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47 Reached $1M - My Feelings
Old 01-08-2013, 10:33 AM   #1
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47 Reached $1M - My Feelings

Last week I realized I got past the $1,000,000 mark. Took 25 years, saving regularly along the way. I never made more than $100k per year. Always lived below my means. No wives, no kids (so far).

I thought a lot about early retirement over this last weekend and decided to join and post about how I was feeling (vs. retirement withdrawl rates, taxes, etc).
  • Work and workers don't seem to bother me as much this week as they did 2 weeks ago, but interestingly enough I think I'm getting more done at work now that I seem to care less (maybe I should stop watching the movie, Office Space).
  • I spend a lot time thinking about where I'm gonna sail my 32 sail boat and if I can split time between my mountain cabins in SC and Arizona
  • I reqularly take an extra 20 minutes in the morning to have an extra cup of coffee with my girlfriend before I go to work, getting to work by 8:00 am feels irrevelant
  • I'll never again move for a job to make more money in preparation for moving again and making more money
  • I'll never again apply for job that gives me more money but reduces my quality of life (stress, being on call, staffing issues)
  • I suggested to my girlfriend she reduce her work schedule to 3 days a week so she could spend more time with and caring for her aging Dad
  • Told my girlfriend not to worry about money and bills, told her we had plenty and not to worry about that stuff any more
  • I talk to my cats more
  • I talk to my neighbors more
  • I talk and spend more time with my friends and family
  • I find it easier to meet people in public places and strike up conversations with stangers
Interestingly, after reaching the $1M, goal the money is not nearly as important to me as the choices it provides. Choices I would not have considered prior.

I'm much more relaxed now about how I feel about myself, my family, my friends, and my surroundings. I wonder if I should have felt this way all along?

cheers,
FIRE tbd
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Old 01-08-2013, 10:48 AM   #2
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Welcome aboard, ghandi!

And congrats on the $1MM. Yes, it can give you a shift in perspective.

omni
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Old 01-08-2013, 10:55 AM   #3
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Nice post, ghandi! Welcome and congratulations from a fellow South Carolinian!
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Old 01-08-2013, 12:04 PM   #4
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Quote:
Originally Posted by ghandi View Post
Last week I realized I got past the $1,000,000 mark. Took 25 years, saving regularly along the way. I never made more than $100k per year. Always lived below my means. No wives, no kids (so far).

I thought a lot about early retirement over this last weekend and decided to join and post about how I was feeling (vs. retirement withdrawl rates, taxes, etc).
  • Work and workers don't seem to bother me as much this week as they did 2 weeks ago, but interestingly enough I think I'm getting more done at work now that I seem to care less (maybe I should stop watching the movie, Office Space).
  • I spend a lot time thinking about where I'm gonna sail my 32 sail boat and if I can split time between my mountain cabins in SC and Arizona
  • I reqularly take an extra 20 minutes in the morning to have an extra cup of coffee with my girlfriend before I go to work, getting to work by 8:00 am feels irrevelant
  • I'll never again move for a job to make more money in preparation for moving again and making more money
  • I'll never again apply for job that gives me more money but reduces my quality of life (stress, being on call, staffing issues)
  • I suggested to my girlfriend she reduce her work schedule to 3 days a week so she could spend more time with and caring for her aging Dad
  • Told my girlfriend not to worry about money and bills, told her we had plenty and not to worry about that stuff any more
  • I talk to my cats more
  • I talk to my neighbors more
  • I talk and spend more time with my friends and family
  • I find it easier to meet people in public places and strike up conversations with stangers
Interestingly, after reaching the $1M, goal the money is not nearly as important to me as the choices it provides. Choices I would not have considered prior.

I'm much more relaxed now about how I feel about myself, my family, my friends, and my surroundings. I wonder if I should have felt this way all along?

cheers,
FIRE tbd
Congratulations! I'm just a year younger than you and won't hit the million mark until ~age 60 (that's the plan for now anyway), so that to me seems to be a very good job! I do have a wife and two kids, so that explains a bit of that for me...my wife was a stay at home mom for 15 years.

I realize this was just your first post and that it is mostly musings about hitting this goal of yours, but I do have questions if you don't mind:

1) Do you already own the boat and the two mountain cabins? If so, good for you!

2) I know you said your retirement is TBD, but do you think you'll do this soon? If you don't add any to it and wait just 5 years, that million dollars will turn into $1,402,551.73 at just 7% annual return. That takes a 3% withdrawal rate from $30,000 a year to $42,076.55.

3) I'm curious what your plan is since you told your girlfriend to not worry about money and bills anymore. If you plan to retire soon, the income from that million isn't that much. A million dollars is VERY nice, but for a 47-year-old, it's not as nice as it is for a 60-year-old who has less time to live and potential Social Security just around the corner in 2 years minimum.

Anyway, I'm not being critical. I'm just curious what your plans are, or what you think they might be if you haven't yet decided. If I had a million dollars in a non-retirement account at age 47 and had no kids, I would seriously consider retiring to a cheaper area, so if that's your wish, more power to you!
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Old 01-08-2013, 12:16 PM   #5
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With $1MM you have a million things to worry about. The only way to really have nothing to worry about is to have nothing and to want nothing........Hmm I must read some Hermann Hesse or sit under a tree
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Old 01-08-2013, 12:33 PM   #6
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Welcome! That's a great accomplishment. Keep it up!
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Old 01-08-2013, 01:35 PM   #7
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I have a house and mountain cabin in AZ, a house in SC, and a mountain cabin in NC. The 32 sailboat is used and paid for. Got 4 other boat projects in the back yard (all of them cheap). I have 2 older cars I drive to work and 2 project cars in the back yard. I have $100k of debt in mortgages, $600k of equity in houses and stuff. House in SC is cheap, AZ house is expensive. I live in SC right now.

Plan to spend a long time with the girlfriend. Maybe get married, we'll see. I'll get a prenup if we do.

Currently saving $35k a year for retirement. Figure I'd get to $2m by the time I'm 52ish, then its probably time "to go"...
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Old 01-08-2013, 01:41 PM   #8
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Nice post. I talk to my dogs alot. I never connected it to savings but I'll have to give that some thought <big grin>. Congratulations on your milestone.
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Old 01-08-2013, 01:45 PM   #9
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Watch the movie Office space to find out what to do when you have a million dollars.
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Old 01-08-2013, 02:52 PM   #10
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Quote:
Originally Posted by ghandi View Post
I have a house and mountain cabin in AZ, a house in SC, and a mountain cabin in NC. The 32 sailboat is used and paid for. Got 4 other boat projects in the back yard (all of them cheap). I have 2 older cars I drive to work and 2 project cars in the back yard. I have $100k of debt in mortgages, $600k of equity in houses and stuff. House in SC is cheap, AZ house is expensive. I live in SC right now.

Plan to spend a long time with the girlfriend. Maybe get married, we'll see. I'll get a prenup if we do.

Currently saving $35k a year for retirement. Figure I'd get to $2m by the time I'm 52ish, then its probably time "to go"...
That sounds like a good plan. Take 3.5% at age 52 from $2 million and that's $70,000...if you can also have the $100,000 in mortgages gone by age 52, then I think that's even better. By the time you get to age 62, you could start taking Social Security which will be very nice.

Congrats!
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Old 01-08-2013, 02:57 PM   #11
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Watch the movie Office space to find out what to do when you have a million dollars.
You don't need a million dollars to do that.
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Old 01-08-2013, 03:07 PM   #12
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One more question: Is the $500k you have in net equity in your houses and stuff...
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Originally Posted by ghandi View Post
I have $100k of debt in mortgages, $600k of equity in houses and stuff.
...included in your $1M figure or is it in addition to?
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Old 01-08-2013, 03:16 PM   #13
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Love your outlook and attitude. I think you're going to do just fine. One thing I'd add to that list: listen to more Jimmy Buffett.
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Old 01-08-2013, 06:05 PM   #14
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Great first post, Ghandi. Well done.
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Old 01-08-2013, 11:08 PM   #15
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Very well done. Congratulations.
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Old 01-09-2013, 03:06 AM   #16
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Congratulations. I'd just carry on as before, at least till the M does not include home equity any more.
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Old 01-09-2013, 06:32 AM   #17
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Congratulations it's a big milestone and as you said financial security sure makes life a lot better.
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Old 01-09-2013, 06:22 PM   #18
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It's true what they say about the first million being the hardest. The second mil seems to come faster and easier.
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Old 01-11-2013, 11:00 AM   #19
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The $500k in equity is in addition to reaching the $1MM target ($400k liquid, $600k retirement accounts).

Today I'm trying to buy a lake house in SC for $200k cash, sell my existing 2 houses and 1 cabin in AZ, reclaim the equity and roll it into Vanguard index funds... so I can "go away" at 52...

Not sure they'll acccept my offer for the new house, but we will see. Can't buy it, if I don't try it...
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Old 01-11-2013, 11:02 AM   #20
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Quote:
Originally Posted by ghandi View Post
Today I'm trying to buy a lake house in SC for $200k cash, sell my existing 2 houses and 1 cabin in AZ, reclaim the equity and roll it into Vanguard index funds... so I can "go away" at 52...
Wouldn't it be prudent to sell at least a couple of the properties (and shed their associated mortgages) first, before buying and ending up with three houses and two cabins? What's the rush?
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