Author Topic: Race from $2M to $4M...and Beyond!  (Read 817516 times)

jrhampt

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Re: Race from $2M to $4M...and Beyond!
« Reply #4800 on: May 05, 2021, 09:34:50 AM »
As a household we qualified to join this thread some time last year and are now around $2.5 nw, with about 4-6% of that being in the house, depending on what source you use to estimate its value.  Interesting to see the number of people in this thread who also have houses that make up a very small fraction of total nw.  Since we are both FI now in non-stressful jobs with flexible schedules (I have been 100% WAH for the past 7+ years), I am now working on qualifying for this thread with my own individual nw...should be in another 4-5 years?

soccerluvof4

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Re: Race from $2M to $4M...and Beyond!
« Reply #4801 on: May 06, 2021, 02:32:33 AM »
For me I fired just over 6 years ago with if I remember right about 2.5M ( I would have to look back in my notes but around there) not including our paid for house of 345k. We are at 2.55M and have a paid for house worth 900k minimum. We moved and have been remodeling our " FIRE home" on a lake and with that came added costs from about 6-7k a month to 8-9k a month. So basically we  went from 2.5 +345k = 2.845 to 2.55 + 900k= 3.45M. Our Exit strategy if shit would hit the fan and or health consideration sell the house and its probably worth closer to a million and spend half on a nice condo or low maintenance smaller home in the SE. I have another 75-100k to put into the house but will get every dollar and then some back as its very hard to get on a lake in our area. For us having 4 kids , two in college and 2 in select sports has been expensive since all 16 -22. If we get through the next 3-4 years and Healthy we will be really good. One never knows though.

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #4802 on: May 06, 2021, 06:23:20 AM »
Back at work post Covid.  Coworker was fired while I was gone.  They had a ton of overtime covering me and the position of the fired coworker.  I'm facing a full schedule of overtime going forward as well covering till we get a new person trained.  We work alone so there is no seasoned person to tap on the shoulder with questions.  Luckily the replacement is coming from another laboratory and not the street.  I'm getting too old and crotchety to train someone from scratch. 
I was greeted with smiles and cheer upon my return to work.  My wife didn't have quite as friendly a welcome.  She works for a small company, I work for a global chemical business.  I told her to retire immediately if it doesn't improve.  I'm happy I don't work for a small company.  I'm much happier with Megacorp.  With a small business the attitude and rules can change almost daily.  Megacorp is like a huge ship, it turns slowly and definitely.  I was a bit butthurt over the firing of the coworker.  He's not innocent, but I thought discipline was a better option.  I chose not to be in management, and I'm very happy with that choice.  In management terms, I'm a workhorse.  My wife is probably done at the end of the year.  For me, 784 days to go.
« Last Edit: May 06, 2021, 07:48:16 AM by Bateaux »

pecunia

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Re: Race from $2M to $4M...and Beyond!
« Reply #4803 on: May 06, 2021, 07:59:34 AM »
Back at work post Covid.  Coworker was fired while I was gone.  They had a ton of overtime covering me and the position of the fired coworker.  I'm facing a full schedule of overtime going forward as well covering till we get a new person trained.  We work alone so there is no seasoned person to tap on the shoulder with questions.  Luckily the replacement is coming from another laboratory and not the street.  I'm getting too old and crotchety to train someone from scratch. 
I was greeted with smiles and cheer upon my return to work.  My wife didn't have quite as friendly a welcome.  She works for a small company, I work for a global chemical business.  I told her to retire immediately if it doesn't improve.  I'm happy I don't work for a small company.  I'm much happier with Megacorp.  With a small business the attitude and rules can change almost daily.  Megacorp is like a huge ship, it turns slowly and definitely.  I was a bit butthurt over the firing of the coworker.  He's not innocent, but I thought discipline was a better option.  I chose not to be in management, and I'm very happy with that choice.  In management terms, I'm a workhorse.  My wife is probably done at the end of the year.  For me, 784 days to go.

Sounds like a good deal.  You work alone so they will leave you alone.  I worked longer than many of you folks will.  I didn't always work in an office.  Sometimes I worked outside in bitter cold and wind.  Oddly, in looking back the worst thing about work was office politics.

MaybeBabyMustache

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Re: Race from $2M to $4M...and Beyond!
« Reply #4804 on: May 06, 2021, 08:15:00 AM »
I'm planning to wrap up in February of next year. It marks my 25th anniversary in tech, so I'm considering that more than enough of a career. I'll stay for my January bonus, so I can max out my 401k, and then call it quits. Depending on if my manager quits first (we're in a bit of a race to the finish, I suspect), I assume the company will ask me to stay until they find a replacement. I really love the managers I lead, so I'll consider it, but will give a hard timeline.

I did the math today, and there are under 300 days left. When you factor in weekends, company holidays & vacation days, it brings me to ~175 days. Hurrah.

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #4805 on: May 06, 2021, 08:45:12 AM »
Back at work post Covid.  Coworker was fired while I was gone.  They had a ton of overtime covering me and the position of the fired coworker.  I'm facing a full schedule of overtime going forward as well covering till we get a new person trained.  We work alone so there is no seasoned person to tap on the shoulder with questions.  Luckily the replacement is coming from another laboratory and not the street.  I'm getting too old and crotchety to train someone from scratch. 
I was greeted with smiles and cheer upon my return to work.  My wife didn't have quite as friendly a welcome.  She works for a small company, I work for a global chemical business.  I told her to retire immediately if it doesn't improve.  I'm happy I don't work for a small company.  I'm much happier with Megacorp.  With a small business the attitude and rules can change almost daily.  Megacorp is like a huge ship, it turns slowly and definitely.  I was a bit butthurt over the firing of the coworker.  He's not innocent, but I thought discipline was a better option.  I chose not to be in management, and I'm very happy with that choice.  In management terms, I'm a workhorse.  My wife is probably done at the end of the year.  For me, 784 days to go.

Sounds like a good deal.  You work alone so they will leave you alone.  I worked longer than many of you folks will.  I didn't always work in an office.  Sometimes I worked outside in bitter cold and wind.  Oddly, in looking back the worst thing about work was office politics.

Working alone now is probably why I'm still working.  Yes I want all my benefits that come at age 55, but we can definitely do ok if I leave today. 

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #4806 on: May 06, 2021, 08:46:26 AM »
I'm planning to wrap up in February of next year. It marks my 25th anniversary in tech, so I'm considering that more than enough of a career. I'll stay for my January bonus, so I can max out my 401k, and then call it quits. Depending on if my manager quits first (we're in a bit of a race to the finish, I suspect), I assume the company will ask me to stay until they find a replacement. I really love the managers I lead, so I'll consider it, but will give a hard timeline.

I did the math today, and there are under 300 days left. When you factor in weekends, company holidays & vacation days, it brings me to ~175 days. Hurrah.

Cheering you on for the rewards of the after work life.  The dawn is breaking.

crowinghen

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Re: Race from $2M to $4M...and Beyond!
« Reply #4807 on: May 06, 2021, 09:53:23 AM »
Just did the math and we are over 2.5M net worth! Retiring in july Hubby will have a decent pension, but  we will be still be  able to qualify for subsidy with obamacare, with  his prior employer health insurance as back up if obamacare craps out.  Hubby is 57, I'm 56. I'm excited! Just wanted to share :)


MaybeBabyMustache

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Re: Race from $2M to $4M...and Beyond!
« Reply #4808 on: May 06, 2021, 10:20:01 AM »
I'm planning to wrap up in February of next year. It marks my 25th anniversary in tech, so I'm considering that more than enough of a career. I'll stay for my January bonus, so I can max out my 401k, and then call it quits. Depending on if my manager quits first (we're in a bit of a race to the finish, I suspect), I assume the company will ask me to stay until they find a replacement. I really love the managers I lead, so I'll consider it, but will give a hard timeline.

I did the math today, and there are under 300 days left. When you factor in weekends, company holidays & vacation days, it brings me to ~175 days. Hurrah.

Cheering you on for the rewards of the after work life.  The dawn is breaking.

Thanks, @Bateaux . It feels awkward to say, but COVID bought me a lot of additional work time (no international work travel, WFH, and nowhere else really to go). Also, we are selling our vacation house, because the market is insanely hot there. It wasn't in the cards to sell it, because we were enjoying it, but at its new value, we just can't justify keeping it with our limited time use. We tried to sell it five years ago, and got zero offers in a year (it wasn't us, the market was just very slow.) Now, we're expecting to go live with our listing & receive offers in a ten day window.

2sk22

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Re: Race from $2M to $4M...and Beyond!
« Reply #4809 on: May 06, 2021, 11:15:10 AM »
Just did the math and we are over 2.5M net worth! Retiring in july Hubby will have a decent pension, but  we will be still be  able to qualify for subsidy with obamacare, with  his prior employer health insurance as back up if obamacare craps out.  Hubby is 57, I'm 56. I'm excited! Just wanted to share :)

Congratulations and welcome to the retired life. Do you have any plans for your retirement? I am now 7 months retired and thoroughly enjoying myself.

ysette9

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Re: Race from $2M to $4M...and Beyond!
« Reply #4810 on: May 06, 2021, 02:34:17 PM »
I'm planning to wrap up in February of next year. It marks my 25th anniversary in tech, so I'm considering that more than enough of a career. I'll stay for my January bonus, so I can max out my 401k, and then call it quits. Depending on if my manager quits first (we're in a bit of a race to the finish, I suspect), I assume the company will ask me to stay until they find a replacement. I really love the managers I lead, so I'll consider it, but will give a hard timeline.

I did the math today, and there are under 300 days left. When you factor in weekends, company holidays & vacation days, it brings me to ~175 days. Hurrah.

Cheering you on for the rewards of the after work life.  The dawn is breaking.

Thanks, @Bateaux . It feels awkward to say, but COVID bought me a lot of additional work time (no international work travel, WFH, and nowhere else really to go). Also, we are selling our vacation house, because the market is insanely hot there. It wasn't in the cards to sell it, because we were enjoying it, but at its new value, we just can't justify keeping it with our limited time use. We tried to sell it five years ago, and got zero offers in a year (it wasn't us, the market was just very slow.) Now, we're expecting to go live with our listing & receive offers in a ten day window.
Exciting. Wishing you the bet of luck listing and selling the second house.

crowinghen

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Re: Race from $2M to $4M...and Beyond!
« Reply #4811 on: May 06, 2021, 05:37:09 PM »
Just did the math and we are over 2.5M net worth! Retiring in july Hubby will have a decent pension, but  we will be still be  able to qualify for subsidy with obamacare, with  his prior employer health insurance as back up if obamacare craps out.  Hubby is 57, I'm 56. I'm excited! Just wanted to share :)

Congratulations and welcome to the retired life. Do you have any plans for your retirement? I am now 7 months retired and thoroughly enjoying myself.
Thank you!
Going to be moving closer to family, do some hiking, hunting, travelling, house reno, yard work, puttering. Basically everything we already do when we can. May help Hubby paint a few houses/be his bookkeeper, but only on a minimal/ for mad money/fun sort of level.
Glad to hear it's going so well for you!

MaybeBabyMustache

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Re: Race from $2M to $4M...and Beyond!
« Reply #4812 on: May 06, 2021, 05:44:56 PM »
Thanks, @ysette9 ! Hoping for a smooth & easy selling transaction. If that's possible these days :-)

amberfocus

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Re: Race from $2M to $4M...and Beyond!
« Reply #4813 on: May 07, 2021, 07:15:46 AM »
I've actually been wondering a lot why there aren't more Mustachians joining us these days!  We are at the tail end of a massive slow but sustained run...  I suppose it might've pulled back a bit today, but this year has been quite strong thus far which should have been compounding quite nicely on top of a solid base for those long term save and invest types...

$2MM is a net worth that throws off $80K per year at 4%. That's a pretty massive spend (IMO, anyway; I wouldn't know what to do with $80K if you forced me to spend it) for a frugality-focused forum whose philosophy is based around having enough to live your best life, as opposed to blindly running up the score. I wonder if it's simply because most Mustachians don't want/need a stash that big, and the ones who do are either outliers, or have chosen not to retire.

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #4814 on: May 07, 2021, 07:54:33 AM »
I've actually been wondering a lot why there aren't more Mustachians joining us these days!  We are at the tail end of a massive slow but sustained run...  I suppose it might've pulled back a bit today, but this year has been quite strong thus far which should have been compounding quite nicely on top of a solid base for those long term save and invest types...

$2MM is a net worth that throws off $80K per year at 4%. That's a pretty massive spend (IMO, anyway; I wouldn't know what to do with $80K if you forced me to spend it) for a frugality-focused forum whose philosophy is based around having enough to live your best life, as opposed to blindly running up the score. I wonder if it's simply because most Mustachians don't want/need a stash that big, and the ones who do are either outliers, or have chosen not to retire.

What I've come to realize in my 50s, is that I've always undervalued my DIY tasks. Once older many things you did yourself, could eventually require you to pay for a service.  Healthcare will continue to increase in cost and the amount of healthcare you may need.  Inflation in general is set for an increase.  Pushing that 2 million out to 3 or 4 million isn't all that hard.  That gives you much more security, and you can drop down to a 2 or 3 percent withdrawal rate.   It does require some lifetime.  That is a finite resource, so finding the right balance is tough.

JoJoP

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Re: Race from $2M to $4M...and Beyond!
« Reply #4815 on: May 07, 2021, 08:40:18 AM »
Welcome to the thread, all newcomers.   

There was a long conversation in this thread a while back about whether or not we "feel" rich.   The math was one thing-- looking good overall for this cohort, but hardly any of us identified as wealthy people.   Rather, the independence, the FU money, was noted and appreciated, while many of us continue to be frugal.  Many continued to work for various reasons.   This is a self made group, and that was very clear in the outlook on money.     I found that theme to be one of the most interesting topics that this thread has veered into. 

Another interesting sidenote is how expotentially wealth accumulates the more that you have.   It's been a great year for many of us in this thread.     We. personally, opened up the purse strings quite a bit and bought a very non Mustachean vacation home.   It's a purchase that we don't regret.   And, it's a house, so not likely to be a bad investment, either.   Our lifestyle isn't much different, but we sure enjoy our added R&R time in the new place. 

2sk22

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Re: Race from $2M to $4M...and Beyond!
« Reply #4816 on: May 07, 2021, 09:06:09 AM »
Welcome to the thread, all newcomers.   

There was a long conversation in this thread a while back about whether or not we "feel" rich.   The math was one thing-- looking good overall for this cohort, but hardly any of us identified as wealthy people.   Rather, the independence, the FU money, was noted and appreciated, while many of us continue to be frugal.  Many continued to work for various reasons.   This is a self made group, and that was very clear in the outlook on money.     I found that theme to be one of the most interesting topics that this thread has veered into. 

Another interesting sidenote is how expotentially wealth accumulates the more that you have.   It's been a great year for many of us in this thread.     We. personally, opened up the purse strings quite a bit and bought a very non Mustachean vacation home.   It's a purchase that we don't regret.   And, it's a house, so not likely to be a bad investment, either.   Our lifestyle isn't much different, but we sure enjoy our added R&R time in the new place.

Good point about accumulated wealth. In contrast to this group, its instructive to hang out in the Fat Fire . subreddit for a bit. Wealth slowly accumulated over the decades has an entirely different feel from wealth acquired overnight from an IPO or from a lucky crypto bet.

I just looked up my brokerage account - the $2500 initial investment we made in an S&P 500 index fund in the mid 1990s is now worth over $14000!

Our big splurge earlier this year was to spend $100k to fix up our house - and we are really enjoying the improved house now.


SwordGuy

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Re: Race from $2M to $4M...and Beyond!
« Reply #4817 on: May 07, 2021, 10:04:39 AM »
I didn't feel rich when we still had to pay the mortgage.   I was rich but I didn't feel like it.   Once the mortgage was gone (and a few other non-income producing properties), our fixed expenses were way lower.   We didn't have to keep such tight control over our spending, so now I feel rich.

jeroly

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Re: Race from $2M to $4M...and Beyond!
« Reply #4818 on: May 07, 2021, 12:18:26 PM »
I didn't feel rich when we still had to pay the mortgage.   I was rich but I didn't feel like it.   Once the mortgage was gone (and a few other non-income producing properties), our fixed expenses were way lower.   We didn't have to keep such tight control over our spending, so now I feel rich.
I got into a fight with my mortgage loan holder (over their insistence on keeping the proceeds from an insurance settlement - after the garage was flattened in the aftermath of a tornado - in escrow) and being able to write a check to pay off the mortgage made me feel rich.  Having FU money doesnít just have relevance to work situations!

omachi

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Re: Race from $2M to $4M...and Beyond!
« Reply #4819 on: May 07, 2021, 12:30:06 PM »
Welcome to the thread, all newcomers.   

There was a long conversation in this thread a while back about whether or not we "feel" rich.   The math was one thing-- looking good overall for this cohort, but hardly any of us identified as wealthy people.   Rather, the independence, the FU money, was noted and appreciated, while many of us continue to be frugal.  Many continued to work for various reasons.   This is a self made group, and that was very clear in the outlook on money.     I found that theme to be one of the most interesting topics that this thread has veered into. 
I feel rich. All of my needs are met. I could buy anything I reasonably want, if I wanted to badly enough to spend the money, but mostly I choose not to. We're working past when we need to, so our wealth is likely to spiral upwards over time because compounding on this big of a sum is crazy. Honestly, my target number was probably conservative as it was, and I'm past it. Life is good.

We still continue to be relatively frugal. I don't think we've really upgraded lifestyle for a good decade. Budget is lower on an inflation adjusted basis, though we did kill the mortgage payment. This despite growing incomes. We have some household renovation plans, but those have been part of the long term budget.

I think, for me, part of the feeling rich is not having been particularly assortative with friendships. We still have friends that struggle with money despite having better than median income, and we still have friends who work retail (and manage to do well on a constrained budget). If I were comparing to people with yachts and second homes and whatever else people blow a large household income on, I might feel less rich, or at least be more acutely aware of the tradeoffs I'm making.

BeanCounter

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Re: Race from $2M to $4M...and Beyond!
« Reply #4820 on: May 07, 2021, 02:49:07 PM »
Wow! It's been awhile since I checked in. Now I understand why people who FIRE quit posting. You kind of just quit thinking about money!
It's been 9 months since I FIRED. Because of this crazy market, our NW has increased about $530k (without the house). With the home equity we are getting close to $3.8M. Our house is about 8% of our NW. We still have a mortgage, I just let dividends from investments autopay it. Not sure how much longer we'll keep the mortgage.

I've also been dabbling with some consulting work. Found a client and made an easy $6k working a couple hours a day on my couch while the kids were at school. That funded a pretty sweet spring break at a mountain resort.

So things have been going great. But just as I was planning some summer adventures with the kids, my old work called. They still can't find a replacement for me. They said name my price (I said $150 and hour as that's what I'm bringing in consulting) and name my hours to work from home. It might just be temporary until they find someone, but it could become a permanent thing. I'm not sure what to do. On one hand I feel like I've proven we don't need more money. The bean pile just keeps growing. On the other hand if I could do two days a week, it's easy money to pay for more trips, more kids adventures and education and more to donate (I truly love sending checks from my DAF fund).

What to do?

Oh and by the way car guys- remember when we were debating the car thing way up thread? I finally got DH to pull the trigger in January. He got his Honda Accord 2.0T, it was a 2020 model with 12,000 miles. It seems we just can't stop being frugal on cars. We would rather take the difference between slightly used and new and travel with it or donate it to charity.

And now, to your question JoJo, I STILL don't feel rich. I don't think I ever will because we just don't live like rich people. We have a modest house, drive used Honda's and only eat out a couple times a month (not counting fast food running to or from kids sporting events which happens more than I'd like it to) hardly ever shop for ANYTHING other than food.
« Last Edit: May 07, 2021, 02:54:39 PM by BeanCounter »

itchyfeet

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Re: Race from $2M to $4M...and Beyond!
« Reply #4821 on: May 07, 2021, 03:07:23 PM »
2 days a week doesnít sound so bad, if it makes you feel more comfortable splurging when the kids are not in school.

With children in school you are somewhat limited in what you can do with your time anyways. 5 days of weekend and 2 days of earning fun money sounds like a nice balance.

pecunia

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Re: Race from $2M to $4M...and Beyond!
« Reply #4822 on: May 07, 2021, 04:47:37 PM »
There seems to be a pattern here.

My sister-in-law grew up in a ranch in Oregon.  Her neighbors were millionaires.  She has a PhD in math and is very good with money.  I once asked her how one gets to be a millionaire.  She told me that you have to be a cheapskate.  I thought she was joking, but it may not be too much of an exaggeration.  You've got to work hard too.

Look at Warren Buffet.  He lives in the same house he bought in 1958 for $31,500.

https://www.investopedia.com/articles/financialcareers/10/buffett-frugal.asp

He's 90 and I guess he just quit working.

I'm reading a book about the Koch industry.  It's similar to Buffet  Charles Koch drives a standard sedan and is a workaholic.  He's worth billions.

Most of the people who write herein seem to share qualities with these ultra rich folks.

Then there are the stories of the athletes that are paid really big bucks who are broke in a year or two after their careers are over.  The money is spent on fast cars, drugs and "hangers on."  They were paid more than many earn in a lifetime.

There are people who live below their means and those who live above their means.

With almost a year into retirement it looks like we'll be at about a 2.9 percent withdrawal rate for the year.

The stock market had another record high today.

Maybe, I can get a puppy.

itchyfeet

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Re: Race from $2M to $4M...and Beyond!
« Reply #4823 on: May 07, 2021, 05:05:48 PM »
Itís absolutely true that a lot of people here will be frugal to the day they die.

Iím not one.

Iím saving to be free, not to be frugal.

Certainly, as I tear my way to the ďbeyondĒ part of this thread name, I donít expect Iíll have any need to be frugal in FIRE.

I have no ambition to be a Billionaire (nor the capability haha), I just want to be free of work so I can spend down my stash. I have loads of ideas how to blow money.

I am determined to have a smaller stash when I die than when I retire.

EscapeVelocity2020

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Re: Race from $2M to $4M...and Beyond!
« Reply #4824 on: May 07, 2021, 11:07:29 PM »
After being on FIRE forums for so long, I've come early in life to the realization that I'm going to leave behind a ton of money for somebody else.  I'm not upset about it, but at the same time, I've redoubled my efforts on getting better about parting with money both toward mini-philanthropy but also to try new things and not being salty about things that weren't worth what I paid.  As long as I try more new things along the way, then at least I'll know or be able to connect with others better.  For instance, I used to think deep tissue massage was for ninnys, but I'm probably going to go back and have that done again after significant events like half marathons or multi-day bike rides.  I don't necessarily need these things, but they are likely doing me more good than I used to give them credit for...  Also want to try a 'float session' and a 'silent retreat'...  heck, I even drink a $3 kombucha (Gingerade) weekly!  So refreshing.

Coming out the other side of this pandemic, I'm really glad that I've done the crazy amount of international travel that I did...  It's a tough call to know what the right balance in life is, I thought I'd way overdone it and then we hit this complete draught...

So I guess I feel rich now that I'm able to spend some of these frivolous stock market gains post-March 2020 knowing that I'm going to leave behind a significant legacy either way.  And you never know what the future holds.  More willing these days to spend a little extra on mental and physical health.

SwordGuy

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Re: Race from $2M to $4M...and Beyond!
« Reply #4825 on: May 07, 2021, 11:23:36 PM »
I know what you mean!    I'm spending about $15,000 for equipment and supplies to 3d print and cast and enamel jewelry and other household decorative objects.    Two 3D printers, 3D print washing and curing stations, a new burnout kiln, a new electric metal melting unit, a new vacuum casting table, some workbenches, bronze and silver casting grain and filament and resin for the printers, and new electrical wiring for the kiln.   

And another $5500 to add air conditioning to the garage so we can work in it in the brutally hot and humid southern summer.

We plan to leave wads for our mentally handicapped daughter and a fair bit to our son and his family, but we can afford an occasional big splurge.    Still hard to do, though!

aetheldrea

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Re: Race from $2M to $4M...and Beyond!
« Reply #4826 on: May 08, 2021, 10:35:11 AM »
Joining in here from the race to $2M thread. First hit $1M late 2016, now here I am. That first million is the hardest :-)
Still working. We sold our crappy condo a couple years ago and became renters again, so housing situation is not super stable, and medical insurance costs are crazy. But excuses are like supervisors, everyone's got one.

pecunia

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Re: Race from $2M to $4M...and Beyond!
« Reply #4827 on: May 08, 2021, 01:40:38 PM »
Joining in here from the race to $2M thread. First hit $1M late 2016, now here I am. That first million is the hardest :-)
Still working. We sold our crappy condo a couple years ago and became renters again, so housing situation is not super stable, and medical insurance costs are crazy. But excuses are like supervisors, everyone's got one.

Wow!  You are doing something right.  I liked the twist on the old joke.

2sk22

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Re: Race from $2M to $4M...and Beyond!
« Reply #4828 on: May 09, 2021, 06:48:36 AM »
I know what you mean!    I'm spending about $15,000 for equipment and supplies to 3d print and cast and enamel jewelry and other household decorative objects.    Two 3D printers, 3D print washing and curing stations, a new burnout kiln, a new electric metal melting unit, a new vacuum casting table, some workbenches, bronze and silver casting grain and filament and resin for the printers, and new electrical wiring for the kiln.   

And another $5500 to add air conditioning to the garage so we can work in it in the brutally hot and humid southern summer.

We plan to leave wads for our mentally handicapped daughter and a fair bit to our son and his family, but we can afford an occasional big splurge.    Still hard to do, though!

And I thought I was being a big spender by buying an $80 Weller soldering iron recently :-)

But seriously, its just amazing how much professional quality fabrication equipment is available nowadays at reasonable prices. I keep getting catalogs from MicroMark and there are so many gadgets I want. I can afford pretty much anything now but I'm being cautious about not getting  more than I can actually take advantage of.

SwordGuy

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Re: Race from $2M to $4M...and Beyond!
« Reply #4829 on: May 09, 2021, 07:22:39 AM »
I know what you mean!    I'm spending about $15,000 for equipment and supplies to 3d print and cast and enamel jewelry and other household decorative objects.    Two 3D printers, 3D print washing and curing stations, a new burnout kiln, a new electric metal melting unit, a new vacuum casting table, some workbenches, bronze and silver casting grain and filament and resin for the printers, and new electrical wiring for the kiln.   

And another $5500 to add air conditioning to the garage so we can work in it in the brutally hot and humid southern summer.

We plan to leave wads for our mentally handicapped daughter and a fair bit to our son and his family, but we can afford an occasional big splurge.    Still hard to do, though!

And I thought I was being a big spender by buying an $80 Weller soldering iron recently :-)

But seriously, its just amazing how much professional quality fabrication equipment is available nowadays at reasonable prices. I keep getting catalogs from MicroMark and there are so many gadgets I want. I can afford pretty much anything now but I'm being cautious about not getting  more than I can actually take advantage of.

I know what you mean!   It's only taken me about 12 years to work up to doing this...

The difference between 12 years ago and now is that nowadays I can have my net worth go up that much in a day or two.

Dicey

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Re: Race from $2M to $4M...and Beyond!
« Reply #4830 on: May 09, 2021, 10:18:11 AM »
Itís absolutely true that a lot of people here will be frugal to the day they die.

Iím not one.

Iím saving to be free, not to be frugal.

Certainly, as I tear my way to the ďbeyondĒ part of this thread name, I donít expect Iíll have any need to be frugal in FIRE.

I have no ambition to be a Billionaire (nor the capability haha), I just want to be free of work so I can spend down my stash. I have loads of ideas how to blow money.

I am determined to have a smaller stash when I die than when I retire.
Yup.

Exflyboy

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Re: Race from $2M to $4M...and Beyond!
« Reply #4831 on: May 09, 2021, 02:41:41 PM »
This is a little tricky for us.. I was just talking with DW. We have this POS farm truck.. its 32 years old. Just yesterday I fixed the window that didn't wind up unless you used the other hand to keep the window square in its tracks.. Oh, and the plastic interior door handle broke in half.. So I made a new one by welding a couple of piece of steel together.. Works great.

Now why are multimillionaires riding around in a 32 year old truck? Shouldn't we get a monster diesel powered rig more befitting of our "status"?

But why, the old beater will pull 12,000 pounds, has new brakes all round and only has 140,000 miles on it. Its perfect for its use of hauling heavy crap the 1000 miles it does every year.. Why on Earth would we change it?

Why do we need a fancier house, car etc.

I could buy almost any machine tool or welding equipment I wanted and still our NW will keep increasing.

Its a dilemma!

pecunia

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Re: Race from $2M to $4M...and Beyond!
« Reply #4832 on: May 09, 2021, 04:20:54 PM »
This is a little tricky for us.. I was just talking with DW. We have this POS farm truck.. its 32 years old. Just yesterday I fixed the window that didn't wind up unless you used the other hand to keep the window square in its tracks.. Oh, and the plastic interior door handle broke in half.. So I made a new one by welding a couple of piece of steel together.. Works great.

Now why are multimillionaires riding around in a 32 year old truck? Shouldn't we get a monster diesel powered rig more befitting of our "status"?

But why, the old beater will pull 12,000 pounds, has new brakes all round and only has 140,000 miles on it. Its perfect for its use of hauling heavy crap the 1000 miles it does every year.. Why on Earth would we change it?

Why do we need a fancier house, car etc.

I could buy almost any machine tool or welding equipment I wanted and still our NW will keep increasing.

Its a dilemma!

Why keep the old one?  One good reason is that you can fix it yourself.  Going back 32 years may mean that it has a carburetor in it.  It has minimum if any fancy electronics.  I'll bet it doesn't even have an analyzer port.  Air bags!  Air bags!  You don't need no stinkin' air bags.  And,.....if parts are unavailable,.......you are a mechanical engineer,.......you can design parts better than OEM.

Old trucks like that have bottomed out and increase in value.  Even your so called POS is making you money.

I gotta apologize to you guys.  I made a severe math error when figuring out my withdrawal rate for a previous post.  I'm actually at about 1 percent.   This was after I checked the accounts and found they had really gone up.  Hell, there is a very good chance I'll be into the" ....and Beyond!" range in a few years.

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #4833 on: May 09, 2021, 07:15:59 PM »
This is a little tricky for us.. I was just talking with DW. We have this POS farm truck.. its 32 years old. Just yesterday I fixed the window that didn't wind up unless you used the other hand to keep the window square in its tracks.. Oh, and the plastic interior door handle broke in half.. So I made a new one by welding a couple of piece of steel together.. Works great.

Now why are multimillionaires riding around in a 32 year old truck? Shouldn't we get a monster diesel powered rig more befitting of our "status"?

But why, the old beater will pull 12,000 pounds, has new brakes all round and only has 140,000 miles on it. Its perfect for its use of hauling heavy crap the 1000 miles it does every year.. Why on Earth would we change it?

Why do we need a fancier house, car etc.

I could buy almost any machine tool or welding equipment I wanted and still our NW will keep increasing.

Its a dilemma!

Why keep the old one?  One good reason is that you can fix it yourself.  Going back 32 years may mean that it has a carburetor in it.  It has minimum if any fancy electronics.  I'll bet it doesn't even have an analyzer port.  Air bags!  Air bags!  You don't need no stinkin' air bags.  And,.....if parts are unavailable,.......you are a mechanical engineer,.......you can design parts better than OEM.

Old trucks like that have bottomed out and increase in value.  Even your so called POS is making you money.

I gotta apologize to you guys.  I made a severe math error when figuring out my withdrawal rate for a previous post.  I'm actually at about 1 percent.   This was after I checked the accounts and found they had really gone up.  Hell, there is a very good chance I'll be into the" ....and Beyond!" range in a few years.

Driving that old truck because you can!  Used my brand new by comparison, 2008 F250 today.  I used the 12,000 pound winch to help my dad set a new power pole.  Hope to keep it at least another ten years.

@pecunia most of us are on autopilot to reach the beyond.  You did almost all the hard work by 2M.
« Last Edit: May 09, 2021, 07:18:11 PM by Bateaux »

pecunia

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Re: Race from $2M to $4M...and Beyond!
« Reply #4834 on: May 10, 2021, 07:19:23 AM »
"@pecunia most of us are on autopilot to reach the beyond.  You did almost all the hard work by 2M."

Very true.  I just hope autopilot doesn't make me hit the inflation mountain looking ahead.

(I don't think the inflation mountain will be a fun climb.)




EscapeVelocity2020

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Re: Race from $2M to $4M...and Beyond!
« Reply #4835 on: May 10, 2021, 11:35:45 AM »
"@pecunia most of us are on autopilot to reach the beyond.  You did almost all the hard work by 2M."

Very true.  I just hope autopilot doesn't make me hit the inflation mountain looking ahead.

(I don't think the inflation mountain will be a fun climb.)

This is probably the worst conversation to start in a MMM Forum, but if you think inflation is really going to pick up (no pun intended XF), then you should be out there acquiring new stuff.  Fortunate for us, we already have the big house (that will need to be downsized in ER) and the new cars (that never break down - thank you Honda and Toyota), so I say to inflation - bring it on!!  Waiting a year to buy stuff, as many home buyers are now realizing, was a mistake that may not get any better in the foreseeable future.

Of course, if you're 100% happy with what you've got, then pop the popcorn and enjoy the show.

LoanShark

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Re: Race from $2M to $4M...and Beyond!
« Reply #4836 on: May 10, 2021, 12:52:49 PM »
^^^ The good news is I would think that financial assets will "inflate" in parity with the rest of inflation in general.

jrhampt

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Re: Race from $2M to $4M...and Beyond!
« Reply #4837 on: May 10, 2021, 01:53:54 PM »
I feel super rich, but Iíve felt really rich ever since Iíve been able to go to the grocery store and buy whatever I want - nuts, steaks, lump crabmeat, good cheese,etc- without worrying about the cost.  I can take my cat to the vet and not worry about it.  I can write a nice check for a nephewís graduation gift. I can take my parents out anywhere they want and spoil them. I am very thankful for all these things.  I donít look particularly rich because I live in a tiny house and have an old sensible used car, but I feel very rich.

pecunia

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Re: Race from $2M to $4M...and Beyond!
« Reply #4838 on: May 10, 2021, 02:04:03 PM »
^^^ The good news is I would think that financial assets will "inflate" in parity with the rest of inflation in general.

Seems like they have been or at least are getting primed for inflation.

tooqk4u22

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Re: Race from $2M to $4M...and Beyond!
« Reply #4839 on: May 10, 2021, 02:58:33 PM »
^^^ The good news is I would think that financial assets will "inflate" in parity with the rest of inflation in general.

Seems like they have been or at least are getting primed for inflation.

All assets have inflated substantially bc of low rates and what not, now we are seeing inflation in cpi and ppi so it is possible as those inflate financial assets could pause bc they inflated so much already.   

BeanCounter

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Re: Race from $2M to $4M...and Beyond!
« Reply #4840 on: May 10, 2021, 04:16:55 PM »
I feel super rich, but Iíve felt really rich ever since Iíve been able to go to the grocery store and buy whatever I want - nuts, steaks, lump crabmeat, good cheese,etc- without worrying about the cost.  I can take my cat to the vet and not worry about it.  I can write a nice check for a nephewís graduation gift. I can take my parents out anywhere they want and spoil them. I am very thankful for all these things.  I donít look particularly rich because I live in a tiny house and have an old sensible used car, but I feel very rich.

This weekend I decided that shopping at Trader Joeís is something that makes me feel rich.

jrhampt

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Re: Race from $2M to $4M...and Beyond!
« Reply #4841 on: May 10, 2021, 06:44:07 PM »
I feel super rich, but Iíve felt really rich ever since Iíve been able to go to the grocery store and buy whatever I want - nuts, steaks, lump crabmeat, good cheese,etc- without worrying about the cost.  I can take my cat to the vet and not worry about it.  I can write a nice check for a nephewís graduation gift. I can take my parents out anywhere they want and spoil them. I am very thankful for all these things.  I donít look particularly rich because I live in a tiny house and have an old sensible used car, but I feel very rich.

This weekend I decided that shopping at Trader Joeís is something that makes me feel rich.

Oh yes!!

ysette9

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Re: Race from $2M to $4M...and Beyond!
« Reply #4842 on: May 10, 2021, 09:00:50 PM »
I do love the feeling of lifestyle inflation when it comes to groceries. I appreciate that I can buy better food and buy pretty much anything I want at the grocery store without thinking about it too much. True, a lot of my recipes come from Budget Bytes but I am definitely not scrimping. Food is something enjoyable so I have zero guilt about that.

pecunia

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Re: Race from $2M to $4M...and Beyond!
« Reply #4843 on: May 11, 2021, 07:58:37 AM »
It's been Aldi's this year.  Sometimes the produce is a bit inferior, but the packaged stuff seems the same as the higher priced stores.  I don't remember the last time I had a beef steak.

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #4844 on: May 14, 2021, 12:53:55 AM »
Working night number eight out of eleven.  I really don't feel wealthy right now even though making a ton of overtime.  After watching your accounts drop 75K in a few days, what the Hell is five thousand dollars in overtime?   Only down about 50K since the bounce back Thursday.  Anyway, my next break is the third week of June.  Headed to the Florida house to paint and maybe a little bicycle fun. 

soccerluvof4

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Re: Race from $2M to $4M...and Beyond!
« Reply #4845 on: May 14, 2021, 03:23:53 AM »
I am not sure how I feel overall but whatever it is it beats going to work so I guess that is all I need to feel. April was ridiculously expensive for me spending 30k when our budget is 8500 a month and we usually don't spend that. I needed a new riding Lawn mower and with all the crap that was 5k. Took the family to Florida for our first family trip in ages and that was easily another 5k. Paid for my Sons knee surgery deductible another 6k and so on. The fact I could do it and the market was going up at the time made me feel rich. Now with the market seemingly on shaky ground I feel like I need to reign things in a bit but I cant and wont as it is more important for me to wrap some projects up that I need to and start enjoying our house that I have been remodeling for a year and a half but probably realistically have another year and a half. I do feel I am better off than most as I have no debt and to me that is I guess the same as someone else feeling rich. I would have a lot more with the run up in the market over the years if I didnt buy the house and didnt live life but I didnt retire young to disappear so its all about balance. I think having a couple kids still at home and having to think about college with them even though that money I dont include in our wealth since its in 529's and I look at as spent to some point puts weight on my thinking as well. I'd be lying if I said I wish I would of waited a little longer and put a little more away BUT i think one can always say that and I feel even more than ever I made the right decision. Not worried about the market going down as I would buy the dip but going down and sideways for a lengthy time might be trying which is why I have moved to more cash than normal. ..........ramble!

pecunia

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Re: Race from $2M to $4M...and Beyond!
« Reply #4846 on: May 14, 2021, 06:23:25 AM »
I am not sure how I feel overall but whatever it is it beats going to work so I guess that is all I need to feel. April was ridiculously expensive for me spending 30k when our budget is 8500 a month and we usually don't spend that. I needed a new riding Lawn mower and with all the crap that was 5k. Took the family to Florida for our first family trip in ages and that was easily another 5k. Paid for my Sons knee surgery deductible another 6k and so on. The fact I could do it and the market was going up at the time made me feel rich. Now with the market seemingly on shaky ground I feel like I need to reign things in a bit but I cant and wont as it is more important for me to wrap some projects up that I need to and start enjoying our house that I have been remodeling for a year and a half but probably realistically have another year and a half. I do feel I am better off than most as I have no debt and to me that is I guess the same as someone else feeling rich. I would have a lot more with the run up in the market over the years if I didnt buy the house and didnt live life but I didnt retire young to disappear so its all about balance. I think having a couple kids still at home and having to think about college with them even though that money I dont include in our wealth since its in 529's and I look at as spent to some point puts weight on my thinking as well. I'd be lying if I said I wish I would of waited a little longer and put a little more away BUT i think one can always say that and I feel even more than ever I made the right decision. Not worried about the market going down as I would buy the dip but going down and sideways for a lengthy time might be trying which is why I have moved to more cash than normal. ..........ramble!

Yeh - You can always do that OMY thing and what might happen?

OMY OMY OMY OMY OMY RIP

As hard as you try to pin down what's gonna happen to you, them random variables are gonna get ya.

I'm old enough to remember the Beatle's Instant Karma song,.....it's like that.

2sk22

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Re: Race from $2M to $4M...and Beyond!
« Reply #4847 on: May 14, 2021, 09:44:12 AM »
I am not sure how I feel overall but whatever it is it beats going to work so I guess that is all I need to feel. April was ridiculously expensive for me spending 30k when our budget is 8500 a month and we usually don't spend that. I needed a new riding Lawn mower and with all the crap that was 5k. Took the family to Florida for our first family trip in ages and that was easily another 5k. Paid for my Sons knee surgery deductible another 6k and so on. The fact I could do it and the market was going up at the time made me feel rich. Now with the market seemingly on shaky ground I feel like I need to reign things in a bit but I cant and wont as it is more important for me to wrap some projects up that I need to and start enjoying our house that I have been remodeling for a year and a half but probably realistically have another year and a half. I do feel I am better off than most as I have no debt and to me that is I guess the same as someone else feeling rich. I would have a lot more with the run up in the market over the years if I didnt buy the house and didnt live life but I didnt retire young to disappear so its all about balance. I think having a couple kids still at home and having to think about college with them even though that money I dont include in our wealth since its in 529's and I look at as spent to some point puts weight on my thinking as well. I'd be lying if I said I wish I would of waited a little longer and put a little more away BUT i think one can always say that and I feel even more than ever I made the right decision. Not worried about the market going down as I would buy the dip but going down and sideways for a lengthy time might be trying which is why I have moved to more cash than normal. ..........ramble!

I always find your postings thought provoking. If you can afford it, money spent improving your house is generally a good thing. We don't have a big house but we do fully make use of every room in the house. We spent about $100k fixing up our house over this past winter and I have to say that its the best money I've ever spent. I got my long-desired hobby room out of this project. I spend a few hours there almost every day. In fact, I am just taking a break from an enjoyable morning wiring up the new model train layout that I am building :-)

BeanCounter

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Re: Race from $2M to $4M...and Beyond!
« Reply #4848 on: May 14, 2021, 10:02:44 AM »
I am not sure how I feel overall but whatever it is it beats going to work so I guess that is all I need to feel. April was ridiculously expensive for me spending 30k when our budget is 8500 a month and we usually don't spend that. I needed a new riding Lawn mower and with all the crap that was 5k. Took the family to Florida for our first family trip in ages and that was easily another 5k. Paid for my Sons knee surgery deductible another 6k and so on. The fact I could do it and the market was going up at the time made me feel rich. Now with the market seemingly on shaky ground I feel like I need to reign things in a bit but I cant and wont as it is more important for me to wrap some projects up that I need to and start enjoying our house that I have been remodeling for a year and a half but probably realistically have another year and a half. I do feel I am better off than most as I have no debt and to me that is I guess the same as someone else feeling rich. I would have a lot more with the run up in the market over the years if I didnt buy the house and didnt live life but I didnt retire young to disappear so its all about balance. I think having a couple kids still at home and having to think about college with them even though that money I dont include in our wealth since its in 529's and I look at as spent to some point puts weight on my thinking as well. I'd be lying if I said I wish I would of waited a little longer and put a little more away BUT i think one can always say that and I feel even more than ever I made the right decision. Not worried about the market going down as I would buy the dip but going down and sideways for a lengthy time might be trying which is why I have moved to more cash than normal. ..........ramble!

I always find your postings thought provoking. If you can afford it, money spent improving your house is generally a good thing. We don't have a big house but we do fully make use of every room in the house. We spent about $100k fixing up our house over this past winter and I have to say that its the best money I've ever spent. I got my long-desired hobby room out of this project. I spend a few hours there almost every day. In fact, I am just taking a break from an enjoyable morning wiring up the new model train layout that I am building :-)
I OMY'd to pay for an $80k home remodel two years ago. It seemed pretty wasteful at the time, but when COVID hit it seemed like the best money we ever spent. If we had been stuck at home for the last year in with the old kitchen, flooring and paint it would have been really depressing. Instead we got to really enjoy it.
We said we wouldn't do anything else major to the house besides regular maintenance and now we're talking about doing a small basement remodel once the boys hit the teen years.
So I agree, money on your home when you use it and enjoy it, is money well spent.

BeanCounter

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Re: Race from $2M to $4M...and Beyond!
« Reply #4849 on: May 14, 2021, 10:05:34 AM »
Working night number eight out of eleven.  I really don't feel wealthy right now even though making a ton of overtime.  After watching your accounts drop 75K in a few days, what the Hell is five thousand dollars in overtime?   Only down about 50K since the bounce back Thursday.  Anyway, my next break is the third week of June.  Headed to the Florida house to paint and maybe a little bicycle fun.

Since FIRE I find that I pay less attention to what the market does than when I was working. Which doesn't really make sense, but it's true. The market can be down and I can make myself a FREE cup of tea and sit on my deck in the sun for FREE and know that it'll go back up.....eventually. But somehow when I was working and the market would take a dip, I would feel very poor. Poor and tired.