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Does everyone here have millions saved?
Old 12-11-2014, 07:21 PM   #1
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Does everyone here have millions saved?

A thread in another post asked if $3.1MM was enough to retire.

I can't imagine ever having that much money (even if I worked to 100) and can't imagine how that couldn't be enough.

Since I'm single and have no dependents, I doubt I'll ever be able to spend what I'll accumulate by 65 and, by then, (free) time left is more important to me than all the money in the world. It would be nice to leave some to a veterans' organization or children's hospital (my brothers don't need it and they'll end up leaving MY money to THEIR dependents), but I just don't think it's worth another 1-5 years of waking at sun-up and coming home after sunset, 5 days a week.

Most folks worry about outliving their money. I'm just hoping for a draw!
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Old 12-11-2014, 07:35 PM   #2
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Plenty don't. I think some people here get too hung up on how much/little others have or spend. I think you have the right idea, it's a tradeoff between working longer to have a few more things or quitting when you have enough. For some people with high income jobs or other incentives, it doesn't take working too much longer to accumulate a lot more, which is why some will work a bit beyond when they have enough.
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Old 12-11-2014, 07:39 PM   #3
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It wasn't how much they have that caught my attention, it's how much they spend.

Wow.
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Old 12-11-2014, 07:40 PM   #4
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Comparing yourself to others is a fool's errand. There will always be someone with more and better than you. Their situation is not yours. Neither are their hopes and aspirations. And vice versa. The wise man asks only "Do I have enough for me and my life?"
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Old 12-11-2014, 07:54 PM   #5
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I started a thread "Is Everyone a Multi-Millionaire?" a while ago.

I came to the same conclusion. You are looking at a biased sample, early retirees. Some way early. It is near impossible to retire early, with a large income, and not be a millionaire.

Anyone can retire at the equivalent of $40K a year, just by quitting and taking advantage of social programs. But if you want to be able to live a decent lifestyle, it takes a decent pension or a lot of money.
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Old 12-11-2014, 07:56 PM   #6
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What Gumby said.
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Does everyone here have millions saved?
Old 12-11-2014, 08:10 PM   #7
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Does everyone here have millions saved?

Many have some type of pension and most have Social Security. .
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Old 12-11-2014, 08:12 PM   #8
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Comparing yourself to others is a fool's errand. There will always be someone with more and better than you. Their situation is not yours. Neither are their hopes and aspirations. And vice versa. The wise man asks only "Do I have enough for me and my life?"

Bingo, give that man a cigar.
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Old 12-11-2014, 08:19 PM   #9
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I don't even have $400k saved yet. Unless I step it up, it's gonna take 10-15 more years just to reach $1M.
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Does everyone here have millions saved?
Old 12-11-2014, 08:27 PM   #10
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Does everyone here have millions saved?

Quote:
Originally Posted by Gumby View Post
Comparing yourself to others is a fool's errand. There will always be someone with more and better than you. Their situation is not yours. Neither are their hopes and aspirations. And vice versa. The wise man asks only "Do I have enough for me and my life?"

I disagree. I compare myself to these folks asking of three, or five, or eight million is enough, and i learn that i am,in fact, not a fool.


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Old 12-11-2014, 08:31 PM   #11
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I never thought we would end up with what we've got. We just saved little bits at a time. We're nothing special, no biggies, just workers and we never suffered or were really thrifty. We just consistently saved, without any portfolio planning or financial management. Still not sure how we got here!
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Old 12-11-2014, 08:40 PM   #12
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I disagree. I compare myself to these folks asking of three, or five, or eight million is enough, and i learn that i am,in fact, not a fool.


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I don't compare myself to others and others shouldn't either. I just don't think it's healthy.





.... I also think it's quite annoying for someone to post their 1st thread with $5M, $8M in asset to ask if he/she can retire. Most if not all know it's more than enough to retire, especially, if one has been a long time lurker. Hell, even a short time lurker can quickly learn that $5M with $50k yearly expense can easily retire. Most people who accumulated $5M and $8M are good at financials besides being smart, educated, hard working, etc.. Some of them never end up posting again. So, go figure.
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Old 12-11-2014, 08:43 PM   #13
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Hot Dog!

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Old 12-11-2014, 08:46 PM   #14
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No, we have less than $2 million, and I think there are plenty of us here that are mere single millionaires or less wealthy. Anyone have a link to the latest "what's your net worth" poll?

It's really all about saving 25 to 33 times your annual spending. Then you have "enough". "Enough" is more important than a specific dollar amount.
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Old 12-11-2014, 09:03 PM   #15
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One of the attractions of this site, to me, is that there is variety here. There are folks with *lots* of money... and those with less.... We've got posters here who are masters of frugal living, while still maintaining a good quality of life. There are others who have more money but are still frugal. And there are those that aren't frugal, but have no need to be... Variety - it's all good.

I don't worry about how much others have - just about whether they have knowledge I can learn from them.
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Old 12-11-2014, 09:45 PM   #16
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As my Mother used to say, "shrouds have no pockets". I mean, what is the point? I am retired in Mexico and many children have no food, sleep on the ground, and are happy with practically nothing. So much of the world struggles to just survive and I see these nonsensical posts about 3 or 5 million....
Sorry for the rant, but sometimes I just feel we have lost our direction.
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Old 12-11-2014, 09:45 PM   #17
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I can't imagine ever having that much money (even if I worked to 100) and can't imagine how that couldn't be enough

To put it gently, you are probably doing something wrong. I knew when I was 15 I was going to be a millionaire, but that is when I learned about compound interest and started investing for the first time.

I think it is a fundamental misunderstanding of compound interest and investments as a whole. Without knowing details like what your income is vs expenses vs current savings/investment balance vs age vs investment horizon, we are just spitballing.

I can absolutely imagine having that kind of money and I am well on my way.

It wasn't how much they have that caught my attention, it's how much they spend.

Me 2. 150k/year is a LOT. I know there are high cost areas such as DC, NY, and the state of California, but I would move before staying in one of these uber expensive places.

It is near impossible to retire early, with a large income, and not be a millionaire.

I don't agree with this either. I don't think you HAVE TO be a millionaire to retire early. Then again, I am getting out of the states soon and moving to a lower COL area. There are lower COL areas in the US as well (El paso, tx vs NYC), but just the same there are even cheaper places out of the country.
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Old 12-11-2014, 10:04 PM   #18
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I wouldn't know what to do with $2M. If you're aiming for satisfaction in life, it doesn't take a great deal of money. If you're aiming for something else, however, it does. Problem is, the something else is never enough.
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Old 12-11-2014, 10:10 PM   #19
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I'm sure they do. Collectively.
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Old 12-11-2014, 10:12 PM   #20
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It is near impossible to retire early, with a large income, and not be a millionaire.

I don't agree with this either. I don't think you HAVE TO be a millionaire to retire early. Then again, I am getting out of the states soon and moving to a lower COL area. There are lower COL areas in the US as well (El paso, tx vs NYC), but just the same there are even cheaper places out of the country.
Apologies for just picking on one piece of your post. I am sitting in my cozy little apartment, in the middle of a rainstorm here in the Bay Area and am dealing with it by imbibing hot chocolate spiked with whisky. In other words, my ability to conceive of, and type, long coherent posts, may be a little impaired.

He said, "It is near impossible to retire early, with a large income, and not be a millionaire.

I'd agree with that. I think you weren't noticing the "with a large income" part of his statement. In order to have a large income, you need a large stash. A million will only support an annual withdrawal of something like 30-35K per annum over a 30-40 year period, if you want 100% chance of success according to Firecalc.

However, if you consider 35-40K/year to be a large income, then I'd agree with you. It all depends what you mean by "large income".
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