Author Topic: Race from $1M to $2M  (Read 435906 times)

asauer

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Re: Race from $1M to $2M
« Reply #1250 on: September 01, 2020, 07:26:11 AM »
Hello all!  New millionaire here, hopping over from the 500k-1M thread.  Excited and also terrified.

Aug 2020: 1,050,000 LNW/ and 1,500,000 TNW
Sept 2020: 1,117,800 LNW/ and 1,567,800 TNW

Woohoo!  Crossing fingers for continued upward movement.

RainyDay

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Re: Race from $1M to $2M
« Reply #1251 on: September 01, 2020, 02:04:59 PM »
Hello All!  We're at $1.65 M or so at the moment and it feels WEIRD.

From 100K to $1M I didn't pay much attention as most of it is in retirement accounts.  But then I stumbled upon this blog last fall and started getting serious about contributing to non-retirement accounts.

I'm actually in awe at how fast the NW is going up.  I know it's a crazy year and all, but does anyone else get tickled at little market moves and how much it affects the daily total?  Like, the S&P bumps up a half percent and I'm mentally calculating how much I "made" that day.  I don't do anything with the info and I'm perfectly aware that it can (and will) easily go the other direction, but the snowball effect just has my jaw dropping daily. 

KBecks

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Re: Race from $1M to $2M
« Reply #1252 on: September 02, 2020, 04:49:46 AM »
We had a particuarly good Monday and have jumped to $1.9.  It feels unreal.

That said, I know someone who made .5 million on an options trade on Monday and that seems incredibly unreal too.

Zoot

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Re: Race from $1M to $2M
« Reply #1253 on: September 02, 2020, 05:38:51 AM »
Another month-end, another update!

HISTORY:
Month/YearLiquid AssetsTotal Net Worth
Jan-17
$604K
$883K
Jan-18$836K$1,095K
Jan-19$872K$1,158K

YTD:
Month/YearLiquid AssetsTotal Net Worth
Jan-20$1,122K$1,438K
Feb-20$1,041K$1,360K
Mar-20$   927K$1,235K
Apr-20$1,025K$1,338K
May-20$1,082K$1,392K
Jun-20$1,109K$1,423K
Jul-20$1,174K$1,493K
Aug-20$1,247K$1,563K

Thanks, August!  ;-)

Now that we're approaching the technical FIRE number in earnest (we're about 3 years out), I've started taking a closer look at our actual spending rather than kind of throwing out a $5K/month estimate.  I took a look at historical spending numbers in Quicken and built some spreadsheets; we're actually more in the range of $5500-$6000/month on average, when taking into account once-a-year expenses like property taxes (we don't escrow), car insurance, and homeowner's insurance.  Spending has been trending down over the past couple of years, though; this year's average is more like $5400/month.  A true estimate of the FIRE number needs to be based on post-retirement spend, of course, but we're not yet ready to make a good estimate of what that would be (as we may or may not downsize in house, may or may not move to a different area, and so on).  It would likely go down, but we're sufficiently far from it to be unable to estimate it very accurately.

TL;DR:  our FIRE number is now a moving target based on a running 12-month average spend.  Current target is roughly $1.6M; current date estimate is April 2023.

Onward!

thedigitalone

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Re: Race from $1M to $2M
« Reply #1254 on: September 02, 2020, 03:29:29 PM »

             LNW         TNW   
12/19    $0.96M     $1.43M
01/20    $1.00M     $1.47M
02/20    $1.04M     $1.53M
03/20    $1.05M     $1.55M
04/20    $0.98M     $1.48M
05/20    $1.08M     $1.58M
06/20    $1.18M     $1.62M
07/20    $1.24M     $1.76M   (+$60,485)
08/20    $1.34M     $1.85M   (+$96,706)

Another spectacular month of growth. We had to exercise some RSU's so I'm sitting on some cash, DCA in about 10% so far, but have missed out on 2 gang buster weeks in the market on the rest... not timing the market is HARD.

Zamboni

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Re: Race from $1M to $2M
« Reply #1255 on: September 02, 2020, 06:28:07 PM »
                      LNW           TNW
Nov 2019     $1.02MM     $1.18MM
Dec 2019     $1.02MM     $1.24MM
Jan 2020      $1.11MM     $1.27MM
Apr 2020      $1.01MM     $1.18MM     & happy to be alive!
July 2020     $1.06MM     $1.23MM     (+$50K)   
Aug 1 2020   $1.11MM    $1.28MM     (+$50K)   
Sep 1 2020   $1.15MM    $1.33MM     (+$50K)   

Blissful Biker

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Re: Race from $1M to $2M
« Reply #1256 on: September 03, 2020, 08:18:55 AM »
Spending has been trending down over the past couple of years, though; this year's average is more like $5400/month. 

TL;DR:  our FIRE number is now a moving target based on a running 12-month average spend.  Current target is roughly $1.6M; current date estimate is April 2023.

Hi Zoot,

A couple of years ago I had to readjust my FIRE number when I came to understand that the 4% rule is based on pre-tax income as opposed to spend.  So when I estimated a 15% tax rate my FIRE number went up 15%.  You may already have this well in hand, but the language you are using made me think it's worth checking.

It reads like you are basing your 1.6M FIRE number on a $5,400 monthly spend X 12 months X 25.  Where is should be based on monthly income.

BiggerFishToFI

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Re: Race from $1M to $2M
« Reply #1257 on: September 03, 2020, 08:36:53 AM »
Spending has been trending down over the past couple of years, though; this year's average is more like $5400/month. 

TL;DR:  our FIRE number is now a moving target based on a running 12-month average spend.  Current target is roughly $1.6M; current date estimate is April 2023.

Hi Zoot,

A couple of years ago I had to readjust my FIRE number when I came to understand that the 4% rule is based on pre-tax income as opposed to spend.  So when I estimated a 15% tax rate my FIRE number went up 15%.  You may already have this well in hand, but the language you are using made me think it's worth checking.

It reads like you are basing your 1.6M FIRE number on a $5,400 monthly spend X 12 months X 25.  Where is should be based on monthly income.

This depends, if you are living a somewhat modest lifestyle, you can almost entirely avoid taxes in retirement.

See:

https://www.gocurrycracker.com/never-pay-taxes-again/

Arbitrage

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Re: Race from $1M to $2M
« Reply #1258 on: September 03, 2020, 11:28:09 AM »
Spending has been trending down over the past couple of years, though; this year's average is more like $5400/month. 

TL;DR:  our FIRE number is now a moving target based on a running 12-month average spend.  Current target is roughly $1.6M; current date estimate is April 2023.

Hi Zoot,

A couple of years ago I had to readjust my FIRE number when I came to understand that the 4% rule is based on pre-tax income as opposed to spend.  So when I estimated a 15% tax rate my FIRE number went up 15%.  You may already have this well in hand, but the language you are using made me think it's worth checking.

It reads like you are basing your 1.6M FIRE number on a $5,400 monthly spend X 12 months X 25.  Where is should be based on monthly income.

This depends, if you are living a somewhat modest lifestyle, you can almost entirely avoid taxes in retirement.

See:

https://www.gocurrycracker.com/never-pay-taxes-again/

I am planning for a monthly spend of about $4000 with a paid-off home.  With two children, and our planned move to an income tax-free state, our taxes should be negative under current tax law.  I'm just planning for zero.  Naturally, we'll still be paying plenty in property, sales, and other incidental taxes, but our progressive income taxation system is yet another reason to trim back that spending.

TempusFugit

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Re: Race from $1M to $2M
« Reply #1259 on: September 03, 2020, 12:15:18 PM »
Spending has been trending down over the past couple of years, though; this year's average is more like $5400/month. 

TL;DR:  our FIRE number is now a moving target based on a running 12-month average spend.  Current target is roughly $1.6M; current date estimate is April 2023.



Hi Zoot,

A couple of years ago I had to readjust my FIRE number when I came to understand that the 4% rule is based on pre-tax income as opposed to spend.  So when I estimated a 15% tax rate my FIRE number went up 15%.  You may already have this well in hand, but the language you are using made me think it's worth checking.

It reads like you are basing your 1.6M FIRE number on a $5,400 monthly spend X 12 months X 25.  Where is should be based on monthly income.

This depends, if you are living a somewhat modest lifestyle, you can almost entirely avoid taxes in retirement.

See:

https://www.gocurrycracker.com/never-pay-taxes-again/

I am planning for a monthly spend of about $4000 with a paid-off home.  With two children, and our planned move to an income tax-free state, our taxes should be negative under current tax law.  I'm just planning for zero.  Naturally, we'll still be paying plenty in property, sales, and other incidental taxes, but our progressive income taxation system is yet another reason to trim back that spending.

I wouldn't use the term income for this purpose.  It is spending that matters but you have to include taxes in that spending and as noted by BiggerFishTOFI, that tax rate is itself dependent on your withdrawal strategy.   

Unfortunately for all of us, the state of insanity today as pertains to future tax rates makes it real hard to predict what the impacts will be.   If some people get their way, we may have not only dramatically higher tax rates but also very different tax models, such as wealth taxes or value added taxes.   

If we go to the VAT model, we will find ourselves with a pretty raw deal as savers, since the taxes will shift to spending rather than income, just as most of us have transitioned to drawing down and spending what we already earned.   

Zoot

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Re: Race from $1M to $2M
« Reply #1260 on: September 03, 2020, 02:53:27 PM »
A couple of years ago I had to readjust my FIRE number when I came to understand that the 4% rule is based on pre-tax income as opposed to spend.  So when I estimated a 15% tax rate my FIRE number went up 15%.  You may already have this well in hand, but the language you are using made me think it's worth checking.

It reads like you are basing your 1.6M FIRE number on a $5,400 monthly spend X 12 months X 25.  Where is should be based on monthly income.

Thanks so much for this--you are absolutely right that I was thinking of the 4% "rule" as providing the monthly spend rather than monthly income.  As our household gets closer and closer to FIRE, I find myself refining my understanding of what the numbers look like, and while I've considered the tax angle in a roundabout hand-waving kind of way, I haven't baked that into any calculations.  Your pointing that out comes at an opportune time while I'm re-tooling my models!

This depends, if you are living a somewhat modest lifestyle, you can almost entirely avoid taxes in retirement.

See:

https://www.gocurrycracker.com/never-pay-taxes-again/

Thanks also for this reminder of a great post I've read several times in the past--just what I need to start taking a look at what a post-FIRE tax return might look like.  Our income would definitely be low enough for us to be in the 15% capital gains tax bracket, but obviously if we can tweak our income streams to get into the 0% bracket (while still qualifying for an ACA subsidy), that would be ideal.  This article is a great jumping off point to start making those calculations!

Going to go sharpen my pencil and get to work on some new numbers.  Have I mentioned I love this community?


marty998

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Re: Race from $1M to $2M
« Reply #1261 on: September 08, 2020, 07:44:56 PM »
If we go to the VAT model, we will find ourselves with a pretty raw deal as savers, since the taxes will shift to spending rather than income, just as most of us have transitioned to drawing down and spending what we already earned.

Ahh I've seen this mindset before...the only good taxes are the ones you can avoid, right?  ;)

You shouldn't be scared about paying a little bit of tax in FIRE. You're still part of society right? You still enjoy all the benefits a first world country provides? Including the privilege of being able to FIRE in the first place?

TempusFugit

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Re: Race from $1M to $2M
« Reply #1262 on: September 09, 2020, 11:46:42 AM »
If we go to the VAT model, we will find ourselves with a pretty raw deal as savers, since the taxes will shift to spending rather than income, just as most of us have transitioned to drawing down and spending what we already earned.

Ahh I've seen this mindset before...the only good taxes are the ones you can avoid, right?  ;)

You shouldn't be scared about paying a little bit of tax in FIRE. You're still part of society right? You still enjoy all the benefits a first world country provides? Including the privilege of being able to FIRE in the first place?

I have no problem with fair taxation.  Just like almost every taxpaying entity in the world, though, i want predictability and stability in that system so that plans can be made accordingly. 

The worst outcome for those “privileged” among us would be a dramatic change in how we are taxed that would blow up all of our plans after it is too late to change, such as being out of the workforce and no longer very employable in our fields. 

Bateaux

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Re: Race from $1M to $2M
« Reply #1263 on: September 09, 2020, 04:28:19 PM »
If we go to the VAT model, we will find ourselves with a pretty raw deal as savers, since the taxes will shift to spending rather than income, just as most of us have transitioned to drawing down and spending what we already earned.

Ahh I've seen this mindset before...the only good taxes are the ones you can avoid, right?  ;)

You shouldn't be scared about paying a little bit of tax in FIRE. You're still part of society right? You still enjoy all the benefits a first world country provides? Including the privilege of being able to FIRE in the first place?

I have no problem with fair taxation.  Just like almost every taxpaying entity in the world, though, i want predictability and stability in that system so that plans can be made accordingly. 

The worst outcome for those “privileged” among us would be a dramatic change in how we are taxed that would blow up all of our plans after it is too late to change, such as being out of the workforce and no longer very employable in our fields.

I'd plan for means testing for things like health care subsidies or Medicare costs. 

jmutt

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Re: Race from $1M to $2M
« Reply #1264 on: September 13, 2020, 12:18:49 AM »
Joining this thread from the $500k to $1M. $2M isn't a real goal, with a defined military pension coming in the near future, but we'll see how far we go for now. 

SEP 2020  NW: 1.08M
DEC 2019 NW: 933k
DEC 2018 NW: 737K
DEC 2017 NW: 697k
DEC 2016 NW: 559k
DEC 2015 NW: 444k
DEC 2014 NW: 385k
DEC 2013 NW: 337k
DEC 2012 NW: 253k
DEC 2011 NW: 209K
DEC 2010 NW: 184k

Arbitrage

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Re: Race from $1M to $2M
« Reply #1265 on: September 30, 2020, 05:42:33 PM »
Liquid NW / Total NW

1/1/16: $455k / 675k
1/1/17: $555k / 822k
1/1/18: $735k / 1.071M
1/1/19: $765k / 1.152M
12/1/19: $1.011M / 1.477M
1/1/20: $1.049M / 1.531M
2/1/20: $1.041M / 1.522M
3/1/20: $990k / 1.463M
4/1/20: ~$810k / 1.278M
5/20/20: $950k / 1.428M
6/1/20: $1.009M / 1.493M
7/1/20: $1.042M / 1.524M
8/1/20: $1.098M / 1.600M
9/1/20: $1.151M / 1.660M
10/1/20: $1.138M / 1.641M

Treading water for a month.  Guess it could be worse. 

TempusFugit

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Re: Race from $1M to $2M
« Reply #1266 on: October 01, 2020, 07:51:16 AM »
                 LNW    /  TNW
EOY 2018 - 877K   / 1.02M
EOY 2019 - 1.12M  / 1.275M
EQ1 2020 - 956K   / 1.11M     
EQ2 2020 - 1.14M / 1.3M
EQ3 2020 - 1.21M / 1.4M

Slow and steady.   Given the dumpster fire that is 2020 in most other areas, I'll happily take this.

JGS1980

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Re: Race from $1M to $2M
« Reply #1267 on: October 01, 2020, 10:01:45 AM »
Quarterly Update:

July-18     $704,760.25 (+54,904)
Oct-18      $768,090.42 (+63,330)
Jan-19      $761,423.60 (-06,666)
April-19    $865,799.27 (+104,376)
July-19     $930,912.06 (+65,112)
Oct-19     $958,784.74 (+27,872)
Jan-20     $1,094,606 (+135,821)
April-20   $931,456 (-163,150 for the quarter)
July-20    $1,128,599 (+197,143)
Oct-20     $1,233,581 (+104,981) *Milestone reached -over 1 million in liquid investments.

JGS
« Last Edit: October 01, 2020, 10:06:26 AM by JGS1980 »

firinglate

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Re: Race from $1M to $2M
« Reply #1268 on: October 01, 2020, 01:47:12 PM »
I am in awe of the growth of everyone's stache in here.  I am invested in traditional stocks and I might have a 5% to 10% annual return, but so many people are going from relatively little to strong seven figures in a matter of years, and not just one or two years but consistently.  Is everyone invested in Tesla in this forum or am I missing something?  I would love to know how much people are adding out of their income each year vs. what their investments are generating. 

dividendman

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Re: Race from $1M to $2M
« Reply #1269 on: October 01, 2020, 02:03:35 PM »
I am in awe of the growth of everyone's stache in here.  I am invested in traditional stocks and I might have a 5% to 10% annual return, but so many people are going from relatively little to strong seven figures in a matter of years, and not just one or two years but consistently.  Is everyone invested in Tesla in this forum or am I missing something?  I would love to know how much people are adding out of their income each year vs. what their investments are generating.

I bet returns are just a (small) part. Most people here probably earn a good amount and that's a big chunk of net worth growth, I know that's the case for me.

thedigitalone

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Re: Race from $1M to $2M
« Reply #1270 on: October 01, 2020, 02:27:28 PM »
             LNW         TNW   
12/19    $0.96M     $1.43M
01/20    $1.00M     $1.47M
02/20    $1.04M     $1.53M
03/20    $1.05M     $1.55M
04/20    $0.98M     $1.48M
05/20    $1.08M     $1.58M
06/20    $1.18M     $1.62M
07/20    $1.24M     $1.76M   (+$60,485)
08/20    $1.34M     $1.85M   (+$96,706)
10/20    $1.29M     $1.81M   (-$42,908)

Going the wrong way!

JGS1980

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Re: Race from $1M to $2M
« Reply #1271 on: October 01, 2020, 02:50:36 PM »
I am in awe of the growth of everyone's stache in here.  I am invested in traditional stocks and I might have a 5% to 10% annual return, but so many people are going from relatively little to strong seven figures in a matter of years, and not just one or two years but consistently.  Is everyone invested in Tesla in this forum or am I missing something?  I would love to know how much people are adding out of their income each year vs. what their investments are generating.

In my experience, up until about 500K it was 95% brute force savings. After that, at least for me, the market began to have a lot more influence in both positive and negative quarters. That being said, I still attribute 50% of my gains to be primarily brute forth savings after 1000K. A lot depends on how much you can put in to your stache every year. For example, in 2019 my NW increased >300K. Of that, over 160K were purchased equities, and the rest was due to a 30% return in my index funds (which will certainly not happen every year). Everyone's situation is a bit different though.

Arbitrage

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Re: Race from $1M to $2M
« Reply #1272 on: October 01, 2020, 06:35:11 PM »
I am in awe of the growth of everyone's stache in here.  I am invested in traditional stocks and I might have a 5% to 10% annual return, but so many people are going from relatively little to strong seven figures in a matter of years, and not just one or two years but consistently.  Is everyone invested in Tesla in this forum or am I missing something?  I would love to know how much people are adding out of their income each year vs. what their investments are generating.

I bet returns are just a (small) part. Most people here probably earn a good amount and that's a big chunk of net worth growth, I know that's the case for me.

This forum is definitely not filled with fledgling Warren Buffetts.  The majority are in index funds - and there are lots of good reasons for that.  The forum *is* filled with lots of people who save a huge portion of their (often substantial) income. 

Zoot

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Re: Race from $1M to $2M
« Reply #1273 on: October 02, 2020, 04:51:45 AM »
Another month-end, another update!

HISTORY:
Month/YearLiquid AssetsTotal Net Worth
Jan-17
$604K
$883K
Jan-18$836K$1,095K
Jan-19$872K$1,158K

YTD:
Month/YearLiquid AssetsTotal Net Worth
Jan-20$1,122K$1,438K
Feb-20$1,041K$1,360K
Mar-20$   927K$1,235K
Apr-20$1,025K$1,338K
May-20$1,082K$1,392K
Jun-20$1,109K$1,423K
Jul-20$1,174K$1,493K
Aug-20$1,247K$1,563K
Sep-20$1,215K$1,533K

The market giveth, and the market taketh away.  ;-)

Still working with revising my FIRE target date calculations, so I'll hold off on reporting that until I get that calculation more stabilized.

Onward! 

Much Fishing to Do

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Re: Race from $1M to $2M
« Reply #1274 on: October 02, 2020, 08:08:35 AM »
I am in awe of the growth of everyone's stache in here.  I am invested in traditional stocks and I might have a 5% to 10% annual return, but so many people are going from relatively little to strong seven figures in a matter of years, and not just one or two years but consistently.  Is everyone invested in Tesla in this forum or am I missing something?  I would love to know how much people are adding out of their income each year vs. what their investments are generating.

In my experience, up until about 500K it was 95% brute force savings. After that, at least for me, the market began to have a lot more influence in both positive and negative quarters. That being said, I still attribute 50% of my gains to be primarily brute forth savings after 1000K. A lot depends on how much you can put in to your stache every year. For example, in 2019 my NW increased >300K. Of that, over 160K were purchased equities, and the rest was due to a 30% return in my index funds (which will certainly not happen every year). Everyone's situation is a bit different though.

Mine all varied greatly depending on the year.  I have a NW of $4M @ 48.  About $2M of that I can contribute to the final few great years of my business and the relatively small amount of gains from that (given it was recent), but I'd be worth $2M without that from just 20 years of averaging $100k of salary or so and saving a very good (but probably not MMM level) percentage of that in boring investments.  I just backtested a bland 90/10 portfolio, which is around what I always had, and saving $35k per year for the last 20 years (so about $700k total) returned about $2M, so I think that's all about right.  Of course, it looks like if I would have had those great business years at the start of my career I'd be worth closer to $10M now, but that's generally not the natural order of things....  I work part time now from home and make around what we spend plus enough to max out a 401k contribution, so not adding to it in any substantial manner but also not withdrawing yet.
« Last Edit: October 02, 2020, 08:10:24 AM by Much Fishing to Do »

Watchmaker

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Re: Race from $1M to $2M
« Reply #1275 on: October 02, 2020, 09:22:13 AM »
I am in awe of the growth of everyone's stache in here.  I am invested in traditional stocks and I might have a 5% to 10% annual return, but so many people are going from relatively little to strong seven figures in a matter of years, and not just one or two years but consistently.  Is everyone invested in Tesla in this forum or am I missing something?  I would love to know how much people are adding out of their income each year vs. what their investments are generating.

I bet returns are just a (small) part. Most people here probably earn a good amount and that's a big chunk of net worth growth, I know that's the case for me.

Yeah, that's my story as well.

Allie

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Re: Race from $1M to $2M
« Reply #1276 on: October 02, 2020, 12:20:36 PM »
I haven’t been updating here much, but we’ve been all over the place this last year.  For the last 2 months, we’ve been hovering close to or slightly over 1.9M TNW.  I was really hoping to see us hit 2 this year. 

monarda

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Re: Race from $1M to $2M
« Reply #1277 on: October 02, 2020, 01:10:32 PM »
I've been lurking here for a while and feel confident enough about my total net worth to post that it's over 1M.
So here's where I'll start. I expect it'll be almost another year before both columns are over $1M.

 [does not include pension balance. Later posts do.]

                liquid and rental property equity      TNW (includes primary residence equity)
10/1/20          $913K                                      $1.09M
« Last Edit: November 26, 2020, 11:26:28 AM by monarda »

TempusFugit

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Re: Race from $1M to $2M
« Reply #1278 on: October 02, 2020, 05:39:09 PM »
I am in awe of the growth of everyone's stache in here.  I am invested in traditional stocks and I might have a 5% to 10% annual return, but so many people are going from relatively little to strong seven figures in a matter of years, and not just one or two years but consistently.  Is everyone invested in Tesla in this forum or am I missing something?  I would love to know how much people are adding out of their income each year vs. what their investments are generating.

I bet returns are just a (small) part. Most people here probably earn a good amount and that's a big chunk of net worth growth, I know that's the case for me.

This forum is definitely not filled with fledgling Warren Buffetts.  The majority are in index funds - and there are lots of good reasons for that.  The forum *is* filled with lots of people who save a huge portion of their (often substantial) income.

I have a fairly conservative portfolio of index funds and just max out my pretax contributions along with another few thousand in a taxable account. My stash growth probably has averaged about 30/70 or 40/60 percent contributions/markets the past several years. 

Whats funny is that i don't feel any “richer” now than I did 400k ago.  Guess thats a good thing else I’d be tempted to start acting rich and that would really put the brakes on stash growth. 

Freedomin5

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Re: Race from $1M to $2M
« Reply #1279 on: October 02, 2020, 05:50:54 PM »
I am in awe of the growth of everyone's stache in here.  I am invested in traditional stocks and I might have a 5% to 10% annual return, but so many people are going from relatively little to strong seven figures in a matter of years, and not just one or two years but consistently.  Is everyone invested in Tesla in this forum or am I missing something?  I would love to know how much people are adding out of their income each year vs. what their investments are generating.

Just chiming in to say only half of our net worth growth is from investments (index funds, real estate). The other half is saved from our income.

KBecks

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Re: Race from $1M to $2M
« Reply #1280 on: October 03, 2020, 05:22:19 AM »
This has been a great year for some in stocks.  Our NW is largely in investments and we are more into individual high-growth tech stocks.  Our paid for house is about 15% of our NW.  We live in a lower cost housing area.

Blissful Biker

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Re: Race from $1M to $2M
« Reply #1281 on: October 04, 2020, 10:32:51 AM »
(CDN$)        LNW         TWN
2018 YE    $1.13M    $1.66M
1Q2019     $1.26M    $1.77M
2Q2019     $1.26M    $1.77M
3Q2019     $1.33M    $1.84M
4Q2019     $1.38M    $1.90M
1Q2020     $1.18M    $1.75M
2Q2020     $1.40M    $1.95M
3Q2020     $1.49M    $2.04M

3Q close coincided with the markets being a bit spooked over Trump's covid, but we still stayed above the $2M CDN  TNW waterline.  Hooray!

I'm going to stay in this thread because these are little Canadian dollars, our real focus is achieving $2M LNW, and you guys are awesome!
« Last Edit: October 10, 2020, 11:22:43 AM by Blissful Biker »

on the road

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Re: Race from $1M to $2M
« Reply #1282 on: October 07, 2020, 01:46:43 PM »
Liquid net worth

Aug 2020     $1,217K
Sep 2020     $1,260K
Oct 2020     $1,265K

marty998

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Re: Race from $1M to $2M
« Reply #1283 on: October 09, 2020, 05:13:15 PM »
I am in awe of the growth of everyone's stache in here.  I am invested in traditional stocks and I might have a 5% to 10% annual return, but so many people are going from relatively little to strong seven figures in a matter of years, and not just one or two years but consistently.  Is everyone invested in Tesla in this forum or am I missing something?  I would love to know how much people are adding out of their income each year vs. what their investments are generating.

Just chiming in to say only half of our net worth growth is from investments (index funds, real estate). The other half is saved from our income.

I have just gone over $1.5m and I'd say this seems about right. Brute force savings still doing the bulk of the work, but now the savings components from "income" are being noticeably topped up from the the dividends and rental cash returns too. So yes that's probably defined as compounding, but since all my cash income is being mixed into the same bank account pot it's hard for me to unmix it into a savings from income and savings from rent now :)
« Last Edit: October 17, 2020, 04:25:24 PM by marty998 »

Roots&Wings

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Re: Race from $1M to $2M
« Reply #1284 on: October 10, 2020, 07:10:21 AM »
^ About the same for returns. Checked Vanguard performance stats, and it's 42% money I've put in and 58% investment returns (10.6% rate of return for past 10 years, nothing extraordinary). Sitting at $1.1m after 10 years, never made six figures before, it can be done on sub-$100k salaries, just takes time.

Watchmaker

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Re: Race from $1M to $2M
« Reply #1285 on: October 12, 2020, 08:00:25 AM »
Jun-05      -0.02 MM
Aug-13    0.15 MM
Sep-16    0.50 MM
Jul-19    1.02 MM
Nov-19    1.08 MM
Apr-20    1.04 MM
May-20    1.13 MM
Oct-20       1.32 MM

Hoping to hit 1.5 MM (my updated FI number) this year.

aspiringnomad

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Re: Race from $1M to $2M
« Reply #1286 on: October 12, 2020, 05:48:34 PM »
I FIRE'd in June at around $1.7m in NW with an aggressive portfolio that includes some long-held tech stocks. Just getting around to updating last month's numbers and it turns out I came pretty close to that $2m mark in September. Have since slipped closer to $1.9, but who knew waking up at 10am to surf or hike could be so lucrative?

pdxvandal

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Re: Race from $1M to $2M
« Reply #1287 on: October 13, 2020, 12:43:01 PM »
Joined the club (net worth) a few months ago and holding steady. Don't plan to ever reach $2M ... but hope to be in this club for a while! Next goal is to hit $1M in liquid assets (~$900k now), hopefully a year from now and make more concrete FIRE plans for mid-2022.

2015 -- $560k
2016 -- $640k
2017 -- $675k
2018 -- $776k
2019 -- $860k
2020 -- $1.1M

firinglate

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Re: Race from $1M to $2M
« Reply #1288 on: October 14, 2020, 10:30:34 AM »
Thanks everyone for the clarification of how people's stache grows so quickly.  Seems it is brute strength savings for the most part up until some form of escape velocity (say about $1M) where the increases from returns on investment can outweigh the inflows from income.  I have learned the hard way that there is no substitute for early, consistent saving over a long period of time, and when you wait until you are in your mid to late 40's it takes a lot more effort!! 

MoneyTree

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Re: Race from $1M to $2M
« Reply #1289 on: October 14, 2020, 02:27:28 PM »
Thanks everyone for the clarification of how people's stache grows so quickly.  Seems it is brute strength savings for the most part up until some form of escape velocity (say about $1M) where the increases from returns on investment can outweigh the inflows from income.  I have learned the hard way that there is no substitute for early, consistent saving over a long period of time, and when you wait until you are in your mid to late 40's it takes a lot more effort!!

Its both. Brute force savings is hugely important, but year after year of positive gains certainly helps. Even though most everyone on this forum is is implicitly familiar with the incredible magic of compounding, seeing the actual numbers that compounding produces is still hard to believe at times.

PhrugalPhan

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Re: Race from $1M to $2M
« Reply #1290 on: October 14, 2020, 02:31:59 PM »
Thanks everyone for the clarification of how people's stache grows so quickly.  Seems it is brute strength savings for the most part up until some form of escape velocity (say about $1M) where the increases from returns on investment can outweigh the inflows from income.  I have learned the hard way that there is no substitute for early, consistent saving over a long period of time, and when you wait until you are in your mid to late 40's it takes a lot more effort!!
It can still be done starting later, it just takes determination (and a decent salary doesn't hurt).  I started at 38 near $0, bought a house, went through divorce, 15 mo. of unemployment, and now at 58 I have $1.2Mil + paid off house + $45k/yr. pension starting in 2 years.  Plus I have a GF that has over $1Mil herself with a FED pension.  I've only had a 6 digit salary for the last 3 years so I haven't been rolling in the money until lately.

Finntastic

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Re: Race from $1M to $2M
« Reply #1291 on: October 14, 2020, 09:14:35 PM »
Joining in:
10/2020 - 1.07m

I have yet to setup a FIRE target, but will do so in the coming months when I have decided where in this planet we will be living.


talltexan

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Re: Race from $1M to $2M
« Reply #1292 on: October 15, 2020, 07:56:49 AM »
Welcome, @Finntastic and best wishes for continuing to meet your financial goals! Do you have an active journal where you discuss your thoughts about a possible move? The wisdom of people who live in different areas might be helpful.

Zamboni

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Re: Race from $1M to $2M
« Reply #1293 on: October 24, 2020, 09:06:14 AM »
                      LNW           TNW
Nov 2019     $1.02MM     $1.18MM
Dec 2019     $1.02MM     $1.24MM
Jan 2020      $1.11MM     $1.27MM
Apr 2020      $1.01MM     $1.18MM     & happy to be alive!
July 2020     $1.06MM     $1.23MM     (+$50K)   
Aug 2020     $1.11MM    $1.28MM     (+$50K)   
Sep 2020     $1.15MM    $1.33MM     (+$50K)
Oct 2020      $1.17MM    $1.36MM     (+$30K)
« Last Edit: October 25, 2020, 08:11:37 AM by Zamboni »

Finntastic

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Re: Race from $1M to $2M
« Reply #1294 on: October 26, 2020, 08:59:46 PM »
Welcome, @Finntastic and best wishes for continuing to meet your financial goals! Do you have an active journal where you discuss your thoughts about a possible move? The wisdom of people who live in different areas might be helpful.
not yet but I guess I might start one currently been thinking about the move from Thailand to Finland mainly due to the air quality which getting pretty bad here, however this would have a negative affect on our savings rate. But yeah I will start one once I get my headaround and find the right place for it.

on the road

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Re: Race from $1M to $2M
« Reply #1295 on: November 01, 2020, 03:40:08 AM »
Liquid net worth

Aug 2020     $1,217K
Sep 2020     $1,260K
Oct 2020     $1,265K
Nov 2020     $1,253K

Arbitrage

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Re: Race from $1M to $2M
« Reply #1296 on: November 01, 2020, 05:19:18 AM »
Liquid NW / Total NW

1/1/16: $455k / 675k
1/1/17: $555k / 822k
1/1/18: $735k / 1.071M
1/1/19: $765k / 1.152M
12/1/19: $1.011M / 1.477M
1/1/20: $1.049M / 1.531M
2/1/20: $1.041M / 1.522M
3/1/20: $990k / 1.463M
4/1/20: ~$810k / 1.278M
5/20/20: $950k / 1.428M
6/1/20: $1.009M / 1.493M
7/1/20: $1.042M / 1.524M
8/1/20: $1.098M / 1.600M
9/1/20: $1.151M / 1.660M
10/1/20: $1.138M / 1.641M
11/1/20: $1.155M / 1.678M

brooklynmoney

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Re: Race from $1M to $2M
« Reply #1297 on: November 01, 2020, 05:26:40 AM »
In the last month I got to LNW of $1.99 but nature (the market) is a cruel mistress so now I’m like $1.88. She giveth and she taketh away I suppose. I hope to ascend to the next level and leave all you riff raff single digit millionaires by end of year (just kidding I’ve been in this group for years).

Finntastic

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Re: Race from $1M to $2M
« Reply #1298 on: November 01, 2020, 05:45:59 PM »

10/2020 - 1.07m
11/2020 - 1.1m > 48% real estate, 43% cash, 6% crypto, 3% gold   

Goal to fire set to: 2m$ or 994 days from now, whichever comes first.


Finntastic

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Re: Race from $1M to $2M
« Reply #1299 on: November 01, 2020, 05:47:57 PM »
Welcome, @Finntastic and best wishes for continuing to meet your financial goals! Do you have an active journal where you discuss your thoughts about a possible move? The wisdom of people who live in different areas might be helpful.

Started here: https://forum.mrmoneymustache.com/journals/move-from-thailand-to-finland-and-keep-fireing/