Author Topic: Get to 1 Million in Net worth  (Read 126301 times)

arebelspy

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Re: Get to 1 Million in Net worth
« Reply #100 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.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
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Cookie78

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Re: Get to 1 Million in Net worth
« Reply #101 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!

UnleashHell

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Re: Get to 1 Million in Net worth
« Reply #102 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!


BBub

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Re: Get to 1 Million in Net worth
« Reply #103 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?

arebelspy

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Re: Get to 1 Million in Net worth
« Reply #104 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.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

Cheddar Stacker

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Re: Get to 1 Million in Net worth
« Reply #105 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?

arebelspy

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Re: Get to 1 Million in Net worth
« Reply #106 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).
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

UnleashHell

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Re: Get to 1 Million in Net worth
« Reply #107 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!!!

arebelspy

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Re: Get to 1 Million in Net worth
« Reply #108 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.  ;)
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

UnleashHell

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Re: Get to 1 Million in Net worth
« Reply #109 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......

Jon_Snow

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Re: Get to 1 Million in Net worth
« Reply #110 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*

arebelspy

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Re: Get to 1 Million in Net worth
« Reply #111 on: January 16, 2015, 02:39:11 PM »
Thanks Jon.

I've been very fortunate.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

JohnGalt

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Re: Get to 1 Million in Net worth
« Reply #112 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. 

thedayisbrave

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Re: Get to 1 Million in Net worth
« Reply #113 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.... :)

« Last Edit: January 18, 2015, 08:36:24 AM by thedayisbrave »

gluskap

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Re: Get to 1 Million in Net worth
« Reply #114 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.

powersuitrecall

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Re: Get to 1 Million in Net worth
« Reply #115 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 :)
« Last Edit: February 20, 2015, 07:52:32 AM by powersuitrecall »

minimustache1985

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Re: Get to 1 Million in Net worth
« Reply #116 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".

2Birds1Stone

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Re: Get to 1 Million in Net worth
« Reply #117 on: February 16, 2015, 11:52:46 AM »
9.05% of the way there LOL, oi its gonna be a long long roadddd

PatStab

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Re: Get to 1 Million in Net worth
« Reply #118 on: February 16, 2015, 02:58:54 PM »
We are at $990 in cash, iras, and 401k, the balance is real estate.

kpd905

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Re: Get to 1 Million in Net worth
« Reply #119 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.

SpicyMcHaggus

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Re: Get to 1 Million in Net worth
« Reply #120 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 :)

PatStab

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Re: Get to 1 Million in Net worth
« Reply #121 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.

Scubanewbie

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Re: Get to 1 Million in Net worth
« Reply #122 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.

The Beacon

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Re: Get to 1 Million in Net worth
« Reply #123 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.
« Last Edit: February 28, 2015, 10:00:26 PM by Sharpy »

catccc

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Re: Get to 1 Million in Net worth
« Reply #124 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!

tesuzuki2002

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Re: Get to 1 Million in Net worth
« Reply #125 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!!!

Hummer

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Re: Get to 1 Million in Net worth
« Reply #126 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

Cougar

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Re: Get to 1 Million in Net worth
« Reply #127 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.

webguy

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Re: Get to 1 Million in Net worth
« Reply #128 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.

terrier56

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Re: Get to 1 Million in Net worth
« Reply #129 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%.

Greenbeard

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Re: Get to 1 Million in Net worth
« Reply #130 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)!!

thriftyc

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Re: Get to 1 Million in Net worth
« Reply #131 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.
« Last Edit: May 15, 2015, 06:02:20 PM by thriftycanadian »

catccc

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Re: Get to 1 Million in Net worth
« Reply #132 on: May 18, 2015, 09:10:44 AM »
Getting closer.  NW hit $600K in April!

OurTown

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Re: Get to 1 Million in Net worth
« Reply #133 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.   

amberfocus

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Re: Get to 1 Million in Net worth
« Reply #134 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

FuturePrimitive

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Re: Get to 1 Million in Net worth
« Reply #135 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.

Bateaux

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Re: Get to 1 Million in Net worth
« Reply #136 on: June 13, 2015, 01:52:26 AM »
1 million wasn't enough.   2 million maybe. 

WildJager

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Re: Get to 1 Million in Net worth
« Reply #137 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
« Last Edit: July 02, 2015, 07:08:17 AM by WildJager »

Heckler

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Re: Get to 1 Million in Net worth
« Reply #138 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!

Gretamom

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Re: Get to 1 Million in Net worth
« Reply #139 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.

Bateaux

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Re: Get to 1 Million in Net worth
« Reply #140 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.

2Birds1Stone

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Re: Get to 1 Million in Net worth
« Reply #141 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

FuturePrimitive

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Re: Get to 1 Million in Net worth
« Reply #142 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!)

arebelspy

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Re: Get to 1 Million in Net worth
« Reply #143 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!
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

Workinghard

  • Pencil Stache
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  • Posts: 636
Re: Get to 1 Million in Net worth
« Reply #144 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. :)

val_2073

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  • Posts: 2
Re: Get to 1 Million in Net worth
« Reply #145 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



sobezen

  • Bristles
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  • Posts: 372
  • Age: 891
Re: Get to 1 Million in Net worth
« Reply #146 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.

Gumbo1978

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  • Posts: 66
Re: Get to 1 Million in Net worth
« Reply #147 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.

Hummer

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  • Posts: 73
Re: Get to 1 Million in Net worth
« Reply #148 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... :)

Uncle Scrooge

  • 5 O'Clock Shadow
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  • Posts: 53
  • Age: 36
  • Location: USA
Re: Get to 1 Million in Net worth
« Reply #149 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?