The Money Mustache Community

General Discussion => Throw Down the Gauntlet => Topic started by: usmarine1975 on July 16, 2014, 10:08:35 AM

Title: Get to 1 Million in Net worth
Post by: usmarine1975 on July 16, 2014, 10:08:35 AM
Well I am going to throw this down as some others have stated if you write it down it becomes more etched in stone.  So etching will now commence.

My wife and I both work.  Our AGI is roughly 115k/year
I am 39 she is 36
I have a 7 mile commute my wife has about an hour or so.
We also have to transport our Son to and from Daycare on occasion.
Another Child is on it's way due in September oh boy. 
We are fortunate to have Grandma's to help watch but at that time will have to add a nanny which will be cheaper then a daycare but still an extra expense.

Current holdings

Cash or Bank $   12,800.00
Property         $ 725,900.00
Investments   $   56,800.00

Total Asset's  $  795,000.00

Liabilities        $  569,177.00

Net Worth      $  226,486.00




Title: Re: Get to 1 Million in Net worth
Post by: Thegoblinchief on July 25, 2014, 08:10:21 AM
I have no desire to get that high. It's possible we'll get that high including land/house, but our FIRE number in liquid assets is far lower than 1 mil.

Good luck though!
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on July 25, 2014, 08:23:42 AM
I am including Real Estate in the Net worth Figure so actual Liquid cash will be much less as well especially considering our Current Real Estate Holdings is $725k.  So realistically our liquid cash or investments would be around $275K.

Our current timeline for Real Estate pay down is 15 years give or take.  The rental's alone generate enough income for us to live on once the properties are clear of leans.  I might even continue working who knows. 
Title: Re: Get to 1 Million in Net worth
Post by: Rbuckyfuller on July 28, 2014, 05:17:04 AM
I'll join this one.  I am also aiming for $1MM.  Though my wife would kill me if I shared our current net worth so I likely won't be able to provide updates or any real information at all =).  I'll let you know when we are done --- or maybe I won't be allowed to.
Title: Re: Get to 1 Million in Net worth
Post by: Alabaster on July 28, 2014, 09:03:51 PM
I'd love to join you, but its going to be a long ass time until I get anywhere near that. Good luck on your journey and congratulations on making it so far already! :cheer:
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on July 29, 2014, 03:19:58 PM
I don't Expect this to happen for a couple years for us either so feel free to join in.  I have given myself 2 or 3 weeks to review the past few months spending to see if we have any other changes we could make to speed up our process.  As I get that done I will post.

Title: Re: Get to 1 Million in Net worth
Post by: KS on July 29, 2014, 03:45:47 PM
I'll join this one.  I am also aiming for $1MM.  Though my wife would kill me if I shared our current net worth so I likely won't be able to provide updates or any real information at all =).  I'll let you know when we are done --- or maybe I won't be allowed to.

I'm in this boat too... OP started this gauntlet the same day I happened to do some math and realized we may hit this milestone sooner than I thought, even without changing anything we're doing. Although it would of course be fun to optimize and get there even sooner! So I'm "in" but my husband doesn't want me sharing anything too specific on here, and I don't really blame him for being concerned so I generally keep things vague and will probably just continue lurking in this thread. :) Good luck to all, whether sharing details or not!
Title: Re: Get to 1 Million in Net worth
Post by: Happyback on August 02, 2014, 11:22:40 AM
Good resistance! 

I'm in on your $1M challenge.
I just paid off my mortgage today.
Current net worth is $888K (fun number!)
I am building my own off-grid, self sufficient cottage (cash), and hope to reduce my expenses TREMENDOUSLY in doing that. 
I estimate being at $1M net worth by the end of 2015.
:)
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on August 02, 2014, 08:39:07 PM
Nice number. From the sounds of it you will beat me there but its good to have others joining the fight especially when they are further along.
Title: Re: Get to 1 Million in Net worth
Post by: catccc on August 04, 2014, 11:04:55 AM
Glad to join this gauntlet! 

I'm 34 (for another 2 weeks), DH is 36, and I consider us essentially a one-income family (DH stays at home with the kids, but works at a cafe very part-time making $8.50/hr)  My salary is $85K.  We have 2 kids, 5 & 3.  So all in all, not too far off from OP.  Slightly less income, slightly younger.  My commute is slightly crappy though, 40 miles round trip, and will be slightly more when some overdue bridge construction starts.

Our net worth recently broke $500K.  We don't have a mortgage because we rent.  We'd like to own someday, but it isn't a priority right now.  I'd really love to hit 1M in 5 more years, before I turn 40.  It would be a stretch, but it isn't totally out of the question, I think.

Obviously we've been decent savers, and we are getting to the point where we are comfortable with our spending levels (40K-45K/year, depending on preschool tuition and vacations...)  But I think there is always room for improvement, I'd love to get below 40K.  Maybe when the kids are both in public schools.  Kind of got suckered into one more year of private school for our 5 y/o.  And when both kids are in school, DH can possibly pick up more work, which would help out.

We track spending pretty closely, using Yodlee for years, and YNAB since December 2013.  (I really love YNAB, I think it is helping a lot in keeping costs reigned in.)
Title: Re: Get to 1 Million in Net worth
Post by: catccc on August 04, 2014, 11:22:08 AM
Boo, just updated my tracking spreadsheet for July month end.  June 2014 month end was $544K, market (paper) losses have taken us down a notch to $533K for July 2014.  The year end goal for 2014 is $570K, so we are now below tracking for $570K.  But hopefully the market will rebound before year end.  I know, I shouldn't let these month to month swings weigh so heavily on me, but it still sucks.
Title: Re: Get to 1 Million in Net worth
Post by: minimustache1985 on August 04, 2014, 11:33:16 AM
Awesome, although I'll also have to be vague as my husband would also not appreciate our specifics out there. We're about 1/3 the way there not counting real estate since we plan to stay in our current house.  We have one neutral rental (H's old house) that will become more positive as rents rise here, and are looking to add a second one this year to grow some passive income we can reinvest.
Title: Re: Get to 1 Million in Net worth
Post by: Cheddar Stacker on August 04, 2014, 02:44:57 PM
Good luck to you and everyone else usmarine1975. It's a goal of mine along the way to FI as well. I don't want to be too specific, so I'll just say we're no where near there now, but project to be there in about 5-6 years. Now I just need to keep us focused and on track.
Title: Re: Get to 1 Million in Net worth
Post by: Gin1984 on August 04, 2014, 04:17:03 PM
I'll join up, because I already joined Budget's are sexy's millionaire goal.  :)
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on August 26, 2014, 08:28:06 AM
So I have been tracking our expenses on a Weekly basis to a degree.  Need to spend a day just categorizing expenses on the software and tweaking other aspects to make the printout's a lot easier and quicker to produce.  At this point I have made the following changes.

I have reduced the amount of times I purchase lunch at restaurants.

I have decided to surrender the VGUL policy that I have been holding on to.  Going to take the cash balance and put it in my Roth & the premium/investment payment will also be added to my Roth on a Monthly basis.

My wife and I need to discuss in more depth the rest of the insurance we carry and our feelings on it.  (Hard to believe I am saying that)

Trying to be proactive in all our expenses.  I have August with the goal of riding bike to work 2 days a week.  Last week and this week it looks like I will be able to continue doing 3 day's/week. 

Our Net worth has stayed pretty stable.  Now to Increase it.
Title: Re: Get to 1 Million in Net worth
Post by: Cheddar Stacker on August 26, 2014, 11:40:27 AM
Very strong of you to open your mind and view the insurance from all angles. I'm sure that was difficult given your professional history.

The stache is strong with this one.
Title: Re: Get to 1 Million in Net worth
Post by: Cheddar Stacker on August 26, 2014, 12:15:15 PM
When I enter debates or discussions, whatever you want to call them, its not to prove that I am right.  Part of having those debates or discussions for me, is that other's challenge my views and or opinions and help me to evolve or improve.  The VGUL was the easiest for me to get rid of. 

The whole life will be tougher, I do feel that Life Insurance is valuable (when you die) for those you leave behind.  That being said my term is convertible, and maybe right now is not the best time to be paying for a permanent policy.  Again not 100% sold on  surrendering them, but at least I am reviewing why we have it and considering what should be done.

Agree 100% with all of this, and again, good job keeping an open mind. This is something I used to be horrible at, but mustachianism is teaching me the ways. I've become much better at this than I used to be, but I'm constantly working on it.
Title: Re: Get to 1 Million in Net worth
Post by: Ybserp on August 27, 2014, 05:21:02 AM
Marine-

If the age on your profile is accurate, and you are currently near $1M in assets, you may be among the select group for whom whole life is actually a good idea. With $1M in assets before 40, a significant portion of assets in stocks or real estate, and the kind of badass attitude that involves side jobs and DIY in FIRE you are likely to end up with $5M+ at your passing. And your heirs might thank you... Though for your life insurance (whole or not) to be *not* included in your estate for tax purposes, someone besides you needs to own the policy, not just be its beneficiary.
Title: Re: Get to 1 Million in Net worth
Post by: JoyBlogette on August 28, 2014, 01:33:18 PM
I'm in for this challenge.  $1M is my FIRE number as well.  Including a (downsized) house.  We are at $750k right now.  I would love to get there within 2 years.
Title: Re: Get to 1 Million in Net worth
Post by: Cheddar Stacker on August 28, 2014, 01:46:15 PM
I'm in for this challenge.  $1M is my FIRE number as well.  Including a (downsized) house.  We are at $750k right now.  I would love to get there within 2 years.

Based on your last journal post Joy, you might be able to get there quickly simply by consolidating and getting a true picture of your asset allocation. I hope your meeting goes well tomorrow.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on August 31, 2014, 12:34:19 AM
I'm in for this gauntlet (though it reads more like a journal - maybe some posts should be split out into a separate journal?).  I'm hoping to accomplish this by next June, 2015.  Looks like I'll make it, though perhaps not depending on what the markets do.
Title: Re: Get to 1 Million in Net worth
Post by: Roots&Wings on August 31, 2014, 07:33:15 AM
I'm in too, though it will be awhile.  Just hit $400k in NW.  Save about $3,900/mo currently, and depending on a host of variables, might reach $1M in 8-12+ years.  Would be nice if it happens sooner though :)
Title: Re: Get to 1 Million in Net worth
Post by: sleepyguy on August 31, 2014, 09:17:03 AM
Not exactly sure when we'll get there... sucks so much is tied up in RE.  We're both 35 and have 2 young kids.  She's been on parental leave for 2yrs so we lost about $230k of income.  She's back this Sept so we'll be seriously ramping up investments and paying down the home.  We're also considering moving to a place under 350k, but not until she get's her RE license (also something she wants to do after she leaves the corporate world).

House $630k (150k mortgage left)
Investments 400K
Title: Re: Get to 1 Million in Net worth
Post by: JoyBlogette on September 03, 2014, 11:08:40 AM
Based on your last journal post Joy, you might be able to get there quickly simply by consolidating and getting a true picture of your asset allocation. I hope your meeting goes well tomorrow.

All signed up.  Now I have to convert to e-series funds... hoop jumping...

I recalculated our NW assuming a more conservative house value... total NW more like $650k.  Lots of work to do.  Got hubby more on board now.  I'm excited to see how that will change things in the coming months.  Good luck everyone!
Title: Re: Get to 1 Million in Net worth
Post by: thedayisbrave on September 11, 2014, 04:32:33 PM
Love it.  Thanks for posting, marine.  1MM is my FIRE number too but I'm not sure I'll completely stop when I reach it... it's more of a concrete number to be working towards.  Too many unknowns in life to say with absolute certainty but at that point I'd like to have the option of transitioning to part-time work and/or trying my hand at some entrepreneurial ventures.  If I'm aggressive over the next 5-7 years I could be really close.
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on September 12, 2014, 04:38:28 AM
This is the goal I'm most focused on right now but I am trying to reach it in liquid net with. About 2/3 there now goal is to reach in 2-3 years.
Title: Re: Get to 1 Million in Net worth
Post by: Dicey on September 14, 2014, 02:38:30 PM
We've been there for a couple of years, not including house, which is also paid for. We still have one rental with a mortgage, but we're going to let it ride. I chimed in just to say that we never thought we'd get there, until we did. Getting from 0-500k took a lot longer than from 500k to 1M. The key is to get started and then to stay focused. It may feel like this goal is impossible, but I assure you it is not!

One tip: it's far better IMHO to stuff the retirement/investment accounts once any debt is killed than to pre-pay the mortgage. When you hit your savings goals, you can write one check to pay off the house. More likely, by then you'll have learned that there are a lot of other interesting ways to create wealth besides paying off cheap mortgages.
Title: Re: Get to 1 Million in Net worth
Post by: clarkfan1979 on September 14, 2014, 06:20:40 PM
Your numbers are somewhat similar to mine. Dual income of around 115K and net worth just above 200K. I am four years younger and also use my birth year in my screen name. The biggest difference is the property value/mortgage. I'm guessing that you are somewhere in So. Cal. If you love it and want to stay, I think your number should be 2 million. If you are planning on moving back to where you are originally from, then you will need much less, around 1 million. If you plan on moving back to your original area you should sell the house and rent. If you plan on staying, then stay the course and try to pay off the mortgage. Living in So Cal with a mortgage paid off is a long life dream of mine.

All things being equal I would harness some of that extreme marine strength and bike to work, 90% of the time. 
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on September 14, 2014, 07:27:17 PM
My mortgage debt is for 6 properties with 7 rental units and a home we live in.  I am on the East Coast.  I was born in 75 great decade to be born imo

I am biking to work 3 of my 5 days.  Last month did 2.  Have a child that needs taken to daycare 1 day a week and usually something else that takes up a 2nd day of using my truck.  Dr appointment tomorrow gonna take the motorcycle. Its listed on CL maybe sell it beginning of the season.
Title: Re: Get to 1 Million in Net worth
Post by: clarkfan1979 on September 16, 2014, 07:24:26 PM
I guess I was way off. I had no idea that the mortgage was for 7 rental units. I agree with the other recommendation that this should be a journal. In my quick opinion, if you have 7 rental units, your net worth should be way higher. However, it's obvious that I do not know your story. If you journal your story you should get some really good advice from the many readers.
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on September 16, 2014, 08:06:02 PM
I did make a journal.  And my rounded numbers are on the first post on this thread and the journal as well.
Title: Re: Get to 1 Million in Net worth
Post by: NICE! on September 16, 2014, 08:45:36 PM
We're at about the same NW ($220k) and I like the goal. Married, no kids for a couple years. Wife in grad school for 2 years...about $105k salary. 10-15 years, depending on the market. I'd like to shave that down to 7-10 years.
Title: Re: Get to 1 Million in Net worth
Post by: CCCA on September 30, 2014, 03:01:55 PM
We passed this goal a few months ago!  This is not counting housing equity.  Our goal is about twice this amount because of expected college expenses for 2 kids (who are very young right now) and high living costs in SF Bay Area.  We're hoping we can get there in about 5-8 years, including downshifting our jobs to 50-75% levels over the next few years.  We're currently saving around $50K/yr, with income a little over $150K/yr.   
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on September 30, 2014, 07:57:10 PM
We've been there for a couple of years, not including house, which is also paid for. We still have one rental with a mortgage, but we're going to let it ride. I chimed in just to say that we never thought we'd get there, until we did. Getting from 0-500k took a lot longer than from 500k to 1M. The key is to get started and then to stay focused. It may feel like this goal is impossible, but I assure you it is not!

One tip: it's far better IMHO to stuff the retirement/investment accounts once any debt is killed than to pre-pay the mortgage. When you hit your savings goals, you can write one check to pay off the house. More likely, by then you'll have learned that there are a lot of other interesting ways to create wealth besides paying off cheap mortgages.

Diane -- Reading your post, for the first time ever I really get why it might not be the best plan to pre-pay my mortgage as I try to race to 1million liquid. Thx!
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on September 30, 2014, 09:03:03 PM
We re financed to 15 year mortgages simply because our payment increased minimally and shaved around 13 years off each mortgage. We do not plan to pay extra on the mortgages.

They say the first million is the hardest. Its good to hear successful stories.
Title: Re: Get to 1 Million in Net worth
Post by: Dicey on October 06, 2014, 11:02:22 PM
We've been there for a couple of years, not including house, which is also paid for. We still have one rental with a mortgage, but we're going to let it ride. I chimed in just to say that we never thought we'd get there, until we did. Getting from 0-500k took a lot longer than from 500k to 1M. The key is to get started and then to stay focused. It may feel like this goal is impossible, but I assure you it is not!

One tip: it's far better IMHO to stuff the retirement/investment accounts once any debt is killed than to pre-pay the mortgage. When you hit your savings goals, you can write one check to pay off the house. More likely, by then you'll have learned that there are a lot of other interesting ways to create wealth besides paying off cheap mortgages.

Diane -- Reading your post, for the first time ever I really get why it might not be the best plan to pre-pay my mortgage as I try to race to 1million liquid. Thx!

Hey, thanks brooklynmoney! That's why I hang around here post-FIRE. If MMM and this forum had existed when I first entered the workforce, FIRE would have happened a lot sooner...
Many relatively young MMMers have only seen low mortgage interest rates thus far in their adult lives. These rates will.not.last. In a few years, when rates return to historical norms, they will be kicking themselves for well, killing themselves to pay that cheap money back so early.




Open-mindedness is a very helpful tool in the MMM bag o'tricks.
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on October 07, 2014, 06:11:11 AM
My first mortgage was in the 9% range.  Can't imagine even paying that on a Credit Card today.
Title: Re: Get to 1 Million in Net worth
Post by: mbl on October 07, 2014, 07:18:51 AM
usmarine1975

Are you still in the military? If so I would have also considered any military pension that you would be eligible for.
Also, what military benefits might you have available?  Something to consider going forward.
Title: Re: Get to 1 Million in Net worth
Post by: VirginiaBob on October 07, 2014, 07:26:14 AM
They say your first million is the hardest.  But in reality, I think getting to $0 is the hardest - to go from college/credit card debts to $0 net worth - ramen, apartment in the ghetto, and no social life for 2 years.  After that, $1,000, $5,000, $10,000, $25,000 (1st house), $50,000 (married), $100,000, $250,000 (kids).  Working on $500,000 and getting close.  One thing that I noticed - each milestone is easier than the last.  It was actually easier to go from $100,000 to $250,000 than $1,000 to $5,000.  Go figure. 
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on October 07, 2014, 07:37:55 AM
I did 6 years in the Reserves with 2 deployments.  I do have limited benefits mainly in the form of medical care at the VA.  I do not have a disability or a pension with the military.  I take advantage of any discounts offered by companies etc...  The VA home loan has never really worked out for me.  Interest rates are too low.  Maybe in the future.  My highest interest rate now is 5.5% we have 6 mortgages and most are closer to 3 %. 

I was able to get a lot of credits for my military service.  I did a ton of MCI's while in and those courses took care of about 1.5 years of college classes reducing the amount I needed to spend on a degree.  I also got grants related to my service etc... The GI bill at the time was laughable at best because I was a reservist.  They changed it after I graduated and didn't make it retro active One of those time's it would have been beneficial to wait to go to school.  Oh well.

Great experience over all.
Title: Re: Get to 1 Million in Net worth
Post by: Dyk on October 07, 2014, 07:59:46 AM
Quote
They say your first million is the hardest.  But in reality, I think getting to $0 is the hardest - to go from college/credit card debts to $0 net worth - ramen, apartment in the ghetto, and no social life for 2 years.  After that, $1,000, $5,000, $10,000, $25,000 (1st house), $50,000 (married), $100,000, $250,000 (kids).  Working on $500,000 and getting close.  One thing that I noticed - each milestone is easier than the last.  It was actually easier to go from $100,000 to $250,000 than $1,000 to $5,000.  Go figure.

VirginiaBob - Thank you!
I am 4 months into this, with a very late start, and single income family.  So at times the possibility of 1 Million seems laughable, but your post helped out a ton.  Thanks again.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on October 07, 2014, 09:59:00 AM
They say your first million is the hardest.  But in reality, I think getting to $0 is the hardest - to go from college/credit card debts to $0 net worth - ramen, apartment in the ghetto, and no social life for 2 years.  After that, $1,000, $5,000, $10,000, $25,000 (1st house), $50,000 (married), $100,000, $250,000 (kids).  Working on $500,000 and getting close.  One thing that I noticed - each milestone is easier than the last.  It was actually easier to go from $100,000 to $250,000 than $1,000 to $5,000.  Go figure.

This is pretty person specific.

Getting to zero is hard if you make a lot of mistakes up front. 

If you don't, it shouldn't be.

And look at the percent of millionaires versus people with a 0 NW.  The latter is certainly more common.  ;)
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on October 07, 2014, 10:45:14 AM
They say your first million is the hardest.  But in reality, I think getting to $0 is the hardest - to go from college/credit card debts to $0 net worth - ramen, apartment in the ghetto, and no social life for 2 years.  After that, $1,000, $5,000, $10,000, $25,000 (1st house), $50,000 (married), $100,000, $250,000 (kids).  Working on $500,000 and getting close.  One thing that I noticed - each milestone is easier than the last.  It was actually easier to go from $100,000 to $250,000 than $1,000 to $5,000.  Go figure.

This is pretty person specific.

Getting to zero is hard if you make a lot of mistakes up front. 

If you don't, it shouldn't be.

And look at the percent of millionaires versus people with a 0 NW.  The latter is certainly more common.  ;)

I took it to mean that for most people or the majority getting to 0 NW is the most difficult part.  The latter being more common seems to prove that point. 

I made many mistakes and have managed to increase my NW above zero.  I try not to think to often about what could be if I had done this or that.  I try to live in the present, learn from the past, and keep moving forward.  In the end my NW really won't matter much when I become potting soil for an Oak Tree.  It's all about the journey we take to get to that point and then we find out what really matters.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on October 07, 2014, 11:01:49 AM
Getting to zero is hard if you make a lot of mistakes up front. 

If you don't, it shouldn't be.

And look at the percent of millionaires versus people with a 0 NW.  The latter is certainly more common.  ;)

The latter being more common seems to prove that point. 

Huh?  Doesn't  the fact that many, many more people have a net worth of 0 than have a net worth of 1MM (i.e. 1MM is rare compared to 0) mean that it is much harder to get 1MM?
Title: Re: Get to 1 Million in Net worth
Post by: Workinghard on October 07, 2014, 11:31:24 AM
All I know getting to 1m feels like it's  taking forever since I've found MMM. We were oh, so close with the possibility of reaching it by the end of the year, but then our net worth dropped. Gasp. :)
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on October 07, 2014, 11:45:43 AM
I didn't articulate my point very well.

Question is how many are at zero or even compared to a negative net worth?


Title: Re: Get to 1 Million in Net worth
Post by: BaldingStoic on October 07, 2014, 11:52:36 AM
One Million is a nice round number with definite psychological appeal but is it the right number?  I encourage others to reflect on how much is enough. For some the number be lower; for others higher.  For me, the number is higher; I've got 3 young kids and live in overpriced SoCal.  I could certainly FIRE now, if I move somewhere with a lower cost of living but factoring 3 kids and current cost of living I'd want a stash of 2M prior to declaring financial independence.
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on October 07, 2014, 12:23:01 PM
I will Fire with out reaching 1 mm. I currently have enough rental income to more then cover my income needs once mortgages are clear. For me the goal is just an unnecessary game. I do not watch sports so I have taken to watching my NW which actually benefits my life contrary to sports which does nothing. Save playing games with my son or catch. I do agree its an individual number. 1 mm is just a number that many see as way out there. I do not. I will surpass it.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on October 07, 2014, 12:28:45 PM
I didn't articulate my point very well.

Question is how many are at zero or even compared to a negative net worth?

Median household net worth in 2013 was 56k: http://www.nytimes.com/2014/07/27/business/the-typical-household-now-worth-a-third-less.html

In 2012, about 80% of households had a positive net worth: http://usatoday30.usatoday.com/money/perfi/basics/story/2012-05-12/households-net-worth-university-of-michigan/54912016/1
Quote
About one in five U.S. households owe more on credit cards, medical bills, student loans and other debts that aren't backed by collateral ó so not including car loans ó than they have in savings, checking accounts and other liquid assets, according to a new University of Michigan report.

(It's actually more, as things have gotten better over the last two years and that appears not to be counting retirement money).

Of course some sources claim about half have a net worth of essentially zero (though not negative), but that doesn't jibe with the median number, obviously.

I found various sources around various dates, but I'd guess the percentage with a negative net worth is around 10%.

It varies a lot by age, of course. Young people are much more likely to be negative (around 37%?).  Older have a much higher net worth.  But every age group has a positive median net worth, so less than 50% of any age group has a negative net worth (so it's more common to be worth something than owe something).

In other words, yes, zero net worth may seem like a big hill depending on where you're starting out, but most people are past that, so I'd argue that 1MM is harder than 0. 

Plenty of people are happy to be at 0, living paycheck to paycheck, and treading water.  (Or, if not happy, at least are continually making that choice.)  How many make the choice to save and invest and get to 1MM?  That's why it's harder, IMO, it takes lifestyle changes and choices and agency.
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on October 07, 2014, 12:59:41 PM
Let's try this again.  I think the idea is that if you are at a Negative NW it may seem harder or almost impossible to get to Zero, basically because you have debt eating away at what you make.  Compared to having 250k earning you money helping to propel you to the 1mm number.  Again not necessarily that it is harder to get to zero, but it may seem to be when you are underwater and barely getting by.  I was never really at a Negative NW so I don't really know what that's like, I can only assume.  And you know what they say about making assumptions.

I also think as you garner more money it is easier to earn more not necessarily on the mental front but you have more tools to work for you earning you more money hence the reason the rich just keep getting richer, and they follow good sound principles.  Although some steal and cheat along the way.

I live in a poor neighborhood and I don't think anyone in my neighborhood has the opinion that they can get to 1MM, or that it's my goal.
Title: Re: Get to 1 Million in Net worth
Post by: VirginiaBob on October 07, 2014, 01:17:47 PM
Let's try this again.  I think the idea is that if you are at a Negative NW it may seem harder or almost impossible to get to Zero, basically because you have debt eating away at what you make.  Compared to having 250k earning you money helping to propel you to the 1mm number.  Again not necessarily that it is harder to get to zero, but it may seem to be when you are underwater and barely getting by.  I was never really at a Negative NW so I don't really know what that's like, I can only assume.  And you know what they say about making assumptions.

I also think as you garner more money it is easier to earn more not necessarily on the mental front but you have more tools to work for you earning you more money hence the reason the rich just keep getting richer, and they follow good sound principles.  Although some steal and cheat along the way.

I live in a poor neighborhood and I don't think anyone in my neighborhood has the opinion that they can get to 1MM, or that it's my goal.

Yes, that was exactly my point when I posted that originally - it was more my personal journey and I had no intent of assuming it was anyone else's journey.  When I got out of college, I had $30K in student loans, and $16K in credit card debt back in 2001 - to top it off some personal debts I owed to family.  It took me 2 years with $30K-$40K salaries to get mostly out of that, but man I lived really poorly. I walked past prostitutues and drug dealers to get to my apartment.  The apartment above me had a prostitute living there and based on what I heard through the ceiling every night, it was like a revolving door - one "client" after another.  But anyways, my employer offered me an overseas temporary assignment (the Afhanistan warzone) for 6 months in 2003, I came back with enough saved for a measly 5% down payment on a starter home (which I'm still in), increased my 401K contributions and started a Roth IRA the following year.  Everything has been pretty easy relatively speaking since those earlier years.
Title: Re: Get to 1 Million in Net worth
Post by: Carrie on October 07, 2014, 01:23:44 PM
My goal is 1m also. I'd like $250k in home equity and the remainder in liquid investments.   So far we're at  $160k in home equity and roughly $400k in retirement,  cash, college funds.  Paid off home plus another $350-$400k in investments should get us there, aiming for 7 years.
Title: Re: Get to 1 Million in Net worth
Post by: minimustache1985 on October 07, 2014, 03:25:40 PM
Let's try this again.  I think the idea is that if you are at a Negative NW it may seem harder or almost impossible to get to Zero, basically because you have debt eating away at what you make.  Compared to having 250k earning you money helping to propel you to the 1mm number.  Again not necessarily that it is harder to get to zero, but it may seem to be when you are underwater and barely getting by.  I was never really at a Negative NW so I don't really know what that's like, I can only assume.  And you know what they say about making assumptions.

I also think as you garner more money it is easier to earn more not necessarily on the mental front but you have more tools to work for you earning you more money hence the reason the rich just keep getting richer, and they follow good sound principles.  Although some steal and cheat along the way.

I live in a poor neighborhood and I don't think anyone in my neighborhood has the opinion that they can get to 1MM, or that it's my goal.

Yes, that was exactly my point when I posted that originally - it was more my personal journey and I had no intent of assuming it was anyone else's journey.  When I got out of college, I had $30K in student loans, and $16K in credit card debt back in 2001 - to top it off some personal debts I owed to family.  It took me 2 years with $30K-$40K salaries to get mostly out of that, but man I lived really poorly. I walked past prostitutues and drug dealers to get to my apartment.  The apartment above me had a prostitute living there and based on what I heard through the ceiling every night, it was like a revolving door - one "client" after another.  But anyways, my employer offered me an overseas temporary assignment (the Afhanistan warzone) for 6 months in 2003, I came back with enough saved for a measly 5% down payment on a starter home (which I'm still in), increased my 401K contributions and started a Roth IRA the following year.  Everything has been pretty easy relatively speaking since those earlier years.
This is how I took it too, more of a "getting started is the hardest part" type.  Plus if you're negative interest is working against you instead of for you, so overcoming that inertia could feel more challenging.  I was only negative for a few months, but I found going from 0 to 100 took a lot longer than going from 100 to 250- my little green employees were working for me, maxing the 401k was autopilot instead of a conscious decision to do more than needed for the match, etc.

It's been awhile since I've checked this thread, H and I finally quasi-combined finances (separate bank accounts but joint Mint account) between then and now and I was underestimating some things, so we're now about 45% there without real estate.  I won't share a firm FIRE goal (in part b/c H is a spendypants and I'm hoping the now astronomical number will come down over time) but 1MM is a nice round target to aim for at this point.
Title: Re: Get to 1 Million in Net worth
Post by: Caella on October 08, 2014, 08:00:00 AM
1MM is my first number, too. Will not be enough to FIRE, but is a nice, round and achievable goal. Should take me somewhere about 7 years to get there.

I'm 28 now, my main objective is to become a SWAMI at 40ish, and decide what to do then. Probably keep working to fund vacations and restaurants (my money weakness).
Title: Re: Get to 1 Million in Net worth
Post by: Workinghard on October 08, 2014, 11:18:04 AM
Probably keep working to fund vacations and restaurants (my money weakness).

That's what I want my dh to do, but I think he'd rather retire in 18 months. :P
Title: Re: Get to 1 Million in Net worth
Post by: Siobhan on October 08, 2014, 01:05:25 PM
1MM is our first goal too. 32 and 35, net worth 664, 210 real estate equity, rest investments, hopefully 2-3 years to get there after that it's 1M in just investments
Title: Re: Get to 1 Million in Net worth
Post by: Caella on October 10, 2014, 10:49:07 AM
Probably keep working to fund vacations and restaurants (my money weakness).

That's what I want my dh to do, but I think he'd rather retire in 18 months. :P

Yeah, I'm almost in the reversed situation ahahahah
I would rather avoid some luxuries by now, until we get to the 1M mark, and then start to loosen things with that secured nest egg.

But my husband don't quite buys the saving for saving idea. He values "wants" very much, and sees no problem buying something in impulse if it doesn't wreck a long term plan. As long as we keep the established 40% savings rate, he will impulse buy anything. I will celebrate and try to invest if we end the month below the expected spending, he will celebrate and get some takeout from a good place!
Title: Re: Get to 1 Million in Net worth
Post by: Roots&Wings on October 15, 2014, 05:18:15 PM
Update: just got a small unexpected raise at work which will let me save another $500/mo (total of $4,400/mo), and might let me reach the $1M mark a few years sooner!   Depending on the calculator and assumptions, perhaps another 6-10 yrs out :)
Title: Re: Get to 1 Million in Net worth
Post by: ChickenMonster7 on October 16, 2014, 12:03:03 AM
New to the Forums here! 1MM is also my goal. Im in my senior year of college and at a NW of positive 35. Its a small start, but hopefully I can keep it up. I also agree with others on the topic that I think its much harder to get to 0 NW than 1MM NW. Its like swimming against the current versus with it.
Title: Re: Get to 1 Million in Net worth
Post by: powersuitrecall on October 20, 2014, 01:51:22 PM
I'm in!  This is my second post ... might as well commit to a challenge (although I must admit I've been thinking about this one for a while).

Investments:    320K
Pension:           250K
House I live in: 400K
Mortgage:          80K
==============
total:                890K

Our plan is to pay off the mortgage and continue investing like we've been doing ... in 3 years we should be there!
Title: Re: Get to 1 Million in Net worth
Post by: MWM1220 on October 28, 2014, 06:16:23 AM
I'm up for the challenge - but I think I'm standing about a mile BEHIND the starting line. Right now, husband and I are still tearing through our debt. We're both 25 (that's the good news) and have already paid down about 15k in debt since we got married in March, but have 8k left on a student loan of his plus 18k on a car (which, yes, we now know was dumb and this might be sold in a few months once we're not upside down). On top of that, the plan is to stockpile cash from January (date of intended student loan murder) to May (date of Husband's car lease being up... our 2nd stupid mistake) so that we can purchase his car outright with cash.  We are a LONG way from a million, but considering we have no kids and no house (although that should happen in about 18 months or so once the debts are gone) and a great income, I think we can get some inertia going and I love the camaraderie of this challenge.

Roth IRA: $6800
401k: $3951
Cash: $6000
Debt: -$26,493
===========
$-$9742

Ouch. That hurts. No time like the present, right?
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on October 28, 2014, 06:32:26 AM
Welcome to the Challenge and correct no time like the present and what better way to enforce it by writing it somewhere, even if it's among complete strangers.
Title: Re: Get to 1 Million in Net worth
Post by: powersuitrecall on October 28, 2014, 07:53:14 AM
MWM1220,

-10K is hardly a mile behind.  Once you have a goal and a realistic plan to get there, it's just focus and execution. When I was 25 I had no direction at all.  I slid sideways for years.  You are here NOW and that's what matters.
Title: Re: Get to 1 Million in Net worth
Post by: Cheddar Stacker on October 28, 2014, 08:08:08 AM
MWM1220,

-10K is hardly a mile behind.  Once you have a goal and a realistic plan to get there, it's just focus and execution. When I was 25 I had no direction at all.  I slid sideways for years.  You are here NOW and that's what matters.

Impressive turnaround gashford!

total:                890K
Title: Re: Get to 1 Million in Net worth
Post by: MWM1220 on October 28, 2014, 08:38:01 AM
MWM1220,

-10K is hardly a mile behind.  Once you have a goal and a realistic plan to get there, it's just focus and execution. When I was 25 I had no direction at all.  I slid sideways for years.  You are here NOW and that's what matters.

Impressive turnaround gashford!

total:                890K

Agreed! Inspirational!
Title: Re: Get to 1 Million in Net worth
Post by: Tetsuya Hondo on October 28, 2014, 01:28:21 PM
Marine - I know exactly what you mean about getting to zero. Arebelspy, you are completely overthinking his post. I mean that with no disrespect because I enjoy your posts, but you sound a little Vulcun-ish.

But getting to zero was a complete bitch. Coming out of grad school, I had a mountain in school loans and credit card debt. It seemed impossible, if not hopeless. But, after years of grinding it out, I found that once the debt was gone, the savings have quickly snowballed.

I'm in for this challenge and plan to be there in five years.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on October 28, 2014, 01:40:57 PM
Marine - I know exactly what you mean about getting to zero. Arebelspy, you are completely overthinking his post. I mean that with no disrespect because I enjoy your posts, but you sound a little Vulcun-ish.

But getting to zero was a complete bitch. Coming out of grad school, I had a mountain in school loans and credit card debt. It seemed impossible, if not hopeless. But, after years of grinding it out, I found that once the debt was gone, the savings have quickly snowballed.

I'm in for this challenge and plan to be there in five years.

That's fine, we can have different opinions.

I just think getting to 1MM is way harder than getting to 0, and I think the fact that way more people get to 0 than get to 1MM is proof.

If you said 0 vs 100k, maybe.  But most people focusing on debt can be done in a few short years.  Those same people, then focusing on 1MM, take way longer.

/shrug
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on October 28, 2014, 01:58:44 PM
I don't think we have differing opinion's on this subject.  I think we are just looking at it from a different perspective.  I never stated that I thought getting to 1 million was easy.  Simply that getting to 0 may seem to be impossible if you are in the negative.  Again I can only assume as I have never really had a negative net worth.  Sadly I am not further along then I currently am.  Let's just say a couple new vehicles, couple missions trips, many tools, and 6 years in the Marine Corps.  Among all the other things that can consume our money.


Marine - I know exactly what you mean about getting to zero. Arebelspy, you are completely overthinking his post. I mean that with no disrespect because I enjoy your posts, but you sound a little Vulcun-ish.

But getting to zero was a complete bitch. Coming out of grad school, I had a mountain in school loans and credit card debt. It seemed impossible, if not hopeless. But, after years of grinding it out, I found that once the debt was gone, the savings have quickly snowballed.

I'm in for this challenge and plan to be there in five years.

That's fine, we can have different opinions.

I just think getting to 1MM is way harder than getting to 0, and I think the fact that way more people get to 0 than get to 1MM is proof.

If you said 0 vs 100k, maybe.  But most people focusing on debt can be done in a few short years.  Those same people, then focusing on 1MM, take way longer.

/shrug
Title: Re: Get to 1 Million in Net worth
Post by: Workinghard on October 28, 2014, 02:51:26 PM
I probably should mind my own business, but I don't think there's any way of defining which is more difficult since it's subjective. The bottom line is it can be done regardless of age or even income.

We started out with a negative networth 23 years ago. We lived on one income around 50k for 10 years and cash flowed a bachelor's degree for our son. Having said that, we have not reached 1m yet but will next year, in spite of just coasting. We didn't start keeping a budget , or get intense ,until almost 2 years ago.
Title: Re: Get to 1 Million in Net worth
Post by: larmando on October 28, 2014, 03:26:03 PM
New to the Forums here! 1MM is also my goal. Im in my senior year of college and at a NW of positive 35. Its a small start, but hopefully I can keep it up. I also agree with others on the topic that I think its much harder to get to 0 NW than 1MM NW. Its like swimming against the current versus with it.
Well it always depends where you start, and which interest rate you pay. Definitely harder to get from -1M to 0 (if such a thing is even possible), and depending on the interest you can calculate witch number is the 1M equivalent in negative.
Title: Re: Get to 1 Million in Net worth
Post by: 2Birds1Stone on October 28, 2014, 08:41:13 PM
In on this, as long as this thread is around for another 12-13 years (most likely time I will be able to reach goal)

Sitting at 103k right now after a less than smooth couple of months in the markets/commodities.
Title: Re: Get to 1 Million in Net worth
Post by: rubybeth on October 29, 2014, 09:23:39 AM
I'd love to get to the $1MM net worth mark, not likely to happen until we are just about to retire, in around 12-15 years. Right now, we own no property and have no debt, and net worth is around $120k. We make considerably less than the OP, around $90k annually.
Title: Re: Get to 1 Million in Net worth
Post by: powersuitrecall on October 29, 2014, 11:09:17 AM
Impressive turnaround gashford!

Agreed! Inspirational!

Thanks folks.  It really looks better on paper than it really is.  Most of that NW is tied up in tax sheltered accounts or pensions that we won't be able to touch for some time, as well as real estate.  If we had to liquidate any or all of these things, it would be a real hit.

The real challenge for folks who want to be FI (all of us here) is that we need this wealth in a place that will generate income for the rest of our lives.  I'm still trying to figure out what that will look like for us.  I think we are a ways off, but perhaps closer to it than I thought before discovering this site :)
Title: Re: Get to 1 Million in Net worth
Post by: MWM1220 on October 29, 2014, 12:03:10 PM
In on this, as long as this thread is around for another 12-13 years (most likely time I will be able to reach goal)

Sitting at 103k right now after a less than smooth couple of months in the markets/commodities.

You and me both! I think I'm at least that far away. Let's hope this forum is still going ;)
Title: Re: Get to 1 Million in Net worth
Post by: Cheddar Stacker on October 29, 2014, 12:17:43 PM
Impressive turnaround gashford!

Agreed! Inspirational!

Thanks folks.  It really looks better on paper than it really is.  Most of that NW is tied up in tax sheltered accounts or pensions that we won't be able to touch for some time, as well as real estate.  If we had to liquidate any or all of these things, it would be a real hit.

The real challenge for folks who want to be FI (all of us here) is that we need this wealth in a place that will generate income for the rest of our lives.  I'm still trying to figure out what that will look like for us.  I think we are a ways off, but perhaps closer to it than I thought before discovering this site :)

Gashford, you are aware of the roth pipeline method right?
Title: Re: Get to 1 Million in Net worth
Post by: VirginiaBob on October 29, 2014, 12:21:00 PM
Impressive turnaround gashford!

Agreed! Inspirational!

Thanks folks.  It really looks better on paper than it really is.  Most of that NW is tied up in tax sheltered accounts or pensions that we won't be able to touch for some time, as well as real estate.  If we had to liquidate any or all of these things, it would be a real hit.

The real challenge for folks who want to be FI (all of us here) is that we need this wealth in a place that will generate income for the rest of our lives.  I'm still trying to figure out what that will look like for us.  I think we are a ways off, but perhaps closer to it than I thought before discovering this site :)

Gashford, you are aware of the roth pipeline method right?

and the SEPP, which I learned about here.
Title: Re: Get to 1 Million in Net worth
Post by: powersuitrecall on October 31, 2014, 09:14:52 AM
Gashford, you are aware of the roth pipeline method right?

and the SEPP, which I learned about here.

I'm in Canada, so it's a bit different here. 

We have Registered Retirement Savings Plan (RRSP) accounts which you can contribute to in PRE-TAX dollars, growth is sheltered, and withdrawals are fully taxable as income.

We also have Tax Free Savings Accounts (TFSA), which you can contribute to in POST-TAX dollars, growth is sheltered, and withdrawals are completely tax free.

I think the equivalent maneuver is (when retired / not receiving income) to withdraw a small amount of RRSPs to stay in a low tax bracket (or even under the taxable amount altogether), then place it into your TFSA, meanwhile living the good life drawing from your already plump TFSA balance for living expenses.

Does that sound about right?  Any Canadians want to chime in?
Title: Re: Get to 1 Million in Net worth
Post by: Hummer on November 05, 2014, 04:28:07 PM
Yup, I'm Canadian and that's how I see it. I also have a defined contribution pension plan that my employer matches but unfortunately that money is locked in until 65 so I am not depending on it for early FI. The good thing about our personal RRSP's is they can have money moved out of them at any time as long as you pay the income tax(unless you are below the minimum tax bracket, then it's 0) unlike the american version called the 401k, it appears they have to keep the money in there until 65. I could be wrong about this, correct me if I am but it looks like Canadian using RRSP's might have a slight advantage in flexibility over American's for that reason.

Only 27 now. My wife is 20.
I'm joining this challenge.

Pension: 22k
RRSP: 15k
TFSA: 1k
Cash: 10k
House: ~280k dang, housing in america is cheap from all the posts I've seen

Debt: none
Mortgage: ~275k they shouldn't have let me buy my house, stupid CMHC and insured mortgages and I was house horny, minimum 5% down... my parents didn't encourage me, but they definately didn't discourage me.

NW: 53k

Current income: 68k gross (this is probably, 49k net, income tax, EI, CPP, Canada seems to have a lot of taxes, plus 5% removed for company pension match)
Wife's income: ~40k gross (this is probably 27k net)
Annual expenses: ~45k (16k) is the mortgage, we can improve this.
Income from basement suite: ~7k annually

Annual savings: approx 38k annually(net income minus expenses), this is what we intend to invest in monthly instalments to grow our stash.

We plan on maxing our TFSA's right now first and RRSP's second. I am going through an interview process right now to hopefully move up to a job worth 90k. That would help. We could probably throw another 20k each year at the stash. I believe in the first few years we are going to use up the extra contribution room in our RRSP's and TFSA's(Right now I have approx 25k contribution room in my TFSA). After that we will have to use taxable accounts because we will be maxing out our RRSP and TFSA every year. :(

Is thread still going to be active in 13 years? lol, At 9% compounded, I'm planning on 13 years...

Cheers
Title: Re: Get to 1 Million in Net worth
Post by: BBub on November 19, 2014, 09:04:33 AM
In.  My goal is to surpass $1M liquid in the yr 2020.  FI goal is slightly higher at 1.25, but $1m will definitely be a fun milestone to hit along the way.  Currently at $143k.
Title: Re: Get to 1 Million in Net worth
Post by: clarkfan1979 on November 26, 2014, 03:43:19 AM
I am 35 and wife is 31. Went from 162K to 262K in the last 12 months. Based on our current trend, I would say 6-7 years. However, my wife is most likely going to switch from full-time to part-time in 5 months. As a result, I think 10 years is  more realistic. However, I wouldn't be surprised if it was less than 10 years. Jan 1st 2025!
Title: Re: Get to 1 Million in Net worth
Post by: EDSMedS on November 26, 2014, 05:34:18 AM
Fellow devil dog here. $1,000,000 is an irrelevant number.  MMM espouses the 4% rule b/c it forces contemplation on income AND expense. MMM preaches that the ratio of income to expense should be 25 to 1 for a safe, investment-supported FIRE.  He also praises other forms of income besides investments - real estate, pleasure work, construction - to make investment earnings irrelevant.

DW and I are shooting for 15 to 1 ratio of investment/liquid savings to expenses, WELL under $1M.  At that point, with our known expense level, we could both work our current style of job for 8 hours a week, take 9 months of vacation, both take an 80% paycut, or one of us works part-time, etc., and still our investments will grow closer to the 4% rule.  Our time is more valuable than a faster rate of accumulation of money we don't need to survive/thrive anyway.

Assuming consistent expenses and an annual average return >6%, DW and I will have >$1M before 2024.  But that is >30x our expenses.  Why would we need it?
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on November 26, 2014, 07:05:08 AM
Semper Fi

Great to see a brother on the forum.  I don't know if I would say 1m is irrelevant.  For me it's not necessary.  With my Rentals I will have more then enough income to live on without any other income.  But rentals also carry risk, furnace needing replaced, tenants destroy the place, fire, etc...  Having some investments or money to pull from outside of that income is going to be crucial for my own financial safety.  My properties make up most of my NW hence the 1 million number for me.  And it's a number many never hit.

If you hit the number you are going for I can only figure that in time you will eventually pass over the 1 million mark even without trying.  Being Frugal and having money set aside you tend to make money even when you don't need too.  It's a good problem to have.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on November 26, 2014, 07:58:13 AM
But that is >30x our expenses.  Why would we need it?

Many shoot for a 3% WR, which is 33x assets.  It all depends on what you're comfortable with, and your plans for after FI (if you're going to earn money, or not).
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on November 26, 2014, 08:17:31 AM
But that is >30x our expenses.  Why would we need it?

Many shoot for a 3% WR, which is 33x assets.  It all depends on what you're comfortable with, and your plans for after FI (if you're going to earn money, or not).

In the financial Advising world anything less then a 4% withdrawal rate is considered insufficient.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on November 26, 2014, 08:25:22 AM
But that is >30x our expenses.  Why would we need it?

Many shoot for a 3% WR, which is 33x assets.  It all depends on what you're comfortable with, and your plans for after FI (if you're going to earn money, or not).

In the financial Advising world anything less then a 4% withdrawal rate is considered insufficient.

Huh?  Did you mean more than?

Title: Re: Get to 1 Million in Net worth
Post by: HawkeyeNFO on November 26, 2014, 08:29:44 AM
I think the idea is that if you are at a Negative NW it may seem harder or almost impossible to get to Zero, basically because you have debt eating away at what you make.  Compared to having 250k earning you money helping to propel you to the 1mm number.

And this is where people make mistakes with their debt and the associated math.  As pointed out by other people on this very thread, paying off your debt before investing your extra money could be a foolish endeavor.  For example, paying off a debt at 3.25% would be silly if I can make 7% by investing the money.  Debt itself is not a bad thing, but it is on you to do your math homework.
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on November 26, 2014, 08:31:10 AM
No I meant Less than.  Meaning below 4% is not sufficient.  Anything above 4% would be in the acceptable range of draw down or withdrawal.  4% would be the minimum that most Advisors would even consider as an acceptable withdrawal rate.

Looks like I used the wrong Then/than again.  Ugh gotta work on that.
Title: Re: Get to 1 Million in Net worth
Post by: HawkeyeNFO on November 26, 2014, 08:32:05 AM
In the financial Advising world anything less then a 4% withdrawal rate is considered insufficient.

As a rule of thumb, 4% or less is desired.  For some situations though, that rule doesn't apply.
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on November 26, 2014, 08:36:43 AM
The discussion regarding it feeling easier or harder is not a discussion about the math or the reality.  It is a discussion about how it feels.  We are using Debt and I feel we are using it in a good and safe manner.  Each needs to make their own choice regarding debt.


I think the idea is that if you are at a Negative NW it may seem harder or almost impossible to get to Zero, basically because you have debt eating away at what you make.  Compared to having 250k earning you money helping to propel you to the 1mm number.

And this is where people make mistakes with their debt and the associated math.  As pointed out by other people on this very thread, paying off your debt before investing your extra money could be a foolish endeavor.  For example, paying off a debt at 3.25% would be silly if I can make 7% by investing the money.  Debt itself is not a bad thing, but it is on you to do your math homework.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on November 26, 2014, 09:46:48 AM
No I meant Less than.  Meaning below 4% is not sufficient.  Anything above 4% would be in the acceptable range of draw down or withdrawal.  4% would be the minimum that most Advisors would even consider as an acceptable withdrawal rate.

Looks like I used the wrong Then/than again.  Ugh gotta work on that.

Wait, what?

It's the other way around.  4% or less is acceptable, and 4% is the safe MAX withdrawal rate, not minimum.  If above 4% was an acceptable range, then why not 5%, or 50%?
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on November 26, 2014, 09:51:58 AM
An advisors goal is to get you to save more. If you use a 5 or 6% withdrawal rate you would need more money.  We are looking at it from two different angles.  An advisor won't use a 3% withdrawal rate or they are encouraged not too.  When I first started the norm was 6% it has since dropped to 4%.

Not what I would advise. Just what the norm is in the industry.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on November 26, 2014, 09:58:36 AM
An advisors goal is to get you to save more. If you use a 5 or 6% withdrawal rate you would need more money.  We are looking at it from two different angles.  An advisor won't use a 3% withdrawal rate or they are encouraged not too.  When I first started the norm was 6% it has since dropped to 4%.

Not what I would advise. Just what the norm is in the industry.

Again, you have it backwards.

If you use a 5 or 6% WR, you'd need less money saved.  If you use 4% or 3% you'd need to save more (to be able to withdraw a lower percentage to meet your expenses).
Title: Re: Get to 1 Million in Net worth
Post by: usmarine1975 on November 26, 2014, 10:00:39 AM
Your just considering income, not longevity, market return, etc....  Yes a higher withdrawal rate will take less money to get you the income you want but it may not give you the longevity.  Income is not the only factor.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on November 26, 2014, 10:16:41 AM
(http://img4.wikia.nocookie.net/__cb20140614145712/everafterhighfandom/images/9/99/Facepalm-Godzilla.jpg)
Title: Re: Get to 1 Million in Net worth
Post by: devan 11 on November 26, 2014, 11:43:03 AM
    Virginia Bob had it right.  Fifteen years ago, our credit card debt was $48000.

  I opened wife's credit card statement by mistake, and called the credit card company, not knowing that debt was being run up.  When I saw the statement, I thought it was identity theft.  EZ credit and using 6 months of zero interest, then rolling it over to the next credit card company for zero interest was how it built up. (That financed college for my daughter and my wife).  We had some interesting discussions about finances, step parent responsibility (me), our goals and values.
  The day we reached zero was magnificent.  It took sacrifice, hard work, and long work hours to get to that point.  Then, finally we made it.  It was tempting to kick back and coast at that point, but we kept going saving aggressively and investing, all while living a modest lifestyle.  The day we reached 1 M was another milestone.  Now, number 2 M is getting closer.  (It does get much easier, the farther you go).
   A recession knocking down stock prices, and our continuing, doubling down on investments combined to results that amaze me still.  Sooner or later, there will be another recession.  How tough you are to stay on a steady investing course will help you along, as it did for us.  This isn't just a "Yeah, us" comment.  The real reason is to say that financial frugality works.  Hang in there if you are starting out. It can be done.
Title: Re: Get to 1 Million in Net worth
Post by: FIPurpose on November 26, 2014, 12:12:00 PM
I'd like to follow along, though who knows if this forum will still be around when I hope to achieve this goal.

The wife and I are currently around investments of $44k

We decided that our FI would be around $750k and would probably declare FIRE around 1.25M

The goal is to hit FI in 2022, hit $1M in 2024, and FIRE around 2027. So FI around 31, $1M at 33, and FIRE at 36.

This is all assuming no windfalls, raises or bonuses. So I'm hoping that it can happen a good bit earlier than that :)
Title: Re: Get to 1 Million in Net worth
Post by: MWM1220 on November 29, 2014, 01:34:52 PM

Roth IRA: $6800
401k: $3951
Cash: $6000
Debt: -$26,493
===========
$-$9742

Ouch. That hurts. No time like the present, right?

Took the debt down a bit in November!
Roth IRA: $7139
401k: $4494
Cash: $6000
Debt: -$22,659
===========
-$5026

Also this doesn't include the 'value' of my car in the debt amount - so I guess if I were to factor in that hypothetically it would be positive, but seeing as this gauntlet is more for the long haul, not worth including something I guess that won't hold its value. I'm heading back to school to get my Masters in January so we are cash flowing that which will slow things down, but not too much. We should be done with all other student loans this month and will also cash flow the purchase of his car (lease ending) by May. By May we should only have one car loan that is getting whittled away and then the cost of school (about $10,000 a year on a $104k + bonuses salary) So we should still make good progress in the coming months despite the added expense of school. Woohoo! Here we go!

 
Title: Re: Get to 1 Million in Net worth
Post by: BBub on November 29, 2014, 03:25:42 PM
In.  My goal is to surpass $1M liquid in the yr 2020.  FI goal is slightly higher at 1.25, but $1m will definitely be a fun milestone to hit along the way.  Currently at $143k.

Currently $145k

Hoping for $155k by year end.
Title: Re: Get to 1 Million in Net worth
Post by: Spondulix on December 02, 2014, 11:06:26 PM
I'm in - my goal is $1M by the time I'm 40, so March 2020.
Title: Re: Get to 1 Million in Net worth
Post by: Hummer on December 04, 2014, 03:57:20 PM
Yup, I'm Canadian and that's how I see it. I also have a defined contribution pension plan that my employer matches but unfortunately that money is locked in until 65 so I am not depending on it for early FI. The good thing about our personal RRSP's is they can have money moved out of them at any time as long as you pay the income tax(unless you are below the minimum tax bracket, then it's 0) unlike the american version called the 401k, it appears they have to keep the money in there until 65. I could be wrong about this, correct me if I am but it looks like Canadian using RRSP's might have a slight advantage in flexibility over American's for that reason.

Only 27 now. My wife is 20.
I'm joining this challenge.

Pension: 22k
RRSP: 15k
TFSA: 1k
Cash: 10k
House: ~280k dang, housing in america is cheap from all the posts I've seen

Debt: none
Mortgage: ~275k they shouldn't have let me buy my house, stupid CMHC and insured mortgages and I was house horny, minimum 5% down... my parents didn't encourage me, but they definately didn't discourage me.

NW: 53k

Current income: 68k gross (this is probably, 49k net, income tax, EI, CPP, Canada seems to have a lot of taxes, plus 5% removed for company pension match)
Wife's income: ~40k gross (this is probably 27k net)
Annual expenses: ~45k (16k) is the mortgage, we can improve this.
Income from basement suite: ~7k annually

Annual savings: approx 38k annually(net income minus expenses), this is what we intend to invest in monthly instalments to grow our stash.

We plan on maxing our TFSA's right now first and RRSP's second. I am going through an interview process right now to hopefully move up to a job worth 90k. That would help. We could probably throw another 20k each year at the stash. I believe in the first few years we are going to use up the extra contribution room in our RRSP's and TFSA's(Right now I have approx 25k contribution room in my TFSA). After that we will have to use taxable accounts because we will be maxing out our RRSP and TFSA every year. :(

Is thread still going to be active in 13 years? lol, At 9% compounded, I'm planning on 13 years...

Cheers

Got the new job. I start in the new year at $90k. Unfortunately, the $22k raise translates into only a $14k raise after tax. I'm planning on adding around $10k to my RRSP this year to repay the amount I borrowed under the HBP to buy my house. I'll update my our NW number in the new year.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on January 16, 2015, 10:31:12 AM
I'm in for this gauntlet (though it reads more like a journal - maybe some posts should be split out into a separate journal?).  I'm hoping to accomplish this by next June, 2015.  Looks like I'll make it, though perhaps not depending on what the markets do.

Done.
Title: Re: Get to 1 Million in Net worth
Post by: Cookie78 on January 16, 2015, 10:37:49 AM
I'm in for this gauntlet (though it reads more like a journal - maybe some posts should be split out into a separate journal?).  I'm hoping to accomplish this by next June, 2015.  Looks like I'll make it, though perhaps not depending on what the markets do.

Done.

Congrats!
Title: Re: Get to 1 Million in Net worth
Post by: UnleashHell on January 16, 2015, 11:41:23 AM
I'm in for this gauntlet (though it reads more like a journal - maybe some posts should be split out into a separate journal?).  I'm hoping to accomplish this by next June, 2015.  Looks like I'll make it, though perhaps not depending on what the markets do.

Done.

Nice.. I'm nearly half way there but the market has decided that my investments shall decrease in value during 2015. hurrah!

Title: Re: Get to 1 Million in Net worth
Post by: BBub on January 16, 2015, 01:02:10 PM
I'm in for this gauntlet (though it reads more like a journal - maybe some posts should be split out into a separate journal?).  I'm hoping to accomplish this by next June, 2015.  Looks like I'll make it, though perhaps not depending on what the markets do.

Done.

So badass.  How old are you.. 29?
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on January 16, 2015, 01:25:46 PM
I'm in for this gauntlet (though it reads more like a journal - maybe some posts should be split out into a separate journal?).  I'm hoping to accomplish this by next June, 2015.  Looks like I'll make it, though perhaps not depending on what the markets do.

Done.

So badass.  How old are you.. 29?

Yeah.
Title: Re: Get to 1 Million in Net worth
Post by: Cheddar Stacker on January 16, 2015, 01:38:49 PM
I'm in for this gauntlet (though it reads more like a journal - maybe some posts should be split out into a separate journal?).  I'm hoping to accomplish this by next June, 2015.  Looks like I'll make it, though perhaps not depending on what the markets do.

Done.

So badass.  How old are you.. 29?

Yeah.

I almost asked since you said it was coming up. Congrats sir.

What's the probability of May this year being your last day?
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on January 16, 2015, 01:48:50 PM
What's the probability of May this year being your last day?

0%.

School lets out June 4.  ;)

I'd say about 75-80% we'll take at least 1-3 years off as a sabbatical and travel and evaluate what we want to do (go back to work, go to a new line of work, or keep enjoying ER and never work again).  20-25% that we do another year now (much higher if my wife is offered the full time college professorship she's going to be applying to soon).
Title: Re: Get to 1 Million in Net worth
Post by: UnleashHell on January 16, 2015, 02:18:00 PM
so  - time for that trip to the roulette table yet?

Can you do it in March  - I'll be in vegas and I wanna see it!!!
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on January 16, 2015, 02:22:25 PM
so  - time for that trip to the roulette table yet?

Can you do it in March  - I'll be in vegas and I wanna see it!!!

March huh?  How about this:  I'll do as much as you do.  ;)
Title: Re: Get to 1 Million in Net worth
Post by: UnleashHell on January 16, 2015, 02:24:49 PM
so  - time for that trip to the roulette table yet?

Can you do it in March  - I'll be in vegas and I wanna see it!!!

March huh?  How about this:  I'll do as much as you do.  ;)

lets see how many chips we can get on the 25c table at ElCo......
Title: Re: Get to 1 Million in Net worth
Post by: Jon_Snow on January 16, 2015, 02:32:58 PM
Arebelspy, holy shit...you are pretty much omnipresent on these boards, but I didn't know how bloody young you were and how well developed your "badassity" was. Well done, sir.

29...*shakes head*
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on January 16, 2015, 02:39:11 PM
Thanks Jon.

I've been very fortunate.
Title: Re: Get to 1 Million in Net worth
Post by: JohnGalt on January 17, 2015, 03:45:09 PM
Congrats dude - really hoping you guys go for the time off this year so we can start hearing about those adventures. 
Title: Re: Get to 1 Million in Net worth
Post by: thedayisbrave on January 18, 2015, 08:34:27 AM
I'm in for this gauntlet (though it reads more like a journal - maybe some posts should be split out into a separate journal?).  I'm hoping to accomplish this by next June, 2015.  Looks like I'll make it, though perhaps not depending on what the markets do.

Done.

So badass.  How old are you.. 29?

Yeah.

HUGE CONGRATS!!!!!

You totally deserve this ribbon, I stole it from meteor, hope they don't mind.... :)

Title: Re: Get to 1 Million in Net worth
Post by: gluskap on February 04, 2015, 10:46:01 PM
I'd like to join this challenge. Our NW is about $660k but that includes the equity in our house. I would like us to FIRE with about 1M in liquid assets and a paid off house.
Title: Re: Get to 1 Million in Net worth
Post by: powersuitrecall on February 13, 2015, 12:49:34 PM
I'm in!  This is my second post ... might as well commit to a challenge (although I must admit I've been thinking about this one for a while).

Investments:    320K
Pension:           250K
House I live in: 400K
Mortgage:          80K
==============
total:                890K

Our plan is to pay off the mortgage and continue investing like we've been doing ... in 3 years we should be there!


I did a quick calc at lunch, and I believe we are there.  A little sooner than I was expecting!

Investments:    350,000
Pension:           315,000
House I live in: 400,000
Mortgage:         -65,000
================
total:               1,000,000

Here's why I'm not getting too excited.  All of the money is sitting in places that can't be touched: home equity, 2 pensions and a bunch of tax sheltered accounts.

Also, the market has been pretty favourable for us Canadians who are holding US equities (our Canadian Dollar is tanking).

Regardless, I'm happy to have hit the milestone!

The next goal is to obliterate our mortgage while maxing out our tax sheltered accounts.  That should all happen in 2 years at our current rate of savings.

Then ... FIRE :)
Title: Re: Get to 1 Million in Net worth
Post by: minimustache1985 on February 13, 2015, 03:51:04 PM
Congrats to arebelspy and gashford!

We're up from 45% to 50% including my (very small) pension which I can't recall if I included before but still excluding real estate.  Slow goes it, but I'll take steady progress.  Also H CANCELLED DIRECTV after the superbowl.  He loves cable so it was a big step, although I'm sure we'll be getting it back since they've already started sending us the "we miss your money please consider these much lower price offers".
Title: Re: Get to 1 Million in Net worth
Post by: 2Birds1Stone on February 16, 2015, 11:52:46 AM
9.05% of the way there LOL, oi its gonna be a long long roadddd
Title: Re: Get to 1 Million in Net worth
Post by: PatStab on February 16, 2015, 02:58:54 PM
We are at $990 in cash, iras, and 401k, the balance is real estate.
Title: Re: Get to 1 Million in Net worth
Post by: kpd905 on February 16, 2015, 07:31:51 PM
9.05% of the way there LOL, oi its gonna be a long long roadddd

Well you have us beat, we're at about 7% of the way there.
Title: Re: Get to 1 Million in Net worth
Post by: SpicyMcHaggus on February 17, 2015, 12:23:21 AM
I'll join this one.  I am also aiming for $1MM.  Though my wife would kill me if I shared our current net worth so I likely won't be able to provide updates or any real information at all =).  I'll let you know when we are done --- or maybe I won't be allowed to.

I'm aiming for 1.7MM Why? My father decided the SWR of 4% on 1.7MM  was enough to act rich when retired.
We'll see if I get there. I'm buying income properties, so may cut out early :)
Title: Re: Get to 1 Million in Net worth
Post by: PatStab on February 19, 2015, 08:53:27 PM
Actually that's $990,000 in cash, IRA's, I bonds, and 401k, the rest is in
real estate.

Our house $260k, Duplex $80k to $90k?, newest rent house about $35k,  1 lot $30k, other lots
about $10k,

So net worth excluding, vehicles, motorhome, trailers,  looks like net worth is about $1.4 M, didn't
state it correctly before.
Title: Re: Get to 1 Million in Net worth
Post by: Scubanewbie on February 24, 2015, 03:06:12 PM
I like the round number of $1M but will likely not FIRE then.  I estimate with current contributions on auto-pilot I could get there in 7 years.  In 5 years if I pick up the pace and husband gets more on board and especially if I decide to kick my career into high gear.  I like the five year mark as it would be when I turn forty (yikes!) but it's mostly a symbolic number so I'm not too stuck on it.  In round numbers here is where we're currently at.

Investments:    300,000
House I live in: 200,000
Mortgage:       -100,000
================
total:                 400,000

Feel free to administer face punches but I'm not super keen on $35K annual spending but LOVE the idea of feeling financially secure and taking a job purely to pay for the "wants" above and beyond that $35K base level or a job that pays enough to live on while letting the stash grow another decade or so.
Title: Re: Get to 1 Million in Net worth
Post by: The Beacon on February 28, 2015, 09:50:56 PM
I am closing in on it.  760k liquid and 100k in my house.  Current spending is 4000 a month inclusive. My daughter will go to kindergarten this year. That will save me 700 bucks a month.  I can sock away 100k - 150k a year(some in 401k) if nothing catastrophic happens.  Hope to hit 1 million liquid excluding 401k for FIRE in 2-3 years. I have a relatively small 401k compared with most of the people here because I worked as a contractor for a while.

I always kid with my wife that we could retire now if we had no kids.  My wife and I spent 22000 a year before my first kid was born. LOL but I will not trade them for anything.
Title: Re: Get to 1 Million in Net worth
Post by: catccc on March 03, 2015, 02:35:36 PM
Getting closer, slowly but surely... NW clocked in at $590K for February!

Congrats to those who have reached this goal!
Title: Re: Get to 1 Million in Net worth
Post by: tesuzuki2002 on March 06, 2015, 04:04:41 PM
Working my Way to $1 Million..   why??    Honestly I don't know.  It's a big target and seems like something to shoot for. 

Currently I have the following  Assets in General:

Investments: $ 450,000
Real Estate:   $ 150,000
Mortage:       $ 104,000
===============
Total NW       $ 496,000


I'm starting to get my investments to where they are gaining traction over my regular income or atleast supplementing in nicely.

Targeting 4 years...  Optimistic with my annual income of $88k

Let's do it folks.

Cheers!!!
Title: Re: Get to 1 Million in Net worth
Post by: Hummer on April 25, 2015, 08:18:06 PM
Yup, I'm Canadian and that's how I see it. I also have a defined contribution pension plan that my employer matches but unfortunately that money is locked in until 65 so I am not depending on it for early FI. The good thing about our personal RRSP's is they can have money moved out of them at any time as long as you pay the income tax(unless you are below the minimum tax bracket, then it's 0) unlike the american version called the 401k, it appears they have to keep the money in there until 65. I could be wrong about this, correct me if I am but it looks like Canadian using RRSP's might have a slight advantage in flexibility over American's for that reason.

Only 27 now. My wife is 20.
I'm joining this challenge.

Pension: 22k
RRSP: 15k
TFSA: 1k
Cash: 10k
House: ~280k dang, housing in america is cheap from all the posts I've seen

Debt: none
Mortgage: ~275k they shouldn't have let me buy my house, stupid CMHC and insured mortgages and I was house horny, minimum 5% down... my parents didn't encourage me, but they definately didn't discourage me.

NW: 53k

Current income: 68k gross (this is probably, 49k net, income tax, EI, CPP, Canada seems to have a lot of taxes, plus 5% removed for company pension match)
Wife's income: ~40k gross (this is probably 27k net)
Annual expenses: ~45k (16k) is the mortgage, we can improve this.
Income from basement suite: ~7k annually

Annual savings: approx 38k annually(net income minus expenses), this is what we intend to invest in monthly instalments to grow our stash.

We plan on maxing our TFSA's right now first and RRSP's second. I am going through an interview process right now to hopefully move up to a job worth 90k. That would help. We could probably throw another 20k each year at the stash. I believe in the first few years we are going to use up the extra contribution room in our RRSP's and TFSA's(Right now I have approx 25k contribution room in my TFSA). After that we will have to use taxable accounts because we will be maxing out our RRSP and TFSA every year. :(

Is thread still going to be active in 13 years? lol, At 9% compounded, I'm planning on 13 years...

Cheers

Got the new job. I start in the new year at $90k. Unfortunately, the $22k raise translates into only a $14k raise after tax. I'm planning on adding around $10k to my RRSP this year to repay the amount I borrowed under the HBP to buy my house. I'll update my our NW number in the new year.

Update:

Pension: 24k
RRSP: 22k
TFSA: 2k We will be aggressively increasing this as the Canadian government recently increased the contribution limit a lot.
Cash: 16k
House: ~280k

Mortgage: ~277k Incorrect first post

NW: 67k

Current income: 90k gross (this is probably, 68k net), Over the course of the next few years this will improve to 100k as I have been started at 90% of the position.
Wife's income: ~0k gross (this is probably 0k net), she lost her job and is looking for a new one.
Annual expenses: ~45k (18k) is the mortgage, we can improve this. Also incorrect first post.
Income from basement suite: ~7k annually
Title: Re: Get to 1 Million in Net worth
Post by: Cougar on April 26, 2015, 02:29:32 PM

also joining.

still a few years away, but i flip from the job owning me to me owning my life at that point.  not that i need 1 mil to do that, but thats my number.
Title: Re: Get to 1 Million in Net worth
Post by: webguy on April 26, 2015, 08:35:08 PM
I'd like to join to help motivate me. Currently at $540k and hope to hit the big 1M in the next couple of years.
Title: Re: Get to 1 Million in Net worth
Post by: terrier56 on April 27, 2015, 12:00:32 AM
This is a big one for sure. I am up for it although it will be some time.

My fiance and I just past 230k mark and are pushing it up by 10k per month. So around 77 months not counting investment returns. maybe 60 months?? We are 26 and 28(me).

Arebelsy I did indeed have a good chuckle at the guy trying to convince you that you need less money for a 4% withdrawal than a 6%.
Title: Re: Get to 1 Million in Net worth
Post by: Greenbeard on May 15, 2015, 01:42:10 PM
Too much talk about why $1M is right or wrong.  We each need to decide what right for us.

I'm in and I have a date, my goal is to reach $1M by March 31, 2018.  (Happens to be the next blue moon).

Whether or not I'm FI or RE before then, I plan to hit $1M.  I plan to have an increasing net worth after FIRE.  Spend less than you make and invest the rest (whether you're FIRE or not)!!
Title: Re: Get to 1 Million in Net worth
Post by: thriftyc on May 15, 2015, 06:00:04 PM
1 Million NW is a great goal. Just got there myself with a 300k house and 700k investments. My next goal is 1 Million in investments plus the house which at that point I will call it a day and FIRE.
Title: Re: Get to 1 Million in Net worth
Post by: catccc on May 18, 2015, 09:10:44 AM
Getting closer.  NW hit $600K in April!
Title: Re: Get to 1 Million in Net worth
Post by: OurTown on May 21, 2015, 03:51:26 PM
I will also join this challenge.  Current n/w $284K, so we have several years to go.   
Title: Re: Get to 1 Million in Net worth
Post by: amberfocus on May 22, 2015, 08:33:25 AM
I just crossed into $1MM in assets earlier this week thanks to skyrocketing stock options prices. $1MM net worth is my FIRE goal.

As of today, my NW is $891K. According to Mint's projections of my savings rate, I should reach $1MM in Oct. 2016, but if stock options prices hold steady, I'll be over the threshold when I vest more in September and December.

It almost feels like cheating because I'm trying so hard to reach goal (including investing 80% of my take-home), but my progress is completely dwarfed by the appreciation of my stock options. But I'll take it. :D
Title: Re: Get to 1 Million in Net worth
Post by: FuturePrimitive on June 08, 2015, 01:33:47 PM
I'm in. I don't know if 1,000,000 is right or wrong but it's certainly a milestone. Nor is it my retirement number but it's on the way to it.

I'm currently sitting at ~600k in all accounts. I'm not going to count home equity or mortgage for this goal, RE/rental income is not part of our retirement plans like it is for many here so that's why. The mortgage is our only debt and we have 14 years left on the note.

Regarding the earlier discussion about which is harder, getting to 0 vs. 1 million NW, I would argue that the mentality and discipline it takes to dig yourself out of a bad spending/debt lifestyle is much harder. Once you have made that lifestyle change, growing from 0 to 1 million takes no additional effort, just time. At least I *think* that's the point someone was making earlier.
Title: Re: Get to 1 Million in Net worth
Post by: Bateaux on June 13, 2015, 01:52:26 AM
1 million wasn't enough.   2 million maybe. 
Title: Re: Get to 1 Million in Net worth
Post by: WildJager on June 13, 2015, 04:12:53 PM
I'm game.  Estimate 4% return.  100% invested in stocks.

Present: $725,000.  June, 2015.
Estimate: $800,000.  Dec, 2015.
Estimate: $900,000.  Jun, 2016.
Estimate: $1,000,000. Jan, 2017.

Edit: Jul 2015 update
Title: Re: Get to 1 Million in Net worth
Post by: Heckler on June 18, 2015, 03:21:24 PM
I've set my real estate at a constant value, undervalued by at least 15% to the market.  This is significant, as real estate is 68% of our NW.

Should be there soon, although the real goal is the 1.1 MM liquid though - that's still 10 years out. 

Is this exponential or linear growth?  It was looking exponential in Q1, but then the wife got laid off and we went for a month long Europe vacation...  Still loving life!
Title: Re: Get to 1 Million in Net worth
Post by: Gretamom on June 18, 2015, 09:16:16 PM
Too much talk about why $1M is right or wrong.  We each need to decide what right for us.

I'm in and I have a date, my goal is to reach $1M by March 31, 2018.  (Happens to be the next blue moon).

Whether or not I'm FI or RE before then, I plan to hit $1M.  I plan to have an increasing net worth after FIRE.  Spend less than you make and invest the rest (whether you're FIRE or not)!!

I agree with you Greenbeard. I'm in on this challenge. My calculations to hit $1M is September 2019, but I'm going to really challenge myself and my family and turn up the heat - June 2018 is my new goal. I plan on increasing my wealth even after the $1M.
Title: Re: Get to 1 Million in Net worth
Post by: Bateaux on June 24, 2015, 02:17:00 AM
It gets surreal watching your accounts grow $10,000 or more a month.  It's real.  It's really, really, real.  Hard to believe.
Title: Re: Get to 1 Million in Net worth
Post by: 2Birds1Stone on June 24, 2015, 06:23:21 AM
9.05% of the way there LOL, oi its gonna be a long long roadddd

Update - 10.02% w00h00
Title: Re: Get to 1 Million in Net worth
Post by: FuturePrimitive on June 24, 2015, 07:11:31 AM
My conservative estimate for this goal is ~7 years from now. Seems a long way off especially considering its not my FIRE goal. I know these incremental goals are a great way to keep motivated but I actually didn't think I was that far away from 1,000,000.

(Here's to hoping I was too conservative with my calculation!)
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on June 24, 2015, 07:31:49 AM

9.05% of the way there LOL, oi its gonna be a long long roadddd

Update - 10.02% w00h00

Congrats!
Title: Re: Get to 1 Million in Net worth
Post by: Workinghard on June 24, 2015, 08:16:09 AM
I venture to say, most of you will "get there" sooner than you expect. I know I set conservative goals so I won't be disappointed, but as you get closer and closer you do everything you can. I had a 1m goal for 4/2016. We reached it this spring. When you get there take a screen shot of Mint or Personal Capital.  You'll want to remember the date. :)
Title: Re: Get to 1 Million in Net worth
Post by: val_2073 on June 24, 2015, 11:01:43 PM
Im in.   Im 32 years old. got started in the MMM game 6 months ago.  Current income 100k a year.


Assets:
Real Estate - +300k
Cash - +13k
Investments - +31k
Retirement Account - +100k

Total Asset: $444,000

Liabilities:
Mortgage -    -51k
Debt Consolidation -   -24k
Car Loan -  -18k

Total Liability: - $93,000


$444,000
-$93,000
____________

Net Worth: $ 351,000


Title: Re: Get to 1 Million in Net worth
Post by: sobezen on June 25, 2015, 12:22:20 AM
It is good to set a target goal. According to my calculations I'm on track to reach this milestone before the end of next year.  No debts, mainly appreciating assets.  Working hard to expand income streams to improve my earning potential.
Title: Re: Get to 1 Million in Net worth
Post by: Gumbo1978 on June 25, 2015, 08:14:10 AM
I calculate my net worth using only money I have set aside for retirement (do not include equity as I do not plan on moving anytime soon and when I do, probably will not downsize and do not count 529 as I do not plan to use that for anything but education).  $1 million is definitely a psychological # for me as I watch the accounts grow with contributions/interest.  Ben Franklin was dead on with his compound interest quote.

Cash = $40.5k
Cash Balance Pension - $5800
Brokerage Acct - $108k
Traditional IRA (Rollover 401k) = $263k
Roth IRA (wife and I) = $194k
401k - $247k
Total = $858,300

Debt:  Mortgage -$132k, Car -$2k

Net Worth:  $724,300

Other:
529 Plans - $75k
Home Equity - $130k

Still not sure what I would consider my FIRE number.  $1.5-2 million probably.  Will take longer to get there as I plan to cut back to part time (and once my wife is out of grad school plan on her working part time as well) while our kids are young (elementary school).  Even with FIRE my wife would continue working in her field and I would want to take on some paid employment on a reduced/flexible schedule.
Title: Re: Get to 1 Million in Net worth
Post by: Hummer on June 26, 2015, 01:47:13 PM
I calculate my net worth using only money I have set aside for retirement (do not include equity as I do not plan on moving anytime soon and when I do, probably will not downsize and do not count 529 as I do not plan to use that for anything but education).  $1 million is definitely a psychological # for me as I watch the accounts grow with contributions/interest.  Ben Franklin was dead on with his compound interest quote.

Cash = $40.5k
Cash Balance Pension - $5800
Brokerage Acct - $108k
Traditional IRA (Rollover 401k) = $263k
Roth IRA (wife and I) = $194k
401k - $247k
Total = $858,300

Debt:  Mortgage -$132k, Car -$2k

Net Worth:  $724,300

Other:
529 Plans - $75k
Home Equity - $130k

Still not sure what I would consider my FIRE number.  $1.5-2 million probably.  Will take longer to get there as I plan to cut back to part time (and once my wife is out of grad school plan on her working part time as well) while our kids are young (elementary school).  Even with FIRE my wife would continue working in her field and I would want to take on some paid employment on a reduced/flexible schedule.

That's a lot of cash. You should put it somewhere... :)
Title: Re: Get to 1 Million in Net worth
Post by: Uncle Scrooge on July 10, 2015, 11:48:48 AM
How do you project your future net worth? For example, "I'm on pace to hit 1 million in 7 years."

 How in the world do you figure that out? Is there an online calculator I could play with?
Title: Re: Get to 1 Million in Net worth
Post by: FuturePrimitive on July 10, 2015, 11:56:10 AM
I used the goal planner in Mint. It's a pretty rough estimate going that far out though. Kinda like Windows download estimates, it gets more accurate the closer you are.
Title: Re: Get to 1 Million in Net worth
Post by: BBub on July 10, 2015, 12:37:09 PM
How do you project your future net worth? For example, "I'm on pace to hit 1 million in 7 years."

 How in the world do you figure that out? Is there an online calculator I could play with?

It's a Future Value Calculation.  The simplest online calculator I've found is: http://www.ultimatecalculators.com/future_value_savings_calculator.html (http://www.ultimatecalculators.com/future_value_savings_calculator.html)

You can also run it either by hand, using a financial calculator, or in excel.  Definitely a valuable skill and worthwhile to take the time to learn how these calcs work, as a firm understanding of this concept will forever change the way you view money.

The basic FV calculation is: FV = PV*(1+i)^n
This doesn't include payments. It's just the future value (FV) of a present value (PV) of money, assuming an interest rate (i) and number of compounding periods (n).

For example, assume you have $100k invested at 7% for 10 years.
PV= $100,000
i= 7%
n= 10
FV= ?

$100,000(1.07)^10 = $196,715.14

Now, to add payments the formula is:    FV = PV*(1+i)^n+PMT/i((1+i)^n-1). 

That one get's tricky, so a simpler (and lengthier) way to solve by hand with payments is:

Year 1: (100,000*1.07)+10,000 = $117,000
Year 2: (117,000*1.07)+10,000 = $135,190
Year 3: (135,190*1.07)+10,000 = $154,653
And so on..

You can build an excel table to calculate this info more quickly.  Some of the online calculator results will vary slightly depending on whether the payment is calculated at the beginning or end of the period, but you get the basic idea.

Hope this helps.  Feel free to ask additional questions.
Title: Re: Get to 1 Million in Net worth
Post by: Roots&Wings on July 10, 2015, 12:59:01 PM
How do you project your future net worth? For example, "I'm on pace to hit 1 million in 7 years."

 How in the world do you figure that out? Is there an online calculator I could play with?

I use this online retirement calculator: http://financialmentor.com/calculator/best-retirement-calculator
Title: Re: Get to 1 Million in Net worth
Post by: Cougar on July 10, 2015, 01:56:18 PM
I calculate my net worth using only money I have set aside for retirement (do not include equity as I do not plan on moving anytime soon and when I do, probably will not downsize and do not count 529 as I do not plan to use that for anything but education).  $1 million is definitely a psychological # for me as I watch the accounts grow with contributions/interest.  Ben Franklin was dead on with his compound interest quote.

Cash = $40.5k
Cash Balance Pension - $5800
Brokerage Acct - $108k
Traditional IRA (Rollover 401k) = $263k
Roth IRA (wife and I) = $194k
401k - $247k
Total = $858,300

Debt:  Mortgage -$132k, Car -$2k

Net Worth:  $724,300

Other:
529 Plans - $75k
Home Equity - $130k

Still not sure what I would consider my FIRE number.  $1.5-2 million probably.  Will take longer to get there as I plan to cut back to part time (and once my wife is out of grad school plan on her working part time as well) while our kids are young (elementary school).  Even with FIRE my wife would continue working in her field and I would want to take on some paid employment on a reduced/flexible schedule.

That's a lot of cash. You should put it somewhere... :)


i'd hold on until october to it, i'm actually doing that with a helluva lot more than 40k.

i know, i know; you cant time the market; but you can play the percentages and august and september are historically the worst months for the market and if you take a look at things(greece, china stock market, fed saying theyre rasing rates); there's a lot to encourage a sell off now imo.
Title: Re: Get to 1 Million in Net worth
Post by: Hummer on July 12, 2015, 10:36:24 AM
Only 27 now. My wife is 20.
I'm joining this challenge.

Pension: 22k
RRSP: 15k
TFSA: 1k
Cash: 10k
House: ~280k dang, housing in america is cheap from all the posts I've seen

Debt: none
Mortgage: ~275k they shouldn't have let me buy my house, stupid CMHC and insured mortgages and I was house horny, minimum 5% down... my parents didn't encourage me, but they definately didn't discourage me.

NW: 53k

Current income: 68k gross (this is probably, 49k net, income tax, EI, CPP, Canada seems to have a lot of taxes, plus 5% removed for company pension match)
Wife's income: ~40k gross (this is probably 27k net)
Annual expenses: ~45k (16k) is the mortgage, we can improve this.
Income from basement suite: ~7k annually

Is thread still going to be active in 13 years? lol, At 9% compounded, I'm planning on 13 years...

Cheers

Got the new job. I start in the new year at $90k. Unfortunately, the $22k raise translates into only a $14k raise after tax. I'm planning on adding around $10k to my RRSP this year to repay the amount I borrowed under the HBP to buy my house. I'll update my our NW number in the new year.

Update:

Pension: 24k
RRSP: 22k
TFSA: 2k We will be aggressively increasing this as the Canadian government recently increased the contribution limit a lot.
Cash: 16k
House: ~280k

Mortgage: ~277k Incorrect first post

NW: 67k

Current income: 90k gross (this is probably, 68k net), Over the course of the next few years this will improve to 100k as I have been started at 90% of the position.
Wife's income: ~0k gross (this is probably 0k net), she lost her job and is looking for a new one.
Annual expenses: ~45k (18k) is the mortgage, we can improve this. Also incorrect first post.
Income from basement suite: ~7k annually

Update:

Old Pension I rolled into a new fund, currently not contributing to it: 25k
New DC Pension from new job, only 6 months old: 5k
RRSP: 29k
TFSA: 11k Aggressive contributions continuing.
Cash: 20k I need to move some of this cash.
House: ~280k

Mortgage: ~263k Incorrect first and second post, as you can see, I'm still sorting out the details of my finances.

NW: 107k, 40k increase in 6 months, has us on the right track.
Title: Re: Get to 1 Million in Net worth
Post by: SpicyMcHaggus on July 13, 2015, 08:58:56 AM
if you need to move your cash, I need $20k for a down payment on a SFH.
All the $ is tied up on the duplexes. We could move out and make bank renting the unit we are in, but have nowhere to move until we have saved another 20-30k.
Title: Re: Get to 1 Million in Net worth
Post by: Hummer on July 13, 2015, 10:46:16 AM
Har Har, I'm not that generous. If you have duplexes plural and 5 years left, sound like you are doing quite well... :)
Title: Re: Get to 1 Million in Net worth
Post by: SpicyMcHaggus on July 13, 2015, 12:28:22 PM
I found this for you:
http://www.numbeo.com/cost-of-living/compare_countries_result.jsp?country1=Canada&country2=United+States
Title: Re: Get to 1 Million in Net worth
Post by: sleepyguy on July 13, 2015, 12:43:21 PM
We ball park it...

We know we both max out our RRSP (401k) and TSFA, actually our RRSP we are over contributing because we were clowns in our twenties (ate out every day, etc, etc).

so counting company matches... it's like
$50k/yr RRSP
$20k/yr TSFA

So that's $70k/yr contributions... we roughly have $400k currently in the market.

so basic number crunching... that comes out to about $1.375 Million in 7yrs with 6% annual return.  Our house would be paid off at this time as well, so that adds about $575k NW, and we also have an investment condo that we continue to rent out which is about +$500/mth).  We would probably downsize in 7yrs to something $350k or so, and we plan on paying for our kids university (2 kids).  As you can see we're a bit risk adverse but things can change (job loss etc, etc), we're on plan for 42-45 FIRE... not sure yet we'll both quit outright now not once we 'reach out numbers'...  we've also budgeted to be able to live off a single income from one of us, happens we both have decent careers.

How do you project your future net worth? For example, "I'm on pace to hit 1 million in 7 years."

 How in the world do you figure that out? Is there an online calculator I could play with?
Title: Re: Get to 1 Million in Net worth
Post by: Zamboni on July 14, 2015, 07:30:24 PM
I'm in. Going to count my assets separately from my other half since we keep finances separately.  Right now just shy of a half million, so this will take awhile yet.

Time to get really serious about this. Just took step of setting up a monthly autotransfer of all of the raise I will get in my paycheck starting this month to my Vanguard taxable account.

Good luck, all.
Title: Re: Get to 1 Million in Net worth
Post by: patrickza on July 16, 2015, 06:48:26 AM
Count me in. Just a question do you guys count it as a couple? While I'm sure I'll get there, I'm not sure it'll be before I pull the work plug, or after. I'm probably FIRE now, but the 1 mil mark is 3-4 years away. I'm not if I'll stay working till then or go on some weird adventure and stop contributing to the stache... I'll make sure it keeps growing without my help thanks to a low cost of living, but it will mean a few more years before I hit that point.
Title: Re: Get to 1 Million in Net worth
Post by: FuturePrimitive on July 16, 2015, 07:40:40 AM
I (we) are counting net worth as a couple but excluding house equity.
Title: Re: Get to 1 Million in Net worth
Post by: Cookie78 on July 16, 2015, 07:58:59 AM
Count me in. Just a question do you guys count it as a couple? While I'm sure I'll get there, I'm not sure it'll be before I pull the work plug, or after. I'm probably FIRE now, but the 1 mil mark is 3-4 years away. I'm not if I'll stay working till then or go on some weird adventure and stop contributing to the stache... I'll make sure it keeps growing without my help thanks to a low cost of living, but it will mean a few more years before I hit that point.

I'm counting as solo, but I don't combine finances, nor permanently live with my SO. I'm also not sure I'll get to 1 million any time soon because I'm also very interested in the 'go on some weird adventure and stop contributing, but live cheaply and let it grow' plan. And I've only barely just hit half a million (including equity on houses, which I will sell before said adventure).
Title: Re: Get to 1 Million in Net worth
Post by: BBub on July 16, 2015, 09:28:20 AM
I (we) are counting net worth as a couple but excluding house equity.
+1
Title: Re: Get to 1 Million in Net worth
Post by: patrickza on July 17, 2015, 10:36:05 AM
Count me in. Just a question do you guys count it as a couple? While I'm sure I'll get there, I'm not sure it'll be before I pull the work plug, or after. I'm probably FIRE now, but the 1 mil mark is 3-4 years away. I'm not if I'll stay working till then or go on some weird adventure and stop contributing to the stache... I'll make sure it keeps growing without my help thanks to a low cost of living, but it will mean a few more years before I hit that point.

I'm counting as solo, but I don't combine finances, nor permanently live with my SO. I'm also not sure I'll get to 1 million any time soon because I'm also very interested in the 'go on some weird adventure and stop contributing, but live cheaply and let it grow' plan. And I've only barely just hit half a million (including equity on houses, which I will sell before said adventure).

Excellent, I'm also just past halfway, maybe we'll cross paths doing a bike tour through eastern Europe, or hiking the Appalachian in a few years time ;)
Title: Re: Get to 1 Million in Net worth
Post by: Cookie78 on July 17, 2015, 10:59:02 AM
Count me in. Just a question do you guys count it as a couple? While I'm sure I'll get there, I'm not sure it'll be before I pull the work plug, or after. I'm probably FIRE now, but the 1 mil mark is 3-4 years away. I'm not if I'll stay working till then or go on some weird adventure and stop contributing to the stache... I'll make sure it keeps growing without my help thanks to a low cost of living, but it will mean a few more years before I hit that point.

I'm counting as solo, but I don't combine finances, nor permanently live with my SO. I'm also not sure I'll get to 1 million any time soon because I'm also very interested in the 'go on some weird adventure and stop contributing, but live cheaply and let it grow' plan. And I've only barely just hit half a million (including equity on houses, which I will sell before said adventure).

Excellent, I'm also just past halfway, maybe we'll cross paths doing a bike tour through eastern Europe, or hiking the Appalachian in a few years time ;)

Sounds like a plan. :)
Title: Re: Get to 1 Million in Net worth
Post by: FIBy30 on July 17, 2015, 01:37:01 PM
I am in!  We are at about 480k.  I am counting real estate as we accumulate multifamilies by living in them for a year and just hop from one to the other.  We've actually told ourselves we don't want to buy a single family home until sometime after retirement as we don't see them as assets.  Anyways, we hope to hit 1M in 3 years as we are able to save every dime we make from our jobs because of the tenants paying the mortgage.  We are both 26 right now, hope to be done before 30!  Looking forward to the journey with everyone here.
Title: Re: Get to 1 Million in Net worth
Post by: Bateaux on July 20, 2015, 12:18:53 AM
+1 on hiking the AT while watching money continue to grow.   Hope to be March 2018 starting in Georgia.   The money is already there, it's growing so fast now I'll never spend it all.  Over 1.325M now.  Made another 10K in just the past few weeks.  With new investment and return could see over 100K increase in 2015 if market stays up.  Almost like it isn't real!  Expenses are lower than ever.  956 days till the AT and FIRE!!!  Can't believe it's already less than 1000 days.
Title: Re: Get to 1 Million in Net worth
Post by: OurTown on October 02, 2015, 07:23:43 AM
339K, bitches!
Title: Re: Get to 1 Million in Net worth
Post by: Lnspilot on October 05, 2015, 07:47:33 AM
+1 (+2?) Bateausdriver on hiking the AT after FIRE! I recently read AWOL on the Appalachian Trail* and was very inspired by it. Not sure if I'd go southbound or northbound on that one...

I'm close to the goal myself between the brokerage account and my 401k. While completely unnecessary, it's a fun goal to have if you're already on track to achieve it.

*Got it for $1 after seeing it via @KindleFreeBook btw


Title: Re: Get to 1 Million in Net worth
Post by: Bateaux on October 11, 2015, 03:12:25 AM
See ya on the trail.  Btw. Savings is currently only 1.285 M. Down 40k from summer.  Who cares though.   Still working and still buying.  By 2018 it will be a bump in the road.
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on October 11, 2015, 05:54:44 AM
I know logically I shouldn't care but this recent bump in the road set me back a lot, more than 50k which I know doesn't matter but I was on track to hit 1 million in 4 quarters and now I'm definitely not. Wondering if anyone else feels this way.
Title: Re: Get to 1 Million in Net worth
Post by: Bateaux on October 13, 2015, 12:39:22 AM
This little bump will average out.  We've been riding a bull market for a very long time and develop higher expectations.   I usually use 7% overall growth in my calculations. That's less tyan the bull and more the bear but it averages out.  This correction at one point I was down about 100k.  I went from accounts totalling 1.3M or so to 1.2M or so.  Im still working and investing so i didn't even raise an eyebrow over it.  Only a major market correction will take me below 1M now.  In a few years no market correction is likely to take me below 1M.  Keep investing.   You'll get there. 
Title: Re: Get to 1 Million in Net worth
Post by: FuturePrimitive on October 13, 2015, 06:05:30 AM
I know logically I shouldn't care but this recent bump in the road set me back a lot, more than 50k which I know doesn't matter but I was on track to hit 1 million in 4 quarters and now I'm definitely not. Wondering if anyone else feels this way.
Yep. And I'm one of those obsessive types that likes to look at my stocks multiple times a day. (I don't do anything stupid, I just like looking at the numbers.) This spring (summer?) I had a 2 day 60k loss.

But I also know that it doesn't matter in the long run, that "loss" is just about erased and its only been a few months.
Title: Re: Get to 1 Million in Net worth
Post by: Faraday on October 13, 2015, 06:55:19 AM
Wholly Krappe this is  a badass thread...joining in.
usmarine1975, what is this "guest shitstuff :-) "? You starting a thread without a real login? How's that supposed to work?
Title: Re: Get to 1 Million in Net worth
Post by: BBub on October 13, 2015, 07:43:30 AM
I know logically I shouldn't care but this recent bump in the road set me back a lot, more than 50k which I know doesn't matter but I was on track to hit 1 million in 4 quarters and now I'm definitely not. Wondering if anyone else feels this way.

Saying that you definitely won't hit $1m in 4 quarters is misinformed, assuming you are invested in stocks.  Many things can happen.  Remember 2013 when the market was up 30%?  Or 2008 when it finished down 39%... or 10 of the last 40 years the s&p 500 has gained over 25% in a single year?  Plug one of those into your model!

You could still very easily hit the goal next year - don't be discouraged.  Your account could get cut in half as well, so don't get too upset about that either.  Investing in stocks is a calculated risk.  When you made the decision to allocate money into stocks you most likely did so because it gives you the highest probability of achieving your goals over time.  The tradeoff is volatility.  Those who can handle fluctuations on their balance sheet are handsomely rewarded in the long run.  Dealing with volatility and the business cycle is simply part of being a business owner.  Never forget that you are an actual business owner - not just a guy or gal with some index funds.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on October 13, 2015, 04:18:00 PM
Wholly Krappe this is  a badass thread...joining in.
usmarine1975, what is this "guest shitstuff :-) "? You starting a thread without a real login? How's that supposed to work?

When someone deletes their account, their posting status for all previously made posts goes to guest (and, of course, they can no longer post without making a new account).
Title: Re: Get to 1 Million in Net worth
Post by: FrugalFan on October 13, 2015, 06:35:11 PM
This has been a loose goal of mine for a while now, since reading a blog called Million Dollar Journey. I'm hoping to hit it by the time I am 40, in two years. But we are using the generous terms of counting our house equity and using our joint assets. We are at 817k now. A lot of inspiring posts in this thread!
Title: Re: Get to 1 Million in Net worth
Post by: Faraday on October 13, 2015, 06:42:56 PM
Wholly Krappe this is  a badass thread...joining in.
usmarine1975, what is this "guest shitstuff :-) "? You starting a thread without a real login? How's that supposed to work?

When someone deletes their account, their posting status for all previously made posts goes to guest (and, of course, they can no longer post without making a new account).

Thanks ARS! Much appreciated!
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on October 13, 2015, 09:16:01 PM
Thanks everyone who responded to remind me that we are all made of tough stuff to have achieved what we have already and that the market can just as easily go up as down the next few quarters. The important thing is to keep saving and stay the course.
Title: Re: Get to 1 Million in Net worth
Post by: roadtrippers on October 18, 2015, 09:09:39 AM
Compared to many of you spring chickens, DH and I are getting up there in age (51 and 50), with FIRE dates of 2019 and 2020, when we can access our pensions. We are over halfway to 1M, which is just a number, but it's such a NICE number! Congrats to everyone who is there already!
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on October 31, 2015, 01:41:32 AM
I am currently at $962602.79. My breakdown is:

a) $334983.26 in tax-sheltered accounts
b) $523000.60 in taxable accounts
c) $29618.93 cash
d) $75395, collectibles
Title: Re: Get to 1 Million in Net worth
Post by: Bateaux on November 05, 2015, 11:18:24 PM
I am currently at $962602.79. My breakdown is:

a) $334983.26 in tax-sheltered accounts
b) $523000.60 in taxable accounts
c) $29618.93 cash
d) $75395, collectibles

Welcome to the 7 figures club.  I know it's a little early but you're right there.  It gets easier from here.  I had a 100k drop in value this year. Never went below 7 figures.   Now with the recovery from those lows I'm at new all time highs yet again.  You've pretty much outgrown the need to panic now.  Enjoy.

846 days till hiking the AT
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on November 08, 2015, 09:51:26 PM
Welcome to the 7 figures club.  I know it's a little early but you're right there.  It gets easier from here.  I had a 100k drop in value this year. Never went below 7 figures.   Now with the recovery from those lows I'm at new all time highs yet again.  You've pretty much outgrown the need to panic now.  Enjoy.

846 days till hiking the AT
Thank you!  It's been a long road, and I wasn't exactly sure where I would end up when I started at age 23.  There were a lot of mistakes I made with my financial decisions over the past 16 years.  But I am still learning and still humping along.

If you have the chance, you should trek Patagonia in Argentina and Chile.  I want to highlight to you Parque Nacional Los Glaciares in Argentina and Parque Nacional Torres del Paine in Chile.  The weather is finicky with lots of rain and high winds, but if you are lucky you have agreeable weather and will witness the grandest that this earth has to offer.  The best time to go is high season during mid-December to mid-January.  The weather is most favorable during that period.
Title: Re: Get to 1 Million in Net worth
Post by: OurTown on November 09, 2015, 07:23:50 AM
357k.  Isn't "hiking the Appalachian Trial" a euphemism for having a South American girlfriend?
Title: Re: Get to 1 Million in Net worth
Post by: Faraday on November 09, 2015, 08:10:44 AM
357k.  Isn't "hiking the Appalachian Trial" a euphemism for having a South American girlfriend?

$391k. Bwahahah! Sure is!

https://en.wikipedia.org/wiki/Mark_Sanford_disappearance_and_extramarital_affair

However, beware...it has multiple meanings, and the other I'm aware of is not safe for work viewing....
Title: Re: Get to 1 Million in Net worth
Post by: webguy on November 12, 2015, 09:46:11 PM
I'd like to join to help motivate me. Currently at $540k and hope to hit the big 1M in the next couple of years.

I made it to $748k! Keep saving everybody!!
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on November 13, 2015, 01:40:54 AM
I'd like to join to help motivate me. Currently at $540k and hope to hit the big 1M in the next couple of years.

I made it to $748k! Keep saving everybody!!

Wow, 208k gain in under 7 months is crazy, well done!
Title: Re: Get to 1 Million in Net worth
Post by: thedayisbrave on November 13, 2015, 04:53:46 AM
I'd like to join to help motivate me. Currently at $540k and hope to hit the big 1M in the next couple of years.

I made it to $748k! Keep saving everybody!!

Wow, 208k gain in under 7 months is crazy, well done!

I'll echo that, holy shit! That's amazing! :)
Title: Re: Get to 1 Million in Net worth
Post by: webguy on November 13, 2015, 05:49:54 AM
I'd like to join to help motivate me. Currently at $540k and hope to hit the big 1M in the next couple of years.

I made it to $748k! Keep saving everybody!!

Wow, 208k gain in under 7 months is crazy, well done!

I'll echo that, holy shit! That's amazing! :)

Thanks for the encouragement! I wish I could say I did it by being some kind of frugal badass but to be honest I've just been fortunate that I've been making a crap ton of money this past year and not spending much of it.
Title: Re: Get to 1 Million in Net worth
Post by: Imonaboat on November 13, 2015, 06:22:21 AM
October 2015 - $260,194
November 2015 - $268,854
Title: Re: Get to 1 Million in Net worth
Post by: xDavidx on November 29, 2015, 06:37:10 PM
I'm in on this.

Networth:     693k

That includes Real Estate equity (Primary House and Rental), but does not include cars, motorcycles, lawn mowers, etc.

Income is about 115k combined. Total assets past 1M in March. Only debt is mortgage debt on the 2 properties.
Title: Re: Get to 1 Million in Net worth
Post by: OurTown on December 03, 2015, 07:15:11 AM
365K.  We are up 99 grand for the year.
Title: Re: Get to 1 Million in Net worth
Post by: FrugalFan on December 03, 2015, 12:01:57 PM
This has been a loose goal of mine for a while now, since reading a blog called Million Dollar Journey. I'm hoping to hit it by the time I am 40, in two years. But we are using the generous terms of counting our house equity and using our joint assets. We are at 817k now. A lot of inspiring posts in this thread!

We just received our pension statement for the year and we are now at 905k! I think we just might make it to 1M in 2016!
Title: Re: Get to 1 Million in Net worth
Post by: powersuitrecall on December 03, 2015, 01:49:05 PM
This has been a loose goal of mine for a while now, since reading a blog called Million Dollar Journey. I'm hoping to hit it by the time I am 40, in two years. But we are using the generous terms of counting our house equity and using our joint assets. We are at 817k now. A lot of inspiring posts in this thread!

We just received our pension statement for the year and we are now at 905k! I think we just might make it to 1M in 2016!

Congrats! So close now!

Ah, juicy juicy pension statements.

I assume you are a Canadian Fed employee?  There is a pension web app that you can log in to get your up-to-the-minute pension TR value. I've been tracking mine all year.  Actually, I have to stop myself from doing this daily.  It's a problem that I'm working on.  Anyways, it's done some wonky things this year.  There was a huge jump in TR values when the BOC announced the first rate drop earlier this year and been kinda flat since.  Fun to watch!
Title: Re: Get to 1 Million in Net worth
Post by: OurTown on January 06, 2016, 08:33:22 AM
Bumping the thread.  Here at the start of 2016 we are at $374k. 
Title: Re: Get to 1 Million in Net worth
Post by: Hummer on February 04, 2016, 10:15:52 PM
November 2014

Only 27 now. My wife is 20. I'm joining this challenge.
Pension: 22k
RRSP: 15k
TFSA: 1k
Cash: 10k
House: ~280k dang, housing in america is cheap from all the posts I've seen
Debt: none
Mortgage: ~275k
Net Worth: 53k


April 2015
Pension: 24k
RRSP: 22k
TFSA: 2k We will be aggressively increasing this as the Canadian government recently increased the contribution limit a lot.
Cash: 16k
House: ~280k
Mortgage: ~277k Incorrect first post
Net Worth: 67k


July 2015
Old Pension I rolled into a new fund, currently not contributing to it: 25k
New DC Pension from new job, only 6 months old: 5k
RRSP: 29k
TFSA: 11k Aggressive contributions continuing.
Cash: 20k I need to move some of this cash.
House: ~280k
Mortgage: ~263k Incorrect first and second post, as you can see, I'm still sorting out the details of my finances.
Net Worth: 107k, 40k increase in 6 months, has us on the right track.


January 2016
My wife and I decided to downsize and move into a brand new but small 900 square foot 1 bedroom house.
Old Pension: 26k
New Pension: 10k
RRSP: 33k
TFSA: 23k
Cash: 17k
House: ~175k
Mortgage: ~139k
Net Worth: 145k, another decent increase in my mind
Some of the other posts are mind boggling, increasing several hundred thousand in half a year.
Title: Re: Get to 1 Million in Net worth
Post by: RetirementDreaming on February 04, 2016, 11:33:34 PM
Husband and I are in on this.

Goal: 1M in investable assets
1/30/16: 810k
3/31/16: 883k
6/30/16: 914k
7/31/16: 971k
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on February 07, 2016, 01:06:37 PM
I'm actually farther away from my goal than 6 months ago. I was at $800 in June and now, even with saving probably about $6k a month I am at $760ish. Ouch. I'm in it for the long term but I was racing to get to 1 mil. Now I've given up on reaching my 2 year timeline as there's only so much we can control.
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on February 07, 2016, 02:14:19 PM
I'm actually farther away from my goal than 6 months ago. I was at $800 in June and now, even with saving probably about $6k a month I am at $760ish. Ouch. I'm in it for the long term but I was racing to get to 1 mil. Now I've given up on reaching my 2 year timeline as there's only so much we can control.
I am going through the same.  Was about $30K short of $1mil in October 2015.  Now totals are around $860K.  Perhaps I can get to seven digits in 2016 if the markets rebound.  Meanwhile, I continue to do what I am doing!
Title: Re: Get to 1 Million in Net worth
Post by: Workinghard on February 07, 2016, 02:39:18 PM
Hang in there. That last leg seems to take forever! I remember checking daily, sometimes more. We finally hit the benchmark last March. You can do it! Try not to get disappointed if it takes you a little longer. You're way ahead of the norm.
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on February 07, 2016, 06:39:50 PM
Hang in there. That last leg seems to take forever! I remember checking daily, sometimes more. We finally hit the benchmark last March. You can do it! Try not to get disappointed if it takes you a little longer. You're way ahead of the norm.
Thanks, Workinghard!  I will continue husking coconuts...
Title: Re: Get to 1 Million in Net worth
Post by: SwordGuy on February 17, 2016, 06:33:04 PM
We were on target to hit $1,000,000 net worth by the end of December with our investments and our new rental property business.

Then we realized we would fall short of our goal by about $30,000 because my mom was ill and my wife and I were spending my time visiting her instead of fixing up rental #3 to get the after-repair valuation jump.

But, serendipitously, a house we had our eyes on for 2 years started dropping in price $10,000 a month.   Using all the tricks we had learned about buying houses in the prior year (3 rentals!), we negotiated a price that was $97,000 below appraised value.   So, we actually beat our goal by $67,000 despite not fixing up rental #3!

Sometimes you get lucky, and sometimes luck just looks like hard work and paying attention... :)

I'm particularly proud of our financial accomplishments last year.  Our net worth - ignoring any stock market gains, just counting the purchases at face value - went up:

 $35,000 Rental #1, after repair value increase
 $30,000 Rental #2, after repair value increase
 $50,000 (2 401Ks with employer matches at 50+ contribution limits)
 $36,000 Vanguard stock purchases
 $97,000 Main house value - purchase price
======
$218,000

Plus our income will go up $9600 a year due to rentals #1 and #2!

This is the really cool part:

Our net worth increased MORE than we received in salaries from our day job!

That's really awesome.   Think about that.  It boggles my mind.  Our net worth increased by 125% of our gross salaries.   And that's without counting any stock appreciation or dividends into account.  It's just counting $1 of stock I bought or owned at the start of the year as staying valued at $1.

It's absolutely amazing what one can accomplish when one lowers expenses, pays off debts, and then sets to work in a reasonable, workmanlike fashion to increase one's wealth. 

I REALLY do not understand why people say our country is broken and that there is no opportunity.

Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on February 17, 2016, 09:42:23 PM
So, we actually beat our goal by $67,000 despite not fixing up rental #3!
Good job, SwordGuy.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on February 18, 2016, 01:59:40 AM
I REALLY do not understand why people say our country is broken and that there is no opportunity.

Well the opportunity takes work (see: Edison overalls quote).  What they really mean is nobody is handing everything to them.
Title: Re: Get to 1 Million in Net worth
Post by: Faraday on February 18, 2016, 05:37:46 AM
I'm actually farther away from my goal than 6 months ago. I was at $800 in June and now, even with saving probably about $6k a month I am at $760ish. Ouch. I'm in it for the long term but I was racing to get to 1 mil. Now I've given up on reaching my 2 year timeline as there's only so much we can control.
I am going through the same.  Was about $30K short of $1mil in October 2015.  Now totals are around $860K.  Perhaps I can get to seven digits in 2016 if the markets rebound.  Meanwhile, I continue to do what I am doing!

I'm in the same boat - damn near every dollar I've put into my S&P Index funds is "gone". However, I'm buying leverage and position right now during the "correction", not sheer $$ value.  I've been accelerating my equity purchases to my maximum possible during the down market position.

I saw the effect of my "buy low" strategy start to pay off during the recent 3-day uptick of the market. My two day change on the 15th and 16th was almost $10k, the largest it's ever been in my accounts. You can intuitively see it in any personal wealth tracking software graphs: The slope of the line over the two days is higher and the length of the line longer than prior rises. So essentially I've got higher "upward tendency" now than I had before the market "tanked"!
Title: Re: Get to 1 Million in Net worth
Post by: MishMash on February 18, 2016, 12:59:19 PM
Cashed a large check today that pushed us over the million dollar mark (pretty well over it).  It's a weird feeling...celebrating by replacing our bed (which we were going to do anyway) and building a new raised bed garden this weekend. 
Title: Re: Get to 1 Million in Net worth
Post by: Roots&Wings on February 18, 2016, 02:21:14 PM
Cashed a large check today that pushed us over the million dollar mark (pretty well over it).  It's a weird feeling...celebrating by replacing our bed (which we were going to do anyway) and building a new raised bed garden this weekend.

Congrats! That must feel great. Care to share any details of your progress/how you got there?
Title: Re: Get to 1 Million in Net worth
Post by: MishMash on February 18, 2016, 04:53:06 PM
Cashed a large check today that pushed us over the million dollar mark (pretty well over it).  It's a weird feeling...celebrating by replacing our bed (which we were going to do anyway) and building a new raised bed garden this weekend.

Congrats! That must feel great. Care to share any details of your progress/how you got there?

I'm an engineer, DH is military, early and mid 30's, saved 50-70% of salaries depending on the year up to this point.  We were at 850 total net worth end of 2015 so this was going to be our million dollar (total) year anyway.  But then we received an unexpected inheritance that pushed us over the million mark in both total and investable assets.  That cleared today.  Maybe it's the way we came to be here (inheritance) but it kind of feels meh :\
Title: Re: Get to 1 Million in Net worth
Post by: Goldy on February 18, 2016, 09:56:06 PM
Cashed a large check today that pushed us over the million dollar mark (pretty well over it).  It's a weird feeling...celebrating by replacing our bed (which we were going to do anyway) and building a new raised bed garden this weekend.

Congrats! That must feel great. Care to share any details of your progress/how you got there?

I'm an engineer, DH is military, early and mid 30's, saved 50-70% of salaries depending on the year up to this point.  We were at 850 total net worth end of 2015 so this was going to be our million dollar (total) year anyway.  But then we received an unexpected inheritance that pushed us over the million mark in both total and investable assets.  That cleared today.  Maybe it's the way we came to be here (inheritance) but it kind of feels meh :\

Congrats!  I totally understand your meh feeling about crossing the threshold.  If I were to win a small lottery everyone would think I was well off due to the lottery and not from the years of saving and hard work that got us close to the number. 

I have been flirting with the million mark and got as high as 965k last fall.  Currently down to 930 but I suspect we will make it across in 2016 due to contributions assuming the market doesn't fall much more.  My goal is to hit 1M before I turn 32 (2 months left) and 2M by 40.
Title: Re: Get to 1 Million in Net worth
Post by: Roots&Wings on February 19, 2016, 06:18:50 AM
Cashed a large check today that pushed us over the million dollar mark (pretty well over it).  It's a weird feeling...celebrating by replacing our bed (which we were going to do anyway) and building a new raised bed garden this weekend.

Congrats! That must feel great. Care to share any details of your progress/how you got there?

I'm an engineer, DH is military, early and mid 30's, saved 50-70% of salaries depending on the year up to this point.  We were at 850 total net worth end of 2015 so this was going to be our million dollar (total) year anyway.  But then we received an unexpected inheritance that pushed us over the million mark in both total and investable assets.  That cleared today.  Maybe it's the way we came to be here (inheritance) but it kind of feels meh :\

Iím sorry for your loss. That would feel meh. Really impressed you were almost there anyway! Very nice savings rate and thatís great you have a partner on board. Your bed splurge sounds very sensible :)
Title: Re: Get to 1 Million in Net worth
Post by: Faraday on February 22, 2016, 06:36:13 PM
.... received an unexpected inheritance that pushed us over the million mark in both total and investable assets.  Maybe it's the way we came to be here (inheritance) but it kind of feels meh :\

Totally see how you might feel meh over how you got there, and not rejoice in the inheritance. But I can only think that if the person who left that gift to you understood how well you are managing your money (and what you plan to do with it), they would be extremely happy to have put you over the mark. I know I would!
Title: Re: Get to 1 Million in Net worth
Post by: MishMash on February 23, 2016, 11:28:46 AM
.... received an unexpected inheritance that pushed us over the million mark in both total and investable assets.  Maybe it's the way we came to be here (inheritance) but it kind of feels meh :\

Totally see how you might feel meh over how you got there, and not rejoice in the inheritance. But I can only think that if the person who left that gift to you understood how well you are managing your money (and what you plan to do with it), they would be extremely happy to have put you over the mark. I know I would!

Thank you for that :-)  He knew about the basis of our plan (though he didn't agree with not working at all) and that we were good with saving .  He was a "built an empire out of literally nothing" kinda guy, moved his family out of a war zone and lived in a foreign country until war erupted there, finally immigrating to the US in the 60's and establishing a business.  Everyone thought he would leave it all to charity (he was a BIG supporter of local charities and the arts) Instead, he ended up splitting it all multiple ways which we didn't know about until some documents showed up at our door after the funeral so it was a shocker to say the least. 

Frankly, we'd still rather have him around, and we are suffering from some guilt that this fast forwarded our "goal" from years in the future to right now.  I think we are going to stick to our original plan and keep working till we hit the "number" through our own savings then this can be around to alleviate OMY syndrome.
Title: Re: Get to 1 Million in Net worth
Post by: Bateaux on February 27, 2016, 08:36:58 PM
One thing I've noticed since getting over the hump, the money seems to take care of itself.  Downturns in the market always seemed to wipe me out.  Not this time.  My total peaked last year at 1.325M a healthy sum.  It sits now at 1.260M  not an insignificant loss but not a big deal to me.  The moment that the market starts rising again gains will rapidly close up that loss.  A 10% gain will fill the void and add a gain equal to the void.  A large sum of invested money takes on a life of its own.  It has an occupation.  It wakes up everyday and goes to work.  It earns a living.  It is a producer.
Title: Re: Get to 1 Million in Net worth
Post by: Faraday on February 28, 2016, 06:36:59 AM
One thing I've noticed since getting over the hump, the money seems to take care of itself.  Downturns in the market always seemed to wipe me out.  Not this time.  My total peaked last year at 1.325M a healthy sum.  It sits now at 1.260M  not an insignificant loss but not a big deal to me.  The moment that the market starts rising again gains will rapidly close up that loss.  A 10% gain will fill the void and add a gain equal to the void.  A large sum of invested money takes on a life of its own.  It has an occupation.  It wakes up everyday and goes to work.  It earns a living.  It is a producer.

Bateaux, thanks for that comment. It really helps those of us who have a long way to go and are being buffeted (no pun intended) by the market. I'm about 1/3rd of the way there and the market has been smacking me around like a rag doll. It's been really tough to watch 401k's and Roths sit still while I push money into them.

I keep telling myself: "I'm buying equity positions, not dollar values", and I've really dialed up the investment in equities while the market is down. But it's frustrating as hell to keep injecting big chunks of my paycheck into things like FXSIX and watching the dollar value disappear almost instantly.  I'm having to pay more attention to # of shares (which is increasing very nicely) as an indicator of "purchased leverage" rather than pure dollar value.

I do see what you said, Bateaux, happening in my own accounts as they grow. Any growth in value at all seems to have a proportionally larger effect than it used to have. I can see in my graphs and data, when market value rises, the slope of the rise is steeper (gains value faster) and the length of the line (magnitude) is longer. What hurts is that there's just been so much more down lately than up. I'll be glad when things get a little more boring in the equities markets! :-)

You look at the historical data and you can see that this "market correction" is a mere blip compared to, say, 2009. Those folks who stayed the course and kept investing back then are in a great position today. So I'm trying to ignore the downturns, keep growing investments to take advantage of the correction and see if I can come out the other side in a much better equity position. I'm hoping to duplicate what others have done during historical market downturns, so I'm "all in" and hoping I'll be singing a different tune in a year or so....
Title: Re: Get to 1 Million in Net worth
Post by: jim555 on February 28, 2016, 01:46:18 PM
I don't know how people can stand the ups and downs of the market, too nerve racking for me.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on February 28, 2016, 01:53:43 PM
I don't know how people can stand the ups and downs of the market, too nerve racking for me.

Don't check it day-to-day.  Learn how the market works and think long-term. 

If you want to retire early, it's basically a necessity, or you have to work way longer to invest in things that return much lower, but with less volatility.   I'd rather learn about, and get comfortable with, investing in the market, personally. :)
Title: Re: Get to 1 Million in Net worth
Post by: jim555 on February 28, 2016, 02:09:35 PM
I FIREd and have never been in the equities all the time I was saving.  I got my ear chewed off by a co-worker who insisted that I had to be in stocks in order to retire, told him no thanks.  That was Dec. 1999, just before the stocks dumped hard.  Back then you could get 5-6% risk free so I didn't think the risk of stocks was worth it.
Title: Re: Get to 1 Million in Net worth
Post by: Faraday on February 28, 2016, 07:04:09 PM
I don't know how people can stand the ups and downs of the market, too nerve racking for me.

Don't check it day-to-day.  Learn how the market works and think long-term. 

If you want to retire early, it's basically a necessity, or you have to work way longer to invest in things that return much lower, but with less volatility.   I'd rather learn about, and get comfortable with, investing in the market, personally. :)

ARS, I read someone make the comment here in the forums that the market "breathes out and breathes in". I thought that was the best analogy I'd ever heard for what happens.

More to your point: I check maybe once a week. I'm thinking right now even that's too much.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on February 29, 2016, 12:34:32 AM
I FIREd and have never been in the equities all the time I was saving.  I got my ear chewed off by a co-worker who insisted that I had to be in stocks in order to retire, told him no thanks.  That was Dec. 1999, just before the stocks dumped hard.  Back then you could get 5-6% risk free so I didn't think the risk of stocks was worth it.

A few comments.

1) That was at the height of a bubble.  It doesn't change the fact that, long term (think, 30-40 year timeframe) if you want to not be in equities, you'll need to work way longer.

2) Plenty of people retired then, and it sucked, but they rode it out and are doing just fine. One example on these boards: clifp

3) Our "risk-free" (I don't agree that it is risk free, but we both know what we're talking about) rate is way lower today.

But if you're FIRE'd, and it's working for you, great!  :)
Title: Re: Get to 1 Million in Net worth
Post by: clarkfan1979 on February 29, 2016, 12:48:40 AM
I commented on this thread about 18 months ago and our net worth was probably around 225K. It's around 360K now. I think we should get to one million in about 7-8 years, with not working our selves to death. 
Title: Re: Get to 1 Million in Net worth
Post by: Icecreamarsenal on March 03, 2016, 08:21:40 PM
Just bookmarking, just in case I ever graduate from the 500k thread.
Title: Re: Get to 1 Million in Net worth
Post by: Robot on March 04, 2016, 12:55:38 PM
Hit the number in November but quickly fell under it again.  I just checked today and am safely over.  The feeling?  A bit of accomplishment but mostly "meh, what's next." 

My net worth includes the value of my house and college savings.  Next goals: pay off mortgage and get to $1M liquid investments (excluding college savings and house value).
Title: Re: Get to 1 Million in Net worth
Post by: dreams_and_discoveries on March 05, 2016, 02:45:06 AM
Hi all - some great achievements there.

I'd love to hit the £1m mark in net worth, at £435k at the moment, aiming to the be there in 4-5 years, depending on  how the stock and property markets treat me.
Title: Re: Get to 1 Million in Net worth
Post by: MickeyMoustache on March 05, 2016, 06:20:12 AM
I guess I should post here now after finding out I was calculating NW incorrectly.  I'm having a big year this year and so an even bigger savings before my wife likely quits at the end of the year after having our 3rd kid and milking her maternity leave.

NW: $596k
Actual Goal: $1.5MM

Hoping to FIRE by 45!
Title: Re: Get to 1 Million in Net worth
Post by: SMCx3 on March 05, 2016, 07:20:11 AM
I don't know how people can stand the ups and downs of the market, too nerve racking for me.

Reaching these NW milestones $100k, $250k, $500k, and higher will happen.  It is amazing when the stash grows how big the swings with the market become, so step away from focusing so much on balances and concentrate on your plan.  At the end of the day savings rate is what determines a healthy retirement, not the market swings. 
Title: Re: Get to 1 Million in Net worth
Post by: Bateaux on March 05, 2016, 08:13:39 PM
So much has changed since my last post.  Investable assets are back to nearly 1.3M  like I said weeks ago.  Stay the course, make good investments and the returns will come.
Good luck Faraday.
Title: Re: Get to 1 Million in Net worth
Post by: powersuitrecall on March 07, 2016, 08:08:39 AM
We broke through the 1M NW mark last year about this time:

I did a quick calc at lunch, and I believe we are there.  A little sooner than I was expecting!

Since then we've been steadily saving and aiming the fire hose of cash at our investments and mortgage.  We are also lucky to have great DB pensions which are currently showing high PVs (because of low interest/inflation).  The recent bump in the market hasn't hurt our investments either :)

Here are our new values:
                      2014  2015  2016
  ====================================
  Investments:        320K  350K  400K
  Pensions:           250K  315K  350K
  Home:               400K  400K  400K
  Mortgage:           -80K  -65K  -40K
  ====================================
  Total NW:           890K  1.0M  1.1M



The next goal is to obliterate our mortgage while maxing out our tax sheltered accounts.  That should all happen in 2 years at our current rate of savings.

Then ... FIRE :)

We are on track for this.  We should get there in 2017. 

Our next big goal is to get 1M in "retirement savings" which is essentially our NW minus our home equity.

                      2014  2015  2016
  ====================================
  Investments:        320K  350K  400K
  Pensions:           250K  315K  350K
  ====================================
  Total Retirement:   570K  665M  750M


We should hit this sometime in the next 3 years!
Title: Re: Get to 1 Million in Net worth
Post by: FrugalFan on March 07, 2016, 08:18:10 AM
Great update, powersuitrecall! We are somewhere between your 2014 and 2015 with very similar house values and pensions, but larger mortgages and smaller investment accounts, and we seem to be saving at similar rates. It is nice to get a glimpse into our future! I am hoping to hit the 1 M NW milestone this year, but it will be very market dependent.
Title: Re: Get to 1 Million in Net worth
Post by: Faraday on March 08, 2016, 05:32:32 PM
So much has changed since my last post.  Investable assets are back to nearly 1.3M  like I said weeks ago.  Stay the course, make good investments and the returns will come.
Good luck Faraday.

Bateux, thanks for the shout-out. Thought I should follow-up: The effect of doubling-down and buying equities on-sale has definitely shown itself! This week, I've seen gains that blasted me past the $400k net-worth "sticking point" that I've never been able to exceed in the past.

Buying "on sale" definitely works. You just gotta stick to the plan and don't be fooled. It's difficult, but it works.
Title: Re: Get to 1 Million in Net worth
Post by: Bateaux on March 09, 2016, 08:44:11 AM
Faraday if uou are past 400k then most of the hard work is done.  A seven figure account is most likely to come.  Well done.
Title: Re: Get to 1 Million in Net worth
Post by: The Beacon on March 13, 2016, 03:49:28 PM
Finally hit the mile stone which includes about 120k in home equity.  This is my 11th working year.  Next target will be 1 Million in cash(taxable + IRAs).  When I hit 1 million in my taxable accounts, I will FIRE.

To celebrate, I am going to upgrade my aging Windows xp to Windows 10.
Title: Re: Get to 1 Million in Net worth
Post by: dreams_and_discoveries on March 14, 2016, 03:30:16 AM
Finally hit the mile stone which includes about 120k in home equity.  This is my 11th working year.  Next target will be 1 Million in cash(taxable + IRAs).  When I hit 1 million in my taxable accounts, I will FIRE.

To celebrate, I am going to upgrade my aging Windows xp to Windows 10.

Congratulations - that's a fab milestone and a well deserved celebration. And on the plus-side, by missing some upgrades you've inadvertently missed some of the most frustrating versions of windows in decades. 

Title: Re: Get to 1 Million in Net worth
Post by: rockstache on March 14, 2016, 09:06:15 AM
Faraday if uou are past 400k then most of the hard work is done.  A seven figure account is most likely to come.  Well done.

I don't know how true this is, but I find this comment really encouraging either way. I hope it is true - we'll see when we get there!
Title: Re: Get to 1 Million in Net worth
Post by: FrugalFan on March 14, 2016, 09:22:18 AM
Finally hit the mile stone which includes about 120k in home equity.  This is my 11th working year.  Next target will be 1 Million in cash(taxable + IRAs).  When I hit 1 million in my taxable accounts, I will FIRE.

To celebrate, I am going to upgrade my aging Windows xp to Windows 10.

Congrats on this huge milestone! Still hoping to get there in 2016.
Title: Re: Get to 1 Million in Net worth
Post by: SingleMomDebt on March 14, 2016, 10:17:03 AM
 XP was the best... Congrats on hitting your milestone.
Title: Re: Get to 1 Million in Net worth
Post by: MickeyMoustache on March 14, 2016, 06:53:03 PM
Faraday if uou are past 400k then most of the hard work is done.  A seven figure account is most likely to come.  Well done.

I don't know how true this is, but I find this comment really encouraging either way. I hope it is true - we'll see when we get there!

Lol, I had the same thought.  I couldn't help but think to myself "sweet!  almost there!"
Title: Re: Get to 1 Million in Net worth
Post by: Goldy on April 03, 2016, 02:33:17 PM
Nailed It!

Checked today and it looks like we have crested the 1M mark by $151!  We are in the process of selling our house and it looks like I have underestimated my houses value by about 40k so hopefully with that extra equity we won't see saw over the threshold.  Next goal is 1M in investments by this time next year.
Title: Re: Get to 1 Million in Net worth
Post by: Cheddar Stacker on April 03, 2016, 05:47:34 PM
Nailed It!

Checked today and it looks like we have crested the 1M mark by $151!  We are in the process of selling our house and it looks like I have underestimated my houses value by about 40k so hopefully with that extra equity we won't see saw over the threshold.  Next goal is 1M in investments by this time next year.

Congrats Goldy! Good luck reaching the next goal.
Title: Re: Get to 1 Million in Net worth
Post by: Workinghard on April 03, 2016, 06:29:01 PM
Nailed It!

Checked today and it looks like we have crested the 1M mark by $151!  We are in the process of selling our house and it looks like I have underestimated my houses value by about 40k so hopefully with that extra equity we won't see saw over the threshold.  Next goal is 1M in investments by this time next year.

WTG. I still remember that milestone. We never did dip below 1m but came close a couple of times. March was a good month, but the four before that was rough. We're also looking forward to 1m in investments. Don't think we'll make it by next year, unless our house sells, as we're retired.
Title: Re: Get to 1 Million in Net worth
Post by: webguy on April 13, 2016, 01:41:00 PM
I'd like to join to help motivate me. Currently at $540k and hope to hit the big 1M in the next couple of years.

I made it to $748k! Keep saving everybody!!

I made it to $988k and was getting excited... and then taxes hit! Looks like it'll be another few months yet :(
Title: Re: Get to 1 Million in Net worth
Post by: FrugalFan on April 13, 2016, 02:05:50 PM
Congrats Goldy! And hang in there webguy, you are so close! And man that is a huge jump from last year! We are stalled at around 950 and our taxes are going to hurt this year too for various reasons. Still hoping to reach this milestone in 2016.
Title: Re: Get to 1 Million in Net worth
Post by: Bateaux on April 19, 2016, 11:22:23 PM
The last week or so should be getting some folks close.  Let's hear it.  We're up to about 1.4M investments and cash now.  Almost 150K more than our low point only months ago. House and all the other stuff worth something I guess.  No debt.  The 2M total NW point is getting to be possible now.  Only wish I'd had more to buy with during the dips.  Still buying though.
Title: Re: Get to 1 Million in Net worth
Post by: FrugalFan on April 20, 2016, 06:06:48 AM
This has been a loose goal of mine for a while now, since reading a blog called Million Dollar Journey. I'm hoping to hit it by the time I am 40, in two years. But we are using the generous terms of counting our house equity and using our joint assets. We are at 817k now. A lot of inspiring posts in this thread!

We just received our pension statement for the year and we are now at 905k! I think we just might make it to 1M in 2016!

Now at 957k! Getting closer! This doesn't include our pension contributions since June 30 of last year since we only get our pension statements in October.
Title: Re: Get to 1 Million in Net worth
Post by: ender on April 20, 2016, 06:17:38 AM
This is a fun thread to read.

It'll be a while for us :)
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on April 20, 2016, 06:53:24 AM
As of yesterday I am at $991K and some change.  Will continue doing what I am doing...
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on April 20, 2016, 08:21:45 PM
I'm back to about $860. My original goal was to be $900k by June so we will see it may be possible
Title: Re: Get to 1 Million in Net worth
Post by: onlykelsey on April 20, 2016, 08:37:51 PM
I REALLY do not understand why people say our country is broken and that there is no opportunity.

Well the opportunity takes work (see: Edison overalls quote).  What they really mean is nobody is handing everything to them.

Or, they mean, other people are getting everything handed to them.  The latter I think is a more valid complaint.
Title: Re: Get to 1 Million in Net worth
Post by: Bateaux on April 20, 2016, 11:16:26 PM
Looks like the 7 figure club is getting a few new members.  Great jobs guys.
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on April 21, 2016, 12:35:27 AM
I REALLY do not understand why people say our country is broken and that there is no opportunity.

Well the opportunity takes work (see: Edison overalls quote).  What they really mean is nobody is handing everything to them.

Or, they mean, other people are getting everything handed to them.  The latter I think is a more valid complaint.

Well, both.  Some people have everything handed to them, but no one is handing everything to them.  So they say "there's no opportunity."

Everyone in the US has opportunity. Due to inherent and systemic biases and injustices, some have a much tougher road to success, but all have a road.
Title: Re: Get to 1 Million in Net worth
Post by: zinethstache on April 26, 2016, 09:02:41 AM
We are at 1.2m BUT in prep for RE for me (DH is already FIREd) we are selling our house - I've also shut down and sold equipment for my business and need to remove those assets. I believe we will still be over by a hair. However our housing market is hot right now and I am using conservative numbers to calculate our net from the home sale so hopefully I won't have to come post here that I am no longer over 1m. /fingers crossed.
Title: Re: Get to 1 Million in Net worth
Post by: Pooperman on May 16, 2016, 07:00:40 AM
9.05% of the way there LOL, oi its gonna be a long long roadddd

6.5%

The halfway point to a million is about $330k due to exponential and contributions.
Title: Re: Get to 1 Million in Net worth
Post by: 2Birds1Stone on May 16, 2016, 07:09:54 AM
9.05% of the way there LOL, oi its gonna be a long long roadddd

6.5%

The halfway point to a million is about $330k due to exponential and contributions.

Very cool!! Is that assuming 7% returns? I know the market *averages* something along those lines over the long term. My road to a million should take ~8-10 years which is too short term to count on market returns, especially after the bull run we have just experienced.

That being said I'll be at ~20.4% by the end of the month.
Title: Re: Get to 1 Million in Net worth
Post by: Pooperman on May 16, 2016, 07:18:54 AM
9.05% of the way there LOL, oi its gonna be a long long roadddd

6.5%

The halfway point to a million is about $330k due to exponential and contributions.

Very cool!! Is that assuming 7% returns? I know the market *averages* something along those lines over the long term. My road to a million should take ~8-10 years which is too short term to count on market returns, especially after the bull run we have just experienced.

That being said I'll be at ~20.4% by the end of the month.

That assumes the same return and the same contribution. It's close to -log(0.5)*$1 million (the optimum middle point assuming continuous contribution and compounding), which is kinda what you'd expect. It's higher than $301k because it's less efficient, basically, when you contribute monthly.
Title: Re: Get to 1 Million in Net worth
Post by: 2Birds1Stone on May 16, 2016, 07:21:45 AM
9.05% of the way there LOL, oi its gonna be a long long roadddd

6.5%

The halfway point to a million is about $330k due to exponential and contributions.

Very cool!! Is that assuming 7% returns? I know the market *averages* something along those lines over the long term. My road to a million should take ~8-10 years which is too short term to count on market returns, especially after the bull run we have just experienced.

That being said I'll be at ~20.4% by the end of the month.

That assumes the same return and the same contribution. It's close to -log(0.5)*$1 million (the optimum middle point assuming continuous contribution and compounding), which is kinda what you'd expect. It's higher than $301k because it's less efficient, basically, when you contribute monthly.

Wow!! That's very cool. If I count SO's numbers together with mine, we should get to that $330k mark by the end of 2017.
Title: Re: Get to 1 Million in Net worth
Post by: Dicey on May 18, 2016, 01:39:07 PM
A large sum of invested money takes on a life of its own.  It has an occupation.  It wakes up everyday and goes to work.  It earns a living.  It is a producer.
Oh, oh, oh,  I love this! Better my money than my actual self going to work every day.
Title: Re: Get to 1 Million in Net worth
Post by: RetirementDreaming on May 19, 2016, 04:20:04 PM
Technically I guess we hit 1M NW on 4/26/16 by including home equity. For FIRE purposes I only track investable assets.  Not quite there yet.

Goal: 1M in investable assets
1/30/16: 810k
2/29/16: 811k
3/31/16: 883k
4/30/16: 895k
6/30/16: 916k


Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on June 01, 2016, 11:43:50 PM
I made it to $1 million in net worth on June 1st, 2016.  I barely made it over the threshold: $1,000,097.73.  I expect this amount will fluctuate greatly with the ebbs and flows of the market, and it will be awhile before it stays consistently above seven digits.  I invested my first dollar on September 1, 1999 so it took me about 16.8 years to touch the 7-digit mark through various savings rates.  I am happy that I made it to two commas, but the journey continues.
Title: Re: Get to 1 Million in Net worth
Post by: Roots&Wings on June 02, 2016, 06:46:48 AM
^ Woohoo!!! Congrats on the huge milestone Cornbread :)
Title: Re: Get to 1 Million in Net worth
Post by: Workinghard on June 03, 2016, 08:29:35 PM
I made it to $1 million in net worth on June 1st, 2016.  I barely made it over the threshold: $1,000,097.73.  I expect this amount will fluctuate greatly with the ebbs and flows of the market, and it will be awhile before it stays consistently above seven digits.  I invested my first dollar on September 1, 1999 so it took me about 16.8 years to touch the 7-digit mark through various savings rates.  I am happy that I made it to two commas, but the journey continues.


WTG! We got lucky when we hit 1M. Market was going up so we never dipped below. A little over a year later, it's still hard to believe.
Title: Re: Get to 1 Million in Net worth
Post by: RNwastash on June 03, 2016, 09:19:12 PM
Done.
Title: Re: Get to 1 Million in Net worth
Post by: 2Birds1Stone on June 04, 2016, 04:41:41 AM
21% of the way there as of yesterday :)
Title: Re: Get to 1 Million in Net worth
Post by: Roots&Wings on June 04, 2016, 07:49:36 AM
Done.

Nice.

:) Hearing how other's have achieved this is inspiring!
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on June 04, 2016, 11:49:30 AM
WTG! We got lucky when we hit 1M. Market was going up so we never dipped below. A little over a year later, it's still hard to believe.

^ Woohoo!!! Congrats on the huge milestone Cornbread :)
Thanks, guys!

Done.
Good work!
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on June 16, 2016, 04:28:41 AM
I made it to $1 million in net worth on June 1st, 2016.  I barely made it over the threshold: $1,000,097.73.  I expect this amount will fluctuate greatly with the ebbs and flows of the market, and it will be awhile before it stays consistently above seven digits.  I invested my first dollar on September 1, 1999 so it took me about 16.8 years to touch the 7-digit mark through various savings rates.  I am happy that I made it to two commas, but the journey continues.

Congrats!!!!
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on June 16, 2016, 05:41:52 AM
Congrats!!!!
Thanks, brooklynmoney!  You be there yourself pretty soon, right?
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on June 17, 2016, 09:44:40 PM
It's like 1 step forward 1 back. I was about to crack 900 and now stupid Brexit jitters pushed me back. But yes someday soon hopefully!
Title: Re: Get to 1 Million in Net worth
Post by: Bateaux on June 18, 2016, 01:40:58 PM
Stay at it.  Once you get a little past 1M it smooths out a bit. You'll watch your account drop 50K in a week and not even sweat it.  Stay the course.  Stay in good investments and it rolls higher and higher with patience. Many months you'll watch your account earnings well outpace your paycheck earnings.   
Title: Re: Get to 1 Million in Net worth
Post by: webguy on July 01, 2016, 10:42:11 PM
I'd like to join to help motivate me. Currently at $540k and hope to hit the big 1M in the next couple of years.

I made it to $748k! Keep saving everybody!!

I made it to $988k and was getting excited... and then taxes hit! Looks like it'll be another few months yet :(

I finally did it!! Crawled over the line to $1,000,330 today!  Feels pretty surreal. Never thought I'd actually be worth a million dollars. Now I guess I keep on saving towards the next million!
Title: Re: Get to 1 Million in Net worth
Post by: arebelspy on July 01, 2016, 11:06:34 PM
540k to 1MM in a year and two months is phenomenal!  Congrats!
Title: Re: Get to 1 Million in Net worth
Post by: Roots&Wings on July 02, 2016, 07:14:16 AM
That is incredible webguy, way to go!!!
Title: Re: Get to 1 Million in Net worth
Post by: MickeyMoustache on July 02, 2016, 08:06:39 AM
I'm here to start working to the next milestone, $1MM NW!  Continuing my tracking from the last challenge thread:

jan - $415k stash // $590k NW
feb - $428k stash // $598k NW
mar - $445k stash // $620k NW
apr - $490k stash // $675k NW
may - $503k stash // $687k NW
jun - $521k stash // $703k NW

<$300k to go!
Title: Re: Get to 1 Million in Net worth
Post by: webguy on July 07, 2016, 07:27:44 PM
Thanks guys! I appreciate the encouragement!

Congrats, webguy!  Have you thought about starting a journal?  I enjoyed reading your story back in 2014 and it would be fun to see some of the details of what happened between then and now.

I've never thought about starting one, mainly as I'd probably never find the time to actually update it. Plus there isn't really much to tell. I just started a business and worked my bum off to grow it as much as possible and then socked all the money away.
Title: Re: Get to 1 Million in Net worth
Post by: SparkyPeanut on July 08, 2016, 08:41:55 PM
Congratu;ations to you Webguy! What have you been investing in this last year to get from approx. 500K to $1M?
Title: Re: Get to 1 Million in Net worth
Post by: webguy on July 11, 2016, 11:40:37 AM
Nothing fancy. Just index funds. My asset allocation is roughly:

40% US stocks (VTSAX), 30% International stocks (VXUS + VWO), 20% Bonds/Cash (BND), 10% REITS (VNQ).

I just worked hard to decrease my expenses and increase my income which has really helped to accelerate things the last year or two. I focused a lot on increasing income as that really has limitless potential.
Title: Re: Get to 1 Million in Net worth
Post by: FrugalFan on July 12, 2016, 10:48:31 AM
I made it to $1 million in net worth on June 1st, 2016.  I barely made it over the threshold: $1,000,097.73.  I expect this amount will fluctuate greatly with the ebbs and flows of the market, and it will be awhile before it stays consistently above seven digits.  I invested my first dollar on September 1, 1999 so it took me about 16.8 years to touch the 7-digit mark through various savings rates.  I am happy that I made it to two commas, but the journey continues.

Congrats!!!
Title: Re: Get to 1 Million in Net worth
Post by: FrugalFan on July 12, 2016, 10:49:19 AM
I'd like to join to help motivate me. Currently at $540k and hope to hit the big 1M in the next couple of years.

I made it to $748k! Keep saving everybody!!

I made it to $988k and was getting excited... and then taxes hit! Looks like it'll be another few months yet :(

I finally did it!! Crawled over the line to $1,000,330 today!  Feels pretty surreal. Never thought I'd actually be worth a million dollars. Now I guess I keep on saving towards the next million!

Congrats! If only all of us could get there that fast!
Title: Re: Get to 1 Million in Net worth
Post by: Goldy on July 13, 2016, 06:57:49 AM
Nailed It!

Checked today and it looks like we have crested the 1M mark by $151!  We are in the process of selling our house and it looks like I have underestimated my houses value by about 40k so hopefully with that extra equity we won't see saw over the threshold.  Next goal is 1M in investments by this time next year.

Well thanks to the nice uptick in the market and pouring a lot of house sale equity into investments I have beaten my estimate and crossed the 1M invested milestone yesterday.  NW currently stands at 1.12, amazing how fast that can increase!  I'm going to need to come up with a new goal.
Title: Re: Get to 1 Million in Net worth
Post by: FrugalFan on July 13, 2016, 07:01:16 AM
Wow, congrats! We have quite a bit of our NW in equity so it will take 3-4 years to go from 1 M net worth to 1 M invested. Hoping to reach the first milestone by October.
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on July 13, 2016, 07:23:41 AM
Good job, everybody!
Title: Re: Get to 1 Million in Net worth
Post by: marty998 on July 14, 2016, 03:32:59 PM
Think I've made the point before but it's getting harder for me to measure this with realestate valuations basically being in a $30,000 range per property.

Conservatively I'm at $795,000 but a bullish assessment would be for $870,000.

In December 2012 I posted somewhere on the forum that I was at $295,000.... Crazy that ~$500k has been added in 3 and a half years :O
Title: Re: Get to 1 Million in Net worth
Post by: onlykelsey on July 14, 2016, 03:47:30 PM
Think I've made the point before but it's getting harder for me to measure this with realestate valuations basically being in a $30,000 range per property.

Conservatively I'm at $795,000 but a bullish assessment would be for $870,000.

In December 2012 I posted somewhere on the forum that I was at $295,000.... Crazy that ~$500k has been added in 3 and a half years :O

That's awesome.  I hope I get that sort of growth.  The only real estate I have is my apartment in Manhattan.  Ironically, Brexit may have helped my property value. 
Title: Re: Get to 1 Million in Net worth
Post by: marty998 on July 14, 2016, 03:52:52 PM
Think I've made the point before but it's getting harder for me to measure this with realestate valuations basically being in a $30,000 range per property.

Conservatively I'm at $795,000 but a bullish assessment would be for $870,000.

In December 2012 I posted somewhere on the forum that I was at $295,000.... Crazy that ~$500k has been added in 3 and a half years :O

That's awesome.  I hope I get that sort of growth.  The only real estate I have is my apartment in Manhattan.  Ironically, Brexit may have helped my property value. 

Ohh I would love a Manhattan apartment! Now I'm jealous... will be daydreaming about this for the rest of the day.
Title: Re: Get to 1 Million in Net worth
Post by: onlykelsey on July 14, 2016, 03:55:12 PM
Think I've made the point before but it's getting harder for me to measure this with realestate valuations basically being in a $30,000 range per property.

Conservatively I'm at $795,000 but a bullish assessment would be for $870,000.

In December 2012 I posted somewhere on the forum that I was at $295,000.... Crazy that ~$500k has been added in 3 and a half years :O

That's awesome.  I hope I get that sort of growth.  The only real estate I have is my apartment in Manhattan.  Ironically, Brexit may have helped my property value. 

Ohh I would love a Manhattan apartment! Now I'm jealous... will be daydreaming about this for the rest of the day.

Haha, it's a small 100-year-old walk up, not a penthouse.  It does have exposed brick, which makes feel like I'm living in a movie, a little bit.
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on July 15, 2016, 02:08:32 PM
We have quite a bit of our NW in equity so it will take 3-4 years to go from 1 M net worth to 1 M invested. Hoping to reach the first milestone by October.
You just counting your principal?
Title: Re: Get to 1 Million in Net worth
Post by: HAPPYINAZ on July 20, 2016, 02:58:03 PM
Including our house (134k), we crossed 1 MM on June 12 with savings/investments and house adding up to 1,002,686.66..an
exciting day, but can't wait until get 1MM in investments without counting the house.  If stock market keeps roaring upward, might hit that this fall, but more likely will be sometime next year.
Title: Re: Get to 1 Million in Net worth
Post by: Goldy on July 20, 2016, 04:20:46 PM
Including our house (134k), we crossed 1 MM on June 12 with savings/investments and house adding up to 1,002,686.66..an
exciting day, but can't wait until get 1MM in investments without counting the house.  If stock market keeps roaring upward, might hit that this fall, but more likely will be sometime next year.

Congrats!  Are you doing anything to celebrate?
Title: Re: Get to 1 Million in Net worth
Post by: HAPPYINAZ on July 24, 2016, 06:22:37 PM
Including our house (134k), we crossed 1 MM on June 12 with savings/investments and house adding up to 1,002,686.66..an
exciting day, but can't wait until get 1MM in investments without counting the house.  If stock market keeps roaring upward, might hit that this fall, but more likely will be sometime next year.

Congrats!  Are you doing anything to celebrate?

Thanks!

No, not really.  I mentioned it to my husband (who doesn't track our finances) and he seemed pleased. And I think we might have grilled some discounted steaks that night to celebrate. And had some nice homebrew that he makes.  Nothing too elaborate for celebrating, but we were still happy about it! :)
Title: Re: Get to 1 Million in Net worth
Post by: FrugalFan on July 29, 2016, 07:01:08 AM
Including our house (134k), we crossed 1 MM on June 12 with savings/investments and house adding up to 1,002,686.66..an
exciting day, but can't wait until get 1MM in investments without counting the house.  If stock market keeps roaring upward, might hit that this fall, but more likely will be sometime next year.

Congrats!!!
Title: Re: Get to 1 Million in Net worth
Post by: FrugalFan on July 29, 2016, 07:02:21 AM
Hooray, we made it with today's paycheck deposits! About 3 months earlier than expected due to some nice market gains. 

We have quite a bit of our NW in equity so it will take 3-4 years to go from 1 M net worth to 1 M invested. Hoping to reach the first milestone by October.
You just counting your principal?

Yes, mortgage principal on primary residence and rental, as well as some cash, and our two cars. Still, it is pretty exciting to reach this milestone! It's something I've been thinking about for 6 years.
Title: Re: Get to 1 Million in Net worth
Post by: FLBiker on July 29, 2016, 01:51:05 PM
We hit $500K today (counting just investments), which I thought was halfway until I read this thread. :)

The halfway point to a million is about $330k due to exponential and contributions.

We probably have about $75K or so in home equity.

Title: Re: Get to 1 Million in Net worth
Post by: Pooperman on July 29, 2016, 02:10:29 PM
We hit $500K today (counting just investments), which I thought was halfway until I read this thread. :)

The halfway point to a million is about $330k due to exponential and contributions.

We probably have about $75K or so in home equity.

The halfway point (time wise) is anywhere between $300k and $500k depending on contributions and interest rates. -ln(0.5) is roughly 0.3.
Title: Re: Get to 1 Million in Net worth
Post by: frugledoc on July 29, 2016, 03:30:56 PM
My end of month net worth today was £691,304 invested. Not including defined benefit pension which is valued at approx 275,000

Converting from pounds to dollars at today's rate of 1.32 puts me at $912,521 so I'm closing in on 1 mil dollars.

Am I allowed to join in?
Title: Re: Get to 1 Million in Net worth
Post by: NorCal on July 29, 2016, 09:08:50 PM
Awesome thread.  There's some great savers here.

I'm in on the challenge, but it's not a stretch.

NW as of today: $990,706
Savings Rate: ~$12K/mo

I'll be there in ~32 days as long as the market doesn't do anything silly.

For those working up to it, it really does get easier the more you get.  Eliminating any payments that eat into cash flow just speeds up the process.  Gains build on gains.
Title: Re: Get to 1 Million in Net worth
Post by: Workinghard on July 30, 2016, 03:47:31 AM
The funny part is that things don't change much even after you get there. I still shop at WM and Save a Lot. It doesn't bother me as much though to splurge on something at a grocery store (once in awhile) or my spouse wasting money on a magazine he could get at a library.
Title: Re: Get to 1 Million in Net worth
Post by: mathjak107 on July 30, 2016, 08:09:12 AM
I REALLY do not understand why people say our country is broken and that there is no opportunity.

Well the opportunity takes work (see: Edison overalls quote).  What they really mean is nobody is handing everything to them.

Or, they mean, other people are getting everything handed to them.  The latter I think is a more valid complaint.

Well, both.  Some people have everything handed to them, but no one is handing everything to them.  So they say "there's no opportunity."

Everyone in the US has opportunity. Due to inherent and systemic biases and injustices, some have a much tougher road to success, but all have a road.

i always say  , those who want to succeed will find a way , the rest will find an excuse .
Title: Re: Get to 1 Million in Net worth
Post by: MickeyMoustache on July 31, 2016, 03:09:16 PM
jan - $415k stash // $590k NW
feb - $428k stash // $598k NW
mar - $445k stash // $620k NW
apr - $490k stash // $675k NW
may - $503k stash // $687k NW
jun - $521k stash // $703k NW
jul - $491k stash // $717k NW

Bought a house, waiting to sell the other and will be expecting a $20k drop next month from closing costs.  Some of my cash went into the down payment so stash dropped significantly as well, but NW is still up!
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on August 01, 2016, 09:02:52 PM
Market post-Brexit has been good. I bought some VTI during Brexit that's been helpful. Only 5 figures to go. With luck by end of year but more realistically next spring. I'm only counting liquid assets. So excludes my home equity as well as my mortgage debt.
Title: Re: Get to 1 Million in Net worth
Post by: Bateaux on August 08, 2016, 08:33:21 AM
This year is the first time we've had over 1 million invested.  While my monthly contributions moved the portfolio forward, the rising market this year has made an incredible difference.  You must make sacrifice and collect savings to get here and it takes time.  Once here however, I can see our account move up in a day what it took an entire year to save when first starting out.  The power a million dollar or more portfolio has to grow itself is mind blowing.  With our NW rapidly approaching the second million FIRE is any day we choose.  It is amazingly easy to go to work with that state of mind.  It's that FU-MONEY state of mind. 
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on August 08, 2016, 10:13:22 AM
It's that FU-MONEY state of mind.
Is that a song by Billy Joel?

This year is the first time we've had over 1 million invested.  While my monthly contributions moved the portfolio forward, the rising market this year has made an incredible difference.  You must make sacrifice and collect savings to get here and it takes time.
+1.  I am working towards the $1-million-invested mark too.  I have about $30K $40K more to go to get there.

ETA:  Forgot I had $10K in cash in reserve.  So $40K to go to get to $1 mil mark investments.
Title: Re: Get to 1 Million in Net worth
Post by: sobezen on August 09, 2016, 12:28:25 PM
It is good to set a target goal. According to my calculations I'm on track to reach this milestone before the end of next year.  No debts, mainly appreciating assets.  Working hard to expand income streams to improve my earning potential.

Small milestone achieved.  Now onward and upward to exploring new adventures.  Keep on saving everyone.  Cheers!
Title: Re: Get to 1 Million in Net worth
Post by: thriftyc on September 03, 2016, 06:35:27 AM
Broke 1 million NW last year - now working toward 1 million invested assts plus the paid for house. May do that through semi retirement PT jobs - or mini retirements. Each passing month is another month that adds even more financial security - creating more peace of mind as time passes as the FU money builds upon itself.
Title: Re: Get to 1 Million in Net worth
Post by: BTDretire on September 07, 2016, 01:43:58 PM
Awesome thread.  There's some great savers here.

I'm in on the challenge, but it's not a stretch.

NW as of today: $990,706
Savings Rate: ~$12K/mo
I'm right there with at a monthly NW increase of $12,516 over the last
69 months. 1-1-11 to 8-28-16. About $4,000 a month from saving of income,
the rest from stock market growth.
Quote
I'll be there in ~32 days as long as the market doesn't do anything silly.

For those working up to it, it really does get easier the more you get.  Eliminating any payments that eat into cash flow just speeds up the process. 

Gains build on gains.
Man do they ever!!
 Well, as long as the stock market climbs.
Title: Re: Get to 1 Million in Net worth
Post by: RetirementDreaming on October 03, 2016, 12:54:24 PM
I was really hoping to end Sept at $1M.  We started Sept at 992k and it looked promising.   Closing the month at 990k.  Maybe October will be the month...
Title: Re: Get to 1 Million in Net worth
Post by: mobyrocket on October 03, 2016, 01:15:01 PM
We finally made it with a little cushion.  Next stop 1 million in investments not counting equity in primary residence.  Estimate we achieve that by end of next year.  Thanks to the mmm community for ideas, confidence, and encouragement.
Title: Re: Get to 1 Million in Net worth
Post by: LateToTheParty on October 04, 2016, 05:59:01 AM
Joining. Currently at $830,222 net worth,  $524,836 in investments. Ultimate goal for FI is $1M in investments. Will likely work beyond reaching that goal (golden handcuffs for 11 additional years), but having FU options will be priceless.
Title: Re: Get to 1 Million in Net worth
Post by: FrugalFan on October 04, 2016, 07:51:56 AM
Congrats KS and mobyrocket! So close, Retirement Dreaming! And welcome LateToTheParty and Libertea.
Title: Re: Get to 1 Million in Net worth
Post by: Libertea on October 04, 2016, 07:45:06 PM
Thanks.

Just went back and read through this entire thread, and wanted to say to those who feel disheartened by market ups and downs: definitely stop checking your accounts so often.  I check once per quarter because that's when I rebalance (mostly with new contributions and with dividends).  Otherwise?  I like to watch for a dip like Brexit because then I contribute the rest of my taxable allocation for that year.  But taxable is the only account that I check more frequently than than once per quarter, and I don't update my NW during those random checks.  Since I want to buy low, I actually LIKE seeing a market dip.  I made money this year buying extra international funds after the Brexit dip, and I hope I will have a similar opportunity in 2017.

Caveat: I do sometimes sneak a peak at my Roth just for fun in between quarterly updates also, since all of my high risk, high reward funds are located there.
Title: Re: Get to 1 Million in Net worth
Post by: iluvzbeach on October 04, 2016, 10:35:21 PM
987K as of 9/30. Very much looking forward to the second comma.
Title: Re: Get to 1 Million in Net worth
Post by: oldtoyota on October 28, 2016, 01:33:05 PM
987K as of 9/30. Very much looking forward to the second comma.

Nice work! =-)
Title: Re: Get to 1 Million in Net worth
Post by: RetirementDreaming on November 01, 2016, 10:54:21 AM
I was really hoping to end Sept at $1M.  We started Sept at 992k and it looked promising.   Closing the month at 990k.  Maybe October will be the month...

Well, October wasn't the month.  Ended at $975K.  Fingers crossed for November....
Title: Re: Get to 1 Million in Net worth
Post by: RetirementDreaming on November 17, 2016, 01:09:24 PM
Finally, hit $1M investable assets!  11/16. 
Title: Re: Get to 1 Million in Net worth
Post by: iluvzbeach on November 17, 2016, 04:54:32 PM
Congratulations!!! I haven't updated our tracking since 9/30, perhaps after this nice lift in the market over the past week I should do it now, rather than wait.
Title: Re: Get to 1 Million in Net worth
Post by: Roots&Wings on November 18, 2016, 06:44:32 AM
Congrats RetirementDreaming! Way to go!!!

iluvzbeach, bet you are there too (I'm up nearly $25k since Sept and have a portfolio about half your size :)
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on November 21, 2016, 05:41:38 AM
Congrats RetirementDreaming. This last bit is excrutiatingly slow. I'm at $960k. Just keep bouncing up and then down despite saving a good bit each month. Oh well will happen. Eventually.
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on November 21, 2016, 06:22:39 PM
Congrats, RetirementDreaming!
Title: Re: Get to 1 Million in Net worth
Post by: golfreak12 on December 08, 2016, 08:52:11 AM
For people that are posting their NW growth chart, if you don't mind, could you post your yearly income ??
I see people's NW jumping $20K-$50K each month and I wonder they are either making a shitload of money or is that investment......

For myself, We'll sitting at ~$650K but half of that NW sits in 2 houses and not earning us much.
I make around $120K/yr and  I can save around $5K each month as my wife is finishing school.
I'd imagine I can reach $1 mil in 5 years if I keep making what I'm making but I'm burned out a bit.
Wife graduating in 2 yrs is gonna help out our finanace quite a bit.
Title: Re: Get to 1 Million in Net worth
Post by: golfreak12 on December 08, 2016, 09:23:41 AM
Marine - I know exactly what you mean about getting to zero. Arebelspy, you are completely overthinking his post. I mean that with no disrespect because I enjoy your posts, but you sound a little Vulcun-ish.

But getting to zero was a complete bitch. Coming out of grad school, I had a mountain in school loans and credit card debt. It seemed impossible, if not hopeless. But, after years of grinding it out, I found that once the debt was gone, the savings have quickly snowballed.

I'm in for this challenge and plan to be there in five years.

That's fine, we can have different opinions.

I just think getting to 1MM is way harder than getting to 0, and I think the fact that way more people get to 0 than get to 1MM is proof.

If you said 0 vs 100k, maybe.  But most people focusing on debt can be done in a few short years.  Those same people, then focusing on 1MM, take way longer.

/shrug

I actually agree with Arebelspy here.
After college, I was in debt for about $25k. I didn't have a job and life was depressing. When I did get a job, I was feeling like wasting money paying this debt down so I thought about filing bankruptcy. This one co-worker said something to me I'd never forget when I told him this. He told me bankruptcy is like stealing when you have the ability to pay it back.
I dug down and was debt free in 2 yrs. Yeah it was hard but nothing like trying to get to $1 mil. I'm working my butt off here to save money. It'll take me 15 yrs +++ to get there.
I see where others are coming from though. Getting to $1 mil is like a walk through the park because its seems more relaxing. You're living well, taking vacations, etc....Where getting to 0 is like walking through the hood. You're struggling just to get to ZERO. But in the overall scheme of things, getting to $1 mil takes a lot more work and time.

[Mod Edit: Quote Tags.]
Title: Re: Get to 1 Million in Net worth
Post by: Carrie on December 30, 2016, 01:11:33 PM
My goal is 1m also. I'd like $250k in home equity and the remainder in liquid investments.   So far we're at  $160k in home equity and roughly $400k in retirement,  cash, college funds.  Paid off home plus another $350-$400k in investments should get us there, aiming for 7 years.

Update (2 yrs later)

$240k in home equity (house paid off this month)
$445k in college/retirement investments ($395k retirement,  $50k college, three kids)
$56k in cash
Total $741k
Need another quarter of a million in retirement investments to meet our goal. Currently contributing about $32k/yr to 401k & Roths and $5400 to college. 
We're slowly getting there!
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on December 30, 2016, 03:21:14 PM
For people that are posting their NW growth chart, if you don't mind, could you post your yearly income ??
I see people's NW jumping $20K-$50K each month and I wonder they are either making a shitload of money or is that investment......
My current salary is $99K a year.  I started out after college in 1999 making $28K a year.
Title: Re: Get to 1 Million in Net worth
Post by: Libertea on December 31, 2016, 07:25:04 AM
My padded FI goal is to save $800,000 in 2015 dollars, which means I will need $1 million starting in 2022 (assuming 3.5% inflation). 

Here's my progress so far:

06/30/2015: $235,381.93
09/30/2015: $261,677.00
12/31/2015: $320,374.69 (goal of $800,000)
03/31/2016: $364,966.71
06/30/2016: $412,580.03
09/30/2016: $468,895.06
12/31/2016: $525,049.59 (goal of $828,000)

This is all invested assets; I don't own any real estate or have any debt.  Will also be slowing down my accumulation after this quarter since I'm quitting my job and taking another that is much lower-paying.  Anticipate reaching $600,000 at the end of 2017.
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on January 01, 2017, 10:52:49 AM
I made it! Over 1 million liquid (not counting my apartment value). I'm proud because I did it on my own (I'm a single lady) although of course not really on my own, because everyone has help and guidance along the way. My mom endowed me with her frugal ways and always encouraged me to strive for more in my career, and I worked with a great financial advisor (also a single lady) to develop an investment plan and of course the MMM forums keep me motivated and on track. Now I'd really like to find a way to help other women earn their financial freedom as well (not that I'm FI or RE yet, but well on my way).
Title: Re: Get to 1 Million in Net worth
Post by: FrugalFan on January 01, 2017, 11:36:08 AM
Congratulations, brooklynmoney! 1 Million liquid is a huge milestone, especially for one person to accumulate. You rock!!! I love your idea of trying to find a way to help others achieve financial freedom.
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on January 01, 2017, 04:29:02 PM
I made it! Over 1 million liquid...
Congratulations, brooklynmoney!  What a great way to start the new year!
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on January 01, 2017, 06:25:30 PM
Thanks Cornbread & Travelling. These forums are such a huge help. Cornbread, I know you also recently checked off the same box so congrats again!!! It will be interesting to see how fast the stache grows from here. Race you to 1.5?
Title: Re: Get to 1 Million in Net worth
Post by: marty998 on January 01, 2017, 06:34:13 PM
I made it! Over 1 million liquid (not counting my apartment value). I'm proud because I did it on my own (I'm a single lady) although of course not really on my own, because everyone has help and guidance along the way. My mom endowed me with her frugal ways and always encouraged me to strive for more in my career, and I worked with a great financial advisor (also a single lady) to develop an investment plan and of course the MMM forums keep me motivated and on track. Now I'd really like to find a way to help other women earn their financial freedom as well (not that I'm FI or RE yet, but well on my way).

Congratulations, well done :)
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on January 01, 2017, 07:12:24 PM
Cornbread, I know you also recently checked off the same box so congrats again!!! It will be interesting to see how fast the stache grows from here. Race you to 1.5?
Yes!  This will be a fun race!  I found the thread for the race to $2MM; we can go join that thread.  It's really true how fast the stash grows after one reaches the seven-digit mark.

http://forum.mrmoneymustache.com/throw-down-the-gauntlet/race-from-$1m-to-$2m/ (http://forum.mrmoneymustache.com/throw-down-the-gauntlet/race-from-$1m-to-$2m/)

ETA:  The link I posted is broken at the end for some reason so clicking on it won't get you to the thread.  But good thing is the thread is easy to find.  See you there!

MOD EDIT: Fixed link. The dollar sign breaks the auto linking, so you just need URL tags.  Hit quote on this post to see what I mean.  :)  /END EDIT
Title: Re: Get to 1 Million in Net worth
Post by: jengod on January 01, 2017, 08:07:59 PM
Following.
Title: Re: Get to 1 Million in Net worth
Post by: LateToTheParty on January 02, 2017, 07:03:34 AM
Congrats allsummerlong and brooklynmoney!

Will plan to review/update my stats quarterly for accountability

-------------------

Goal #1 $1M Net Worth by end of 2017
Goal #2 1M in Investments by end of 2021
Goal # 3 paid off mortgage 2024

1/1/2017 $848,000 net worth
Investments + cash $581,000
Home Equity $267,000

10/4/2016 $801,636 net worth (*removed paid off car values which were included previously)
Investments + cash $544,836
Home Equity $256,800

Happy New Year!
Title: Re: Get to 1 Million in Net worth
Post by: Roots&Wings on January 02, 2017, 07:44:02 AM
Awesome way to start the New Year! Way to go brooklynmoney and allsummerlong!!!
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on January 02, 2017, 08:12:30 AM
http://forum.mrmoneymustache.com/throw-down-the-gauntlet/race-from-$1m-to-$2m/ (http://forum.mrmoneymustache.com/throw-down-the-gauntlet/race-from-$1m-to-$2m/)

ETA:  The link I posted is broken at the end for some reason so clicking on it won't get you to the thread.  But good thing is the thread is easy to find.  See you there!

MOD EDIT: Fixed link. The dollar sign breaks the auto linking, so you just need URL tags.  Hit quote on this post to see what I mean.  :)  /END EDIT
Sweet!  Thanks!
Title: Re: Get to 1 Million in Net worth
Post by: catccc on January 09, 2017, 12:49:57 PM
NW ended for 2016 at $712K. 

Previously broke $600K in April 2015. And again in October 2015.  And again in March 2016.  That was a rollercoaster.

Feeling confident right now, hope it doesn't go to my head too badly.

Aiming for $815K by the end of 2017, and $945K by the end of 2018, and $1M by the middle of 2019.  I turn 40 in August 2019 and hope to hit $1M before that!
Title: Re: Get to 1 Million in Net worth
Post by: marty998 on January 09, 2017, 01:12:50 PM
I've got about $100k to go now.

Starting to notice the ticker moving by substantial amounts up and down each day.

Keep up the good work everyone!
Title: Re: Get to 1 Million in Net worth
Post by: LateToTheParty on March 25, 2017, 08:45:42 AM
Quarterly check in (slightly early). So motivating to see the numbers move up.  This market run up has been awesome.

Goal #1 $1M Net Worth by end of 2017
Goal #2 1M in Investments by end of 2021
Goal # 3 paid off mortgage 2024. FIRE

3/25/2017 $ net worth $903,000
Investments + cash $631,000
Home Equity $272,000

1/1/2017 $848,000 net worth
Investments + cash $581,000
Home Equity $267,000

10/4/2016 $801,636 net worth
Investments + cash $544,836
Home Equity $256,800
Title: Re: Get to 1 Million in Net worth
Post by: talltexan on March 31, 2017, 01:16:16 PM
A lot of energy in here! The recent run-up in the stock market has been good to us...
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on April 24, 2017, 08:47:25 PM
I'm closing in on 1.1 invested. About 4 months after hiring 1. My primary goa is to beat Cornbread haha. JK Cornbread you are ahead.
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on April 25, 2017, 06:13:06 AM
I'm closing in on 1.1 invested. About 4 months after hiring 1. My primary goa is to beat Cornbread haha. JK Cornbread you are ahead.
haha!  The race is on!  But isn't it amazing how fast your stash grows after it hits seven digits?
Title: Re: Get to 1 Million in Net worth
Post by: BeanCounter on April 25, 2017, 06:58:33 AM
I feel like I'm late to the party on this thread, but we are at $848k invested. Plus another $84k in home equity, 529s, and HRA.
$1m invested is our baseline FI number. Meaning we could RE on that if we need to, but we'd have to make some lifestyle changes. Biggest wildcard is health insurance cost for a family of 4.
Title: Re: Get to 1 Million in Net worth
Post by: talltexan on April 25, 2017, 12:16:55 PM
I just realized that my net worth as reported by Mint doesn't include the Health Savings account balance (which I have invested, of course). So that's like a 2% gain in about 15 minutes!
Title: Re: Get to 1 Million in Net worth
Post by: facepalm on April 29, 2017, 10:48:41 AM
I just realized that my net worth as reported by Mint doesn't include the Health Savings account balance (which I have invested, of course). So that's like a 2% gain in about 15 minutes!
Those are the best kinds of gains!
Title: Re: Get to 1 Million in Net worth
Post by: MrGreg on April 30, 2017, 07:55:18 PM
Finally broke 1M for the first time several weeks ago.  What a journey from late 2013, when I first came across MMM's philosophy and started paying attention to my finances!
Title: Re: Get to 1 Million in Net worth
Post by: brooklynmoney on May 01, 2017, 08:58:59 PM
Congrats Mr. Greg!
Title: Re: Get to 1 Million in Net worth
Post by: talltexan on May 02, 2017, 08:44:39 AM
Congrats! Does that put you close to FIRE?
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on May 02, 2017, 07:44:29 PM
Finally broke 1M for the first time several weeks ago.  What a journey from late 2013, when I first came across MMM's philosophy and started paying attention to my finances!
1MM in four years is really good!
Title: Re: Get to 1 Million in Net worth
Post by: LateToTheParty on May 02, 2017, 09:12:14 PM
Great job!  Hope to join you soon.
Title: Re: Get to 1 Million in Net worth
Post by: monarda on May 06, 2017, 10:21:15 PM
Joining this thread a little past the halfway point-
currently May 2017 at $650K not counting equity in primary residence (160K)
December 2017, goal is $700K.

Expecting 1MM late in 2020. Of course I will also have a small celebration when 1MM reached including primary residence, expecting that in June 2019...


Title: Re: Get to 1 Million in Net worth
Post by: BBub on May 17, 2017, 04:29:02 PM
Just graduated from $500k thread (liquid), so now we're off to $1M!

Current standing:
$500k Liquid
$600k Total

Using round figures & not including cars, personal effects, etc.  Just investments & home equity.  I actually hit $502 yesterday & haven't re-counted after today!  But that's where we are, more or less.  Planning to stop in around year-end to give another update.
Title: Re: Get to 1 Million in Net worth
Post by: sisto on May 23, 2017, 09:13:42 PM
Checking back in here. I'm still pushing towards this goal. Currently sitting at $840K networth and $640K in investments. I've surpassed the milestone of $1M in assets next goal is hitting it in NW and then on to investments.
Title: Re: Get to 1 Million in Net worth
Post by: talltexan on June 02, 2017, 01:08:31 PM
Just logged into my Roth IRA last night. I cannot believe how that has been increasing (I have it 91% in equities).
Title: Re: Get to 1 Million in Net worth
Post by: BeanCounter on June 02, 2017, 01:15:23 PM
I checked today too and was shocked. Sitting at $897k in investments, cash and HSA account. With the house equity $977k.
If I count the kids 529's we are over $1M, but I've decided I'm not counting them since it's for the kids education. I'm also not really counting the home equity because right now we don't plan on selling the place. So $897K it is.
Title: Re: Get to 1 Million in Net worth
Post by: WildJager on June 02, 2017, 02:28:46 PM
I'm game.  Estimate 4% return.  100% invested in stocks.

Present: $725,000.  June, 2015.
Estimate: $800,000.  Dec, 2015.
Estimate: $900,000.  Jun, 2016.
Estimate: $1,000,000. Jan, 2017.

Edit: Jul 2015 update

Update:  Estimations proved true for the most part.  The Trump boost vaulted us over the Jan 2017 estimate.  Currently at $1,250,000.  It's crazy how fast money accumulates once you start having a compounding momentum behind you.  My money inputs from work savings is a joke compared to the monthly market fluctuations. 
Title: Re: Get to 1 Million in Net worth
Post by: Bergal on June 04, 2017, 07:10:03 AM
So excited - just over $1m in assets!!!  Finally!  Of course, when mortgage is factored in, it's back down to $884k.  But I'm getting there thanks to this forum. 
Title: Re: Get to 1 Million in Net worth
Post by: Cornbread OMalley on June 04, 2017, 03:01:09 PM
So excited - just over $1m in assets!!!  Finally!  Of course, when mortgage is factored in, it's back down to $884k.  But I'm getting there thanks to this forum.
Way to go!
Title: Re: Get to 1 Million in Net worth
Post by: Zamboni on June 05, 2017, 05:14:58 AM
Congrats, Bergal!

Still have a long way to go to the first million for me, but great thread for keeping track of where we are all heading on NW. Here is my latest tracking:

$602K   Dec, 2016
$631K   June, 2017

Title: Re: Get to 1 Million in Net worth
Post by: Bergal on June 05, 2017, 06:44:28 PM
Thanks, Cornbread and Zamboni!  It was pretty cool to see that extra zero.  More motivation to stay focused on my goals!!
Title: Re: Get to 1 Million in Net worth
Post by: LateToTheParty on June 11, 2017, 08:14:12 AM
Kudos to everyone.
I am checking in earlier than my quarterly check in, but am excited that we have achieved our 1M Net Worth goal. I am shocked at how quickly it has come!

Next up - 1M in investments. This is when DH will FIRE, and I will downshift to part time, working essentially for Health bennies and letting out stash continue to grow.

Net Worth
Goal #1 $1M Net Worth by end of 2017 MET
Goal #2 $1M in Investments by end of 2020
Goal # 3 paid off mortgage 2024

6/11/2107 $ net worth $1,070,000
Investments + cash $670,00
Home Equity $300,000

4/1/2017 $ net worth $908,000
Investments + cash $635,000
Home Equity $272,000

1/1/2017 $848,000 net worth
Investments + cash $581,000
Home Equity $267,000

10/4/2016 $801,636 net worth
Investments + cash $544,836
Home Equity $256,800
Title: Re: Get to 1 Million in Net worth
Post by: talltexan on June 12, 2017, 01:04:00 PM
Congrats on crossing the $1 million line.

One thing that intrigues me is how low a fraction of that is home equity for a lot of people. I listen to the Dave Ramsey millionaire hours, and it never seems like people call in with $1 million, paid-for homes, but only about $250,000 of other assets. It seems like owning a home--and Late seems high compared to this--that is 1/4 of your net worth seems typical.

Title: Re: Get to 1 Million in Net worth
Post by: oldtoyota on June 15, 2017, 12:51:43 PM
So excited - just over $1m in assets!!!  Finally!  Of course, when mortgage is factored in, it's back down to $884k.  But I'm getting there thanks to this forum.

That's exciting! Congrats!!