Author Topic: Race from $2M to $4M...and Beyond!  (Read 853673 times)

EscapeVelocity2020

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Re: Race from $2M to $4M...and Beyond!
« Reply #5050 on: June 30, 2021, 10:21:23 PM »
If it helps @wannabe-stache , my wife and I are currently at ~$3.5M in assets (excluding home equity), similar age as you and your wife, 2 kids, very similar spending level, and we're planning to retire at the end of the year!  It's hard to get your head in the right place, but with your assets and spending I think you've got it no problem :)

Hey, how did you get in my head?

Same assets....2 kids, but they're both in their 20s and still living at home and both with jobs.  Although I suspect I'm older (64).  At 51 times spending, I know mathematically, I (and DW) could easily quit.  We're both from blue collar, work hard, pay our own ways through college backgrounds.  So it doesn't "feel" right to stop working where I could keep going.  DW will probably drive our end, which I suspect will be end of this year/start of next year. 

I've mentioned in the DIY thread how I did some repair on my 20 year old chainsaw to keep it going.  Well, something else went wrong and I realized that this saw is like an old 2 cycle motorcycle.  Use for 20 minutes, then fix it for an hour.  I was given the OK on Father's day to buy a new chainsaw.  I'm going to do that today.  Getting $475 for my tradeline sales this month pushed me over the edge (the saw is about $650).  I'll retire the old saw, pull the guide and chain for continued use and perhaps either craigslist it or harvest parts in the future.  I can't believe how much attention and time I've put into this stupid saw.

Wow, I'm way too spendy to be on this site anymore!  I just don't see the point in not spending if my NW keeps going up every year no matter what I seem to spend.  I don't really care about retirement and I like trying new things.    I can't wait to get back to travel though, starting in August!  I managed to spend $80k on travel in 2019, so that gave me a lot of wiggle room in 2020 to do things other than travel.  I am very thankful for my earlier Mustachianism that got me here, but I'm also not going to disappoint that 20-something yo guy that gave me the go-ahead to spend more once I hit FI :)

$80k of travel in one year.....I really want to know what you did. Please tell, I won't judge!   One it's a boatload on travel (some here would say that amount would be a boatload if that was your entire spending), two I would think a boatload of travel would take aot of time and therefore you must get a lot of time off if still working, three it's a boatload of travel spend. 

Must have been an awesome year which in hindsight was good timing.

@tooqk4u22 It's in my journal, mainly having an apartment for a year in Paris and flying business class back and forth a lot.  Did extra personal travel on top.  The money didn't all come out of my pocket, some was covered by the company, but I just as easily could have paid it all and would not have changed my current circumstances materially.  The main take away for me is that I don't think I could ever spend more than that if I tried, it was exhausting.  I don't even think I could keep it up for two years in a row.  So all of these people with 2 and 3M who worry about running out of money confuse me.  Have they ever even really tried to spend it, I wonder?

Simpli-Fi

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Re: Race from $2M to $4M...and Beyond!
« Reply #5051 on: June 30, 2021, 10:36:32 PM »
Time for a new signature @EscapeVelocity2020

EscapeVelocity2020

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Re: Race from $2M to $4M...and Beyond!
« Reply #5052 on: June 30, 2021, 10:45:54 PM »
Time for a new signature @EscapeVelocity2020
I personally like the irony of my signature, but yeah, the transition to ER part seems to have stalled out...

Finntastic

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Re: Race from $2M to $4M...and Beyond!
« Reply #5053 on: July 01, 2021, 02:48:38 AM »
Jan 2021 - 1.19m$
Feb 2021 - 1.23m$
Mar 2021 - 1.28m$
Apr 2021 - 1.35m$
May 2021 - 2.65m$
June 2021 - 2.61m$

Got a bit of hit in June mainly due gold price going down as well as crypto's.

753 days to Fire.




Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #5054 on: July 01, 2021, 04:17:43 AM »
The recent stock and real estate upsurge have lifted us over the $3M threshold.   :)
Still 3k shy of $3m, what a tease.


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I'd almost be tempted to sell something.  But that's only a day if things increase a partial percent.

I think we'll see 3M by years end.  About 75K to go, 2 percent or so.  May 15, 2023 is the date.  I can't imagine not being able to afford it unless a depression hits.

arcturus

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Re: Race from $2M to $4M...and Beyond!
« Reply #5055 on: July 01, 2021, 06:22:22 AM »
The recent stock and real estate upsurge have lifted us over the $3M threshold.   :)
Still 3k shy of $3m, what a tease.


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I'd almost be tempted to sell something.  But that's only a day if things increase a partial percent.

I think we'll see 3M by years end.  About 75K to go, 2 percent or so.  May 15, 2023 is the date.  I can't imagine not being able to afford it unless a depression hits.

I'm still looking up at both of you - NW at $2.57, home equity $0.41 (assuming 83% of Zillow zestimate) and investments at $2.16.  Goal is $2.3M invested and NW at $2.75 by EOY, which will both be a stretch.


arcturus

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Re: Race from $2M to $4M...and Beyond!
« Reply #5056 on: July 01, 2021, 06:30:49 AM »
Jan 2021 - 1.19m$
Feb 2021 - 1.23m$
Mar 2021 - 1.28m$
Apr 2021 - 1.35m$
May 2021 - 2.65m$
June 2021 - 2.61m$

Got a bit of hit in June mainly due gold price going down as well as crypto's.

753 days to Fire.

Finntastic - $750K in cash is about 15x what I have in cash....is this a statement about where you think the market is headed? 

2sk22

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Re: Race from $2M to $4M...and Beyond!
« Reply #5057 on: July 01, 2021, 08:05:23 AM »
I haven't done this in a while but I finally updated my numbers: we just topped $6M - and my wife is still working so we have some runway left :-)

BigEasyStache

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Re: Race from $2M to $4M...and Beyond!
« Reply #5058 on: July 01, 2021, 08:23:52 AM »
Been lurking for years, don't post much.  Figured I'd officially join this group.

TNW = $3,237,018 (401k's, Home we live in, taxable investments)

NW w/o Home = $2,862,020

Here's the progress which includes house.

Year                NW
1997           $126,941.00
1998         $216,948.00
1999    $225,527.00
2000         $240,312.00
2001    $325,434.00
2002    $315,853.00
2003    $377,841.00
2004    $447,961.00
2005    $527,869.00
2006    $771,215.00
2007    $863,363.00
2008    $781,879.00
2009    $902,904.00
2010    $1,055,153.00
2011    $1,091,337.00
2012    $1,208,754.00
2013    $1,406,671.00
2014    $1,558,381.00
2015    $1,652,140.00
2016    $1,766,326.00
2017    $1,943,798.00
2018    $1,996,384.00
2019    $2,349,396.00
As of Dec. 31th, 2020   $2,914,969.00
Present Date   $3,205,630.00


rmorris50

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Re: Race from $2M to $4M...and Beyond!
« Reply #5059 on: July 01, 2021, 09:16:27 AM »
Woot woot, we’ve breach $3M as of today! Come a long way from when I had $200 to my name and student loan debt out of college in 1996 :-)


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rmorris50

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Re: Race from $2M to $4M...and Beyond!
« Reply #5060 on: July 01, 2021, 09:19:49 AM »
Jan 2021 - 1.19m$
Feb 2021 - 1.23m$
Mar 2021 - 1.28m$
Apr 2021 - 1.35m$
May 2021 - 2.65m$
June 2021 - 2.61m$

Got a bit of hit in June mainly due gold price going down as well as crypto's.

753 days to Fire.

Finntastic - $750K in cash is about 15x what I have in cash....is this a statement about where you think the market is headed?
We are sitting on $150k cash but we are dollar cost averaging $5k a month into the after-tax brokerage account. Also going to to take $50k to spruce up our house.


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MaybeBabyMustache

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Re: Race from $2M to $4M...and Beyond!
« Reply #5061 on: July 01, 2021, 10:00:00 AM »
We are now consistently in the $5Ms (4th month in a row). I was thinking it was a blip, but it looks like it's here to stay for at least a while. We are selling our vacation house next week (factored in taxes & closing costs, etc). Our primary residence has now gone crazy high. Zillow says it's potentially at the $4M mark, but we are using $3.5M.

Our breakdown is:
$2.425M - investments/cash/savings
$460k - expected cash after vacation house sales
$2.8M - equity in primary residence

239 days until FIRE. Our goal is a paid off house (I know, I know, but it's a significant part of our FIRE plan & just what we're comfortable with) before I FIRE.

Dicey

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Re: Race from $2M to $4M...and Beyond!
« Reply #5062 on: July 01, 2021, 10:08:47 AM »
One of the main reasons I'm very quiet on this thread is that I clearly shouldn't be working but somehow still am (albeit part time these days, and definitely on a glide path out - promise!)

Every day, I will experience three different thoughts: retire now, retire next year, or retire some years later. A decision to retire is quite difficult to make, particularly if there is no way to come back or take on any job ever.

About every week once a year the thought crosses my head, "Should I go back to work?"
Immediately after the following thought occurs, "Nah!"
Fixed that to speak for myself. Wish I could make that thought stop. Come to think of it, because of the pandemic, it's been over a year, so maybe I'm getting permanently over it.

Pull.The.Plug!

arcturus

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Re: Race from $2M to $4M...and Beyond!
« Reply #5063 on: July 01, 2021, 11:19:31 AM »
Woot woot, we’ve breach $3M as of today! Come a long way from when I had $200 to my name and student loan debt out of college in 1996 :-)


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Great job!

SwordGuy

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Re: Race from $2M to $4M...and Beyond!
« Reply #5064 on: July 01, 2021, 11:58:53 AM »

Our breakdown is:
$2.425M - investments/cash/savings
$460k - expected cash after vacation house sales
$2.8M - equity in primary residence

239 days until FIRE. Our goal is a paid off house (I know, I know, but it's a significant part of our FIRE plan & just what we're comfortable with) before I FIRE.
I'm assuming you're in an area with very high housing costs. 

Because if you are, do you realize that if you sold that house and moved to someplace that homes are more affordable, you could buy a house for cash AND add 2+ million in cash to your stash?

You could be retired the day your home sale closing happens.    And this is the real estate market to make that happen!

Dicey

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Re: Race from $2M to $4M...and Beyond!
« Reply #5065 on: July 01, 2021, 12:13:41 PM »

Our breakdown is:
$2.425M - investments/cash/savings
$460k - expected cash after vacation house sales
$2.8M - equity in primary residence

239 days until FIRE. Our goal is a paid off house (I know, I know, but it's a significant part of our FIRE plan & just what we're comfortable with) before I FIRE.
I'm assuming you're in an area with very high housing costs. 

Because if you are, do you realize that if you sold that house and moved to someplace that homes are more affordable, you could buy a house for cash AND add 2+ million in cash to your stash?

You could be retired the day your home sale closing happens.    And this is the real estate market to make that happen!
Yeah, I'm sure MBM knows that. I'm in the same general area, but in a "less expensive" suburb, lol. The thing is that our lives are here, as are our families and the community ties we have created.  Sure, we can move and declare ourselves "winners", but money is only one part of a successful post-FIRE life. I wonder how many folks who shout, "Move!" live in areas where their friends and family are nearby. It makes a difference. If you've always lived in a place,  it's easy to underestimate the value of your connectedness and realize how challenging it can be to cultivate community in a new place. Plus, the Bay Area, with all its craziness, is still a freaking awesome place.

PS - Not singling you out in particular, @SwordGuy, just responding to the general sentiment.

SwordGuy

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Re: Race from $2M to $4M...and Beyond!
« Reply #5066 on: July 01, 2021, 12:34:32 PM »

Our breakdown is:
$2.425M - investments/cash/savings
$460k - expected cash after vacation house sales
$2.8M - equity in primary residence

239 days until FIRE. Our goal is a paid off house (I know, I know, but it's a significant part of our FIRE plan & just what we're comfortable with) before I FIRE.
I'm assuming you're in an area with very high housing costs. 

Because if you are, do you realize that if you sold that house and moved to someplace that homes are more affordable, you could buy a house for cash AND add 2+ million in cash to your stash?

You could be retired the day your home sale closing happens.    And this is the real estate market to make that happen!
Yeah, I'm sure MBM knows that. I'm in the same general area, but in a "less expensive" suburb, lol. The thing is that our lives are here, as are our families and the community ties we have created.  Sure, we can move and declare ourselves "winners", but money is only one part of a successful post-FIRE life. I wonder how many folks who shout, "Move!" live in areas where their friends and family are nearby. It makes a difference. If you've always lived in a place,  it's easy to underestimate the value of your connectedness and realize how challenging it can be to cultivate community in a new place. Plus, the Bay Area, with all its craziness, is still a freaking awesome place.

PS - Not singling you out in particular, @SwordGuy, just responding to the general sentiment.

I quite agree!   

But it's our job as forum members to make the options that people have explicit so that they get properly considered.    The poster probably knows it.   But it doesn't hurt to mention it and it might actually help.    I'll grant that 239 days isn't all that long so, what the heck, don't bother moving.   But others who are lurking may have a lot longer to wait and, hey, time is fleeting...

Dicey

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Re: Race from $2M to $4M...and Beyond!
« Reply #5067 on: July 01, 2021, 12:48:52 PM »

Our breakdown is:
$2.425M - investments/cash/savings
$460k - expected cash after vacation house sales
$2.8M - equity in primary residence

239 days until FIRE. Our goal is a paid off house (I know, I know, but it's a significant part of our FIRE plan & just what we're comfortable with) before I FIRE.
I'm assuming you're in an area with very high housing costs. 

Because if you are, do you realize that if you sold that house and moved to someplace that homes are more affordable, you could buy a house for cash AND add 2+ million in cash to your stash?

You could be retired the day your home sale closing happens.    And this is the real estate market to make that happen!
Yeah, I'm sure MBM knows that. I'm in the same general area, but in a "less expensive" suburb, lol. The thing is that our lives are here, as are our families and the community ties we have created.  Sure, we can move and declare ourselves "winners", but money is only one part of a successful post-FIRE life. I wonder how many folks who shout, "Move!" live in areas where their friends and family are nearby. It makes a difference. If you've always lived in a place,  it's easy to underestimate the value of your connectedness and realize how challenging it can be to cultivate community in a new place. Plus, the Bay Area, with all its craziness, is still a freaking awesome place.

PS - Not singling you out in particular, @SwordGuy, just responding to the general sentiment.

I quite agree!   

But it's our job as forum members to make the options that people have explicit so that they get properly considered.    The poster probably knows it.   But it doesn't hurt to mention it and it might actually help.    I'll grant that 239 days isn't all that long so, what the heck, don't bother moving.   But others who are lurking may have a lot longer to wait and, hey, time is fleeting...
Lol, speaking of such, tell that to our good friend, @Bateaux! @MaybeBabyMustache has been a member long enough to know exactly what we're talking about. The same thing happens in any discussion of housing costs. [Some] People in less expensive areas act like folks in HCOLAs are just stupid not to move, which is the source of my cranky get-off-my-lawn irritation. Of course, I live in drought-prone CA, so I have no lawn, lol.

SwordGuy

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Re: Race from $2M to $4M...and Beyond!
« Reply #5068 on: July 01, 2021, 01:19:43 PM »
We started tracking net worth when we found MMM in 2012.   2013 and 2014 are approximations 'cause I lost that excel file. :( 
2016 included an inheritance.

tooqk4u22

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Re: Race from $2M to $4M...and Beyond!
« Reply #5069 on: July 01, 2021, 01:38:01 PM »
If it helps @wannabe-stache , my wife and I are currently at ~$3.5M in assets (excluding home equity), similar age as you and your wife, 2 kids, very similar spending level, and we're planning to retire at the end of the year!  It's hard to get your head in the right place, but with your assets and spending I think you've got it no problem :)

Hey, how did you get in my head?

Same assets....2 kids, but they're both in their 20s and still living at home and both with jobs.  Although I suspect I'm older (64).  At 51 times spending, I know mathematically, I (and DW) could easily quit.  We're both from blue collar, work hard, pay our own ways through college backgrounds.  So it doesn't "feel" right to stop working where I could keep going.  DW will probably drive our end, which I suspect will be end of this year/start of next year. 

I've mentioned in the DIY thread how I did some repair on my 20 year old chainsaw to keep it going.  Well, something else went wrong and I realized that this saw is like an old 2 cycle motorcycle.  Use for 20 minutes, then fix it for an hour.  I was given the OK on Father's day to buy a new chainsaw.  I'm going to do that today.  Getting $475 for my tradeline sales this month pushed me over the edge (the saw is about $650).  I'll retire the old saw, pull the guide and chain for continued use and perhaps either craigslist it or harvest parts in the future.  I can't believe how much attention and time I've put into this stupid saw.

Wow, I'm way too spendy to be on this site anymore!  I just don't see the point in not spending if my NW keeps going up every year no matter what I seem to spend.  I don't really care about retirement and I like trying new things.    I can't wait to get back to travel though, starting in August!  I managed to spend $80k on travel in 2019, so that gave me a lot of wiggle room in 2020 to do things other than travel.  I am very thankful for my earlier Mustachianism that got me here, but I'm also not going to disappoint that 20-something yo guy that gave me the go-ahead to spend more once I hit FI :)

$80k of travel in one year.....I really want to know what you did. Please tell, I won't judge!   One it's a boatload on travel (some here would say that amount would be a boatload if that was your entire spending), two I would think a boatload of travel would take aot of time and therefore you must get a lot of time off if still working, three it's a boatload of travel spend. 

Must have been an awesome year which in hindsight was good timing.

@tooqk4u22 It's in my journal, mainly having an apartment for a year in Paris and flying business class back and forth a lot.  Did extra personal travel on top.  The money didn't all come out of my pocket, some was covered by the company, but I just as easily could have paid it all and would not have changed my current circumstances materially.  The main take away for me is that I don't think I could ever spend more than that if I tried, it was exhausting.  I don't even think I could keep it up for two years in a row.  So all of these people with 2 and 3M who worry about running out of money confuse me.  Have they ever even really tried to spend it, I wonder?

Thanks, that does sound exhausting but I could see how basically paying for a 2nd home could get up there......or renting s mega yacht with crew for s week🤔

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #5070 on: July 01, 2021, 01:47:14 PM »
Been lurking for years, don't post much.  Figured I'd officially join this group.

TNW = $3,237,018 (401k's, Home we live in, taxable investments)

NW w/o Home = $2,862,020

Here's the progress which includes house.

Year                NW
1997           $126,941.00
1998         $216,948.00
1999    $225,527.00
2000         $240,312.00
2001    $325,434.00
2002    $315,853.00
2003    $377,841.00
2004    $447,961.00
2005    $527,869.00
2006    $771,215.00
2007    $863,363.00
2008    $781,879.00
2009    $902,904.00
2010    $1,055,153.00
2011    $1,091,337.00
2012    $1,208,754.00
2013    $1,406,671.00
2014    $1,558,381.00
2015    $1,652,140.00
2016    $1,766,326.00
2017    $1,943,798.00
2018    $1,996,384.00
2019    $2,349,396.00
As of Dec. 31th, 2020   $2,914,969.00
Present Date   $3,205,630.00

Hey Big Easy.  Nice to see another Louisiana dweller here.  I'm not in NOLA, although it's what I consider my city.  Just down I-10 to Ascension.  We're bailing out to Florida within two years.  Just too much flooding and hurricanes. We live waterfront on the Amite. There is a storm plotted right over our Florida house right now.  It's not a big deal.  There is no flood threat there.   New Orleans and it's culture will always be home.  Good luck and glad you posted.

BigEasyStache

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Re: Race from $2M to $4M...and Beyond!
« Reply #5071 on: July 01, 2021, 02:17:58 PM »
Been lurking for years, don't post much.  Figured I'd officially join this group.

TNW = $3,237,018 (401k's, Home we live in, taxable investments)

NW w/o Home = $2,862,020

Here's the progress which includes house.

Year                NW
1997           $126,941.00
1998         $216,948.00
1999    $225,527.00
2000         $240,312.00
2001    $325,434.00
2002    $315,853.00
2003    $377,841.00
2004    $447,961.00
2005    $527,869.00
2006    $771,215.00
2007    $863,363.00
2008    $781,879.00
2009    $902,904.00
2010    $1,055,153.00
2011    $1,091,337.00
2012    $1,208,754.00
2013    $1,406,671.00
2014    $1,558,381.00
2015    $1,652,140.00
2016    $1,766,326.00
2017    $1,943,798.00
2018    $1,996,384.00
2019    $2,349,396.00
As of Dec. 31th, 2020   $2,914,969.00
Present Date   $3,205,630.00

Hey Big Easy.  Nice to see another Louisiana dweller here.  I'm not in NOLA, although it's what I consider my city.  Just down I-10 to Ascension.  We're bailing out to Florida within two years.  Just too much flooding and hurricanes. We live waterfront on the Amite. There is a storm plotted right over our Florida house right now.  It's not a big deal.  There is no flood threat there.   New Orleans and it's culture will always be home.  Good luck and glad you posted.

Hey there Bateaux,

My wife's sister and husband live in Ascension.  She teaches there.  Unfortunately, they flooded, though only an inch so didn't have to tear out the sheet rock.  But now everytime they get a hard rain they get nervous.

My wife is RE and we're FI.  I just need to pull the plug.  Once that happens we're relocating to another place (condo) so we can leave at will with no ties.

MaybeBabyMustache

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Re: Race from $2M to $4M...and Beyond!
« Reply #5072 on: July 01, 2021, 04:23:01 PM »

Our breakdown is:
$2.425M - investments/cash/savings
$460k - expected cash after vacation house sales
$2.8M - equity in primary residence

239 days until FIRE. Our goal is a paid off house (I know, I know, but it's a significant part of our FIRE plan & just what we're comfortable with) before I FIRE.
I'm assuming you're in an area with very high housing costs. 

Because if you are, do you realize that if you sold that house and moved to someplace that homes are more affordable, you could buy a house for cash AND add 2+ million in cash to your stash?

You could be retired the day your home sale closing happens.    And this is the real estate market to make that happen!
Yeah, I'm sure MBM knows that. I'm in the same general area, but in a "less expensive" suburb, lol. The thing is that our lives are here, as are our families and the community ties we have created.  Sure, we can move and declare ourselves "winners", but money is only one part of a successful post-FIRE life. I wonder how many folks who shout, "Move!" live in areas where their friends and family are nearby. It makes a difference. If you've always lived in a place,  it's easy to underestimate the value of your connectedness and realize how challenging it can be to cultivate community in a new place. Plus, the Bay Area, with all its craziness, is still a freaking awesome place.

PS - Not singling you out in particular, @SwordGuy, just responding to the general sentiment.

I quite agree!   

But it's our job as forum members to make the options that people have explicit so that they get properly considered.    The poster probably knows it.   But it doesn't hurt to mention it and it might actually help.    I'll grant that 239 days isn't all that long so, what the heck, don't bother moving.   But others who are lurking may have a lot longer to wait and, hey, time is fleeting...

I'm capable of math, so well aware. ;-) I have two kids in high school, so moving right now isn't an option we're currently considering. We also both work in industries that were previously very "Bay Area". Covid has given more flex, but reduced salaries if we move elsewhere. With the kids in high school, moving now isn't a top priority.

We're looking at a relocation timeline of 4-6 years, depending on how things play out with the kids, colleges, etc.

HCOL aside, it's a pretty great place to live. I worry a lot about climate change & the fire risk, which will likely drive us out ahead of the cost of living. It does get old to hear people suggest that we could make these salaries or do this work anywhere. To be fair, we may be able to do this work anywhere (thanks, COVID?), but it's never been an option in the past for our specific jobs/roles/salaries.

soccerluvof4

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Re: Race from $2M to $4M...and Beyond!
« Reply #5073 on: July 02, 2021, 03:38:40 AM »
Its been a bit harder on me as my numbers are not rising as much as others I see on here because we are at a very expensive time with 4 kids in or entering college, remodeling our home which we already have well over 150k in the last year and a half . I passed the 6 year being Fire'd mark in April so the fact we have more than we did NW is pretty nice and a win in itself.

2.61M in Investments not including another 160k in 529s and other monies I consider spent
1.1 M paid for house. And that is being Conservative by a couple 100k based on sales either side of me.
3.7M NW with another 100-150k to put in house which even if market goes sour would fetch us well over 1.3M






MaybeBabyMustache

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Re: Race from $2M to $4M...and Beyond!
« Reply #5074 on: July 02, 2021, 07:49:06 AM »

Our breakdown is:
$2.425M - investments/cash/savings
$460k - expected cash after vacation house sales
$2.8M - equity in primary residence

239 days until FIRE. Our goal is a paid off house (I know, I know, but it's a significant part of our FIRE plan & just what we're comfortable with) before I FIRE.
I'm assuming you're in an area with very high housing costs. 

Because if you are, do you realize that if you sold that house and moved to someplace that homes are more affordable, you could buy a house for cash AND add 2+ million in cash to your stash?

You could be retired the day your home sale closing happens.    And this is the real estate market to make that happen!
Yeah, I'm sure MBM knows that. I'm in the same general area, but in a "less expensive" suburb, lol. The thing is that our lives are here, as are our families and the community ties we have created.  Sure, we can move and declare ourselves "winners", but money is only one part of a successful post-FIRE life. I wonder how many folks who shout, "Move!" live in areas where their friends and family are nearby. It makes a difference. If you've always lived in a place,  it's easy to underestimate the value of your connectedness and realize how challenging it can be to cultivate community in a new place. Plus, the Bay Area, with all its craziness, is still a freaking awesome place.

PS - Not singling you out in particular, @SwordGuy, just responding to the general sentiment.

Thanks, @Dicey . I replied above on the larger questions about FIRE. I don't think the VHCOL will drive us out, but I'm definitely worried about climate change & fire risk. I feel like that's changed even since we moved 8 years ago. Is it something you think about? Do you have a "back up" location plan? We're looking at San Clemente in a few weeks, for other options, once the kids move out. Even though that area is also HCOL, it's a reduction from the bay area

Roboturner

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Re: Race from $2M to $4M...and Beyond!
« Reply #5075 on: July 02, 2021, 09:04:27 AM »
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

Bought our forever home this Q, looking forward to selling the old place to get our splits back in order. But glad to not have to think about looking at homes for the next 30yrs+

Simpli-Fi

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Re: Race from $2M to $4M...and Beyond!
« Reply #5076 on: July 02, 2021, 11:54:40 AM »
[spoiler]

Bought our forever home this Q, looking forward to selling the old place to get our splits back in order. But glad to not have to think about looking at homes for the next 30yrs+
congrats on the home.

I am also glad I won't be house shopping or refi'ing for 30 years

Dicey

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Re: Race from $2M to $4M...and Beyond!
« Reply #5077 on: July 02, 2021, 01:50:13 PM »

Our breakdown is:
$2.425M - investments/cash/savings
$460k - expected cash after vacation house sales
$2.8M - equity in primary residence

239 days until FIRE. Our goal is a paid off house (I know, I know, but it's a significant part of our FIRE plan & just what we're comfortable with) before I FIRE.
I'm assuming you're in an area with very high housing costs. 

Because if you are, do you realize that if you sold that house and moved to someplace that homes are more affordable, you could buy a house for cash AND add 2+ million in cash to your stash?

You could be retired the day your home sale closing happens.    And this is the real estate market to make that happen!
Yeah, I'm sure MBM knows that. I'm in the same general area, but in a "less expensive" suburb, lol. The thing is that our lives are here, as are our families and the community ties we have created.  Sure, we can move and declare ourselves "winners", but money is only one part of a successful post-FIRE life. I wonder how many folks who shout, "Move!" live in areas where their friends and family are nearby. It makes a difference. If you've always lived in a place,  it's easy to underestimate the value of your connectedness and realize how challenging it can be to cultivate community in a new place. Plus, the Bay Area, with all its craziness, is still a freaking awesome place.

PS - Not singling you out in particular, @SwordGuy, just responding to the general sentiment.

Thanks, @Dicey . I replied above on the larger questions about FIRE. I don't think the VHCOL will drive us out, but I'm definitely worried about climate change & fire risk. I feel like that's changed even since we moved 8 years ago. Is it something you think about? Do you have a "back up" location plan? We're looking at San Clemente in a few weeks, for other options, once the kids move out. Even though that area is also HCOL, it's a reduction from the bay area
Our back up is the Desert at the moment, butbutbut: water. We worry about the same things, sigh.

Exflyboy

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Re: Race from $2M to $4M...and Beyond!
« Reply #5078 on: July 02, 2021, 02:28:37 PM »
Look at that market go!

I have been working on our 2012 POS Chevvy Cruze (Crud) for the last three days.. In that time I think market returns has made enough to buy a brand new high end SUV!

Dayum!

G-dog

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Re: Race from $2M to $4M...and Beyond!
« Reply #5079 on: July 02, 2021, 02:44:43 PM »
Look at that market go!

I have been working on our 2012 POS Chevvy Cruze (Crud) for the last three days.. In that time I think market returns has made enough to buy a brand new high end SUV!

Dayum!

Go go Gadget Market!  I “made” $10K in 24 hours. Keep hitting those new NW high numbers.

EscapeVelocity2020

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Re: Race from $2M to $4M...and Beyond!
« Reply #5080 on: July 02, 2021, 05:17:00 PM »
Probably a good time to revisit the late John Bogle's wise words
Quote
...
We’re moving, or so it seems, to a world where we’re no longer making anything in this country; we’re merely trading pieces of paper, swapping stocks and bonds back and forth with one another, and paying our financial croupiers a veritable fortune. We’re also adding even more costs by creating ever more complex financial derivatives in which huge and unfathomable risks are being built into our financial system. “When enterprise becomes a mere bubble on a whirlpool of speculation,” as the great British economist John Maynard Keynes warned us 70 years ago, the consequences may be dire. “When the capital development of a country becomes a by-product of the activities of a casino, the job of capitalism is likely to be ill-done.”
...

Simpli-Fi

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Re: Race from $2M to $4M...and Beyond!
« Reply #5081 on: July 02, 2021, 06:39:42 PM »
Look at that market go!

I have been working on our 2012 POS Chevvy Cruze (Crud) for the last three days.. In that time I think market returns has made enough to buy a brand new high end SUV!

Dayum!

Go go Gadget Market!  I “made” $10K in 24 hours. Keep hitting those new NW high numbers.
Hell yeah, my investments increased $14k in value today...many more times the paycheck that was direct deposited into my brokerage account today.

G-dog

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Re: Race from $2M to $4M...and Beyond!
« Reply #5082 on: July 02, 2021, 06:46:56 PM »
Look at that market go!

I have been working on our 2012 POS Chevvy Cruze (Crud) for the last three days.. In that time I think market returns has made enough to buy a brand new high end SUV!

Dayum!

Go go Gadget Market!  I “made” $10K in 24 hours. Keep hitting those new NW high numbers.
Hell yeah, my investments increased $14k in value today...many more times the paycheck that was direct deposited into my brokerage account today.

BOOTAH!  New NW high today, details later.

ETA: Details - up almost another $13K in 24 hours.  In my first job my gross pay was $16.6K. 
« Last Edit: July 03, 2021, 05:42:39 AM by G-dog »

UnleashHell

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Re: Race from $2M to $4M...and Beyond!
« Reply #5083 on: July 03, 2021, 04:50:00 AM »
I need to get a better picture of FF's current investment figures but a rough estimate puts us up to about 2.8m. even though housing is still fairly cheap in Florida we do own 3 of them so thats having an impact too.

rmorris50

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Re: Race from $2M to $4M...and Beyond!
« Reply #5084 on: July 03, 2021, 06:01:59 AM »
So how high does the roller coaster keep going until we have to put our hands up and scream as we rush downward?


Sent from my iPhone using Tapatalk

couponvan

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Re: Race from $2M to $4M...and Beyond!
« Reply #5085 on: July 03, 2021, 06:10:53 AM »
I think we are hitting our tap out point for net worth for awhile. $2.64 million this month, but we will be splashing out for college x 2 this year. That fun begins in August with housing payments and tuition payments.

arcturus

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Re: Race from $2M to $4M...and Beyond!
« Reply #5086 on: July 03, 2021, 07:28:31 AM »
I think we are hitting our tap out point for net worth for awhile. $2.64 million this month, but we will be splashing out for college x 2 this year. That fun begins in August with housing payments and tuition payments.

I feel your pain, I have 1 out of school and 2 in.  I'm already in for ~$225K in tuition, housing, etc.  Estimating another $85K to go, so the end is in sight.  529 plans helped a lot, and like others, I never include those in NW calcs because its spent money.  But those are down to ~$30K left in total, so will be supplementing with non-529 funds.

Hope your kids are able to enjoy their college experience under more normal times.  For my Junior (in the fall), it has been so strange with the whole COVID thing completely changing the dynamic.  It is a shame that these kids are not getting the full college experience and possibly not the same education.  I hope her second 2 years are better than her first 2.  Good luck to you!

Exflyboy

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Re: Race from $2M to $4M...and Beyond!
« Reply #5087 on: July 03, 2021, 09:25:18 AM »
Ok to add to the market sillyness.

We have made $59,000 in a single week.. Yes WEEK!

My first salary when I emigrated to the US was $53,000 a YEAR!.. Upon which I paid taxes... I don't pay taxes today (except a small amount of State tax).

So total today is $2928k plus house plus pensions... Like damn.

Dicey

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Re: Race from $2M to $4M...and Beyond!
« Reply #5088 on: July 03, 2021, 09:43:32 AM »
ETA: Details - up almost another $13K in 24 hours.  In my first job my gross pay was $16.6K.
Lol, my first career job paid $13k, which is how much our property taxes are on our primary home.

We're on a road trip, so we haven't checked our account balances, but it's good to know our money's working while we're out playing.

Simpli-Fi

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Re: Race from $2M to $4M...and Beyond!
« Reply #5089 on: July 03, 2021, 10:38:12 AM »
Ok to add to the market sillyness.

We have made $59,000 in a single week.. Yes WEEK!

My first salary when I emigrated to the US was $53,000 a YEAR!.. Upon which I paid taxes... I don't pay taxes today (except a small amount of State tax).

So total today is $2928k plus house plus pensions... Like damn.
this was eye opening…I also gained more value this week, than my 1st engineering salary in 2002.

To further add to the craziness, I just updated my quarterly NW tracking spreadsheet and the first half of 2021 it has gained 150% of my highest benefit bearing base salary.
« Last Edit: July 03, 2021, 10:44:31 AM by Simpli-Fi »

SwordGuy

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Re: Race from $2M to $4M...and Beyond!
« Reply #5090 on: July 03, 2021, 11:41:47 AM »
Our net worth as retirees went up more this 1/2 year than we earned in the first 7 or 8 years, maybe 9 years, my wife and I lived together.

Then again, we were poor.

G-dog

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Re: Race from $2M to $4M...and Beyond!
« Reply #5091 on: July 03, 2021, 12:35:58 PM »
ETA: Details - up almost another $13K in 24 hours.  In my first job my gross pay was $16.6K.
Lol, my first career job paid $13k, which is how much our property taxes are on our primary home.

We're on a road trip, so we haven't checked our account balances, but it's good to know our money's working while we're out playing.

Your monies are working HARD @Dicey !

G-dog

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Re: Race from $2M to $4M...and Beyond!
« Reply #5092 on: July 03, 2021, 12:38:00 PM »
Ok to add to the market sillyness.

We have made $59,000 in a single week.. Yes WEEK!

My first salary when I emigrated to the US was $53,000 a YEAR!.. Upon which I paid taxes... I don't pay taxes today (except a small amount of State tax).

So total today is $2928k plus house plus pensions... Like damn.

Yeah, my $16.6K / year was before taxes. Not sure how to value benefits (health care, dental,  403(b), whatever else there was way back then)

GreenEggs

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Re: Race from $2M to $4M...and Beyond!
« Reply #5093 on: July 03, 2021, 02:41:23 PM »
I just sent the IRS $230K for the lots we sold last year.  I'm glad we aren't still building Mexican walls with it.




Dicey

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Re: Race from $2M to $4M...and Beyond!
« Reply #5094 on: July 03, 2021, 06:53:25 PM »
I just sent the IRS $230K for the lots we sold last year.  I'm glad we aren't still building Mexican walls with it.
Lol, congratulations and ouch! However, I know from previous posts that you still ended up with a nice fat gain for your trouble. I'm kind of a fan of the "Worry about the growth, not the taxes" school of thought, especially when we're talking about taxes that are levied at the current Long Term Capital Gains rate.

Oh, and ditto on the wall.

Fomerly known as something

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Re: Race from $2M to $4M...and Beyond!
« Reply #5095 on: July 03, 2021, 07:14:09 PM »
So the TSP is finally playing nice with financial planning apps like personal capital.  While I was linking the account, looks, gets out calculator, adds in cash and the pitiful “cash value” of my pension (it’s pitiful since it’s only my contributions over the years with no interest but it is for sure what I could cash out if I left and gave up my pension). Hits $2,000,944 in LNW.

Exflyboy

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Re: Race from $2M to $4M...and Beyond!
« Reply #5096 on: July 03, 2021, 07:18:32 PM »
I would have thought that you could borrow against the equity in plots of land and thus use the "buy, borrow, die" method to avoid paying taxes.

Only little people pay taxes in the USA apparently..:(

Bateaux

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Re: Race from $2M to $4M...and Beyond!
« Reply #5097 on: July 03, 2021, 08:16:22 PM »
Our net worth as retirees went up more this 1/2 year than we earned in the first 7 or 8 years, maybe 9 years, my wife and I lived together.

Then again, we were poor.

Our accounts have grown more the first half, than our gross earning at both our jobs combined will be in 2021.  2021 will be one of our biggest gross income years from our jobs.  How long can it continue?

pecunia

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Re: Race from $2M to $4M...and Beyond!
« Reply #5098 on: July 03, 2021, 08:40:36 PM »
Our net worth as retirees went up more this 1/2 year than we earned in the first 7 or 8 years, maybe 9 years, my wife and I lived together.

Then again, we were poor.

Our accounts have grown more the first half, than our gross earning at both our jobs combined will be in 2021.  2021 will be one of our biggest gross income years from our jobs.  How long can it continue?

I guess we've all wondered about that one.  Wiki says business cycles last 2 to 10 years.

https://en.wikipedia.org/wiki/Business_cycle

It seems like the good times have been rolling longer than that.  Maybe, the Covid thing was the end of the business cycle and the counter was reset.  There are lots of businesses that went under due to the Covid.

The future looks sort of bright.  There's going to be a lot of infrastructure work when the government gets it together.  There's lots of investment in this climate change stuff like batteries.  It seems like there may have been a permanent change in the way business is done with the home workers.  This has required home offices to be created.  The supply chains are backed up so I think this reflects a great demand for products.  They can't get chips for cars so there must be a boom of sorts in semiconductors.

People are refusing to take the low wage jobs.  This means that eventually the businesses will have to pay folks more.  These folks then, in turn, will have more money to spend generating a true trickle up in the economy.  Maybe, all that cash that's supposedly being hoarded by corporations will be invested to meet that demand.

https://treasury-management.com/news/corporate-cash-soars-1-01-trillion-in-2020-to-3-82t/

But, who knows how long it will really continue.  Enjoy it while it's here.

Finntastic

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Re: Race from $2M to $4M...and Beyond!
« Reply #5099 on: July 03, 2021, 10:34:37 PM »
Jan 2021 - 1.19m$
Feb 2021 - 1.23m$
Mar 2021 - 1.28m$
Apr 2021 - 1.35m$
May 2021 - 2.65m$
June 2021 - 2.61m$

Got a bit of hit in June mainly due gold price going down as well as crypto's.

753 days to Fire.

Finntastic - $750K in cash is about 15x what I have in cash....is this a statement about where you think the market is headed?
Yes it is, but I'm no expert however I do believe that we are going to see market going down by 30-40% before the end of the year. I'm planning to buy some more physical gold as well as real estate mainly in Finland which didn't take much of a hit 2008-2010 the real estate prices dropped max -1%.