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Reached a Milestone today!
Old 01-26-2011, 06:08 AM   #1
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Reached a Milestone today!

This may not be a big deal for some, but today our household net worth hit 1 million dollars! It feels so good to know that retirement is less than 2 months to go!
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Old 01-26-2011, 06:24 AM   #2
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Congratulations wishing4it! That is quite a milestone that many will never achieve. With retirement less than 2 months away am I correct to assume you will have other income streams other than earnings from your $1 M nestegg?
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Old 01-26-2011, 06:31 AM   #3
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Big CONGRATS! We hope to hit the same milestone this year or next.
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Old 01-26-2011, 08:59 AM   #4
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Congratulations! That's a big number to hit.

Not to put a damper on things, but I wish I had done this exercise a LOT more seriously than I did....

Think, really think, about losing 50% of your equity portion and say 10% of your bond portion. Will you be able to handle it? If not, re-think your AA now, while the markets are good.

I got caught with 5% too much equity in the 2008-09 downturn & couldn't muster up the courage to rebalance in one shot when AA got out of whack. I chose to DCA into balance. As a result I lost out on some of the gain of the subsequent recovery. Of course, it could have gone the other way too. My point is that NOW is the time to think about these things.

Congratulations again! Great achievement.
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Old 01-26-2011, 09:05 AM   #5
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With retirement less than 2 months away am I correct to assume you will have other income streams other than earnings from your $1 M nestegg?
Tom, the poster did NOT say that he/she had a $1M nest egg. He/she said that their household had a $1M net worth.
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Old 01-26-2011, 09:24 AM   #6
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Tom, the poster did NOT say that he/she had a $1M nest egg. He/she said that their household had a $1M net worth.
True. It would have been better to state that "we have in excess of $1M of investable assets allocated for retirement income" ...

Heck, you could be living on the "left coast" and have a home that is valued in excess of $1M. Unless you are willing to downsize, move, and otherwise "cash in", the ability to ER is much different, IMHO.

Not to minimize your achievement at all (good 4 U), but there are different ways to look at it. I, for one always looked at my/DW's investable assets (not including any emergency funds or other savings) as my own standard to measure. There are too many other ways of looking at net worth that are "feel good" measurements, but don't really mean much when you are looking for retirement income.
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Old 01-26-2011, 09:49 AM   #7
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Congratulations Wishing! Does that include personal use real estate?
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Old 01-26-2011, 09:53 AM   #8
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Congratulations--however you figure your net worth, that is quite an achievement and should let you sleep pretty well.
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Old 01-26-2011, 10:10 AM   #9
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Yes, congratulations are in order! We hit that mark a few years ago and were quite happy about it and still am.
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Old 01-26-2011, 10:19 AM   #10
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Congratulations w4it!

Reaching a milestone (however you define your milestones) seems to encourage one to save and invest even more -- at least it did for me.
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Old 01-26-2011, 10:26 AM   #11
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Super! Congrats!
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Old 01-26-2011, 10:29 AM   #12
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Agree Rustward. Once you hit the 1million..preferably in liquid investable assets (not including value of primary home) it's easy to become obsessed. The satisfaction rewards and peace of mind of continuing to "grow it" is far better than any diamond ring or sports car...or whatever else one may think they want! Of course, Ive done my share of that in the past. And hubby bought me a mink coat for Christmas. Had I not thought I would hurt his feelings (as he was so proud of doing it), I would have returned it. (well....maybe not....)
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Old 01-26-2011, 11:49 AM   #13
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Congrats, Wishing4it. I first hit the $1M mark last April then fell below it when the stock market dipped in May. Then I got back over $1M a few months later and have stayed above it but a few thousand dollars. I hope you don't have a similar roller coaster ride and can stay above it, too.
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Old 01-26-2011, 11:56 AM   #14
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Sounds like reason to celebrate more than once Scrabbler1 ;-)

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Congrats, Wishing4it. I first hit the $1M mark last April then fell below it when the stock market dipped in May. Then I got back over $1M a few months later and have stayed above it but a few thousand dollars. I hope you don't have a similar roller coaster ride and can stay above it, too.
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Old 01-26-2011, 12:32 PM   #15
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Tom, the poster did NOT say that he/she had a $1M nest egg. He/she said that their household had a $1M net worth.
Yeah, I did miss that, that's what happens when I post something before 7:00 AM, not quite awake.

However, I guess my question is still valid if the $1 M is household net worth and not investments dedicated for retirement with 2 months to go before retirement.
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Old 01-26-2011, 02:10 PM   #16
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This may not be a big deal for some, but today our household net worth hit 1 million dollars! It feels so good to know that retirement is less than 2 months to go!
That is a big deal for anyone, you celebrate hard enough to put you back under it!
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Old 01-26-2011, 03:52 PM   #17
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I tell you its a great feeling when your net worth is over a million. Congratulations wishing4it. A question how much do you need for monthly expenses in retirement? Do you have any other income sources other then your savings? Finally how old are you and your spouse?

My mint account last week showed retirement savings accounts over 1 mil. I took a screen shot of it.
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Old 01-26-2011, 05:33 PM   #18
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Congrats, truly one of the great milestones, and one that many people never reach. Good for you!
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Old 01-26-2011, 06:03 PM   #19
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Congrats. I think you have a good chance of staying above $1 million this time unless Dex has a change of fortune with his forecasting prowess.
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Old 01-26-2011, 08:24 PM   #20
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Congrats! And you're ahead of your goal - your profile says 2013.
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