Author Topic: Race from $2M to $4M...and Beyond! (Read 1625902 times)

Exflyboy · « **Reply #8000 on:** July 10, 2024, 09:01:59 AM »

Quote from: 2sk22 on July 10, 2024, 07:41:08 AM

We had to attend a wedding in Southern California earlier this month so we decided to spend a few more days in the area and make a vacation out of the trip. We didn't stint on hotels, restaurants and airfare and had a wonderful time. I just logged into my brokerage account and discovered that we had received so much in dividends that it fully covered the cost of this trip. Crazy 🤪

I know right? I have been hankering after a new tool (big surprise there!).. Its a Mag Drill.. I've always wanted, but could never justify. Its like 400 dollars, outrageous for the amount of use it will get.

But its $400.. barely a rounding error compared to our NW, so why not? Its a strange way of thinking for somebody who grew up in poverty and hoping not to be evicted next month!

ixtap · « **Reply #8001 on:** July 10, 2024, 01:30:46 PM »

Quote from: Exflyboy on July 10, 2024, 09:01:59 AM

Quote from: 2sk22 on July 10, 2024, 07:41:08 AM
We had to attend a wedding in Southern California earlier this month so we decided to spend a few more days in the area and make a vacation out of the trip. We didn't stint on hotels, restaurants and airfare and had a wonderful time. I just logged into my brokerage account and discovered that we had received so much in dividends that it fully covered the cost of this trip. Crazy 🤪

I know right? I have been hankering after a new tool (big surprise there!).. Its a Mag Drill.. I've always wanted, but could never justify. Its like 400 dollars, outrageous for the amount of use it will get.

But its $400.. barely a rounding error compared to our NW, so why not? Its a strange way of thinking for somebody who grew up in poverty and hoping not to be evicted next month!

Our issue is that we have introduced so many rounding errors this year. We are still under 4% and thanks to RSUs we are likely to save more than we spend this year, but we weren't supposed to be spending this much...

MoneyTree · « **Reply #8002 on:** July 10, 2024, 06:35:25 PM »

Quote from: MoneyTree on June 11, 2024, 05:58:19 PM

I guess we don't really post NW updates here? I'm still relatively new here so maybe I will until I lose interest. I've just been keeping track of when I pass nice round numbers.

Mid 2019 - First passed $1M
March 2020 - dropped to $840K (covid)
April 2020 - reclaimed $1M
June 2020 - passed $1.1M
August 2020 - passed $1.2M
January 2021 - passed $1.3M
April 2021 - passed $1.4M
August 2021 - passed $1.5M
November 2021 - passed $1.6M
June 2023 - passed $1.7M
December 2023 - passed $1.8M
January 2024 - passed $1.9M
March 2024 - passed $2M
June 2024 - passed $2.1M

July 2024 - passed $2.2M

Almost exactly a month after that last 100K milestone, posting again.

Ridiculous.

oldtoyota · « **Reply #8003 on:** July 10, 2024, 08:59:23 PM »

Quote from: MoneyTree on July 10, 2024, 06:35:25 PM

Quote from: MoneyTree on June 11, 2024, 05:58:19 PM
I guess we don't really post NW updates here? I'm still relatively new here so maybe I will until I lose interest. I've just been keeping track of when I pass nice round numbers.

Mid 2019 - First passed $1M
March 2020 - dropped to $840K (covid)
April 2020 - reclaimed $1M
June 2020 - passed $1.1M
August 2020 - passed $1.2M
January 2021 - passed $1.3M
April 2021 - passed $1.4M
August 2021 - passed $1.5M
November 2021 - passed $1.6M
June 2023 - passed $1.7M
December 2023 - passed $1.8M
January 2024 - passed $1.9M
March 2024 - passed $2M
June 2024 - passed $2.1M
July 2024 - passed $2.2M

Almost exactly a month after that last 100K milestone, posting again.

Ridiculous.

That's amazing! You all are saving a TON every month. Woo hoo!

Much Fishing to Do · « **Reply #8004 on:** July 11, 2024, 06:15:09 AM »

Quote from: MoneyTree on July 10, 2024, 06:35:25 PM

Quote from: MoneyTree on June 11, 2024, 05:58:19 PM
I guess we don't really post NW updates here? I'm still relatively new here so maybe I will until I lose interest. I've just been keeping track of when I pass nice round numbers.

Mid 2019 - First passed $1M
March 2020 - dropped to $840K (covid)
April 2020 - reclaimed $1M
June 2020 - passed $1.1M
August 2020 - passed $1.2M
January 2021 - passed $1.3M
April 2021 - passed $1.4M
August 2021 - passed $1.5M
November 2021 - passed $1.6M
June 2023 - passed $1.7M
December 2023 - passed $1.8M
January 2024 - passed $1.9M
March 2024 - passed $2M
June 2024 - passed $2.1M
July 2024 - passed $2.2M

Almost exactly a month after that last 100K milestone, posting again.

Ridiculous.

That's crazy awesome in just the last 8 months.

Given this thread doesn't do much NW update posting, this made me interested in looking back and seeing at what dates my NW milestones were hit and here's what I came up with

2004 - $100k
2008 - $500k
2011 - $1M
2017 - $2M
2018 - $3M
2019 - $4M
2021 - $4.8M
2022 - $4.2M
2024 - $5M

Up to $1M just a very high savings rate did most of the work. $1M to $2M was the market recovering from the 2000s stall. 2018 & 2019 were huge outlier years for my business which took me from the low end of this thread to the high end surprisingly fast. 2022 was actually the only year I think I had a negative year since I have had any money (and it was over a half-million negative, which is quite shocking when it happens...)

Its all very weird to think back on all of it...I think my FIRE target was $1.5M in 2009 but the business just kind of took over and the next time I looked up that number was in the rearview.

Fomerly known as something · « **Reply #8005 on:** July 11, 2024, 06:25:37 AM »

So in 2017, I engaged a FA for a project, (I’ve since decided to keep active as an unemotional 2nd opinion). The project was should I take a mortgage or pay cash for my 2017 home. In the calculations we ran my predicted NW in 2024 would be about $2.2 million including the house. My investments are at $2.3 million not counting the DAF. Super crazy.

Bateaux · « **Reply #8006 on:** July 11, 2024, 06:50:02 AM »

Hey guys. I'm back from my Pennsylvania hiking trip. I turned the hiking trip, into a historical site seeing trip. It was hot. Day one it was 99 degrees. It set records and was about 10 degrees above normal. I made it 60 miles before calling it quits for a while. I got an Uber and motel after 5 trail nights. I decided to rent a car and tour Gettysburg Battlefield, Antietam Battlefield and Harper's Ferry. I also visited an old friend and coworker who had become disabled. Staying in hotels and have restaurant food was much more fun. The little car was $33 a day and I stayed in 2 star Priceline deal hotels. The driving tour was awesome. I flew back home and plan to head back up once it's a little cooler. It's great being retired because you don't have to squeeze life into a two week vacation. People on the trail were nice as always. More nice people will be there when I return.
Here is my current delima. I just got a request from Team Rubicon to go to Houston and help with disaster relief. It's going to be hot. Much hotter than Pennsylvania. I feel the need to answer my volunteer call and help people though. I spent a week helping after Cat 3 Hurricane Idealia hit Perry Florida last summer. No power, no AC and sleeping on an army cot. It was miserable. The people we helped were so appreciative however. I'm trying to psych myself up to go. I want to go and need to go. This 56 year old body doesn't recover the way it did 10 years ago. I hope I'm not going soft.

couponvan · « **Reply #8007 on:** July 11, 2024, 07:06:49 AM »

Glad the hiking trip went well even if it turned into a driving touring trip after a bit. You are a hero if you go to Houston and help. I think it's a very honorable thing to do, considering it will probably hot and without AC. Is there any way you could bring a generator or a portable AC for your cot? I'm way too soft for the heat.

Roboturner · « **Reply #8008 on:** July 11, 2024, 07:24:14 AM »

Quote from: Roboturner on December 30, 2021, 02:55:51 PM

Spoiler: show

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

Q2 2019:
LNW: 1.60 MM
TNW: 1.78 MM

Q3 2019:
LNW: 1.64 MM
TNW: 1.82 MM

YE 2019:
LNW: 1.84 MM
TNW: 2.02 MM

Q1 2020:
LNW: 1.60 MM
TNW: 1.79 MM

Q2 2020:
LNW: 1.94 MM
TNW: 2.15 MM

Q3 2020:
LNW: 2.12 MM
TNW: 2.46 MM

YE 2020:
LNW: 2.40 MM
TNW: 2.74 MM

Q1 2021:
LNW: 2.69 MM
TNW: 3.00 MM

Q2 2021:
LNW: 2.52 MM
TNW: 3.30 MM

Q3 2021:
LNW: 3.08 MM
TNW: 3.54 MM

YE 2021:
LNW: 3.37 MM
TNW: 3.83 MM

Q1 2022:
LNW: 3.36 MM
TNW: 3.77 MM

So after going MIA for the last 2 years, figured I'd pop back in with a final update. FIRE'd June 28, 2024 after company sale.

FIRE Q2 2024:
LNW: 5.57 MM
TNW: 7.65 MM

elysianfields · « **Reply #8009 on:** July 11, 2024, 07:34:58 AM »

Quote from: Roboturner on July 11, 2024, 07:24:14 AM

Quote from: Roboturner on December 30, 2021, 02:55:51 PM
Spoiler: show

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

Q2 2019:
LNW: 1.60 MM
TNW: 1.78 MM

Q3 2019:
LNW: 1.64 MM
TNW: 1.82 MM

YE 2019:
LNW: 1.84 MM
TNW: 2.02 MM

Q1 2020:
LNW: 1.60 MM
TNW: 1.79 MM

Q2 2020:
LNW: 1.94 MM
TNW: 2.15 MM

Q3 2020:
LNW: 2.12 MM
TNW: 2.46 MM

YE 2020:
LNW: 2.40 MM
TNW: 2.74 MM

Q1 2021:
LNW: 2.69 MM
TNW: 3.00 MM

Q2 2021:
LNW: 2.52 MM
TNW: 3.30 MM

Q3 2021:
LNW: 3.08 MM
TNW: 3.54 MM

YE 2021:
LNW: 3.37 MM
TNW: 3.83 MM

Q1 2022:
LNW: 3.36 MM
TNW: 3.77 MM

So after going MIA for the last 2 years, figured I'd pop back in with a final update. FIRE'd June 28, 2024 after company sale.

FIRE Q2 2024:
LNW: 5.57 MM
TNW: 7.65 MM

Wow, congrats on the company sale, the big payout, and FIREing! What’s next for you?

jeroly · « **Reply #8010 on:** July 11, 2024, 07:41:46 AM »

Quote from: Bateaux on July 11, 2024, 06:50:02 AM

Hey guys. I'm back from my Pennsylvania hiking trip. I turned the hiking trip, into a historical site seeing trip. It was hot. Day one it was 99 degrees. It set records and was about 10 degrees above normal. I made it 60 miles before calling it quits for a while. I got an Uber and motel after 5 trail nights. I decided to rent a car and tour Gettysburg Battlefield, Antietam Battlefield and Harper's Ferry. I also visited an old friend and coworker who had become disabled. Staying in hotels and have restaurant food was much more fun. The little car was $33 a day and I stayed in 2 star Priceline deal hotels. The driving tour was awesome. I flew back home and plan to head back up once it's a little cooler. It's great being retired because you don't have to squeeze life into a two week vacation. People on the trail were nice as always. More nice people will be there when I return.
Here is my current delima. I just got a request from Team Rubicon to go to Houston and help with disaster relief. It's going to be hot. Much hotter than Pennsylvania. I feel the need to answer my volunteer call and help people though. I spent a week helping after Cat 3 Hurricane Idealia hit Perry Florida last summer. No power, no AC and sleeping on an army cot. It was miserable. The people we helped were so appreciative however. I'm trying to psych myself up to go. I want to go and need to go. This 56 year old body doesn't recover the way it did 10 years ago. I hope I'm not going soft.

Smart of you to listen to your body and redirect away from the heat of the trail!

I've been to Gettysburg and Harper's Ferry but never to Antietam, despite living just 73 miles away. How was it?

Roboturner · « **Reply #8011 on:** July 11, 2024, 07:44:04 AM »

Quote from: elysianfields on July 11, 2024, 07:34:58 AM

Quote from: Roboturner on July 11, 2024, 07:24:14 AM
Quote from: Roboturner on December 30, 2021, 02:55:51 PM
Spoiler: show

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

Q2 2019:
LNW: 1.60 MM
TNW: 1.78 MM

Q3 2019:
LNW: 1.64 MM
TNW: 1.82 MM

YE 2019:
LNW: 1.84 MM
TNW: 2.02 MM

Q1 2020:
LNW: 1.60 MM
TNW: 1.79 MM

Q2 2020:
LNW: 1.94 MM
TNW: 2.15 MM

Q3 2020:
LNW: 2.12 MM
TNW: 2.46 MM

YE 2020:
LNW: 2.40 MM
TNW: 2.74 MM

Q1 2021:
LNW: 2.69 MM
TNW: 3.00 MM

Q2 2021:
LNW: 2.52 MM
TNW: 3.30 MM

Q3 2021:
LNW: 3.08 MM
TNW: 3.54 MM

YE 2021:
LNW: 3.37 MM
TNW: 3.83 MM

Q1 2022:
LNW: 3.36 MM
TNW: 3.77 MM

So after going MIA for the last 2 years, figured I'd pop back in with a final update. FIRE'd June 28, 2024 after company sale.

FIRE Q2 2024:
LNW: 5.57 MM
TNW: 7.65 MM

Wow, congrats on the company sale, the big payout, and FIREing! What’s next for you?

Thank you! Going for unadulterated dad-time with the little one and a big house reno. Then mostly learning to actually live life :)

Bateaux · « **Reply #8012 on:** July 11, 2024, 07:57:52 AM »

Quote from: Roboturner on July 11, 2024, 07:24:14 AM

Quote from: Roboturner on December 30, 2021, 02:55:51 PM
Spoiler: show

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

Q2 2019:
LNW: 1.60 MM
TNW: 1.78 MM

Q3 2019:
LNW: 1.64 MM
TNW: 1.82 MM

YE 2019:
LNW: 1.84 MM
TNW: 2.02 MM

Q1 2020:
LNW: 1.60 MM
TNW: 1.79 MM

Q2 2020:
LNW: 1.94 MM
TNW: 2.15 MM

Q3 2020:
LNW: 2.12 MM
TNW: 2.46 MM

YE 2020:
LNW: 2.40 MM
TNW: 2.74 MM

Q1 2021:
LNW: 2.69 MM
TNW: 3.00 MM

Q2 2021:
LNW: 2.52 MM
TNW: 3.30 MM

Q3 2021:
LNW: 3.08 MM
TNW: 3.54 MM

YE 2021:
LNW: 3.37 MM
TNW: 3.83 MM

Q1 2022:
LNW: 3.36 MM
TNW: 3.77 MM

So after going MIA for the last 2 years, figured I'd pop back in with a final update. FIRE'd June 28, 2024 after company sale.

FIRE Q2 2024:
LNW: 5.57 MM
TNW: 7.65 MM

Outstanding!

Get out there and enjoy the world and freedom.

Bateaux · « **Reply #8013 on:** July 11, 2024, 08:03:14 AM »

Quote from: jeroly on July 11, 2024, 07:41:46 AM

Quote from: Bateaux on July 11, 2024, 06:50:02 AM
Hey guys. I'm back from my Pennsylvania hiking trip. I turned the hiking trip, into a historical site seeing trip. It was hot. Day one it was 99 degrees. It set records and was about 10 degrees above normal. I made it 60 miles before calling it quits for a while. I got an Uber and motel after 5 trail nights. I decided to rent a car and tour Gettysburg Battlefield, Antietam Battlefield and Harper's Ferry. I also visited an old friend and coworker who had become disabled. Staying in hotels and have restaurant food was much more fun. The little car was $33 a day and I stayed in 2 star Priceline deal hotels. The driving tour was awesome. I flew back home and plan to head back up once it's a little cooler. It's great being retired because you don't have to squeeze life into a two week vacation. People on the trail were nice as always. More nice people will be there when I return.
Here is my current delima. I just got a request from Team Rubicon to go to Houston and help with disaster relief. It's going to be hot. Much hotter than Pennsylvania. I feel the need to answer my volunteer call and help people though. I spent a week helping after Cat 3 Hurricane Idealia hit Perry Florida last summer. No power, no AC and sleeping on an army cot. It was miserable. The people we helped were so appreciative however. I'm trying to psych myself up to go. I want to go and need to go. This 56 year old body doesn't recover the way it did 10 years ago. I hope I'm not going soft.
Smart of you to listen to your body and redirect away from the heat of the trail!

I've been to Gettysburg and Harper's Ferry but never to Antietam, despite living just 73 miles away. How was it?

Not quite as popular as Gettysburg. It's a great place for walking in cooler weather. I mostly walked it, eating wild blue berries and black berries along the way.

Taran Wanderer · « **Reply #8014 on:** July 11, 2024, 09:18:42 AM »

Quote from: Bateaux on July 11, 2024, 06:50:02 AM

Hey guys. I'm back from my Pennsylvania hiking trip. I turned the hiking trip, into a historical site seeing trip. It was hot. Day one it was 99 degrees. It set records and was about 10 degrees above normal. I made it 60 miles before calling it quits for a while. I got an Uber and motel after 5 trail nights. I decided to rent a car and tour Gettysburg Battlefield, Antietam Battlefield and Harper's Ferry. I also visited an old friend and coworker who had become disabled. Staying in hotels and have restaurant food was much more fun. The little car was $33 a day and I stayed in 2 star Priceline deal hotels. The driving tour was awesome. I flew back home and plan to head back up once it's a little cooler. It's great being retired because you don't have to squeeze life into a two week vacation. People on the trail were nice as always. More nice people will be there when I return.
Here is my current delima. I just got a request from Team Rubicon to go to Houston and help with disaster relief. It's going to be hot. Much hotter than Pennsylvania. I feel the need to answer my volunteer call and help people though. I spent a week helping after Cat 3 Hurricane Idealia hit Perry Florida last summer. No power, no AC and sleeping on an army cot. It was miserable. The people we helped were so appreciative however. I'm trying to psych myself up to go. I want to go and need to go. This 56 year old body doesn't recover the way it did 10 years ago. I hope I'm not going soft.

Love this. Nice on-the-fly shift to be flexible and make the most of the situation. Though having toured Harper’s Ferry when it’s super hot, even that can be taxing!

Good luck on the Houston/Team Rubicon decision. Let us know that you decide to do.

EscapeVelocity2020 · « **Reply #8015 on:** July 11, 2024, 10:23:54 AM »

@Bateaux Unless you know how to restore power, I'm not sure exactly how you would be asked to help. There is a lot of clean up to do, but the biggest issue is our failing electrical grid infrastructure. Once people have power, the rest of the clean up is pretty straightforward and just takes time to remove debris. Another plug for the benefits of FI, I'm paying a small premium to get my old roof replaced now a little ahead of schedule. I could nickel and dime to save a few grand, but I've saved up by not over-insuring just for this very occasion. Also, not having a claim on my insurance helps me when the broker renews this September... I've been incredibly fortunate in the markets this year, so all of this stuff is inconsequential and I can focus on more important things like helping others...

ingrownstudentloans · « **Reply #8016 on:** July 11, 2024, 11:55:12 AM »

Coming back to join in on the recent updates.

Quote from: ingrownstudentloans on November 08, 2022, 07:09:06 AM

Joining this race after a short stint in the 1-2 race. Focusing on continuing to double my money in as short a period of time as possible.

(tracking retirement accounts, taxable accounts and conservative equity in my rental properties, investment land and side businesses)

12/2014 $32,000
12/2016 $64,000 (24 months)
1/2018 $128,000 (25 months)
5/2019 $256,000 (16 months)
11/2020 $512,000 (19 months)
12/2021 $1,024,000 (13 months)
4/2022 $2,048,000 (4 months)
4/1/2022 $2,336,219
5/1/2022 $2,398,670
6/1/2022 $2,556,025
11/1/2022 $2,919,364

12/31/2022 $2,956,000
12/31/2023 $5,457,000
7/1/2024 $6,247,000

Much Fishing to Do · « **Reply #8017 on:** July 12, 2024, 08:47:25 AM »

Quote from: ingrownstudentloans on July 11, 2024, 11:55:12 AM

Coming back to join in on the recent updates.

Quote from: ingrownstudentloans on November 08, 2022, 07:09:06 AM
Joining this race after a short stint in the 1-2 race. Focusing on continuing to double my money in as short a period of time as possible.

(tracking retirement accounts, taxable accounts and conservative equity in my rental properties, investment land and side businesses)

12/2014 $32,000
12/2016 $64,000 (24 months)
1/2018 $128,000 (25 months)
5/2019 $256,000 (16 months)
11/2020 $512,000 (19 months)
12/2021 $1,024,000 (13 months)
4/2022 $2,048,000 (4 months)
4/1/2022 $2,336,219
5/1/2022 $2,398,670
6/1/2022 $2,556,025
11/1/2022 $2,919,364
12/31/2022 $2,956,000
12/31/2023 $5,457,000
7/1/2024 $6,247,000

Wow, your last 5 years is like a condensed version of my last 20.

flyingaway · « **Reply #8018 on:** July 13, 2024, 10:54:41 AM »

We went to Cherrokee, the Great Smoking Mountains, Ashville, and Myrtle Beach last week. It was raining every day in Myrtle Beach. It was many years ago that we visited Myrtle Beach (my kids were small) and I think this will be the last time. The water was murky, parking is $4.00 an hour, and they did not allow us to put a small beach tent on the beach. I will go to the beaches in Mexico if I need a beach fix.

Taran Wanderer · « **Reply #8019 on:** July 13, 2024, 01:00:54 PM »

We crossed $4.0M at the end of 2023. Yesterday NW crossed $4.35M, and assets crested $5M. I was marveling at this as I mowed the kids’ soccer fields (volunteer gig) last night and this morning. It’s definitely in the piling on stage.

MaybeBabyMustache · « **Reply #8020 on:** July 13, 2024, 01:53:10 PM »

Quote from: ingrownstudentloans on July 11, 2024, 11:55:12 AM

Coming back to join in on the recent updates.

Quote from: ingrownstudentloans on November 08, 2022, 07:09:06 AM
Joining this race after a short stint in the 1-2 race. Focusing on continuing to double my money in as short a period of time as possible.

(tracking retirement accounts, taxable accounts and conservative equity in my rental properties, investment land and side businesses)

12/2014 $32,000
12/2016 $64,000 (24 months)
1/2018 $128,000 (25 months)
5/2019 $256,000 (16 months)
11/2020 $512,000 (19 months)
12/2021 $1,024,000 (13 months)
4/2022 $2,048,000 (4 months)
4/1/2022 $2,336,219
5/1/2022 $2,398,670
6/1/2022 $2,556,025
11/1/2022 $2,919,364
12/31/2022 $2,956,000
12/31/2023 $5,457,000
7/1/2024 $6,247,000

That's some crazy growth, @ingrownstudentloans ! Would love to hear what were the drivers behind the big acceleration, particularly from 2022 to 2024.

Some numbers extracted from our net worth tracker (includes property)
-I started tracking in 2010 with $610k in net worth (includes property assets).
-Moved to the bay area in 2013, sold a few houses & bought new ones. Hit $1m in 2013
-$2m in 2015
-$3M in 2017 (bought expensive bay area house)
-$4M in 2019
-$6M in 2021
-$7M in 2023
-and in 2024 we are sitting at $8m. It's absolutely nuts how fast it's grown the last 10 years.

MoneyTree · « **Reply #8021 on:** July 14, 2024, 07:37:19 PM »

These numbers are incredible. Glad that some folks are willing to share. It’s inspiring to see where people are at and where I could be in the future.

2sk22 · « **Reply #8022 on:** July 15, 2024, 06:24:11 AM »

I was re-reading Morgan Housel's book The Psychology of Money and this bit has been stuck in my mind (excerpts from the book are here):

Quote

If you see someone driving a $200,000 car, the only data point you have about their wealth is that they have $200,000 less than they did before they bought the car. Or they’re leasing the car, which truly offers no indication of wealth.

We tend to judge wealth by what we see. We can’t see people’s bank accounts or brokerage statements. So we rely on outward appearances to gauge financial success. Cars. Homes. Vacations. Instagram photos.

But this is America, and one of our cherished industries is helping people fake it until they make it.

Wealth, in fact, is what you don’t see. It’s the cars not purchased. The diamonds not bought. The renovations postponed, the clothes forgone and the first-class upgrade declined. It’s assets in the bank that haven’t yet been converted into the stuff you see.
...
A key use of wealth is using it to control your time and providing you with options. Financial assets on a balance sheet offer that. But they come at the direct expense of showing people how much wealth you have with material stuff.

EscapeVelocity2020 · « **Reply #8023 on:** July 15, 2024, 07:17:49 AM »

Quote from: 2sk22 on July 15, 2024, 06:24:11 AM

I was re-reading Morgan Housel's book The Psychology of Money and this bit has been stuck in my mind (excerpts from the book are here):

Quote
If you see someone driving a $200,000 car, the only data point you have about their wealth is that they have $200,000 less than they did before they bought the car. Or they’re leasing the car, which truly offers no indication of wealth.

We tend to judge wealth by what we see. We can’t see people’s bank accounts or brokerage statements. So we rely on outward appearances to gauge financial success. Cars. Homes. Vacations. Instagram photos.

But this is America, and one of our cherished industries is helping people fake it until they make it.

Wealth, in fact, is what you don’t see. It’s the cars not purchased. The diamonds not bought. The renovations postponed, the clothes forgone and the first-class upgrade declined. It’s assets in the bank that haven’t yet been converted into the stuff you see.
...
A key use of wealth is using it to control your time and providing you with options. Financial assets on a balance sheet offer that. But they come at the direct expense of showing people how much wealth you have with material stuff.

Interesting thought, although it seems to be implying that people driving expensive cars are all 'faking it'. Most people around me driving expensive cars also have expensive homes, high paying jobs, take luxury vacations, have a family office for their investments, and bought expensive cars for their children. With the incredible upswing in asset valuations and the markets, I'd have a hard time believing every one of them is faking it. Maybe back when people were stretching to buy the homes and cars at one point, but this economy would take real effort for the rich to outspend. Maybe if we have a downturn and the tide goes out we'll see who was faking it, but borrowing during those low rate times has worked out pretty well around where I live.

2sk22 · « **Reply #8024 on:** July 15, 2024, 08:10:02 AM »

Quote from: EscapeVelocity2020 on July 15, 2024, 07:17:49 AM

Interesting thought, although it seems to be implying that people driving expensive cars are all 'faking it'. Most people around me driving expensive cars also have expensive homes, high paying jobs, take luxury vacations, have a family office for their investments, and bought expensive cars for their children. With the incredible upswing in asset valuations and the markets, I'd have a hard time believing every one of them is faking it. Maybe back when people were stretching to buy the homes and cars at one point, but this economy would take real effort for the rich to outspend. Maybe if we have a downturn and the tide goes out we'll see who was faking it, but borrowing during those low rate times has worked out pretty well around where I live.

Not everyone is faking it but consider that barely 2 to 3% of households in the US have the net worth of people in this group. But there are many more expensive cars on the road than there are wealthy households. So Morgan Housel may be on the right track in this regard 😀

EscapeVelocity2020 · « **Reply #8025 on:** July 15, 2024, 08:20:59 AM »

Quote from: 2sk22 on July 15, 2024, 08:10:02 AM

Quote from: EscapeVelocity2020 on July 15, 2024, 07:17:49 AM
Interesting thought, although it seems to be implying that people driving expensive cars are all 'faking it'. Most people around me driving expensive cars also have expensive homes, high paying jobs, take luxury vacations, have a family office for their investments, and bought expensive cars for their children. With the incredible upswing in asset valuations and the markets, I'd have a hard time believing every one of them is faking it. Maybe back when people were stretching to buy the homes and cars at one point, but this economy would take real effort for the rich to outspend. Maybe if we have a downturn and the tide goes out we'll see who was faking it, but borrowing during those low rate times has worked out pretty well around where I live.

Not everyone is faking it but consider that barely 2 to 3% of households in the US have the net worth of people in this group. But there are many more expensive cars on the road than there are wealthy households. So Morgan Housel may be on the right track in this regard 😀

Ah, I see what you're getting at. Still think that people with $200k cars are typically 1% types, that's what threw me off... The $100k car would've been a better example

SwordGuy · « **Reply #8026 on:** July 15, 2024, 08:34:58 AM »

According to this website, using 2022 data, a family with a net worth of $1M is in the 82nd percentile.
$2M puts people at the 90.3 percentile.
$4M is the 95.2 percentile.

That tells me there shouldn't be that many $50K cars on the road, much less $100k or $200k!

https://personalfinancedata.com/networth-percentile-calculator

MrGreen · « **Reply #8027 on:** July 15, 2024, 09:21:49 AM »

Once you hit $4M, a 25% market swing either way is a million bucks, assuming 100% equities. That kind of swing is quite common so I guess people just get used to big fluctuations in account values. We're selling a house in a few weeks and that'll put us back over $2M liquid. The Rule of 72 says that'll be $8M by the time I'm 61. I guess by then it'll feel like nothing more than numbers on a piece of paper.

RWD · « **Reply #8028 on:** July 15, 2024, 11:30:57 AM »

Quote from: EscapeVelocity2020 on July 15, 2024, 08:20:59 AM

Quote from: 2sk22 on July 15, 2024, 08:10:02 AM
Quote from: EscapeVelocity2020 on July 15, 2024, 07:17:49 AM
Interesting thought, although it seems to be implying that people driving expensive cars are all 'faking it'. Most people around me driving expensive cars also have expensive homes, high paying jobs, take luxury vacations, have a family office for their investments, and bought expensive cars for their children. With the incredible upswing in asset valuations and the markets, I'd have a hard time believing every one of them is faking it. Maybe back when people were stretching to buy the homes and cars at one point, but this economy would take real effort for the rich to outspend. Maybe if we have a downturn and the tide goes out we'll see who was faking it, but borrowing during those low rate times has worked out pretty well around where I live.

Not everyone is faking it but consider that barely 2 to 3% of households in the US have the net worth of people in this group. But there are many more expensive cars on the road than there are wealthy households. So Morgan Housel may be on the right track in this regard 😀

Ah, I see what you're getting at. Still think that people with $200k cars are typically 1% types, that's what threw me off... The $100k car would've been a better example

Pretty much, yeah. New Ferraris are typically $250k-$400k vehicles and are primarily owned by people in the 1% demographic. For a $200k vehicle I would expect most buyers to at least be in the top 2%. With lease pricing in the $3k/month range it will be difficult to fake it.

Source: https://www.datamasters.org/ferrari-owners/

Quote

Most Ferrari owners have an annual household income close to one million dollars per year, or more. Though there are some outliers making between $500,000 and $1,000,000 per year who still manage to afford this luxury vehicle.

ingrownstudentloans · « **Reply #8029 on:** July 15, 2024, 03:39:21 PM »

Quote from: MaybeBabyMustache on July 13, 2024, 01:53:10 PM

Quote from: ingrownstudentloans on July 11, 2024, 11:55:12 AM
Coming back to join in on the recent updates.

Quote from: ingrownstudentloans on November 08, 2022, 07:09:06 AM
Joining this race after a short stint in the 1-2 race. Focusing on continuing to double my money in as short a period of time as possible.

(tracking retirement accounts, taxable accounts and conservative equity in my rental properties, investment land and side businesses)

12/2014 $32,000
12/2016 $64,000 (24 months)
1/2018 $128,000 (25 months)
5/2019 $256,000 (16 months)
11/2020 $512,000 (19 months)
12/2021 $1,024,000 (13 months)
4/2022 $2,048,000 (4 months)
7/2023 $4,096,000 (16 months)
**9/2025 $8,192,000 (26 months)** TARGET
12/31/2023 $5,457,000
7/1/2024 $6,247,000

That's some crazy growth, @ingrownstudentloans ! Would love to hear what were the drivers behind the big acceleration, particularly from 2022 to 2024.

I have been able to continue to increase my comp substantially over the past couple of years and have not allowed an equal increase in lifestyle creep. I also take some calculated risks (read: high risk gambles) in the options markets from time to time and have a couple pan out (>6 figure single trading days) but also have had a number fail.

2sk22 · « **Reply #8030 on:** July 16, 2024, 03:28:40 AM »

Quote from: Mr. Green on July 15, 2024, 09:21:49 AM

Once you hit $4M, a 25% market swing either way is a million bucks, assuming 100% equities. That kind of swing is quite common so I guess people just get used to big fluctuations in account values. We're selling a house in a few weeks and that'll put us back over $2M liquid. The Rule of 72 says that'll be $8M by the time I'm 61. I guess by then it'll feel like nothing more than numbers on a piece of paper.

The way I like to put it: the numerator causes anxiety but the denominator saves us :-)

oldtoyota · « **Reply #8031 on:** July 17, 2024, 06:44:50 AM »

The recent market increase is really something. While I know it could easily change and go down, I had some fun today calculating my NW and seeing the large increase since just 10 days ago.

I'm grateful to fool.com and this board for helping me start with LBYM and saving. Watching the increase happen--and knowing a downturn won't completely do me in--feels good.

EscapeVelocity2020 · « **Reply #8032 on:** July 17, 2024, 08:11:30 AM »

It really is impressive how much money I'm making as long as I do nothing! Watching numbers go up is way more profitable than anything I've actively tried to do... Just need to keep myself busy so I don't touch anything, going off grid next week so I'm sure markets will crash...

Exflyboy · « **Reply #8033 on:** July 17, 2024, 08:30:55 AM »

And it just did.. 1.1% down based on what some guy with a bandage on his ear said about "curbing China".

pecunia · « **Reply #8034 on:** July 17, 2024, 12:38:37 PM »

Quote from: Exflyboy on July 17, 2024, 08:30:55 AM

And it just did.. 1.1% down based on what some guy with a bandage on his ear said about "curbing China".

Dow Jones

41,206.64 +252.16 (0.62%)
today

It seems not so long ago to me that 25,000 was the number batted about. Even though I am "and Beyond," it seems prices are keeping up with the increase.

EscapeVelocity2020 · « **Reply #8035 on:** July 17, 2024, 02:18:05 PM »

Quote from: Exflyboy on July 17, 2024, 08:30:55 AM

And it just did.. 1.1% down based on what some guy with a bandage on his ear said about "curbing China".

Uh oh, better cancel my vacation! LOL Guess this is a taste of 2025 :)

itchyfeet · « **Reply #8036 on:** July 17, 2024, 02:27:36 PM »

Just popped by to see how things have evolved since I joined this thread 161 pages back. Time have certainly changed. Back then we were few in number and most had barely scraped by $2M.

Now we have contributors that will soon have $10M net worths. Crazy times.

Back 161 pages ago I said something to the effect that I had no ambition having a net worth of $3M. Compound interest really is the 8th wonder of the world, and I am now very happy to have much more than $3M. I’ll find a use for the extra cash no doubt.

With FI secured, I continue to take life as it comes and continue to live and work in Paris. However, DW is no longer working and is starting to pressure me to join her in retirement.

Somehow early retirement seems a little less important than it did 10 years ago when I stumbled across Early Retirement Extreme, and then immediately after MMM.

Back then, the shockingly simple math was an absolute revelation to me. I was amazed to realise I could retire in a few years in my mid-late 40s. I was obsessed with the whole idea of FIRE.

Today, at 52, I am more relaxed about it all. I will RE soon enough I am sure.

I imagine the 9 weeks combine annual leave and bank holidays we enjoy each year in France is playing a part. Also, the work environment in Paris is very social and enjoyable compared to where I worked over the preceding 15 years. And certainly, being in a position where there is absolutely no financial stress should I ever parts way with my employer effects my mood. I front up to the office every day of my own choosing, with no financial obligation to stay.

The way I look at my current situation is that living and working here in Paris is an experience that is adding richness to the tapestry of my life, and probably more so than if I had retired by now. My wife and I are exploring every nook of France and I’ll RE soon enough.

pecunia · « **Reply #8037 on:** July 17, 2024, 04:52:51 PM »

Quote from: itchyfeet on July 17, 2024, 02:27:36 PM

Just popped by to see how things have evolved since I joined this thread 161 pages back. Time have certainly changed. Back then we were few in number and most had barely scraped by $2M.

Now we have contributors that will soon have $10M net worths. Crazy times.

Back 161 pages ago I said something to the effect that I had no ambition having a net worth of $3M. Compound interest really is the 8th wonder of the world, and I am now very happy to have much more than $3M. I’ll find a use for the extra cash no doubt.

With FI secured, I continue to take life as it comes and continue to live and work in Paris. However, DW is no longer working and is starting to pressure me to join her in retirement.

Somehow early retirement seems a little less important than it did 10 years ago when I stumbled across Early Retirement Extreme, and then immediately after MMM.

Back then, the shockingly simple math was an absolute revelation to me. I was amazed to realise I could retire in a few years in my mid-late 40s. I was obsessed with the whole idea of FIRE.

Today, at 52, I am more relaxed about it all. I will RE soon enough I am sure.

I imagine the 9 weeks combine annual leave and bank holidays we enjoy each year in France is playing a part. Also, the work environment in Paris is very social and enjoyable compared to where I worked over the preceding 15 years. And certainly, being in a position where there is absolutely no financial stress should I ever parts way with my employer effects my mood. I front up to the office every day of my own choosing, with no financial obligation to stay.

The way I look at my current situation is that living and working here in Paris is an experience that is adding richness to the tapestry of my life, and probably more so than if I had retired by now. My wife and I are exploring every nook of France and I’ll RE soon enough.

So Mr. Internet told me the following:

"France runs a statutory health insurance (SHI) system providing universal coverage for its residents. The system is financed through employee and employer contributions, and increasingly by earmarked taxes on a broad range of revenues."

Having the medical covered may make the retirement decision easier.

deborah · « **Reply #8038 on:** July 17, 2024, 05:06:19 PM »

Quote from: pecunia on July 17, 2024, 04:52:51 PM

Quote from: itchyfeet on July 17, 2024, 02:27:36 PM
Just popped by to see how things have evolved since I joined this thread 161 pages back. Time have certainly changed. Back then we were few in number and most had barely scraped by $2M.

Now we have contributors that will soon have $10M net worths. Crazy times.

Back 161 pages ago I said something to the effect that I had no ambition having a net worth of $3M. Compound interest really is the 8th wonder of the world, and I am now very happy to have much more than $3M. I’ll find a use for the extra cash no doubt.

With FI secured, I continue to take life as it comes and continue to live and work in Paris. However, DW is no longer working and is starting to pressure me to join her in retirement.

Somehow early retirement seems a little less important than it did 10 years ago when I stumbled across Early Retirement Extreme, and then immediately after MMM.

Back then, the shockingly simple math was an absolute revelation to me. I was amazed to realise I could retire in a few years in my mid-late 40s. I was obsessed with the whole idea of FIRE.

Today, at 52, I am more relaxed about it all. I will RE soon enough I am sure.

I imagine the 9 weeks combine annual leave and bank holidays we enjoy each year in France is playing a part. Also, the work environment in Paris is very social and enjoyable compared to where I worked over the preceding 15 years. And certainly, being in a position where there is absolutely no financial stress should I ever parts way with my employer effects my mood. I front up to the office every day of my own choosing, with no financial obligation to stay.

The way I look at my current situation is that living and working here in Paris is an experience that is adding richness to the tapestry of my life, and probably more so than if I had retired by now. My wife and I are exploring every nook of France and I’ll RE soon enough.

So Mr. Internet told me the following:

"France runs a statutory health insurance (SHI) system providing universal coverage for its residents. The system is financed through employee and employer contributions, and increasingly by earmarked taxes on a broad range of revenues."

Having the medical covered may make the retirement decision easier.

As itchyfeet is from a country with medical covered anyway, this wouldn't be a consideration for him.

EscapeVelocity2020 · « **Reply #8039 on:** July 17, 2024, 05:07:45 PM »

Quote from: itchyfeet on July 17, 2024, 02:27:36 PM

...
Somehow early retirement seems a little less important than it did 10 years ago when I stumbled across Early Retirement Extreme, and then immediately after MMM.

Back then, the shockingly simple math was an absolute revelation to me. I was amazed to realise I could retire in a few years in my mid-late 40s. I was obsessed with the whole idea of FIRE.

Today, at 52, I am more relaxed about it all. I will RE soon enough I am sure.
...

Very similar story for me. Reminds me of a silly human failing that we always seem to desperately want what we can't have. Prior to FI I was wanting FIRE like it was the only thing in life that would make me happy, and I thought the Retirement part was the most important bit. Funny how things have changed.

itchyfeet · « **Reply #8040 on:** July 17, 2024, 10:42:45 PM »

Quote from: deborah on July 17, 2024, 05:06:19 PM

As itchyfeet is from a country with medical covered anyway, this wouldn't be a consideration for him.

Correct, in Australia we have full public health coverage supplemented by private health insurance for a higher standard of care for those that want to pay for it and/ or are high income earners. As a high income earner I am obliged to pay the additional premiums. I remain an Australian tax resident under the tests there, so remain covered by Medicare (the Australian health scheme).

France also has state medical coverage. Fortunately I have had no reason to benefit from it in the 9 months since I started working here.

itchyfeet · « **Reply #8041 on:** July 17, 2024, 11:01:58 PM »

Quote from: EscapeVelocity2020 on July 17, 2024, 05:07:45 PM

Very similar story for me. Reminds me of a silly human failing that we always seem to desperately want what we can't have. Prior to FI I was wanting FIRE like it was the only thing in life that would make me happy, and I thought the Retirement part was the most important bit. Funny how things have changed.

Don’t get me wrong. Life is not perfect.

Living on the opposite side of the planet from my aging and rapidly declining parents weighs heavily on me. Also, living in a country where I barely master the basics of the language also limits the ability to feel completely at home.

We won’t be staying here for an extended period. We are still to decide whether it will be 6, 12 or 18 more months.

What is driving the decision is not financial though.

The first driver is which situation will be more enjoyable for us as a couple. Paris v Retired? Paris and retired is not something we would choose 😛, even if we could.

The other driver for me is that 9 months into this job I feel I still have things to do. I am just getting started. I have a bit of a desire to make my mark before leaving. I’m not sure if 6 more months will be enough for the dull repetitivity of corporate life to start eating at my soul once more. Once it does I will be on a plane back to Oz for sure.

Louise · « **Reply #8042 on:** July 18, 2024, 06:29:28 AM »

Quote from: oldtoyota on July 17, 2024, 06:44:50 AM

I'm grateful to fool.com and this board for helping me start earing with LBYM and saving. Watching the increase happen--and knowing a downturn won't completely do me in--feels good.

Me too. The spending part wasn't really a big issue for me, but before reading those retire early boards there circa 2001, I really didn't know about index funds.

Fomerly known as something · « **Reply #8043 on:** July 18, 2024, 03:37:54 PM »

Reflecting on one more year so decided to pull some numbers.

11-14 $948,945
6-17. $1,232,900
10-18 $1,407,940
1-20. $1,652,684
1-21. $1,979,977
1-22. $2,319,170
1-23. $2,508,766
1-24. $2,507,500
Today $2,748,178

Not accounted for in these numbers a pension beginning in 2025 and inflation adjusted of $94,000 a year.

frugalecon · « **Reply #8044 on:** July 18, 2024, 04:04:29 PM »

Quote from: Fomerly known as something on July 18, 2024, 03:37:54 PM

Reflecting on one more year so decided to pull some numbers.

11-14 $948,945
6-17. $1,232,900
10-18 $1,407,940
1-20. $1,652,684
1-21. $1,979,977
1-22. $2,319,170
1-23. $2,508,766
1-24. $2,507,500
Today $2,748,178

Not accounted for in these numbers a pension beginning in 2025 and inflation adjusted of $94,000 a year.

Just to state the obvious…that is a pretty sweet pension!

TempusFugit · « **Reply #8045 on:** July 18, 2024, 04:20:31 PM »

Quote from: frugalecon on July 18, 2024, 04:04:29 PM

Quote from: Fomerly known as something on July 18, 2024, 03:37:54 PM
Reflecting on one more year so decided to pull some numbers.

11-14 $948,945
6-17. $1,232,900
10-18 $1,407,940
1-20. $1,652,684
1-21. $1,979,977
1-22. $2,319,170
1-23. $2,508,766
1-24. $2,507,500
Today $2,748,178

Not accounted for in these numbers a pension beginning in 2025 and inflation adjusted of $94,000 a year.

Just to state the obvious…that is a pretty sweet pension!

Two of the sweetest words in the English language. “Inflation adjusted”. That would be nice.

Car Jack · « **Reply #8046 on:** July 22, 2024, 09:35:28 AM »

Quote from: pecunia on July 17, 2024, 04:52:51 PM

Quote from: itchyfeet on July 17, 2024, 02:27:36 PM
Just popped by to see how things have evolved since I joined this thread 161 pages back. Time have certainly changed. Back then we were few in number and most had barely scraped by $2M.

Now we have contributors that will soon have $10M net worths. Crazy times.

Back 161 pages ago I said something to the effect that I had no ambition having a net worth of $3M. Compound interest really is the 8th wonder of the world, and I am now very happy to have much more than $3M. I’ll find a use for the extra cash no doubt.

With FI secured, I continue to take life as it comes and continue to live and work in Paris. However, DW is no longer working and is starting to pressure me to join her in retirement.

Somehow early retirement seems a little less important than it did 10 years ago when I stumbled across Early Retirement Extreme, and then immediately after MMM.

Back then, the shockingly simple math was an absolute revelation to me. I was amazed to realise I could retire in a few years in my mid-late 40s. I was obsessed with the whole idea of FIRE.

Today, at 52, I am more relaxed about it all. I will RE soon enough I am sure.

I imagine the 9 weeks combine annual leave and bank holidays we enjoy each year in France is playing a part. Also, the work environment in Paris is very social and enjoyable compared to where I worked over the preceding 15 years. And certainly, being in a position where there is absolutely no financial stress should I ever parts way with my employer effects my mood. I front up to the office every day of my own choosing, with no financial obligation to stay.

The way I look at my current situation is that living and working here in Paris is an experience that is adding richness to the tapestry of my life, and probably more so than if I had retired by now. My wife and I are exploring every nook of France and I’ll RE soon enough.

So Mr. Internet told me the following:

"France runs a statutory health insurance (SHI) system providing universal coverage for its residents. The system is financed through employee and employer contributions, and increasingly by earmarked taxes on a broad range of revenues."

Having the medical covered may make the retirement decision easier.

This is a bigger advantage once you compare it to Medicare. I've been on it, and retired just about a year now. I am still learning as Medicare is wicked complicated and expensive. Going into it, I thought like most people that Medicare is cheap and easy. Nope.

Back when working, I paid $400 a month for the family plan. Negligible extra for dental. Copays were either $25, $10 or zero. Out of pocket max was always hit by the end of May and everything beyond that was zero.

Medicare: I pay for part B, the supplement and the drug plan. B and the drug plan have separate deductibles. There are co-pays once deductibles are paid and they can be 19% of the full price of the drug, so if you're taking something where there are TV ads with fat people dancing around, be ready for $100 co-pays. Ok, so where I had the out of pocket max while working, Medicare has the doughnut hole. That's where your co-pays skyrocket. There's some limited amount while in the doughnut hole and you fall back into regular co-pays. I'm still learning about alternatives but I've dropped 2 meds, gotten one without insurance using GoodRx and bought a TV drug from Canada at 1/3 what I've have paid using Medicare.

And on the good side, both my sons have jobs with benefits, so they're paying their own medical and insurance now. DW is on Cobra still as ACA is the same cost for her.

Our total medical compared with while working? 5 times as much. And that was with 4 people covered while working and 2 now.

Tigerpine · « **Reply #8047 on:** July 22, 2024, 10:14:27 AM »

Quote from: Car Jack on July 22, 2024, 09:35:28 AM

Quote from: pecunia on July 17, 2024, 04:52:51 PM
Quote from: itchyfeet on July 17, 2024, 02:27:36 PM
Just popped by to see how things have evolved since I joined this thread 161 pages back. Time have certainly changed. Back then we were few in number and most had barely scraped by $2M.

Now we have contributors that will soon have $10M net worths. Crazy times.

Back 161 pages ago I said something to the effect that I had no ambition having a net worth of $3M. Compound interest really is the 8th wonder of the world, and I am now very happy to have much more than $3M. I’ll find a use for the extra cash no doubt.

With FI secured, I continue to take life as it comes and continue to live and work in Paris. However, DW is no longer working and is starting to pressure me to join her in retirement.

Somehow early retirement seems a little less important than it did 10 years ago when I stumbled across Early Retirement Extreme, and then immediately after MMM.

Back then, the shockingly simple math was an absolute revelation to me. I was amazed to realise I could retire in a few years in my mid-late 40s. I was obsessed with the whole idea of FIRE.

Today, at 52, I am more relaxed about it all. I will RE soon enough I am sure.

I imagine the 9 weeks combine annual leave and bank holidays we enjoy each year in France is playing a part. Also, the work environment in Paris is very social and enjoyable compared to where I worked over the preceding 15 years. And certainly, being in a position where there is absolutely no financial stress should I ever parts way with my employer effects my mood. I front up to the office every day of my own choosing, with no financial obligation to stay.

The way I look at my current situation is that living and working here in Paris is an experience that is adding richness to the tapestry of my life, and probably more so than if I had retired by now. My wife and I are exploring every nook of France and I’ll RE soon enough.

So Mr. Internet told me the following:

"France runs a statutory health insurance (SHI) system providing universal coverage for its residents. The system is financed through employee and employer contributions, and increasingly by earmarked taxes on a broad range of revenues."

Having the medical covered may make the retirement decision easier.

This is a bigger advantage once you compare it to Medicare. I've been on it, and retired just about a year now. I am still learning as Medicare is wicked complicated and expensive. Going into it, I thought like most people that Medicare is cheap and easy. Nope.

Back when working, I paid $400 a month for the family plan. Negligible extra for dental. Copays were either $25, $10 or zero. Out of pocket max was always hit by the end of May and everything beyond that was zero.

Medicare: I pay for part B, the supplement and the drug plan. B and the drug plan have separate deductibles. There are co-pays once deductibles are paid and they can be 19% of the full price of the drug, so if you're taking something where there are TV ads with fat people dancing around, be ready for $100 co-pays. Ok, so where I had the out of pocket max while working, Medicare has the doughnut hole. That's where your co-pays skyrocket. There's some limited amount while in the doughnut hole and you fall back into regular co-pays. I'm still learning about alternatives but I've dropped 2 meds, gotten one without insurance using GoodRx and bought a TV drug from Canada at 1/3 what I've have paid using Medicare.

And on the good side, both my sons have jobs with benefits, so they're paying their own medical and insurance now. DW is on Cobra still as ACA is the same cost for her.

Our total medical compared with while working? 5 times as much. And that was with 4 people covered while working and 2 now.

Regarding Medicare, this book is a decent resource
https://www.dummies.com/book/business-careers-money/personal-finance/medicare/medicare-for-dummies-4th-edition-282389/

Also, this book has a pretty good summary of Medicare among other topics.
https://www.dummies.com/book/business-careers-money/personal-finance/general-personal-finance/personal-finance-after-50-for-dummies-282456/

Yes, I like the Dummies series of books.

Taran Wanderer · « **Reply #8048 on:** July 22, 2024, 01:42:59 PM »

I think the big thing missing here is the understanding of how much medical insurance actually costs. Our insurance costs $2,000 per month. Most of that cost is borne by DW’s employer, and that cost includes medicines and dental and vision. Out of pocket were a few hundred dollars a month in go-insurance (monthly contribution), but you can bet include the full amount in our monthly and annual spending because when we eventually RE, we’ll need to plan for it.

oldtoyota · « **Reply #8049 on:** July 22, 2024, 02:55:08 PM »

Quote from: Taran Wanderer on July 22, 2024, 01:42:59 PM

I think the big thing missing here is the understanding of how much medical insurance actually costs. Our insurance costs $2,000 per month. Most of that cost is borne by DW’s employer, and that cost includes medicines and dental and vision. Out of pocket were a few hundred dollars a month in go-insurance (monthly contribution), but you can bet include the full amount in our monthly and annual spending because when we eventually RE, we’ll need to plan for it.

This is good to know. The cost of health insurance is such an unknown to me. I started a thread seeking answers about how much people pay for healthcare--while also asking about those who retired without a pension--and the costs they are share are quite low. I'm not sure why that is. Perhaps they have much higher deductibles or don't require medicine. https://forum.mrmoneymustache.com/ask-a-mustachian/fire-success-stories-without-a-pension/

Thank you @Tigerpine for the Medicare book recommendation. I'll add that to my list to read as we approach the Medicare start date.

News:

Author Topic: Race from $2M to $4M...and Beyond! (Read 1625902 times)