Does everyone here have millions saved?

[ExFlyBoy5]

In the comments below the article (yes, I sometimes read them for entertainment), a few people latched onto the "how does an auto parts manager afford an airplane?" assertion. I don't think I need to point out the ignorance of that assertion to most of this crowd...

Probably the same way that I owned an airplane for many years as an "enlisted Air Force scum" that "makes no money". Sure, it's not the cheapest hobby out there, but it can be managed even with those that don't make "millions". I KNOW of several people that spent WAY more money on RVs and/or motorcycles than I spent on my airplane. Not only to mention, I was able to STILL retire at 40..even after owning an airplane.

As for the OP's original question..NO not even close to have "millions" in my case.

 

[phil70]

That is my view on the subject as well. Envy leads to Greed which leads to Hatred (or something like that if IRC one of my college Psychology profs). If DW & myself are content and safe in retirement that will be fine enough.

Oh, and that goats gonna get sheared

I think your prof was paraphrasing Yoda: “Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering.”

 

[ggbutcher]

Probably the same way that I owned an airplane for many years as an "enlisted Air Force scum" that "makes no money". Sure, it's not the cheapest hobby out there, but it can be managed even with those that don't make "millions". I KNOW of several people that spent WAY more money on RVs and/or motorcycles than I spent on my airplane. Not only to mention, I was able to STILL retire at 40..even after owning an airplane.

As for the OP's original question..NO not even close to have "millions" in my case.

Excellent for you. I had a friend in college, ROTC scholarship, and he owned a Cessna 172 outright. Dutifully paid all required expenses, including insurance and inspections. Did college full time with a B+ average in an aero engineering curriculum, and worked almost full time. It's ALL about priorities...

Oh, and to OP: no "millions", but two pensions. And, LBYM.

 

[Major Tom]

If anyone has the ability to accumulate $3-10M or more in assets through their own initiative, its laughable to me that they need to ask the question on ERF, can I retire, and if they do, it would seem to me they are doing it for ego gratification only.

I don't agree. Accumulation and withdrawal are 2 different processes. I think it's entirely possible to get so caught up in the accumulation phase that you haven't given much thought to withdrawal, regardless of your income level. I know that your thinking is probably along the lines that anyone smart enough to amass a large portfolio would also be smart enough to figure out whether they have enough to retire, but I don't think it necessarily works that way.

I also don't necessarily agree that some may be sharing their information here for the purposes of ego gratification. Even if a prospective retiree feels fairly sure they have enough money, it is very understandable that they might want some reassurance from a group of peers such as they might find here on this forum. Even high earners can need advice and reassurance. "They" are not really that different from "us"!

If someone posts a question along the lines of "I have $xxx, can I afford to retire?" I think it's fair to assume that they are looking for advice and help and, likewise, think it's rather cynical to speculate that they may merely be looking for ego gratification.

 

[unclemick]

Baa, baa, black sheep! Pappy Boyington was a U-dub grad, in Aeronuatics. Ugly as sin and too tough to kill. I read his book before the TV show. Backatcha, Unclemick.

Actually handsome or at least my niece thinks so - after Iraq and Afghanistan will cross the magic twenty years on Embassy duty.

heh heh heh -

 

[kcowan]

If anyone has the ability to accumulate $3-10M or more in assets through their own initiative, its laughable to me that they need to ask the question on ERF, can I retire, and if they do, it would seem to me they are doing it for ego gratification only. Now if they inherited or won the lottery and don't know squat, that's a different story.

Anyway, as Gumby indicated, it's a fools errand to want to compare oneself to the assets of others.

Many successful people learn how to make money. But few of them learn how to save money. That seems to be the purview of the majority of the participants here.

So the fact the people come and ask a genuine question but then disappear is because they do not find any kinship with the majority of the participants here.

We seem to have a problem helping someone who has $3.1 million and spends $140k a year but less of a problem with someone who has $750k and spends $35k a year.

(Sorry Major Tom: I had not read your post before posting.)

 

[stepford]

If you have twice what I have then you're rich beyond measure and I can't imagine ever spending what you have. If you have half what I have then you're pitifully poverty stricken and I can't imagine living on such a pittance or that you'll ever retire.

True if "I" have $100K, $10M or anywhere in between.

Moral: Don't get hung up on raw dollar figures.

 

[foxfirev5]

I must admit I've been rather blown away by some of the numbers posted on this board. I have thought that I was rather well off and even questioned my own plans a couple of times. Of course I'm in the middle of OMY syndrome which isn't helping anything.

So for about the five hundredth time I calculated my cash flow, meager pension, ss, retiree medical, etc. Used both a buckets mind game and total return analysis which both came through fine. I'm assuming zero real growth and normal inflation ranges.

Other than the potential size of our children's inheritance I feel comfortable with my situation. What someone else has or hasn't does not matter. Good health and satisfaction with life are the key.

 

[freebird5825]

No millionairess here. But I am available for adoption to anyone who is.

It all boils down to what you feel you want to spend. I live out in the country where the cost of living is relatively cheap compared to urban settings. Yes, I pay steep real estate and consumer sales taxes in NY, but the cost of services, entertainment and home maintenance are dirt cheap in a small town. If I need an urban adventure, I travel to get that.
It all evens out in my budget.

I am very fortunate to have 2 govt pensions (1 as a widow, 1 as a retiree myself) which will keep me afloat no matter what my portfolio does. Neither is very big, but it is enough to cover my living expenses. I am still investing some of that at age 56.

Save what you can, invest it wisely, and watch it grow.

 

[eytonxav]

I don't agree. Accumulation and withdrawal are 2 different processes. I think it's entirely possible to get so caught up in the accumulation phase that you haven't given much thought to withdrawal, regardless of your income level. I know that your thinking is probably along the lines that anyone smart enough to amass a large portfolio would also be smart enough to figure out whether they have enough to retire, but I don't think it necessarily works that way.

I also don't necessarily agree that some may be sharing their information here for the purposes of ego gratification. Even if a prospective retiree feels fairly sure they have enough money, it is very understandable that they might want some reassurance from a group of peers such as they might find here on this forum. Even high earners can need advice and reassurance. "They" are not really that different from "us"!

If someone posts a question along the lines of "I have $xxx, can I afford to retire?" I think it's fair to assume that they are looking for advice and help and, likewise, think it's rather cynical to speculate that they may merely be looking for ego gratification.

May be I am being too harsh or I just woke up on the wrong side of the bed today, but my point is that if you have the brains to accumulate those levels of assets, you probably are capable and self sufficient enough to figure that out on your own. This isn't rocket science nor does it take being a financial genius. If they really are uninformed or just want some warm fuzzy reassurance, a little searching on the forum provides plenty of examples on how to figure out that answer for one's self. I think a sticky about how to assess the question, "do I have enough to retire" needs to be posted or reposted. Perhaps the $3M scenario should not be picked on, but there have been many others well above that. Nevertheless, I think many on here can only dream of accumulating such assets, and in my opinion, it comes across as a bit ostentatious when fairly wealthy folks ask the question.

 

[Travelwanted]

If anyone has the ability to accumulate $3-10M or more in assets through their own initiative, its laughable to me that they need to ask the question on ERF, can I retire, and if they do, it would seem to me they are doing it for ego gratification only. Now if they inherited or won the lottery and don't know squat, that's a different story.

Anyway, as Gumby indicated, it's a fools errand to want to compare oneself to the assets of others.

IMHO it is more about reassurance than ego.

Some of us have done well, no doubt. But for some who have done well, once we leap. . . there is no turning back. So to seek advice from a site like this or Bogleheads.com is due diligence. Something one who is successful often does.

Remember, you don't have to be a financial guru to have been successful. Many of us have/had careers outside of finance.

 

[Major Tom]

I do understand your points DFW_M5, as I hope I explained in my post. We just have different points of view which, of course, is not a problem at all.

 

[2B]

Baa, baa, black sheep! Pappy Boyington was a U-dub grad, in Aeronuatics. Ugly as sin and too tough to kill. I read his book before the TV show. Backatcha, Unclemick.

Ed and I graduated together back in 1973. I immediately became rich when I started working for $11,700/yr. I had a small amount of student loans to pay off but nothing significant.

I really didn't pay much attention to how much I had as long as I had a job. I lost a job in 1982 and had a shock when I realized I had put too much into a down payment to avoid high early 80s interest rates. I never made that mistake again. Fast forward to 2002, I got laid off again. After I eventually got a contractor job and discovered this forum (~2005), I finally counted my money. It was a little over $1MM and I realized I could fund a nominal retirement maintaining the same lifestyle we were leading. There wasn't much downside protection other than reducing expenses. Concerns over a "margin" kept me working starting my OMY situation but in-laws health soon gave me an continuing excuse to continue until now.

I've got enough where it makes no sense to keep working unless the goal is to give it to the grandkids. I can't see ever spending what we've got. I am pretty sure we would have been fine had I pulled the plug when I first realized we were FI back in 2005/2006 when I discovered this forum. I really think if I just had what I had in 2006, DW and I would be fine financially.

 

[GrayHare]

Many reactions here are much like those of co-workers when we announce we're retiring at (pick one) 60/55/50/45...

 

[Regulator]

Just take the time to develop the granularity of your own goals. I've spent a lot of time working on mine, and I won't need numbers near that big. They wouldn't hurt though;-)

 

[cooch96]

I barely have 300k$ saved in USD, plus some home equity and the normal junk one accumulates in this country. I'd like to throw a bunch of it out, but my wife loves having 4 blenders that never get used. I'm optimistic overall; I think I can pay off the mortgage in five years and then ease into ESR until the nest egg approaches $2mm.

And I'm glad to see some Army solidarity on this board. It's been way too long since we beat those squids.

 

[Gumby]

And I'm glad to see some Army solidarity on this board. It's been way too long since we beat those squids.

And a long time to come before you ever will.

 

[youbet]

It's darn amusing to listen to the folks boast about how small a portfolio they RE'd with but who have hefty pensions which, when coupled with SS, provide a decent life style even without a penny in savings. Of course if your pension + SS = a decent lifestyle you don't need a million buck portfolio. Duuuuuh.....

But for folks living off of portfolio withdrawals and SS, a million buck portfolio doesn't seem so outrageously big!

Sigh...... like many of our discussions here, it's tough to sort out the true apple to apple comparisons.....

 

[nuke_diver]

Seems like there are (generically) 3 groups on ER boards

1. The group that the OP alludes to, saved a bunch of money to retire. Often because if you don't you can't because you don't have what
2. The group with a decent pension that can be counted on so the amount of savings needed for ER does not need to be so large.
3. The 3rd group is probably smallest I would guess but these are the extreme saver/spenders who retire very early in some cases (Think Mr. MoneyMustache) who in some cases have retired from the corporate life but not necessarily from working (blogging for $$, writing books/articles etc but freelance so not officially employed )

However you do it, if you do it before the expected retirement age congratulations...that's winning in my books.

 

[Amethyst]

There is also the group whose ER plans were considerably speeded up via inheritance.

One comment about the "pension" group: Many pensions don't allow "early" retirement (say, before age 55 or 57). So it is more of a "hang in there until you can collect" retirement.

Amethyst

Seems like there are (generically) 3 groups on ER boards

1. The group that the OP alludes to, saved a bunch of money to retire. Often because if you don't you can't because you don't have what
2. The group with a decent pension that can be counted on so the amount of savings needed for ER does not need to be so large.
3. The 3rd group is probably smallest I would guess but these are the extreme saver/spenders who retire very early in some cases (Think Mr. MoneyMustache) who in some cases have retired from the corporate life but not necessarily from working (blogging for $$, writing books/articles etc but freelance so not officially employed )

However you do it, if you do it before the expected retirement age congratulations...that's winning in my books.

 

[Lakewood90712]

I barely have 300k$ snip.......................

And I'm glad to see some Army solidarity on this board. It's been way too long since we beat those squids.

This board is infested with "Squids" , and many are the worst kind , "Bubbleheads" . You are probably now on double secret probation after a comment like that

 

[eytonxav]

USAF here, while I like Navy, its about time for Army to win one!

 

[mpeirce]

IMHO it is more about reassurance than ego.

This is how I see it.

I really like to run ideas by others to see if I've overlooked anything. Most of the time I'm OK, but a couple of times someone has pointed out something significant that I would have missed.

Either way it is reassuring.

 

[fh2000]

This is how I see it.

I really like to run ideas by others to see if I've overlooked anything. Most of the time I'm OK, but a couple of times someone has pointed out something significant that I would have missed.

Either way it is reassuring.

Assurance is good. I have read the posts here for few years now as well as in Bogleheads. I see new comers stumbling like bumper cars. Some would post similar finance situation than mine. I just sit back, and read the responses. Eventually, I acquire some level of assurance that way.

 

[Amethyst]

I have never, in 6 years of active forum membership, read of a situation that closely resembles ours. (We never saw ourselves in the money-magazine profiles, either). I knew we, as a family, were outliers before I joined, and the forum posters have only confirmed this. We're unique! Nevertheless, I've gained valuable insights from fragments of similarities from others' stories.

Amethyst