Author Topic: We're (half) millionaires  (Read 4493 times)

tryathlete2011

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We're (half) millionaires
« on: June 08, 2016, 08:03:10 AM »
$500,167-aires to be exact. Though I didn't count our loose change bucket, so might be a little higher.

Still a lot of work to do, but this feels like a pretty big milestone. Stock market uptick and some rapidly increasing home values in our area got us here about 5 months earlier than I was projecting.


Maya

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Re: We're (half) millionaires
« Reply #1 on: June 08, 2016, 08:07:19 AM »
Awesome! How old are you if you don't mind me asking?

tryathlete2011

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Re: We're (half) millionaires
« Reply #2 on: June 08, 2016, 08:18:32 AM »
I'm 41, wife is 38. Pretty much all of the accumulation came in the last 4 years after relocating to a lower cost of living area, and of course tightening up the budget.

Physicsteacher

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Re: We're (half) millionaires
« Reply #3 on: June 08, 2016, 09:05:44 AM »
Go you!

styl1

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Re: We're (half) millionaires
« Reply #4 on: June 08, 2016, 10:09:21 AM »
Congrats!  We were half millionaires about 4-5 years ago as well. Now we have one million. Keep at it!


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Roots&Wings

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Re: We're (half) millionaires
« Reply #5 on: June 08, 2016, 10:38:51 AM »
Way to go and congrats on the milestone!

onlykelsey

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Re: We're (half) millionaires
« Reply #6 on: June 08, 2016, 10:47:57 AM »
$500,167-aires to be exact. Though I didn't count our loose change bucket, so might be a little higher.

Still a lot of work to do, but this feels like a pretty big milestone. Stock market uptick and some rapidly increasing home values in our area got us here about 5 months earlier than I was projecting.

Nice! On another post someone pointed out that based on their assumption (I think 6% growth), the real halfway point to a million is more like 330K, because of the time value of money and how interest compounds.  I've hit that mark, which is exciting.  Hopefully 500K isn't far away.  Maybe you're actually more like 70% to a million by that method!

elaine amj

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Re: We're (half) millionaires
« Reply #7 on: June 08, 2016, 10:50:27 AM »
Congrats!! That's an awesome milestone!!!

tarheeldan

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Re: We're (half) millionaires
« Reply #8 on: June 08, 2016, 10:54:08 AM »
Congratulations!

Pylortes

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Re: We're (half) millionaires
« Reply #9 on: June 08, 2016, 07:56:55 PM »
Awesome! Curious to know where you moved from/to and how much impact the lower cost of living had vs other measures you undertook.  Were you able to keep income relatively steady after the move and then up the savings % significantly?

fmzip

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Re: We're (half) millionaires
« Reply #10 on: June 09, 2016, 10:53:40 AM »
Congrats!

We hit the $800K liquid mark on 4/13, two months later we are at $836K. It's  amazing how quickly it can grow, and how fast it will fall as well ;)

Exflyboy

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Re: We're (half) millionaires
« Reply #11 on: June 09, 2016, 12:23:40 PM »
Awesome!

We hit $1664k (liquid) yesterday.. Amazing how fast it builds when the number gets large.. $360k in the last two years alone..:)

Davids

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Re: We're (half) millionaires
« Reply #12 on: June 09, 2016, 05:44:53 PM »
Congrats, I hope to cross the $750K threshold by the end of the month. It is amazing how quickly it grows.

tryathlete2011

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Re: We're (half) millionaires
« Reply #13 on: June 10, 2016, 06:08:03 AM »
Quote
Awesome! Curious to know where you moved from/to and how much impact the lower cost of living had vs other measures you undertook.  Were you able to keep income relatively steady after the move and then up the savings % significantly?

We moved from New Jersey to South Carolina, outside Charleston and I kept my same job, just working form home. We took a bit of a hit as it took my wife awhile to build her business back up down here.

Its hard to pinpoint a specific number. I know the day we moved I calculated the turnaround at $1800 a month going to a smaller rental, getting rid of a car (more bikeable area), lower cost of insurance on the car we kept, eliminated $350/mo train ticket to commute, ditched cable, my oldest son started kindergarten so we got rid of childcare for him and a few other small things. But there was still plenty of fat in the budget thats gotten trimmed over the past 3 years. I think the lower cost of living area helped, but for us it was also shift in mindset. We wanted less, simpler and the area, climate all helped us find more happiness with less stuff/money spent.

Fishindude

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Re: We're (half) millionaires
« Reply #14 on: June 10, 2016, 06:12:58 AM »
Congrats !

ltt

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Re: We're (half) millionaires
« Reply #15 on: June 11, 2016, 02:53:26 PM »
Fantastic!!!

felizcortez

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Re: We're (half) millionaires
« Reply #16 on: June 12, 2016, 06:47:12 PM »
Congrats.  Nice accomplishment.  How much is liquid vs home equity?

SwordGuy

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Re: We're (half) millionaires
« Reply #17 on: June 12, 2016, 07:00:54 PM »
Good job!   The 2nd half million will arrive much quicker! :)

Bateaux

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Re: We're (half) millionaires
« Reply #18 on: June 12, 2016, 07:43:32 PM »
Awesome milestone to the Two-Comma-Dash