eight figure club

I just ran my own numbers through FireCalc, and it looks like, in theory, I could hit $10M as soon as 2031, when I turn 61. That's presuming I keep working, though. The bulk of the lines are more in the $3-5M range, though.

I never in a million years figured I could conceivably hit that kind of net worth in my lifetime! Realistically I probably won't though, as my goal is to retire in 2020-21, which would put me at 50-51. Still, even running this scene through FireCalc, there is one line that breaks the $10M barrier in 2035, when I'd turn 65.

Anyway, it probably won't happen, but it's still pretty cool to think there's a chance I could break the $10M barrier sometime in my lifetime. I really don't think I'd know what to do with that kind of money, though, especially since I'd hit that milestone fairly late in life.
 
There's a chance. :rolleyes:

FIRECALC says
"Here is how your portfolio would have fared in each of the 113 cycles. The lowest and highest portfolio balance at the end of your retirement was $750,000 to $17,194,250, with an average at the end of $9,924,039."

The markets just have to be better than average and I'll need to live till I'm 87!:cool:
 
NW-Bound said:
A bottle of Louis XIII costs more than a case of XO. And what if I buy it, and cannot taste the difference
Click to expand...
More expensive doesn't always mean better.

I LOVE tawny port and a $6 bottle of Whiskey Blake's is better than a $40 bottle of 20 yr Taylor's and just as good as a $80 bottle of 20 yr Grahams. :cool:

As to reaching 8 figures: (not there yet) -- seemed like it took forever to reach the first 6 figures but each milestone after that is either easier / faster or just less of an impact

BUT 8 figures will / would be an awesome milestone that I hope to reach someday.

hesperus: has your WR changed?
 
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gerntz said:
I'm eight figures too, but two of them are after the decimal point.
Click to expand...



HAHAHA!

You mean I wasnt suppose to be counting those?
UhOh. My 7 figure retirement might be in trouble.

Congrats OP
 
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Thanks for the kudos everyone. For the sake of transparency, even though I didn't inherit the eight figures, I did inherit mid seven figures in 2011, and that combined with the assets DW and I had already accumulated by then (approx $1.2M), RE appreciation, LBYM, a booming market, and no children have gotten us to this point. As I've mentioned in some previous posts, the windfall I received from my father, instead of wanting to open the spending floodgates, made me want to add something to it. An inheritance can open up some complex emotions, and in this case this is how I responded to them. I've always been a careful spender, as is my wife, so old habits die hard. Did I already mention no children? lol.
 
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More power to hesperus for hitting 10 Mil. If that was his retirement goal then my heartiest congratulations. That said, while such numbers were potentially in reach for me, pursuing them would have been a great mistake.

My wife and I probably have a NW of less than half hesperus' (depending on what's counted in NW) and, even at that, feel that retiring at 55 we waited a bit longer than we needed to. Financial projections suggested that we too would have probably hit 8 figures if we'd kept working until a traditional 65 year retirement age, but again, I am very glad we did not.

My point is that reaching a high NW is great - so long as you don't sacrifice too much of what you enjoy in life to achieve it.
 
gayl said:
More expensive doesn't always mean better.

I LOVE tawny port and a $6 bottle of Whiskey Blake's is better than a $40 bottle of 20 yr Taylor's and just as good as a $80 bottle of 20 yr Grahams. :cool:
Click to expand...

I like 20 year old Presidential Tawny Port. Note: It must come from the ship decanter bottle, Its the only one i buy. Its $50 bucks. I think I pay an extra 8-10 bucks for the bottle shape, But my guests (when I had them), loved the bottle shape and it was a good Port and made for nice conversation..
 
gayl said:
More expensive doesn't always mean better...
Click to expand...

I think more expensive stuff is usually better. However, it's diminishing return, and my palate which gets dull with age may not appreciate finer things. And I care less and less about stuff.

Come to think of it, I have not had a drop of hard booze in a couple of months. My blood pressure was higher than normal when I came back from a long trip (I drank more on the trip), so I have been drinking just a small glass of wine each day.

Still would like to have an 8-figure stash, for the joy of seeing it on the Quicken screen.

PS. A guy needs a challenge. I want to prove to myself that I am a successful investor. It's not really different than someone who aspires to climb a mountain. Even if I do not reach 8 figures, making progress along the way makes me feel good.
 
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45th Birthday said:
Simply false. Estimates are that only 20-30% of wealthy people inherited it.
Click to expand...

I would think the majority of people with 8 figures had some significant inheritance to give them a boost. I know I did. In my case I received about $250k at age 18. The inheritance helped me in a few ways: 1) no school debt (college or grad school), 2) able to buy real estate at a younger age, and 3) start saving at a younger age (started IRA at age 18). I received a much more significant inheritance 30 years later but by then I had built up about $2m. Though most of that $2m was from our hard work it was that early leg up which enabled us to build to that level.
 
But for net worth, the 1 percent threshold for net worth in the Fed data was nearly $8.4 million, or 69 times the median household’s net holdings of $121,000.
Click to expand...
https://economix.blogs.nytimes.com/2012/01/17/measuring-the-top-1-by-wealth-not-income/

And from another source https://dqydj.com/net-worth-in-the-united-states-zooming-in-on-the-top-centiles/

net_worth_centiles_2013_scf.png
 
My children got a pretty good start. They got their college education with no debt. I helped my daughter with the purchase of her 1st home when I saw ridiculous prices after the housing bubble burst. Now that she is married and has a larger home, she sold the townhome for 2x the purchase price (it is still 20% below what the previous owner paid).

My son after just a few years working already got $100K saved up, and we also helped him when he bought his 1st home.

And then, when we croak it is likely we will leave them a decent sum. I do not want to give them too much right now, as they must learn to manage money first.

My parents, when their fortune changed, did not have much to give me and my siblings other than a desire to do well. Still, we are all doing well. I don't envy people who get a big inheritance, because I am doing quite OK by myself.
 
CaliKid said:
I would think the majority of people with 8 figures had some significant inheritance to give them a boost. I know I did. In my case I received about $250k at age 18. The inheritance helped me in a few ways: 1) no school debt (college or grad school), 2) able to buy real estate at a younger age, and 3) start saving at a younger age (started IRA at age 18). I received a much more significant inheritance 30 years later but by then I had built up about $2m. Though most of that $2m was from our hard work it was that early leg up which enabled us to build to that level.
Click to expand...

To steal a line from someone else on this site, the plural of anecdote is not data. Nor is opinion fact.
 
45th Birthday said:
To steal a line from someone else on this site, the plural of anecdote is not data. Nor is opinion fact.
Click to expand...

I am also an estate planning attorney who has worked with thousands of clients. So not fact but more than just a wild guess.
 
I hit the 8 figure mark today. Was a little emotional for me. Emailed my financial advisor and she said "congratulations, but don't expect it to stay there, be prepared for it to go down soon". Since I can't touch that money for another 6 years I'm not really worried.
 
Congratulations! Great milestone.

I just did the math. If the market will just do what it did yesterday (+1%) for 100+ more trading days, I will be there with you. Gotta love exponential growth.

FN
 
NW-Bound said:
I think more expensive stuff is usually better. However, it's diminishing return, and my palate which gets dull with age may not appreciate finer things. And I care less and less about stuff.

Come to think of it, I have not had a drop of hard booze in a couple of months. My blood pressure was higher than normal when I came back from a long trip (I drank more on the trip), so I have been drinking just a small glass of wine each day.

Still would like to have an 8-figure stash, for the joy of seeing it on the Quicken screen.

PS. A guy needs a challenge. I want to prove to myself that I am a successful investor. It's not really different than someone who aspires to climb a mountain. Even if I do not reach 8 figures, making progress along the way makes me feel good.
Click to expand...

Thought your son had come up with a brandy that was tops in your taste test but quite economical? And you didn't divulge the brand... tend to remember that kind of thing.. Now should you choose to share that information I miight even buy some when we get down to the land of the cheap booze California.

Edit: can't shop today - we've been approaching a $500,000 step. Playing silly games like making sure the quarterly checks are dated the 15th, checking all accounts for loan or rent payments. Yeterday the market kicked us within a few hundred dollars of the mark - and social security deposits will carry us across. The market is making us rather breathless this morning..
 
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flintnational said:
Congratulations! Great milestone.

I just did the math. If the market will just do what it did yesterday (+1%) for 100+ more trading days, I will be there with you. Gotta love exponential growth.

FN
Click to expand...

... unless, of course, it goes down by 1% the day before each of those 100 increases.....:cool:
 
Congratulations! The eight figure club is a great milestone to achieve.
 
Low seven figures here and not sure what I'd do if I had 8 figures. Realistically, there is virtually nothing I actually "want" that I don't have. True, my cars are old, my travel is coach (aka cattle car), I eat at Panda Express, and Spaghetti Factory and local mom and pop places (splurging at Outback occasionally). While I'd love to see what it would be like to be in the 8 figure club, I'm just not sure it would feel like much more than a "number" to me. I guess at some point (for me) I just decided I have enough. That's a good feeling no matter how many figures we have. YMMV and heartiest congratulations to OP!
 
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