Author Topic: Millionaire!  (Read 20208 times)

JT

  • Stubble
  • **
  • Posts: 146
  • Location: NZ
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

  • 5 O'Clock Shadow
  • *
  • Posts: 26
  • Age: 39
  • Location: Cleveland
Re: Millionaire!
« Reply #1 on: May 23, 2014, 03:39:53 AM »
congrats!

deborah

  • Senior Mustachian
  • ********
  • Posts: 15967
  • Age: 14
  • Location: Australia or another awesome area
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

  • Bristles
  • ***
  • Posts: 252
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

  • Walrus Stache
  • *******
  • Posts: 7161
  • Location: Artic Midwest
  • Retired at 50
    • My Journal
Re: Millionaire!
« Reply #4 on: May 23, 2014, 05:07:36 AM »
Well done!

BFGirl

  • Pencil Stache
  • ****
  • Posts: 766
Re: Millionaire!
« Reply #5 on: May 23, 2014, 05:11:51 AM »
Congratulations!

Kaminoge

  • Bristles
  • ***
  • Posts: 348
  • Location: Buenos Aires, Argentina
Re: Millionaire!
« Reply #6 on: May 23, 2014, 05:12:10 AM »
Hooray!! Can't wait to get there myself.

pac_NW

  • Stubble
  • **
  • Posts: 152
  • Have the stamina to work on it until it's right
    • Take Next Steps
Re: Millionaire!
« Reply #7 on: May 23, 2014, 05:55:52 AM »
Hooray!

iris lily

  • Walrus Stache
  • *******
  • Posts: 5672
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

  • Handlebar Stache
  • *****
  • Posts: 2369
Re: Millionaire!
« Reply #9 on: May 23, 2014, 06:16:45 AM »
Nice!

ArbitraryGuy

  • 5 O'Clock Shadow
  • *
  • Posts: 53
Re: Millionaire!
« Reply #10 on: May 23, 2014, 08:00:45 AM »
Congrats!

forestbound

  • Bristles
  • ***
  • Posts: 256
  • Location: midwest
Re: Millionaire!
« Reply #11 on: May 23, 2014, 09:39:25 AM »
Congratulations!! Savor the feeling!

ShortInSeattle

  • Pencil Stache
  • ****
  • Posts: 574
Re: Millionaire!
« Reply #12 on: May 23, 2014, 11:36:02 AM »
It's time for a Monocle to go with your Money Mustache. :)

Vorpal

  • Stubble
  • **
  • Posts: 193
  • Age: 46
  • Location: Under the sea
Re: Millionaire!
« Reply #13 on: May 23, 2014, 11:45:30 AM »
Here is you new avatar:

Greg

  • Handlebar Stache
  • *****
  • Posts: 1448
  • Location: Olympia, WA, USA
Re: Millionaire!
« Reply #14 on: May 23, 2014, 11:50:29 AM »
Congratulations!

Johnny Aloha

  • Bristles
  • ***
  • Posts: 315
Re: Millionaire!
« Reply #15 on: May 23, 2014, 02:01:14 PM »
Awesome!

William

  • Stubble
  • **
  • Posts: 194
  • Age: 34
  • Location: Nebraska
    • First Quarter Finance
Re: Millionaire!
« Reply #16 on: May 23, 2014, 02:18:43 PM »
Meaningless without posting age!

:D

FIreDrill

  • Handlebar Stache
  • *****
  • Posts: 1096
Re: Millionaire!
« Reply #17 on: May 23, 2014, 02:31:00 PM »
Congrats!

B L I S S

  • 5 O'Clock Shadow
  • *
  • Posts: 75
  • Location: North Carolina
Re: Millionaire!
« Reply #18 on: May 23, 2014, 02:50:26 PM »
Congratulations! What are you going to buy first?!?!





;)

DeepEllumStache

  • Magnum Stache
  • ******
  • Posts: 4138
  • I came, I saw, I made it awkward
Re: Millionaire!
« Reply #19 on: May 23, 2014, 02:52:29 PM »
Nice job!

Exflyboy

  • Walrus Stache
  • *******
  • Posts: 8402
  • Age: 62
  • Location: Corvallis, Oregon
  • Expat Brit living in the New World..:)
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

FireYourJob

  • Stubble
  • **
  • Posts: 110
    • Get Rich or Die Trying!
Re: Millionaire!
« Reply #21 on: May 23, 2014, 03:12:21 PM »
Congratulations!

sobezen

  • Bristles
  • ***
  • Posts: 371
  • Age: 894
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

  • Bristles
  • ***
  • Posts: 275
Re: Millionaire!
« Reply #23 on: May 23, 2014, 08:01:37 PM »
Congratulations!

Monij87

  • 5 O'Clock Shadow
  • *
  • Posts: 13
Re: Millionaire!
« Reply #24 on: May 23, 2014, 08:16:23 PM »



Sent from my iPhone using Tapatalk

rpr

  • Guest
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

  • 5 O'Clock Shadow
  • *
  • Posts: 47
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

  • Pencil Stache
  • ****
  • Posts: 623
Re: Millionaire!
« Reply #27 on: May 23, 2014, 11:44:14 PM »
Congratulations! Must feel great. What's next?

happy

  • Walrus Stache
  • *******
  • Posts: 9294
  • Location: NSW Australia
Re: Millionaire!
« Reply #28 on: May 24, 2014, 01:57:02 AM »
Hey JT, well done!

Zamboni

  • Magnum Stache
  • ******
  • Posts: 3882
Re: Millionaire!
« Reply #29 on: May 24, 2014, 05:31:21 AM »
Congratulations!

JT

  • Stubble
  • **
  • Posts: 146
  • Location: NZ
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

  • Stubble
  • **
  • Posts: 146
  • Location: NZ
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

  • Pencil Stache
  • ****
  • Posts: 636
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

  • Walrus Stache
  • *******
  • Posts: 5345
  • Location: Texas
Re: Millionaire!
« Reply #33 on: May 25, 2014, 12:43:27 PM »
That's a lot of houses!

CONGRATZ!!!!!!

JoJoP

  • Bristles
  • ***
  • Posts: 261
Re: Millionaire!
« Reply #34 on: May 26, 2014, 08:35:11 PM »
Very nice!

George_PA

  • Guest
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

  • 5 O'Clock Shadow
  • *
  • Posts: 24
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

  • Pencil Stache
  • ****
  • Posts: 669
  • Location: Oakville, Ontario
Re: Millionaire!
« Reply #37 on: May 26, 2014, 11:27:00 PM »
AWESOME!

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

JoJoP

  • Bristles
  • ***
  • Posts: 261
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

  • Bristles
  • ***
  • Posts: 322
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

  • Stubble
  • **
  • Posts: 146
  • Location: NZ
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

  • Stubble
  • **
  • Posts: 146
  • Location: NZ
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

  • Stubble
  • **
  • Posts: 146
  • Location: NZ
Re: Millionaire!
« Reply #42 on: May 29, 2014, 02:29:57 AM »
Hey JT, well done!
Thanks Happy!  I'm happy now!

JT

  • Stubble
  • **
  • Posts: 146
  • Location: NZ
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

  • Stubble
  • **
  • Posts: 146
  • Location: NZ
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

  • Stubble
  • **
  • Posts: 146
  • Location: NZ
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

  • Stubble
  • **
  • Posts: 146
  • Location: NZ
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

  • Stubble
  • **
  • Posts: 146
  • Location: NZ
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

  • Pencil Stache
  • ****
  • Posts: 636
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

  • Bristles
  • ***
  • Posts: 371
  • Age: 894
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! :)