Author Topic: Millionaire!  (Read 19095 times)

JT

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Millionaire!
« on: May 23, 2014, 01:41:52 AM »
Hi folks

I've just done my Net Worth on the good ol' spreadsheet and realised my assets are now just over ONE MILLION DOLLARS!!!

Just wanted to celebrate this with my fellow mustachians!  WooHoo!


« Last Edit: May 23, 2014, 01:48:45 AM by JT »

Denarius

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Re: Millionaire!
« Reply #1 on: May 23, 2014, 03:39:53 AM »
congrats!

deborah

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Re: Millionaire!
« Reply #2 on: May 23, 2014, 03:41:24 AM »
I hope you are going to celebrate in a suitably mustashian way!!! Congratulations!!!

BTW how long did it take? and is this FI?

NearlyThere

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Re: Millionaire!
« Reply #3 on: May 23, 2014, 04:27:40 AM »
Congratulations JT!!!!

Outstanding. I've just hit the 100k invest mark and I'm over the moon too. Can imagine feeling 10x this good!

soccerluvof4

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Re: Millionaire!
« Reply #4 on: May 23, 2014, 05:07:36 AM »
Well done!

BFGirl

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Re: Millionaire!
« Reply #5 on: May 23, 2014, 05:11:51 AM »
Congratulations!

Kaminoge

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Re: Millionaire!
« Reply #6 on: May 23, 2014, 05:12:10 AM »
Hooray!! Can't wait to get there myself.

pac_NW

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Re: Millionaire!
« Reply #7 on: May 23, 2014, 05:55:52 AM »
Hooray!

iris lily

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Re: Millionaire!
« Reply #8 on: May 23, 2014, 06:12:22 AM »
Happy Millionaire Day! that is great news, and the MM community is the best place to share it!

dude

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Re: Millionaire!
« Reply #9 on: May 23, 2014, 06:16:45 AM »
Nice!

ArbitraryGuy

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Re: Millionaire!
« Reply #10 on: May 23, 2014, 08:00:45 AM »
Congrats!

forestbound

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Re: Millionaire!
« Reply #11 on: May 23, 2014, 09:39:25 AM »
Congratulations!! Savor the feeling!

ShortInSeattle

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Re: Millionaire!
« Reply #12 on: May 23, 2014, 11:36:02 AM »
It's time for a Monocle to go with your Money Mustache. :)

Winston

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Re: Millionaire!
« Reply #13 on: May 23, 2014, 11:45:30 AM »
Here is you new avatar:

Greg

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Re: Millionaire!
« Reply #14 on: May 23, 2014, 11:50:29 AM »
Congratulations!

Johnny Aloha

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Re: Millionaire!
« Reply #15 on: May 23, 2014, 02:01:14 PM »
Awesome!

William

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Re: Millionaire!
« Reply #16 on: May 23, 2014, 02:18:43 PM »
Meaningless without posting age!

:D

FIreDrill

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Re: Millionaire!
« Reply #17 on: May 23, 2014, 02:31:00 PM »
Congrats!

B L I S S

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Re: Millionaire!
« Reply #18 on: May 23, 2014, 02:50:26 PM »
Congratulations! What are you going to buy first?!?!





;)

DeepEllumStache

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Re: Millionaire!
« Reply #19 on: May 23, 2014, 02:52:29 PM »
Nice job!

Exflyboy

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Re: Millionaire!
« Reply #20 on: May 23, 2014, 03:05:23 PM »
Great job.. May the stock market continue upwards.. to meet your FI goal..

Or have you already met it?

Frank

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Re: Millionaire!
« Reply #21 on: May 23, 2014, 03:12:21 PM »
Congratulations!

sobezen

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Re: Millionaire!
« Reply #22 on: May 23, 2014, 03:50:56 PM »
Congratulations keep up the great work!  Can you share any insights beyond what we've learned from Pete on the things that helped you reached your goal?  Thanks!  By the way, do you mind sharing your age too in your first post?  Cheers!! :)

Suit

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Re: Millionaire!
« Reply #23 on: May 23, 2014, 08:01:37 PM »
Congratulations!

Monij87

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Re: Millionaire!
« Reply #24 on: May 23, 2014, 08:16:23 PM »



Sent from my iPhone using Tapatalk

rpr

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Re: Millionaire!
« Reply #25 on: May 23, 2014, 08:41:08 PM »
Congratulations !!! I can imagine how thrilled you must be. Great job.

little stache

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Re: Millionaire!
« Reply #26 on: May 23, 2014, 09:27:55 PM »
Meaningless without posting age!

:D

Not true! :) It does not matter when you got your frugal bug, got your priorities set to saving so you can live your intentional life (working or not).  Congratulations on hitting a big milestone few ever see. Feel good and savior the achievement. 

Hamster

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Re: Millionaire!
« Reply #27 on: May 23, 2014, 11:44:14 PM »
Congratulations! Must feel great. What's next?

happy

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Re: Millionaire!
« Reply #28 on: May 24, 2014, 01:57:02 AM »
Hey JT, well done!

Zamboni

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Re: Millionaire!
« Reply #29 on: May 24, 2014, 05:31:21 AM »
Congratulations!

JT

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Re: Millionaire!
« Reply #30 on: May 24, 2014, 11:26:38 PM »
What a lovely surprise seeing all your replies.  Thanks so much for all your congratulations :)

For those who asked, I'm 47 and it's taken about 14 years.

Here's how it went, roughly (don't have the paperwork in front of me):

First year:  acquired first house for $244,000
Second year: acquired second house for $135,000 and rented this one out
Third year: paying down first house
Fourth year: sold first house for $395,000; bought third house for $478,000
Fifth year: paying down third house
Sixth year: paying down third house
Seventh year: paying down house; redundancy package $65,000 which made third house mortgage free
Eighth year: sold second house for $325,000; sold third house for $508,000; purchased fourth house for $690,000 mortgage free
Ninth year: saved $15,000
Tenth year: saved $15,000
Eleventh year: saved $50,000 (total savings $80,000)
Twelfth year: saved $40,000 (total savings $120,000)
Thirteenth year: saved $30,000 (total savings $150,000); sold fourth house for $780,000; purchased fifth house for $330,000
Fourteenth year: total assets (house, shares, super): $1,003,340

Current income per year = $36,556
Current expenses per year = $27,720

The good news is I've just resigned from my job, but I'll look for another job to help pay for some improvements to my house and I also want to buy more shares or bonds, to help secure and hedge my position.

In fact, I'd like to move my focus from houses to 'proper' investing.  The houses were attractive because our market has been going up over the fourteen years and we're in a boom now, so any improvements to my house will more than pay for themselves if I sell.  We've got limited space and high population growth (if anyone's wondering why the market's so good!)

Doing my networth the other day was quite a surprise; it all snuck up on me while I was busy saving/buying houses/making super contributions.

JT

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Re: Millionaire!
« Reply #31 on: May 24, 2014, 11:30:17 PM »
Here is you new avatar:
Winston, this gave me a huge giggle!  Thanks :)

Workinghard

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Re: Millionaire!
« Reply #32 on: May 25, 2014, 03:35:32 AM »
Not another one! Lol. Congrats! While you're basking in reaching the goal, I'll keep pushing forward. I love reading about people reaching the 1m milestone. It CAN be done!

TomTX

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Re: Millionaire!
« Reply #33 on: May 25, 2014, 12:43:27 PM »
That's a lot of houses!

CONGRATZ!!!!!!

JoJoP

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Re: Millionaire!
« Reply #34 on: May 26, 2014, 08:35:11 PM »
Very nice!

George_PA

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Re: Millionaire!
« Reply #35 on: May 26, 2014, 09:57:58 PM »
JT those numbers are wild, how in the world are you getting so much more when selling the houses for than what you bought them for? 

Are you putting money in the improve them or sweat equity?

HowMuchCanAKoalaBear

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Re: Millionaire!
« Reply #36 on: May 26, 2014, 10:04:28 PM »
Nicely done. It goes to show even on a low salary what can be achieved.

sleepyguy

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Re: Millionaire!
« Reply #37 on: May 26, 2014, 11:27:00 PM »
AWESOME!

CHOP CHOP... get crack'in on that 2nd Million! ;)

JoJoP

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Re: Millionaire!
« Reply #38 on: May 27, 2014, 08:54:00 AM »
I think it's great to see how a 14 year program can pan out so successfully.   Your story is very inspirational to all.   Even people who are late getting started can do this.  Early retirement is terrific, but no retirement at all is scary.    All is not lost at any age!

MMMdude

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Re: Millionaire!
« Reply #39 on: May 27, 2014, 11:16:36 AM »
Awesome dude.  I hope to get to $1mil liquid by Dec 2016.  I am socking away/generating enough market returns of $10k a month.

To say I am obsessed with this number is an understatement.  Yea, $1Mil isn't what it used to be, but I don't care that is still a boat load of $ and a huge accomplishment.  For me it's important to meet this milestone as my intention is to never get under $1Mil.  That will be my canary in the coal mine so to speak.  If I dip below that, then I know I need to cut back on expenses/get some kind of part time gig. I don't necessarily want to leave a fortune for my heirs but I also don't want to die with $0 in my investment accounts.

JT

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Re: Millionaire!
« Reply #40 on: May 29, 2014, 02:25:22 AM »
Not another one! Lol. Congrats! While you're basking in reaching the goal, I'll keep pushing forward. I love reading about people reaching the 1m milestone. It CAN be done!
I know!  We're popping up like mushrooms after rain!  'Keep pushing forward' is definitely the right attitude though!

JT

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Re: Millionaire!
« Reply #41 on: May 29, 2014, 02:27:18 AM »
Congratulations! What are you going to buy first?!?!
Believe it, or not. We rewarded ourselves with a second hand soda stream.  $250 in the shops, bought ours for $65.





;)

JT

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Re: Millionaire!
« Reply #42 on: May 29, 2014, 02:29:57 AM »
Hey JT, well done!
Thanks Happy!  I'm happy now!

JT

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Re: Millionaire!
« Reply #43 on: May 29, 2014, 02:33:15 AM »
That's a lot of houses!

CONGRATZ!!!!!!
Houses/land were the only asset class growing at such a phenomenal rate!

JT

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Re: Millionaire!
« Reply #44 on: May 29, 2014, 02:40:21 AM »
JT those numbers are wild, how in the world are you getting so much more when selling the houses for than what you bought them for? 

Are you putting money in the improve them or sweat equity?
It's a simple supply/demand problem.  Land is in short supply and the population is growing so house values have been growing too. 

JT

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Re: Millionaire!
« Reply #45 on: May 29, 2014, 02:42:22 AM »
AWESOME!

CHOP CHOP... get crack'in on that 2nd Million! ;)
Exactly my attitude, no rest yet!

JT

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Re: Millionaire!
« Reply #46 on: May 29, 2014, 02:46:53 AM »
I think it's great to see how a 14 year program can pan out so successfully.   Your story is very inspirational to all.   Even people who are late getting started can do this.  Early retirement is terrific, but no retirement at all is scary.    All is not lost at any age!
Thanks Jill! MMM has really influenced the last 3 years, without him, well it doesn't bear thinking about. 

JT

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Re: Millionaire!
« Reply #47 on: May 29, 2014, 02:48:31 AM »
Awesome dude.  I hope to get to $1mil liquid by Dec 2016.  I am socking away/generating enough market returns of $10k a month.

To say I am obsessed with this number is an understatement.  Yea, $1Mil isn't what it used to be, but I don't care that is still a boat load of $ and a huge accomplishment.  For me it's important to meet this milestone as my intention is to never get under $1Mil.  That will be my canary in the coal mine so to speak.  If I dip below that, then I know I need to cut back on expenses/get some kind of part time gig. I don't necessarily want to leave a fortune for my heirs but I also don't want to die with $0 in my investment accounts.
MMM Dude.  That's an awesome effort.  See you're going about it with deliberate intent and the $10K per month return is great!  It's good to have a canary, that's some very sane thinking there!

Workinghard

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Re: Millionaire!
« Reply #48 on: May 29, 2014, 10:40:39 AM »
Awesome dude.  I hope to get to $1mil liquid by Dec 2016.  I am socking away/generating enough market returns of $10k a month.

To say I am obsessed with this number is an understatement.  Yea, $1Mil isn't what it used to be, but I don't care that is still a boat load of $ and a huge accomplishment.  For me it's important to meet this milestone as my intention is to never get under $1Mil.  That will be my canary in the coal mine so to speak.  If I dip below that, then I know I need to cut back on expenses/get some kind of part time gig. I don't necessarily want to leave a fortune for my heirs but I also don't want to die with $0 in my investment accounts.
MMM Dude.  That's an awesome effort.  See you're going about it with deliberate intent and the $10K per month return is great!  It's good to have a canary, that's some very sane thinking there!

I really, really like the idea of not going below 1m! I am working toward that goal too, and I've thought about what we need to live on in retirement, Social Security, and a SWR. I hadn't thought about maintaining our principle. Thank you for sharing.


sobezen

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Re: Millionaire!
« Reply #49 on: May 29, 2014, 01:40:22 PM »
Fantastic news JT!  Thanks for sharing such a detailed breakdown on how you made good!  Again many heartfelt congratulations on achieving such a major milestone!  Please keep us updated on new developments.  Cheers! :)