Author Topic: Race from $1M to $2M  (Read 199558 times)

talltexan

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Re: Race from $1M to $2M
« Reply #950 on: October 24, 2019, 08:13:31 AM »
Mrs. talltexan and I closed on a new house on Friday: appraised at $478,000, but we're taking on basically that much debt in order to finance it while we sell our current house. Looking at a few months of expensive repairs and a massive balance sheet.

Blissful Biker

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Re: Race from $1M to $2M
« Reply #951 on: October 24, 2019, 12:47:16 PM »

                  LNW         TWN
2018 YE    $1.13M    $1.66M
1Q2019     $1.26M    $1.77M
2Q2019     $1.26M    $1.77M
3Q2019     $1.33M    $1.84M

These are little Canadian dollars.  We're pulling the FIRE PIN at $2M LNW, which will bump by at least $100K when we downsize the house.

guelphinvestor

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Re: Race from $1M to $2M
« Reply #952 on: October 24, 2019, 02:05:07 PM »
Regarding the 2M LNW, what are your annual expenses ?

Blissful Biker

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Re: Race from $1M to $2M
« Reply #953 on: October 24, 2019, 03:29:58 PM »
Regarding the 2M LNW, what are your annual expenses ?

$2M CDN at a 4% SWR will throw off $80K per year.  Assuming 15% tax we'll have $68K/year to spend.  That should be plenty as we have no mortgage and the kids will be off to their RESP funded university by the time we FIRE in 5ish years.  I do not include the education funds in either the LNW or TNW as it belongs to the kids.

SEAK

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Re: Race from $1M to $2M
« Reply #954 on: October 28, 2019, 04:33:49 PM »
Joining the thread. 45 years old, wife 43, and two kiddos aged 12 and 10 living in a HCOL area. We're sitting at just over a 1 million in investments now not including our home equity ($225k), value of pensions ($800k), and the kids college savings ($90k). Hoping the next million doesn't take even close to as long as the first!

BlueHouse

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Re: Race from $1M to $2M
« Reply #955 on: November 03, 2019, 04:57:50 PM »
This week my 401k crossed the $1M mark!  I've been at over $1M liquid net worth for a few years, so I've been trying to get this account over $1M as an interim goal to $2M NW. 

I'm giddy with excitement.  I feel so rich.  I don't know why this one account makes me feel any different and I know the value will float up and down over the next few months (No more contributions this year).  But for now....happy!

DavidAnnArbor

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Re: Race from $1M to $2M
« Reply #956 on: November 03, 2019, 05:03:44 PM »
Mrs. talltexan and I closed on a new house on Friday: appraised at $478,000, but we're taking on basically that much debt in order to finance it while we sell our current house. Looking at a few months of expensive repairs and a massive balance sheet.

Wouldn't it be fun to get a house in Texas from "Fixer Upper With Chip and Joanna Gaines" ?  It would be beautiful all throughout.

Fomerly known as something

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Re: Race from $1M to $2M
« Reply #957 on: November 04, 2019, 05:34:11 AM »
This week my 401k crossed the $1M mark!  I've been at over $1M liquid net worth for a few years, so I've been trying to get this account over $1M as an interim goal to $2M NW. 

I'm giddy with excitement.  I feel so rich.  I don't know why this one account makes me feel any different and I know the value will float up and down over the next few months (No more contributions this year).  But for now....happy!

I'm eagerly hoping for another 1% gain in the market which should push me over another $100,000 mark in mine.  (Still not at 7 figures in the 401k but it was my first investment account) so I totally understand your joy.

talltexan

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Re: Race from $1M to $2M
« Reply #958 on: November 04, 2019, 09:43:00 AM »
Mrs. talltexan and I closed on a new house on Friday: appraised at $478,000, but we're taking on basically that much debt in order to finance it while we sell our current house. Looking at a few months of expensive repairs and a massive balance sheet.

Wouldn't it be fun to get a house in Texas from "Fixer Upper With Chip and Joanna Gaines" ?  It would be beautiful all throughout.

What they do is so much more major than what we have planned.

sherr

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Re: Race from $1M to $2M
« Reply #959 on: November 04, 2019, 12:25:55 PM »
This week my 401k crossed the $1M mark!

I'm eagerly hoping for another 1% gain in the market which should push me over another $100,000 mark in mine. 

I'm curious, how did you get so much money in your 401k? Very generous employer contributions?

I've been contributing the max to my 401k for over a decade and I'm still nowhere near a million.

chasesfish

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Re: Race from $1M to $2M
« Reply #960 on: November 04, 2019, 01:12:26 PM »
Failed to announce this...briefly crossed the $2mil mark in the last week of November, then as of last Friday finally set that mark in the dust!

Not bad considering I trimmed equities down and left my job this year.

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #961 on: November 04, 2019, 04:23:09 PM »
Failed to announce this...briefly crossed the $2mil mark in the last week of November, then as of last Friday finally set that mark in the dust!
Good job, chasesfish!!  Congratulations!!

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #962 on: November 04, 2019, 04:33:20 PM »
Posting to update that I finally reached $1.7 million in NW!  It's a good feeling!

I recently pulled the plug and FIRE'd; it's been great!  Recently, I did an estimate and projected that my total annual passive income is $92K pre-tax.  That gives me a lot of confidence going forth!

chasesfish

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Re: Race from $1M to $2M
« Reply #963 on: November 04, 2019, 06:37:02 PM »
Posting to update that I finally reached $1.7 million in NW!  It's a good feeling!

I recently pulled the plug and FIRE'd; it's been great!  Recently, I did an estimate and projected that my total annual passive income is $92K pre-tax.  That gives me a lot of confidence going forth!

How much fun is it to not go to work?  Still amazing to me every Monday.

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #964 on: November 04, 2019, 07:53:49 PM »
How much fun is it to not go to work?  Still amazing to me every Monday.
It's frickin' fantastic!  The feeling of total freedom is indescribable!

aspiringnomad

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Re: Race from $1M to $2M
« Reply #965 on: November 04, 2019, 10:20:38 PM »
6/30/17: 1.002 million, two months shy of my 35th birthday
1/17/18: 1.219 million, 4.5 months after my 35th birthday

Feels like this crazy market has put things into hyperdrive. Hoping I've got enough buffer to remain in the two comma club through the next correction, but who knows?

Total HH net worth now at 1.281. With the market down/sideways I've been throwing any and all cash I can scrounge into stocks. Even if there's still a ways down to go, I'm thinking I'll be happy I did over the long-term.

11/1/19: $1.56M a couple months after turning 37 and officially FI! Have spent way above our planned RE budget this year mostly on experiences and time with family and friends before we embark on our more frugal adventures. Still very able and happy to go more rustic and less YOLO once the need arises.

Zoot

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Re: Race from $1M to $2M
« Reply #966 on: November 06, 2019, 05:28:58 AM »
Time for another update!  :)

Month/YearLiquid AssetsTotal Net Worth
Jan-17
$604K
$883K
Feb-17$622K$905K
Mar-17$651K$930K
Apr-17$660K$939K
May-17$675K$954K
Jun-17$694K$967K
Jul-17$717K$991K
Aug-17$721K$1,000K
Sep-17$738K$1,007K
Oct-17$762K$1,033K
Nov-17$782K$1,055K
Dec-17$796K$1,058K
Jan-18$836K$1,095K
Feb-18$823K$1,083K
Mar-18$812K$1,081K
Apr-18$818K$1,094K
May-18$836K$1,115K
Jun-18$844K$1,131K
Jul-18$872K$1,165K
Aug-18$891K$1,175K
Sep-18$895K$1,177K
Oct-18$844K$1,127K
Nov-18$864K$1,148K
Dec-18$813K$1,099K
Jan-19$872K$1,158K
Feb-19$912K$1,201K
Mar-19$927K$1,220K
Apr-19$962K$1,257K
May-19$929K$1,229K
Jun-19$984K$1,288K
Jul-19$1,010K$1,316K
Aug-19$994K$1,307K
Sep-19$1,012K$1,322K
Oct-19$1,035K$1,346K
Nov-19$1,045K$1,353K

I think for the next update I'll whittle down that table a bit--either by showing quarterly numbers for the earlier years or just removing 2017 and 2018 entirely.  The table is a relic of my post in the $500K-to-$1M thread, so it has all the older info in it.  It's just so nice to look back on the numbers and see where I've been, and marvel at the progress.

It was tough to go back into the six-figure realm (ha!) with the market dip in August, but such is the investing life--and that $16K difference was only 1.5%.  It's just so weird to say things like "only sixteen thousand dollars"--that number would have had a WAY different significance at different times in my life.

I think I may want to post either a journal or a case study (can't decide which) with some more musings.  Things are still weird at work (weirder, even, than they were last time I said that) and I'm fast approaching "done" mentally, but I am so scared of turning off the cash stream. 

The next line-in-the-sand milestone I've set for myself is a liquid asset value of "one million dollars and a paid off house"--meaning that there would be enough to stroke a check to pay off the mortgage and still have $1M left over (I won't actually pull the trigger, though, unless it makes sense to do so in some way).  That's a moving target, of course, since the mortgage value decreases over time, but my spreadsheets tell me that the number I need to hit for that is about $1.14M.  At our household savings rate, and with a conservative account growth estimate, I estimate getting there in about August 2020.

Not sure I will last that long at work, but it was a good mental exercise to do the math, and it gives me something to hang on to as I slog through the suck.  ;-)

BlueHouse

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Re: Race from $1M to $2M
« Reply #967 on: November 06, 2019, 09:45:50 AM »
This week my 401k crossed the $1M mark!

I'm eagerly hoping for another 1% gain in the market which should push me over another $100,000 mark in mine. 

I'm curious, how did you get so much money in your 401k? Very generous employer contributions?

I've been contributing the max to my 401k for over a decade and I'm still nowhere near a million.

Well, first of all, I'm 51 so I've had more time than you.  But...80% of the increase has been in the past 9 years so I'll still answer.

1.  Time -- I'm old.
2.  Money -- I have had a high income for the past few years, which has allowed me to max out my contribution + the employer match (I'm self-employed)
3.  Time and distance -- I stopped moving it around trying to chase returns and started using the lazy-man portfolio.  I decided to "get rich slowly" and it happened much faster than I thought it would
 
If your plan allows it and you can swing it, you can max out to $54K or $62K with mega-backdoor Roth. 

sherr

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Re: Race from $1M to $2M
« Reply #968 on: November 06, 2019, 12:01:23 PM »
I'm curious, how did you get so much money in your 401k? Very generous employer contributions?

I've been contributing the max to my 401k for over a decade and I'm still nowhere near a million.

Well, first of all, I'm 51 so I've had more time than you.  But...80% of the increase has been in the past 9 years so I'll still answer.

1.  Time -- I'm old.
2.  Money -- I have had a high income for the past few years, which has allowed me to max out my contribution + the employer match (I'm self-employed)
3.  Time and distance -- I stopped moving it around trying to chase returns and started using the lazy-man portfolio.  I decided to "get rich slowly" and it happened much faster than I thought it would
 
If your plan allows it and you can swing it, you can max out to $54K or $62K with mega-backdoor Roth.

Thanks. Yeah, having access to the employer contribution side too makes a big difference. I'm not self-employed so I'm limited to $19k of contributions a year, despite also having a high income.

My 401k does not currently allow for after-tax contributions so I can't swing the mega-backdoor Roth, but they're looking at changing that for next year. Fingers crossed.

TempusFugit

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Re: Race from $1M to $2M
« Reply #969 on: November 06, 2019, 03:27:00 PM »
Just when I figured out the Mega Backdoor Roth, I was designated a "highly compensated individual" and therefore ineligible for the option.   I didn't even get a t-shirt. 

But it is the first-est of first world problems. 

DavidAnnArbor

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Re: Race from $1M to $2M
« Reply #970 on: November 06, 2019, 07:15:43 PM »

If your plan allows it and you can swing it, you can max out to $54K or $62K with mega-backdoor Roth.

Way to go BlueHouse. The mega backdoor roth for the self-employed is the greatest.

Watchmaker

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Re: Race from $1M to $2M
« Reply #971 on: November 11, 2019, 12:02:03 PM »
I'll join this thread, and by doing so perhaps start the next recession.

First a couple of historical data points:
6/05 -0.02 MM
8/13 0.15 MM
9/16 0.50 MM

Now:
7/19 1.02 MM

I was right. Well, we'll see if I was right about the recession, but I have dropped back below 1 MM for the time being.

I'm back!

11/19 1.08 MM


talltexan

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Re: Race from $1M to $2M
« Reply #972 on: November 12, 2019, 11:45:08 AM »
Haven't posted for a while.

Mrs. talltexan and I currently own our new house ($478,000), but still have the old house to get ready for sale ($175,000 mortgage; hoping to sell above $300,000). Cash will be tight for a couple months.

The sale of the old house might really move the needle for us.

frizzywhiskers

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Re: Race from $1M to $2M
« Reply #973 on: November 12, 2019, 07:50:41 PM »
Iíd like to join this thread, Iím in need of some motivation!

Me age 48, Hubby age 50.  Looking to FIRE at the end of 2021/early 2022.

Total Net Worth is at $1,333,000 which consists of a $625,000 paid off house and about $708,000 in investments.  We should hit the $1,000,000 in investments mark by our FIRE date which is the goal.  We are also selling our current house and moving to a small mountain town during this time. 

Letís do this!

brooklynmoney

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Re: Race from $1M to $2M
« Reply #974 on: November 12, 2019, 09:08:00 PM »
Posting to update that I finally reached $1.7 million in NW!  It's a good feeling!

I recently pulled the plug and FIRE'd; it's been great!  Recently, I did an estimate and projected that my total annual passive income is $92K pre-tax.  That gives me a lot of confidence going forth!

@cornbread congratulations! Very happy for you on your retirement and I must declare you winner of the imaginary race as you are still ahead of me by about 12k in networth haha.

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #975 on: November 13, 2019, 02:34:27 PM »
@cornbread congratulations! Very happy for you on your retirement and I must declare you winner of the imaginary race as you are still ahead of me by about 12k in networth haha.
@brooklynmoney The difference is only $12K??!!  You closed the gap really quick!  You're going to pass me by, and I'll be trailing very soon!

zinnie

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Re: Race from $1M to $2M
« Reply #976 on: November 14, 2019, 05:11:26 AM »
Joining this race now! Been reading MMM since the beginning and started seriously saving 2012ish. Adjusted my FIRE number after taking a year off work and trying it out! Now Iím back in the game with a slightly lower salary and a higher COL but still a good savings rate. So here is my plan:

Current liquid: $1.18M
Current NW: $1.45M

Goal liquid:~1.6M
Goal NW: ~2M

Iíd like to be done Aug 2021. Iíll walk if the numbers are even close.

It's been a good month! Update:

Liquid: $1.24M
Net Worth: $1.51M

it felt good to pass the 1.5 mark :)

Cornbread OMalley

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Re: Race from $1M to $2M
« Reply #977 on: November 14, 2019, 09:37:28 AM »
Iíd like to join this thread, Iím in need of some motivation!

Me age 48, Hubby age 50.  Looking to FIRE at the end of 2021/early 2022.

Total Net Worth is at $1,333,000 which consists of a $625,000 paid off house and about $708,000 in investments.  We should hit the $1,000,000 in investments mark by our FIRE date which is the goal.  We are also selling our current house and moving to a small mountain town during this time. 

Letís do this!
Let's get it on!  :-)