Author Topic: I've officially crossed the MILLIONAIRE line!  (Read 15768 times)

FireYourJob

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I've officially crossed the MILLIONAIRE line!
« on: April 26, 2014, 07:53:30 PM »
I'd never share this with friends but this is the perfect place to share.

If the market goes up 10% this year (which it should given the election year if we can get the stubborn russia / crimea situation under control), I should be there by year end. 

I'm pretty pumped as this has been a lifelong goal and something ive been committed to since i started earning career type job money. 
« Last Edit: June 20, 2014, 10:59:22 AM by FireYourJob »

GBR

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Re: $75,000 away from the first million!!!
« Reply #1 on: April 26, 2014, 08:11:06 PM »
You are so close. Stay the course. Congrats!

arebelspy

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Re: $75,000 away from the first million!!!
« Reply #2 on: April 26, 2014, 08:51:50 PM »
I'd never share this with friends but this is the perfect place to share.

If the market goes up 10% this year (which it should given the election year if we can get the stubborn russia / crimea situation under control), I should be there by year end. 

I'm pretty pumped as this has been a lifelong goal and something ive been committed to since i started earning career type job money.

Curious about the math on that.  If you're only 75k away, that means you have 925k.  Even if you contribute $0, you should only need your investments to return 8%, not 10% to hit 1MM.  And if you contribute any money, you obviously need less of a return (0% return if you can contribute 75k, for example).

I suppose not all of your money is invested (primary residence, for example, or cash buffer), but your overall blended portfolio must return 8% (so, say 10% on portfolio, 3% appreciation on primary residence, etc. that averages to an 8% return overall should get you there), right?

Either way, that's awesome!
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
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FireYourJob

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Re: $75,000 away from the first million!!!
« Reply #3 on: April 26, 2014, 09:42:42 PM »
I'd never share this with friends but this is the perfect place to share.

If the market goes up 10% this year (which it should given the election year if we can get the stubborn russia / crimea situation under control), I should be there by year end. 

I'm pretty pumped as this has been a lifelong goal and something ive been committed to since i started earning career type job money.

Curious about the math on that.  If you're only 75k away, that means you have 925k.  Even if you contribute $0, you should only need your investments to return 8%, not 10% to hit 1MM.  And if you contribute any money, you obviously need less of a return (0% return if you can contribute 75k, for example).

I suppose not all of your money is invested (primary residence, for example, or cash buffer), but your overall blended portfolio must return 8% (so, say 10% on portfolio, 3% appreciation on primary residence, etc. that averages to an 8% return overall should get you there), right?

Either way, that's awesome!

Great questions!  I was generalizing.  Technically I'm generating cash flow from a job at the moment and have many investments that are not in VTSAX for example, so a simple calculation of the broader market and it's increases wouldn't necessarily equate 1 for 1 to my overall portfolio.

I was generalizing when I said about 10%, but it's definitely much less than that and if all things remain equal and only go up a little bit, given my monthly savings, it should happen well before the end of the year, but that's a whole lot of "what if'ing", so I'll have to wait and see how it plays out. 

I should also add I'm not counting any equity in primary residence.  This specific goal was $1 million in relatively "liquid" assets.
« Last Edit: April 26, 2014, 09:44:16 PM by FireYourJob »

arebelspy

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Re: $75,000 away from the first million!!!
« Reply #4 on: April 26, 2014, 10:04:00 PM »
Gotcha. So you're even closer, that's awesome.

I think 1M not counting the primary residence is an awesome milestone, it means you're finally an "accredited investor". :D
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
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TomTX

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Re: $75,000 away from the first million!!!
« Reply #5 on: April 27, 2014, 08:49:13 AM »
Good for you!

iris lily

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Re: $75,000 away from the first million!!!
« Reply #6 on: April 27, 2014, 10:19:58 AM »
$1M in liquid assets--SCORE! way to go (very soon.)

Exflyboy

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Re: $75,000 away from the first million!!!
« Reply #7 on: April 28, 2014, 08:01:34 AM »
So at what do point are you planning to quit work, if at all?

Great job!

Frank

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Re: $75,000 away from the first million!!!
« Reply #8 on: April 28, 2014, 05:16:38 PM »
GREAT JOB!!!   Congratulations!!   

sol

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Re: $75,000 away from the first million!!!
« Reply #9 on: April 28, 2014, 05:34:57 PM »
it means you're finally an "accredited investor". :D

Other than having new business cards printed up, is there any practical benefit to being an accredited investor?  Does anyone here actually invest in vehicles that are only available to accredited investors?  Does it change your tax treatment or options?

arebelspy

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Re: $75,000 away from the first million!!!
« Reply #10 on: April 28, 2014, 06:18:17 PM »
Does anyone here actually invest in vehicles that are only available to accredited investors? 

There's a few I'm interested in, yes.  Mainly real estate related.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
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Squirrel away

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Re: $75,000 away from the first million!!!
« Reply #11 on: April 29, 2014, 01:36:08 AM »
Well done! I hope you get there.:)

thor800

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Re: $75,000 away from the first million!!!
« Reply #12 on: April 30, 2014, 07:08:54 AM »
Being an accredited investor allows you legally invest in startups through sites like AngelList, SecondMarket, and as an Angel Investor privately - if that's something that interests you.

Very high risk, but potentially very lucrative if you find the next Facebook. 

sleepyguy

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Re: $75,000 away from the first million!!!
« Reply #13 on: April 30, 2014, 10:25:21 AM »
Awesome!  Seems we're so far away (without counting primary residence).

birdman2003

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Re: $75,000 away from the first million!!!
« Reply #14 on: April 30, 2014, 03:55:17 PM »
Well done! I hope you make it there with room to spare by December!

Lukim

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Re: $75,000 away from the first million!!!
« Reply #15 on: April 30, 2014, 09:21:40 PM »
Good work!

The first $1m is the hardest.

The next million will be much easier now you have the framework to build on.

FireYourJob

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Re: $75,000 away from the first million!!!
« Reply #16 on: May 02, 2014, 04:46:33 PM »
Thanks for the encouragement and well wishes everyone.  That's what I love about this community.  So many common goals. 

If the "crisis in the Ukraine" can be cleared up, it will make for a much better / smoother path upwards for the stock market, otherwise we'll be seeing more volatility and sideways trading for a while.

soccerluvof4

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Re: $75,000 away from the first million!!!
« Reply #17 on: May 03, 2014, 07:46:06 AM »
Awesomeness! keep up the good work! and yes , as some listed above there are advantages to being a accredited investor!

AllChoptUp

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Re: $75,000 away from the first million!!!
« Reply #18 on: May 08, 2014, 11:28:30 AM »
How exciting - keep us updated!

William

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Re: $75,000 away from the first million!!!
« Reply #19 on: May 14, 2014, 09:01:40 AM »
Congratulations!

Make sure and report back to tell us what the big moment feels like!

FireYourJob

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Re: $75,000 away from the first million!!!
« Reply #20 on: May 14, 2014, 10:48:17 PM »
I will do that. I need a little cooperation from the market. Today Wall Street was spooked we may be basing for a deflationary spiral what with rates falling and the fed ha by cut their buying to keep Rae's low in Hal. Something doesn't add up - and the DCAing continues.

GrayGhost

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Re: $75,000 away from the first million!!!
« Reply #21 on: May 14, 2014, 10:59:01 PM »
Congrats. Seeing that seventh figure, and that second comma... when you think about it, it's a bit silly to get excited over it, but it is the result of years of hard work and discipline. So if you've got it, you've earned it!

rpr

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Re: $75,000 away from the first million!!!
« Reply #22 on: May 15, 2014, 12:33:17 AM »
That is amazing. You are doing your part by DCAing. Can't really control what the market does.

FireYourJob

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Re: $75,000 away from the first million!!!
« Reply #23 on: May 23, 2014, 03:11:01 PM »
As of close of the markets today, I am now $60,000 away.  I suppose if I added up my assets like truck, property, boat, etc I'm technically already there, but it doesn't quite feel the same as seeing it in hard, more "liquid" assets.

We may see a sell in may and go away swoon here in the next couple of weeks so things can move pretty quickly, but for now, at current savings rates, with all things remaining constant and no growth or loss, at worst, I'd be there in about 8 months. 

mcrow

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Re: $75,000 away from the first million!!!
« Reply #24 on: May 23, 2014, 03:19:34 PM »
You sir are a badass.

JT

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Re: $75,000 away from the first million!!!
« Reply #25 on: May 29, 2014, 02:56:27 AM »
Brilliant! I like how you're excluding your house, car, boat. 

Workinghard

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Re: $75,000 away from the first million!!!
« Reply #26 on: May 29, 2014, 11:10:10 AM »
I can't wait until we get there. We're about 150K away but that includes around 240K on our house. We're putting 75K a year into savings. We will have to sell our house or wait a few more years after that before we have that much liquid. It's coming though!

FireYourJob

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Re: $75,000 away from the first million!!!
« Reply #27 on: May 30, 2014, 11:15:42 PM »
Now $40,000 away. Ive had a good month with some of my investments. May not be easily replicated and could certainly go the other way but for now I creep ever closer to one of my next goals.

FireYourJob

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Re: $75,000 away from the first million!!!
« Reply #28 on: June 07, 2014, 11:34:48 AM »
Now $25,000 away from a portfolio, not counting illiquid assets like boats, vehicles, house, etc of > $1MM.

Any pull back in the market will have a material affect on distancing myself from that goal for now.  However, it is really cool to see the investments made starting to drive material wealth creation.

All things holding firm (no increase or decrease) would have me at $1MM in < 4 months, maybe by summer's end. 

Hamster

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Re: $25,000 away from the first million!!!
« Reply #29 on: June 07, 2014, 05:56:36 PM »
Awesome. Keep moving closer.

Hope to join you in 1 mil liquid net worth... eventually...

AssetGrinder

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Re: $25,000 away from the first million!!!
« Reply #30 on: June 11, 2014, 02:55:43 PM »
Congrats. You know what they say " The first million is the hardest!"

rmendpara

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Re: $25,000 away from the first million!!!
« Reply #31 on: June 12, 2014, 09:27:26 AM »
Ahh, must feel nice. It's a nice juicy round number to feel good about.

I wish I was close, but not even remotely there.

I hit my first milestone ($100k) late summer 2013.. I forget the exact month.. but am looking forward to the next milestone of $200k in summer 2015!

 Should be mostly on track, unless we get a significant pullback in the broader market. Though a mild correction would actually be a good thing, as I would end up getting stuff on sale! I love discounts!


FireYourJob

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #32 on: June 20, 2014, 11:03:45 AM »
I don't expect to stay here (over the millionaire threshold) long, but I'll have a cup of coffee while I'm here.  I've had some great returns in some individual stocks that I own.  Depending on how the market goes in the very near term, I fully expect to vacillate back and forth over the line, but it was so awesome to check my accounts mid morning and see that I'd peeked my nose just up and over the line.

This doesn't take into account any firm assets I have that are not liquid.  Next goal is $2MM and to begin investing a little more time in generating some more passive income.  I'm personally too levered for my liking to the whims of the market and there's just some really weird (from a historical financial perspective) things going on right now that it's not in any way clear to me how it will play out.  We'll worry about that for another day though.

Tonight I sip my drinks as a newly minted millionaire!

PS If you've been following this thread at all the last 2 months, you know that this happened faster than I expected but I knew it was certainly possible depending on the markets and my stock investments.  That said, it's a great example of how compounding works and the power of large numbers to make $10,000, $25,000, $75,000 appear in a rather short amount of time.  I can only imagine how someone that had $10,000,000 or some super large number like that must feel when looking at their portfolios.  If you manage lifestyle inflation, the benefits can become enormous. 
« Last Edit: June 20, 2014, 11:08:08 AM by FireYourJob »

Hamster

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #33 on: June 20, 2014, 11:43:55 AM »

This doesn't take into account any firm assets I have that are not liquid.  Next goal is $2MM and to begin investing a little more time in generating some more passive income.  I'm personally too levered for my liking to the whims of the market and there's just some really weird (from a historical financial perspective) things going on right now that it's not in any way clear to me how it will play out.  We'll worry about that for another day though.
...
I can only imagine how someone that had $10,000,000 or some super large number like that must feel when looking at their portfolios.  If you manage lifestyle inflation, the benefits can become enormous.
Congratulations!
At what point will you consider yourself FI? You mention 2MM next, but do you have a point when you say enough and begin to live off of it?

FireYourJob

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #34 on: June 20, 2014, 11:55:37 AM »

This doesn't take into account any firm assets I have that are not liquid.  Next goal is $2MM and to begin investing a little more time in generating some more passive income.  I'm personally too levered for my liking to the whims of the market and there's just some really weird (from a historical financial perspective) things going on right now that it's not in any way clear to me how it will play out.  We'll worry about that for another day though.
...
I can only imagine how someone that had $10,000,000 or some super large number like that must feel when looking at their portfolios.  If you manage lifestyle inflation, the benefits can become enormous.
Congratulations!
At what point will you consider yourself FI? You mention 2MM next, but do you have a point when you say enough and begin to live off of it?

That's a great question.  I don't feel comfortable, given how the Fed has pumped up the markets, cutting loose.  I'm in my upper mid-30s so would rather be able to diversify my assets into other asset classes that aren't as directly tied to the whims of the government / fed / markets. 

I would think $2MM would be plenty but after the next bear market.  We are LONNNNNG overdue for a bear market based on historical measurements on how often they occur so we may get that scenario after the mid-terms election, but I don't see it happening before.  I would think within the next 5 years I would definitely be comfortable if we say 8% returns on average over the next 5 years (bear market or not) and all other things remained fairly equal regarding salary and expenditures.

Exflyboy

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #35 on: June 20, 2014, 12:01:20 PM »
I don't expect to stay here (over the millionaire threshold) long, but I'll have a cup of coffee while I'm here.  I've had some great returns in some individual stocks that I own.  Depending on how the market goes in the very near term, I fully expect to vacillate back and forth over the line, but it was so awesome to check my accounts mid morning and see that I'd peeked my nose just up and over the line.

This doesn't take into account any firm assets I have that are not liquid.  Next goal is $2MM and to begin investing a little more time in generating some more passive income.  I'm personally too levered for my liking to the whims of the market and there's just some really weird (from a historical financial perspective) things going on right now that it's not in any way clear to me how it will play out.  We'll worry about that for another day though.

Tonight I sip my drinks as a newly minted millionaire!

PS If you've been following this thread at all the last 2 months, you know that this happened faster than I expected but I knew it was certainly possible depending on the markets and my stock investments.  That said, it's a great example of how compounding works and the power of large numbers to make $10,000, $25,000, $75,000 appear in a rather short amount of time.  I can only imagine how someone that had $10,000,000 or some super large number like that must feel when looking at their portfolios.  If you manage lifestyle inflation, the benefits can become enormous.

Awesome.. At some point (say north of $10M) the money becomes irrelavent.. I mean if you had $10M in stocks and another 2008 happens.. Well who cares?

I can already feel the need to check my NW every day slipping away.. I'm not at irrelavence yet being just shy of $1.4M, but I can see the day when this will happen.. probably between 2 and $3M

Frank

arebelspy

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #36 on: June 20, 2014, 12:07:15 PM »
I can already feel the need to check my NW every day slipping away..

You check your net worth every day

I'm betting then that that need will come roaring back when the next crash happens.  :)
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
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Winston

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #37 on: June 20, 2014, 12:08:22 PM »
Congratulations, FYJ!! After this week I'm having at work, I'm jealous. I'd like to tell some people to self-copulate before walking off into the sunset.

Exflyboy

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #38 on: June 20, 2014, 03:04:48 PM »
I can already feel the need to check my NW every day slipping away..

You check your net worth every day

I'm betting then that that need will come roaring back when the next crash happens.  :)

Well depends on if I get to $3M before it does..:)

John74

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #39 on: June 20, 2014, 03:35:31 PM »
Congrats on your first million!

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #40 on: June 21, 2014, 05:37:07 AM »
When I started my career in the early 90s there was no real internet.  Most transactions were carried outbiver the phone and our investment calculators were little cardboard wheels provided by Vanguard.
The little wheels told me that if I invested at a certain rate that I'd have 1.8 million at age 52 in 2020.  Crazy but in 2014 I'm at 1.2m and on track to hit 1.8m by then.  No computers just a piece of cardboard.

Bateaux

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #41 on: June 21, 2014, 05:52:59 AM »
Just used the Dave Ramsey site calculator and at 7 percent interest rates my salaey is replaced by interest in 2017.  By 2020 if I were to work till my original goal date it is beyound my 100k salary and pulling  away at greater than 20 k per year.  Amazing money comes just past the 2M point.  You don't have to cut out pizza or soda.

WannabeDone

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #42 on: June 21, 2014, 02:42:40 PM »
Way impressive Bateauxdriver!

FireYourJob

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #43 on: July 04, 2014, 05:39:33 PM »
my next goal is to get to $1MM in non 401k assets.  I have a long time until 59.5 and want to build up that cushion a little more.

This should be done on the backs of the stock market if we can get more people back to work producing and not consuming beyond our collective means!

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #44 on: July 06, 2014, 06:12:45 PM »
Congrats!  I know everyone has their own goals, but why raise the bar even further when you could comfortably retire today?  Not sitting on a rocking chair, but doing work only if it makes you happy

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #45 on: July 07, 2014, 05:38:46 PM »
Just used the Dave Ramsey site calculator and at 7 percent interest rates my salaey is replaced by interest in 2017.  By 2020 if I were to work till my original goal date it is beyound my 100k salary and pulling  away at greater than 20 k per year.  Amazing money comes just past the 2M point.  You don't have to cut out pizza or soda.

It does at the average rate of return.. It also means if another 2008 happens (and they usually do every 15 years or so when somebody figures out how to game the market in some new way) and a 50% drop happens,.. well then you still got $1M at the bottom and can still live comfortably.

I like to call this "Financial irrelavence Flr)... :).. i.e not much can happen financially to hurt you at that point.

Frank

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #46 on: July 07, 2014, 05:57:54 PM »
When I started my career in the early 90s there was no real internet.  Most transactions were carried outbiver the phone and our investment calculators were little cardboard wheels provided by Vanguard.
The little wheels told me that if I invested at a certain rate that I'd have 1.8 million at age 52 in 2020.  Crazy but in 2014 I'm at 1.2m and on track to hit 1.8m by then.  No computers just a piece of cardboard.

Love this story. =-)

iris lily

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #47 on: July 07, 2014, 09:36:39 PM »
When I started my career in the early 90s there was no real internet.  Most transactions were carried outbiver the phone and our investment calculators were little cardboard wheels provided by Vanguard.
The little wheels told me that if I invested at a certain rate that I'd have 1.8 million at age 52 in 2020.  Crazy but in 2014 I'm at 1.2m and on track to hit 1.8m by then.  No computers just a piece of cardboard.

Love this story. =-)

I know! me too, Who needs a steekin' computer...and a steekin' web.

1tolivesimply

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Re: I've officially crossed the MILLIONAIRE line!
« Reply #48 on: July 08, 2014, 05:07:26 PM »
Just used the Dave Ramsey site calculator and at 7 percent interest rates my salaey is replaced by interest in 2017.  By 2020 if I were to work till my original goal date it is beyound my 100k salary and pulling  away at greater than 20 k per year.  Amazing money comes just past the 2M point.  You don't have to cut out pizza or soda.

Can you post a link to that calculator?