Author Topic: Race from $1M to $2M  (Read 534024 times)

FireLane

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Re: Race from $1M to $2M
« Reply #750 on: March 01, 2019, 04:53:12 PM »
Thanks to the market bouncing back, our NW is hovering around 1.33 M. Just shy of 1.6 if you count the equity in our paid-off place.

This is about $183,000 in gains since this time last year, $457,000 in two years and $770,000 in three. Pretty crazy how fast that happens when compounding really gets going.

Dicey

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Re: Race from $1M to $2M
« Reply #751 on: March 02, 2019, 11:42:13 AM »
In the vein of what arebelspy just posted, I happen to look back at where we were when I wrote my first journal entry here, four years and one month ago.


Jan 2015: a hair's breadth away from $1M
Feb 2019: $1.966 (invested, doesn't count 529s or home equity)

So that means it took us ten years collectively to get from $0 to $1M and four years to go from $1 to $2. Maybe this is the magical compound interest thingie that caught my attention like a bolt of lightening in that finance class I took as an undergrad.
You bought a house in the super expensive Bay Area during that time, which means at least $100k down, maybe more. This money didn't disappear, you merely shifted it to another asset class. I think you should totally count it, as it's still out there, working hard for you. Your progress is even more badass than you're giving yourself credit for, @ysette9.

ysette9

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Re: Race from $1M to $2M
« Reply #752 on: March 03, 2019, 09:03:35 PM »
You are right, there was a good $200k that got harvested off the top of our vanguard account for house purchase and remodel. Incidentally almost all of that was pure gains from our investments, which felt pretty damn cool. Thanks, Vanguard!

talltexan

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Re: Race from $1M to $2M
« Reply #753 on: March 05, 2019, 08:10:03 AM »
The TallTexan Household is sitting at about $1.1 million, putting us below the average for this group. I'd love some advice from my fellow millionaires.

It's become apparent that we will have to move within Charlotte, however. We're currently in a--let's be nice and call it palatial--house that maps to a mediocre school district. We'd like to improve the schools, and reduce travel time to other things.

Housing is fairly cheap in Charlotte, but we are still cautious about sinking too much money into a property. Based on our income, we could handle monthly payments of about $2,400 fairly easily. We also have perhaps $100,000 equity in our current home, and perhaps double that in taxable investments.

Is there a rule-of-thumb about how your house should compare to the rest of your net worth? I would certainly like to be able to count on market returns continuing to grow much of our 'stache, rather than having to depend on house appreciation.

For what it's worth, I'm comfortable servicing a low-interest mortgage for a long time.

ysette9

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Race from $1M to $2M
« Reply #754 on: March 05, 2019, 09:35:04 AM »
I don’t have a good answer for you. I think the standard response would be to buy as little as possible to meet your goals. There are people here with $200k houses. Ours was a comparable steal for our area at a hair over $1M.

Over the years I’ve come to the conclusion that for houses I much prefer quality over quantity. Meaning, a well laid-out house with kick-ass insulation and light and high-end features and good storage is way more comfortable to me than a big-ass McMansion. I visit my aunt and uncle who live in a McMansion in South Carolina and I am always struck at how HUGE it is, but also how incredibly loud it is. There is literally no place you can escape to in over 3000 ft^2 to have some peace and quiet as everything is open, huge reverberating ceilings, no insulation, and wood floors everywhere. The house looks nice but you can tell it wasn’t constructed with the best quality materials or processes and is showing its age (even though it is not old).

Anyway, point of my long, rambling rant is that in you shoes I would look for a modest-sized house in an old neighborhood (with mature trees as new developments are so stark and barren) that has been remodeled with high-quality finishes. I’d insulate the heck out of it if it hadn’t been done already. Think hard about how much space you actually use. In CA the weather is so great pretty much always that we comfortably live in 900 of our 1100ft ^2 much of the time. You obviously have to deal with some pretty harsh weather so I think more indoor space makes sense to not go stir crazy. Most of my aunt and uncle’s sits unused most of the time, so just be thoughtful.

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Edit: I’d “insulate”, not “insulte” the house ;-)
« Last Edit: March 05, 2019, 09:36:41 AM by ysette9 »

Dicey

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Re: Race from $1M to $2M
« Reply #755 on: March 05, 2019, 10:09:22 AM »
To add to what my Bay Area pal above said, I'd look for a duplex or a house with a nice ADU for potential income, now or later. The % of net worth calculation isn't all that valuable. In the begining we were RE heavy, (because you kind of have to be in a HCOLA) then we increased our equities, then we bought more RE and we're heavy there again. Eventually the total is so big it doesn't matter all that much.

Herbert Derp

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Re: Race from $1M to $2M
« Reply #756 on: March 05, 2019, 09:44:37 PM »
I made a grand total of $1,800 in the last six months. Life is hard.

11/23/2012: $45,000.00
08/03/2013: $100,000.00
01/01/2016: $408,896.04
01/01/2017: $617,283.09
06/06/2017: $758,104.40
10/15/2017: $856,488.71
11/18/2017: $929,536.54
11/27/2017: $944,395.35
12/17/2017: $956,928.07
01/01/2018: $968,307.87
01/05/2018: $987,442.11
01/08/2018: $996,215.32
01/09/2018: $998,819.79
01/10/2018: $999,079.24
01/11/2018: $1,003,101.34
02/01/2018: $1,061,732.89
02/28/2018: $1,062,750.48
05/18/2018: $1,149,432.76
06/06/2018: $1,203,026.63
07/11/2018: $1,232,435.26
08/02/2018: $1,269,509.32
09/01/2018: $1,326,015.73
03/05/2019: $1,327,833.14

Bateaux

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Re: Race from $1M to $2M
« Reply #757 on: March 06, 2019, 07:04:44 AM »
Dang HD.  Unless you're a crypto trader that's kinda strange.

2Birds1Stone

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Re: Race from $1M to $2M
« Reply #758 on: March 06, 2019, 08:52:37 AM »
Why is that strange? Stocks are still significantly below the Sept 2018 highs. Herb is probably 100% stocks - Condo value.

ETA - correct date. Thanks @RWD !
« Last Edit: March 06, 2019, 10:19:28 AM by 2Birds1Stone »

RWD

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Re: Race from $1M to $2M
« Reply #759 on: March 06, 2019, 09:05:51 AM »
Stocks are still significantly below the Sept 2019 highs.

This is very reassuring. Looking forward to the stock market gains this year!   =P

SuperSecretName

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Re: Race from $1M to $2M
« Reply #760 on: March 06, 2019, 12:36:29 PM »
How do y'all stay motivated?  I recently joined the threetwo-comma club, am loosening the reins a bit and allowing some lifestyle creep.

I mean, I'll still drive a couple of minutes out of my way to get gas 10c cheaper.  But picking up extra work is not appealing, and I know that the original drive/push/whatever has subsided.  At this point the market/time is going to do most of the lifting from now on.
« Last Edit: March 06, 2019, 12:46:16 PM by SuperSecretName »

FIRE@50

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Re: Race from $1M to $2M
« Reply #761 on: March 06, 2019, 12:38:44 PM »
How do y'all stay motivated?  I recently joined the three-comma club, am loosening the reins a bit and allowing some lifestyle creep.

I mean, I'll still drive a couple of minutes out of my way to get gas 10c cheaper.  But picking up extra work is not appealing, and I know that the original drive/push/whatever has subsided.  At this point the market/time is going to do most of the lifting from now on.
If I was a billionaire, I would have trouble staying motivated as well.

talltexan

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Re: Race from $1M to $2M
« Reply #762 on: March 06, 2019, 12:43:20 PM »
If I were in the three-comma club, i'd totally be hiring homeless people to sneak into my workplace and take dumps on peoples' desks.

Herbert Derp

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Re: Race from $1M to $2M
« Reply #763 on: March 06, 2019, 04:59:35 PM »
Why is that strange? Stocks are still significantly below the Sept 2018 highs. Herb is probably 100% stocks - Condo value.

ETA - correct date. Thanks @RWD !

Yeah, basically my net worth is divided across index funds, company stock, and my condo, all three of which are down since September 2018. Life is hard.

jack06

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Re: Race from $1M to $2M
« Reply #764 on: March 10, 2019, 06:26:04 PM »
I don't know if other people on this group are in a similar situation.. I FIREd nearly two years ago (at 42), with less than 800k$. I'm now at 1.15M$ (investable). I spend about 24k$ per year.

First year we mostly travelled, my wife was on a sabbatical leave, I also started doing work as a consultant, maybe a total of 300 hours or so. This year I will have worked maybe twice that number of hours, mostly during the cold months of winter.

Reaching 2M$ may take longer than most of you (it may never happen actually) since I earn less money that I used to when I was working full time.

The reason why I target 2M$ is that my wife is not retired yet and while my spending level is low right now, we want to travel when we are both retired (at least, initially), particularly during winter.

oldtoyota

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Re: Race from $1M to $2M
« Reply #765 on: March 10, 2019, 08:54:25 PM »
How much have you earned this year from investments? I'm surprised at how much our investments increased this calendar year.

10.3% as of Feb 25 including dividends.

PC says sp500 was 10.5%.

My investments were about 7.5% cash though as I've been dollar cost averaging proceeds from a home sale into the market. I know better factually but I just couldn't bring myself to pull the trigger on such a large sum on one day. Turned out for the best bc it would have been in October. Luck!

Oh, that is luck all right! Thank you for sharing that.

oldtoyota

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Re: Race from $1M to $2M
« Reply #766 on: March 10, 2019, 08:57:32 PM »

So that means it took us ten years collectively to get from $0 to $1M and four years to go from $1 to $2. Maybe this is the magical compound interest thingie that caught my attention like a bolt of lightening in that finance class I took as an undergrad.

Amazing!! I love hearing about how long it takes to reach the second million after the first.

How much did you save per year during those four years?

oldtoyota

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Re: Race from $1M to $2M
« Reply #767 on: March 10, 2019, 09:03:34 PM »
How do y'all stay motivated?  I recently joined the threetwo-comma club, am loosening the reins a bit and allowing some lifestyle creep.

I mean, I'll still drive a couple of minutes out of my way to get gas 10c cheaper.  But picking up extra work is not appealing, and I know that the original drive/push/whatever has subsided.  At this point the market/time is going to do most of the lifting from now on.

I think you don't. And that is okay.

Well, the answer depends on what your question means.

Does it mean how do we stay motivated to save?

Does it mean how do we stay motivated to work or do other things?

Instead of focusing on motivation, I'd focus on action. If you want to do something--save, work, something else--do that. Motivation can come later.

« Last Edit: March 10, 2019, 09:05:25 PM by oldtoyota »

talltexan

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Re: Race from $1M to $2M
« Reply #768 on: March 11, 2019, 08:31:44 AM »
I want to give props to oldtoyota for the name.

I have a 10.5 yo Camry. It has been driven a very non-mustachian 125,000 miles. But it's stayed solid, helped by covered parking at every job I've had. Choosing that car over many others has been a key to prosperity in the talltexan household.

ysette9

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Re: Race from $1M to $2M
« Reply #769 on: March 11, 2019, 11:04:53 AM »

So that means it took us ten years collectively to get from $0 to $1M and four years to go from $1 to $2. Maybe this is the magical compound interest thingie that caught my attention like a bolt of lightening in that finance class I took as an undergrad.

Amazing!! I love hearing about how long it takes to reach the second million after the first.

How much did you save per year during those four years?
Hmm. Good question. Our saving certainly has been increasing in $ terms over the years but I don’t think I have an easy way of determining. I’ll take a quick peak and see if we have any tax time overview spreadsheets that might shed light.

Bloop Bloop

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Re: Race from $1M to $2M
« Reply #770 on: March 11, 2019, 11:12:58 AM »
How do y'all stay motivated?  I recently joined the threetwo-comma club, am loosening the reins a bit and allowing some lifestyle creep.

I mean, I'll still drive a couple of minutes out of my way to get gas 10c cheaper.  But picking up extra work is not appealing, and I know that the original drive/push/whatever has subsided.  At this point the market/time is going to do most of the lifting from now on.

I struggle a bit with motivation too. The only way I've found that works is to turn it into a game and have short-term milestones. In 3 months I want to be here. In 6 months I want to be here. Etc.

I think once you are financially comfortable and trying to get to the next level (financially comfortable...forever, without working further), there is a challenge staying motivated. Because you're no longer working for immediate needs/wants any more, but rather working to shore up your lifestyle. That's great and all, but it's not as mentally compelling.

Strangely one way I've found that works is to promise myself I will save 5-10% of my net income in a "fun" fund that I then splash out on stupid, useless things. It encourages me to keep going.

ysette9

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Re: Race from $1M to $2M
« Reply #771 on: March 11, 2019, 11:14:05 AM »

So that means it took us ten years collectively to get from $0 to $1M and four years to go from $1 to $2. Maybe this is the magical compound interest thingie that caught my attention like a bolt of lightening in that finance class I took as an undergrad.

Amazing!! I love hearing about how long it takes to reach the second million after the first.

How much did you save per year during those four years?
Hmm. Good question. Our saving certainly has been increasing in $ terms over the years but I don’t think I have an easy way of determining. I’ll take a quick peak and see if we have any tax time overview spreadsheets that might shed light.
Well damn. No easy answers after 5 min of poking around. I think we saved something like $270k in 2018 though. (The stock price gods smiled kindly that year.)

oldtoyota

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Re: Race from $1M to $2M
« Reply #772 on: March 12, 2019, 08:53:19 PM »
I want to give props to oldtoyota for the name.

I have a 10.5 yo Camry. It has been driven a very non-mustachian 125,000 miles. But it's stayed solid, helped by covered parking at every job I've had. Choosing that car over many others has been a key to prosperity in the talltexan household.

Thank you! Toyotas have been helpful to us in our accumulation phase. =-D We have a 14 yo Camry and some old Corollas.

oldtoyota

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Re: Race from $1M to $2M
« Reply #773 on: March 12, 2019, 08:57:40 PM »
Thanks for taking a look @yesett9. =-D

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #774 on: March 12, 2019, 09:24:48 PM »
I have a 10.5 yo Camry. It has been driven a very non-mustachian 125,000 miles. But it's stayed solid, helped by covered parking at every job I've had. Choosing that car over many others has been a key to prosperity in the talltexan household.

...Toyotas have been helpful to us in our accumulation phase. =-D We have a 14 yo Camry and some old Corollas.
Add me to the Toyota fan club.  I drive a 1999 Toyota 4Runner that is approaching 250K miles.  The vehicle would be well over 300K miles had I not spent five years overseas.

ysette9

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Re: Race from $1M to $2M
« Reply #775 on: March 13, 2019, 12:16:46 PM »
I’ve always been more of a Honda person myself because i found them more fun to drive and less ugly than Toyota’s. :) That said, I’ve got a spend GTI now which is enormous fun. Our old Civic went 213k miles on the original clutch before we sold it; i was pretty impressed with that.

ericbonabike

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Re: Race from $1M to $2M
« Reply #776 on: March 13, 2019, 12:26:02 PM »
I went from $2 million to $900k in 2017 due to a divorce. (Don't know why she got 100k more than I did, but I considered the cost of poor judgement on my part).

Got remarried, and that took net worth up to $1 million.  In the last year and a half, we've saved/earned another $200k, so we're up to 1.2 million.

We've been struggling to break the 1.2 since October of 2018, when the market turned south. But I stayed the course, kept buying, kept saving.  Broke through it yesterday.  Found out my company ESOP just pushed their annual reassessment of privately held stock, and that pushes us up to 1.25 million.  Boom!

We shooting for about $1.5 to $2 million for FIRE.

DavidAnnArbor

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Re: Race from $1M to $2M
« Reply #777 on: March 14, 2019, 07:11:27 PM »
Keep up the good work.

catccc

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Re: Race from $1M to $2M
« Reply #778 on: March 14, 2019, 07:23:05 PM »
Toeing the line between single and double commas since August 2018.  8/9/18, 8/20/18, 9/11/18, and again 1/30/19.  Spent most of October-January under $1M.  It's a little frustrating.  I thought we'd just start to see our NW soar after hitting 1M, but the volatility keeps us guessing, for better or worse.  (lol, I also thought the same about hitting $500K, but didn't really feel that, either.)  Anyway, hoping to have enough to peace out in a year or two.  More likely will have enough for at least one of us, DH or me, to do so sooner than that, but I've yet to walk through the "not saving as much but not drawing down anything yet" math.

We also have an old Toyota, a 2005 Toyota matrix with 212K miles on it.  Not the original clutch, unfortunately.  Replaced that around 140K miles.  Thought about replacing the car last year after it passed 200K miles, but ultimately decided to stick it out.




Bateaux

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Re: Race from $1M to $2M
« Reply #779 on: March 15, 2019, 05:08:07 AM »
Toeing the line between single and double commas since August 2018.  8/9/18, 8/20/18, 9/11/18, and again 1/30/19.  Spent most of October-January under $1M.  It's a little frustrating.  I thought we'd just start to see our NW soar after hitting 1M, but the volatility keeps us guessing, for better or worse.  (lol, I also thought the same about hitting $500K, but didn't really feel that, either.)  Anyway, hoping to have enough to peace out in a year or two.  More likely will have enough for at least one of us, DH or me, to do so sooner than that, but I've yet to walk through the "not saving as much but not drawing down anything yet" math.

We also have an old Toyota, a 2005 Toyota matrix with 212K miles on it.  Not the original clutch, unfortunately.  Replaced that around 140K miles.  Thought about replacing the car last year after it passed 200K miles, but ultimately decided to stick it out.

Sometimes we get hung up on a milestone.  We've been on both sides of 2 million many times in past months.  It will also do it at 1.2 for you or possibly 2.3 for me or some other number.  You just notice the big ones more.  It will eventually pass it though if you stay the course.   My eleven year old Honda Accord with 205k is still getting me around.   Almost shameful for a millionaire to drive around in a car like that, should plop down a bunch of cash and make it available to a poor person to buy.  But, I'm greedy like that.
« Last Edit: March 15, 2019, 05:11:54 AM by Bateaux »

talltexan

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Re: Race from $1M to $2M
« Reply #780 on: March 15, 2019, 07:51:52 AM »
Toeing the line between single and double commas since August 2018.  8/9/18, 8/20/18, 9/11/18, and again 1/30/19.  Spent most of October-January under $1M.  It's a little frustrating.  I thought we'd just start to see our NW soar after hitting 1M, but the volatility keeps us guessing, for better or worse.  (lol, I also thought the same about hitting $500K, but didn't really feel that, either.)  Anyway, hoping to have enough to peace out in a year or two.  More likely will have enough for at least one of us, DH or me, to do so sooner than that, but I've yet to walk through the "not saving as much but not drawing down anything yet" math.

We also have an old Toyota, a 2005 Toyota matrix with 212K miles on it.  Not the original clutch, unfortunately.  Replaced that around 140K miles.  Thought about replacing the car last year after it passed 200K miles, but ultimately decided to stick it out.

 Almost shameful for a millionaire to drive around in a car like that, should plop down a bunch of cash and make it available to a poor person to buy.  But, I'm greedy like that.

The culture of this site has retrained me so that--when I see a guy in workout clothes walk into the bank, or I see someone on a bike--I think, "There's someone who's a real millionaire!"

Arbitrage

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Re: Race from $1M to $2M
« Reply #781 on: March 15, 2019, 08:44:07 AM »

The culture of this site has retrained me so that--when I see a guy in workout clothes walk into the bank, or I see someone on a bike--I think, "There's someone who's a real millionaire!"

One of my biggest personal issues since converting to a bike-based lifestyle is my 'smug' (reference a South Park episode where Prius drivers emitted smug, rather than smog).  I can't help feeling annoyance at the rampant waste of all of the giant trucks/SUVs/luxury cars everywhere, cutting me off and driving stupidly.  I mostly keep my smug internal, but I imagine that the smug pressure builds and a bit pops out every now and again. 

Fomerly known as something

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Re: Race from $1M to $2M
« Reply #782 on: March 16, 2019, 06:26:07 PM »
Well I didn't make it to the 7 figure club because of a Toyota, I had a Jetta.  It wasn't for lack of trying, my first choice was actually a Toyota Echo when I was car shopping back in the day but the sales guy told me he couldn't find one with antilock breaks which was a need for me.  I walked, now I sit here and wonder if it was really that hard to find in 2000.

Oh well, the Jetta lasted me 15 years until I replaced it pre MMM days with a Jeep Renegade even though I hadn't completely driven it into the ground.

ted1858

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Re: Race from $1M to $2M
« Reply #783 on: March 18, 2019, 02:13:09 PM »
Joining the group here. We entered the year at $1.1MM. Myself 32 and wife 34 in a HCOL city with one kid. The invested stash is 0.95MM, rest is home equity. Our income is pretty lumpy due to meaningful component coming in the form of a YE bonus. I'm DCAing the bonus but wishing I had dumped it all in when I received it at beginning of January. I figure it will take 3-4 years to get to the 2MM mark.

History:
1/2015: 0.42 MM
1/2016: 0.56 MM
1/2017: 0.84 MM
1/2018: 0.95 MM
1/2019: 1.10 MM

AccidentalMiser

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Re: Race from $1M to $2M
« Reply #784 on: March 18, 2019, 07:50:13 PM »
Hit 1.2 M today for the first time.  Market is scary but I'm going to hold fast and keep pouring it in every two weeks.  1049 days to RE.  Maybe sooner but I think I should wait until the year I turn 55.

1.3 M today.  Investments have done well over the past month. 

Roboturner

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Re: Race from $1M to $2M
« Reply #785 on: April 01, 2019, 11:34:32 AM »
Q2 2016:
LNW: 528k
TNW: 720k

Q3 2016:
LNW: 652k
TNW: 845k

YE 2016:
LNW: 685k
TNW: 893k

Q1 2017:
LNW: 800k
TNW: 1001k

Q2 2017:
LNW: 845k
TNW: 1060k

Q3 2017:
LNW: 921k
TNW: 1142k

YE 2017:
LNW: 1,012k
TNW: 1,230k

Q1 2018:
LNW: 1.09 MM
TNW: 1.33 MM

Q2 2018:
LNW: 1.16 MM
TNW: 1.45 MM

Q3 2018:
LNW: 1.28 MM
TNW: 1.57 MM

YE 2018:
LNW: 1.14 MM
TNW: 1.43 MM

Q1 2019:
LNW: 1.41 MM
TNW: 1.71 MM

Fomerly known as something

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Re: Race from $1M to $2M
« Reply #786 on: April 02, 2019, 04:45:48 AM »
Chip, Chip, Chip.  After seeing the market was up again yesterday I eagerly awaited this morning to see that I had crossed over the $1.5 million mark. 

ysette9

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Re: Race from $1M to $2M
« Reply #787 on: April 02, 2019, 04:57:18 AM »
Congrats!

The recent market generosity means we have just crossed over the $2m mark. I expect I’ll bounce back and forth between this group and the $2-$3m club as the market giveth and taketh away.

Bloop Bloop

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Re: Race from $1M to $2M
« Reply #788 on: April 02, 2019, 05:56:15 AM »
Q1 2019 report
income (gross) - me $62k
partner $14k
rent $7k

expenses - business $10k
expenses - rental $2k
interest - rental $7k
expenses - living $7k
bills - 4k

tax - gst 5k
tax - income (me) 15k
tax - income (partner) 3k
tax - student loans (partner) 1k

total income 83k
total expenses 30k
net income 52k
total tax / debt payments 24k
net savings 28k

i have about 1.5m in property (residential and rental) but property went down 3% this quarter so that is a $45k loss

total net position -17k

Ouch. On track to lose nearly $70k for the year. Oh well, better luck next quarter. :) Gotta take the good with the bad.

Roboturner

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Re: Race from $1M to $2M
« Reply #789 on: April 02, 2019, 04:40:25 PM »
Congrats!

The recent market generosity means we have just crossed over the $2m mark. I expect I’ll bounce back and forth between this group and the $2-$3m club as the market giveth and taketh away.

Whoop Whoop Whoop!

Travis

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Re: Race from $1M to $2M
« Reply #790 on: April 03, 2019, 09:59:53 AM »
Added a second comma last week.  Upgrading my membership.

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #791 on: April 03, 2019, 04:35:41 PM »
The recent market generosity means we have just crossed over the $2m mark. I expect I’ll bounce back and forth between this group and the $2-$3m club as the market giveth and taketh away.
Big congratulations to you!  :-)

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #792 on: April 06, 2019, 08:50:45 AM »
I finally reached the $1.6 million mark!!  It was a wild ride from $1.5 to $1.6!!  :-)

itchyfeet

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Re: Race from $1M to $2M
« Reply #793 on: April 07, 2019, 12:43:37 PM »
Looks like there will be a bunch of you joining those of us in the >$2M thread pretty soon.

My first million took 20 years. 2nd million took 4 years.

Bird In Hand

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Re: Race from $1M to $2M
« Reply #794 on: April 08, 2019, 06:17:42 AM »
Apr '18: TNW $1.60M, LNW $1.30M
Apr '19: TNW $1.80M, LNW $1.44M

Last year LNW went above $1.4M several times in the July-Sept period, then sat stubbornly below that starting in October.  We finally got back over $1.4M a month or two ago, and have stayed above it for a couple weeks.  I decided to post an update because TNW crested $1.8M (for the first time) on Friday.

arebelspy

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Re: Race from $1M to $2M
« Reply #795 on: April 09, 2019, 06:26:47 PM »
My first million took 20 years. 2nd million took 4 years.

A lot of us FIRE'd after the first, so the second is coming along slowly versus if we still had a paycheck.

The first million took me about 5 years (about 8 years of working, but the first three years of working I had 0/negative NW because of the housing crash, so 5-8 years depending on how you count it).

Quit at 1.2MM, now almost 1.8. It has been about 4 years, and I anticipate it'll take another one, depending on market conditions. So 0 to 1MM will be similar to 1MM to 2MM, for me. I'd be content if #3 took the same amount of time.

Expenses are shooting up though, so I'm skeptical.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

talltexan

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Re: Race from $1M to $2M
« Reply #796 on: April 10, 2019, 12:32:17 PM »
For second tax year in a row, my wife and I exceeded the AGI to contribute to my Roth.

I just faxed in a form to remove about $4,500 in contributions. Last year I used the same form to simply reclassify them as 2018 contributions (instead of 2017), but this year I've accepted that I just need to put the money somewhere else.

RPP.

ysette9

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Re: Race from $1M to $2M
« Reply #797 on: April 10, 2019, 01:03:16 PM »
For second tax year in a row, my wife and I exceeded the AGI to contribute to my Roth.

I just faxed in a form to remove about $4,500 in contributions. Last year I used the same form to simply reclassify them as 2018 contributions (instead of 2017), but this year I've accepted that I just need to put the money somewhere else.

RPP.
Backdoor Roth, baby! That is what I do, since I didn’t have a traditional IRA balance to begin with. My husband has a decent-sized traditional IRA, we don’t want to deal with pro rata nonsense nor does it make sense to convert to Roth at this point, so he just doesn’t contribute to an IRA now.

arebelspy

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Re: Race from $1M to $2M
« Reply #798 on: April 10, 2019, 01:52:18 PM »
For second tax year in a row, my wife and I exceeded the AGI to contribute to my Roth.

Hah. What a great problem to have!

Our AGI is not even a third of where the phaseout starts.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

talltexan

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Re: Race from $1M to $2M
« Reply #799 on: April 11, 2019, 09:33:07 AM »
Indeed my wife has done the backdoor Roth last two years. I have another IRA besides my work 401K which I think prevents that.

The money will probably just wind up in a pre-tax account, which better suits the investment order anyway.