way down to $878k (see my obsession with macroeconomics in other posts). I compounded my mistake by sitting out the 2023 bull market in safe assets earning ~5%. I didn't rejoin the double-comma club until December 2023 after an aggressive bet on long-duration bonds, and now I'm at $1.2M just six months later after leaning hard into QQQ.

So don't be demoralized if you have to hit 750 again in the future. Stay the course instead of doing dumb trades and AA reversals like I did through some truly crazy times! At least this time I've locked in most of my gains with a collar strategy, so hopefully I won't need to revisit $750k anytime soon.

just to add some perspective with an alternate path in that period: was in the 400K range most of 2019, Feb2021 just above 600K, Dec21 peak was only around 750K, didn't keep much cash but decent income/high savings rate and stayed aggressively invested and buying heavier into tech and indexes throughout the 2022 crash, got back over the 750K peak midway through 2023 and currently close to your portfolio value

was never above 1-2% cash at any point, just maxing retirement accounts with auto semi-monthly DCA into total indexes, then buying other stocks/ETF's on dips in taxable.

[Simpli-Fi]

I do track net worth on empower just to make sure I am going in the right direction.

Congrats on the milestone!

I also like tracking NW on empower, I feel I has really gotten better since changing from Personal Capital.  I usually just watch LNW, but now the cash flow section is super helpful.  The retirement calculator is pretty spot on for a simplified Monte Carlo model.  It also tracks asset allocation decently.