Author Topic: First M is the hardest  (Read 3701 times)

bestname

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First M is the hardest
« on: October 13, 2017, 02:30:52 PM »
Thanks to the recent run up of both the stock market and my area's real estate market, my husband and I just hit the one million dollar mark of net worth. I'm a millionaire!! Well... technically a half millionaire.

marty998

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Re: First M is the hardest
« Reply #1 on: October 15, 2017, 12:03:32 AM »
Good on you.

The run up in asset prices has me questioning whether I should account for future tax payable on the gains.

For example one of my properties has increased in value by over $150,000, but if I were to sell it I'd lose $10k in transaction costs and another $30 odd thousand in tax.

In accounting there's a concept of deferred tax, but we don't often see it applied to our own net worth calculations.

For most though, selling assets comes after FIRE, and you generally find yourself in a lower tax bracket in future, because you're no longer pulling in the salary. In that respect, accounting for future taxes is a non-issue.

SimpleSpartan

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Re: First M is the hardest
« Reply #2 on: October 15, 2017, 01:41:31 AM »
Congrats!

dreams_and_discoveries

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Re: First M is the hardest
« Reply #3 on: October 15, 2017, 08:30:49 AM »
Congratulations, how does it feel?

I'm a few years behind you, but it's comforting to know I will get there one day, and not too far away.

chasesfish

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Re: First M is the hardest
« Reply #4 on: October 15, 2017, 08:33:20 AM »
Congratulations!  That's such a victory and milestone.

Did you feel like it was something you wanted to share with the rest of the world but just can't!  It killed me when it happened

Brother Esau

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Re: First M is the hardest
« Reply #5 on: October 15, 2017, 11:04:37 AM »
Welcome to the club!

bestname

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Re: First M is the hardest
« Reply #6 on: October 17, 2017, 11:16:33 AM »
chasesfish: yes! That's why I posted it here. I was dying to tell someone but its kind of vulgar to share such info in person.

Thanks everyone! And I am sure you are not far behind me!!

acroy

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Re: First M is the hardest
« Reply #7 on: October 17, 2017, 12:44:58 PM »
congratulations!!! badass!
looking forward to the million mark, have another year or 3 to go....

talltexan

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Re: First M is the hardest
« Reply #8 on: October 18, 2017, 07:05:04 AM »
Congrats! I, too, recently entered the two-comma club (and shared this at the race to $1,000,000 thread).

Things should really snow-ball from here.

soccerluvof4

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Re: First M is the hardest
« Reply #9 on: October 18, 2017, 01:11:49 PM »
Congrats!

Woodshark

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Re: First M is the hardest
« Reply #10 on: October 19, 2017, 04:15:34 PM »
Congratulations. It took us till we were in our early 50's to reach the first mil in investable assets. Now thanks to a great run-up in the market, a scant few years later we are pushing 1.5.