Passed the 1M mark

[truenorth418]

Just a passing thought...If you don't have a personal liability umbrella policy added onto your homeowners, etc., I would think about adding one. The rates are pretty low for 1 or 2 mil. It's good protection for you and your net worth.

+1

 

[SumDay]

When growing up 1M was the golden grail of achievement whereas now 1M isn't what it use to be.

Boy, ain't that the truth? Still it is a major milestone and one that fewer and fewer Americans are reaching. Anyone who does should be VERY proud of themselves.

And ditto on the suggestion to get umbrella liability coverage if you don't already have it. I can testify that it is worth every penney.

 

[tmm99]

Thank you for the suggestion on umbrella. Big part of 1M is in my 401k but I did start the umbrella a few years ago, I think, by following suggestions on this forum.

Thank you for watching over me!!

 

[lacawac]

sweet!!!!!!

 

[catccc]

Big Congrats! What an accomplishment! Can you tell me more about your situation- age, income, family size? Does this put you on track for your target retirement date?

 

[FinanceDude]

The first million is the hardest to make..........

 

[JasmineJ]

Congratulations! I just passed $1M in this year and decided that I want to retire before 65. I'm currently 59 years old and would like to retire in one year.

I found this site while Googling and have already learned a lot. I'd never heard about personal liability umbrella insurance but called my insurance agent and am having my car and condo insurance adjusted to the limits necessary. One goes up and one goes down and just about cancel each other out. The umbrella policy is $107/yr.

This month, I took cash that had been sitting doing nothing and paid off my mortgage and my car payment. I now have zero debt.

 

[In-control]

Nice... It's a milestone for sure.

 

[tmm99]

Congratulations! I just passed $1M in this year and decided that I want to retire before 65. I'm currently 59 years old and would like to retire in one year.

I found this site while Googling and have already learned a lot. I'd never heard about personal liability umbrella insurance but called my insurance agent and am having my car and condo insurance adjusted to the limits necessary. One goes up and one goes down and just about cancel each other out. The umbrella policy is $107/yr.

This month, I took cash that had been sitting doing nothing and paid off my mortgage and my car payment. I now have zero debt.

Good for you! Congratulations on zero debt!!

 

[meekie]

Its a great milestone! Fortunately you usually get to repeat it a few times as the market gyrates...

Started in April 2012, then Sept, then December. It's stayed above there since Dec, and now that we've had a few good months it looks pretty solid.

Congrats to the OP! It's such a big milestone, I think you expect to feel different, but it's really doesn't change things that much.

 

[RobLJ]

Started in April 2012, then Sept, then December. It's stayed above there since Dec, and now that we've had a few good months it looks pretty solid.

Congrats to the OP! It's such a big milestone, I think you expect to feel different, but it's really doesn't change things that much.

For myself, it was a weird feeling, since I never expected to reach anything like that, given my career choice, although marrying well and having two earners made it possible (and being lucky in investing) for us.

I think we passed it (in investments) about 20 months ago in July, then saw it go down almost immediately, only to recover after 15 months ago, which reinforced the vicissitudes of the markets. It also (when we went back over the mark) did reinforce for me, however, the possibility of an early semi-retirement for me, as well as for my DW, who is younger. We're now planning semi-retirement anywhere from 2-3 years, although I'll semi-retire and she will work for a few more years, since she is younger. Unless the market collapses.

 

[FANOFJESUS]

That is still rich in the middle of the country.

 

[shotgunner]

I hit the $1M of investable assets yesterday for the second time. It felt better when I did it in Dec 2006, sure was a bumpy ride in-between but I have enjoyed 5 years of only working part-time as well.

 

[RobLJ]

A BIG Congratulations! It can be amazing after accumulating the first million to watch how fast the compounding works on top of savings contributions on your way to 1.5m or 2.0m.

True for us. I think we passed it (net worth) 2 years and eight months ago and just hit 1.5 last month (I think). The market moonshot has done most of it, of course, as well as debt reduction. And the youngest graduating college last June; paying for two at the same time a couple years before was brutal. Now it feels like we're spending like drunken sailors and still saving more than seems possible.
Congrats for hitting the 7 figure milestone--kind of the marathoner's wall.

 

[Dreamer]

Congrats! It has to be a great feeling. We are getting close, but markets have to keep cooperating.