wishing4it
Dryer sheet aficionado
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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!
Reached a Milestone today!
- Thread starter wishing4it
- Start date
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?
robbridg
Recycles dryer sheets
Big CONGRATS! We hope to hit the same milestone this year or next.
walkinwood
Thinks s/he gets paid by the post
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.
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.
JustCurious
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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.
rescueme
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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.
Danmar
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Congratulations Wishing! Does that include personal use real estate?
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Bestwifeever
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Congratulations--however you figure your net worth, that is quite an achievement and should let you sleep pretty well.
BTravlin
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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.
Rustward
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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.
Reaching a milestone (however you define your milestones) seems to encourage one to save and invest even more -- at least it did for me.
Aiming_4_55
Thinks s/he gets paid by the post
Super! Congrats!
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....)
scrabbler1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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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.
Aiming_4_55
Thinks s/he gets paid by the post
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.
That is a big deal for anyone, you celebrate hard enough to put you back under it!
crispus
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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.
My mint account last week showed retirement savings accounts over 1 mil. I took a screen shot of it.
Arnie
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Congrats! And you're ahead of your goal - your profile says 2013.
traineeinvestor
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Congratulations.
Milestones are nice reminders of the progress you are making towards your financial goals. However you measure it, USD1 million is a significant achievement.
Milestones are nice reminders of the progress you are making towards your financial goals. However you measure it, USD1 million is a significant achievement.
obgyn65
Thinks s/he gets paid by the post
Congratulations wishing4it.
dessert
Full time employment: Posting here.
Congratulations on the milestone! You didn't get there by mistake. You are doing something right so just enjoy it and keep doing what you're doing. If you're like others, you might hit that same milestone two or three times before it sticks. Congratulations again.
wishing4it
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Thanks everyone! Sorry for the delayed response but I had to go to w*rk!?#@!
I read that there are different ways to calculate net worth and actually, in our case, I did include the equity in our home as well as all our investments, the equity is a pretty small part of it though. If I didn't count it, we would hit the milestone later this year anyway. It just feels so good I couldn't wait!
Originally, back in early 2008, our plan was to retire at 59 1/2 (2013). Of course, we all know what happened then, but we've regained most of our losses (much more careful now with AA) and would probably have stayed the course except that my DH lost his job 18 months ago. He has had a terrible time finding something in his field, so we recently decided to move our plans up. I volunteered for an upcoming lay-off at my place of w*rk which is why I don't know an exact date yet.
Our plan is to sell the house this Spring and become full time RVers for 2-3 years (with plans to travel the US and Canada) using other funds, mostly the severance payout and bonus, that were not included in our net worth. Our expenses will be alittle more than 1/2 of what they are now. If all goes well, we shouldn't have to touch most of the nest egg until we settle down again. We have an acre of land in the Texas Hill Country that we plan to build on when the time comes...unless of course we find some place else we like better when traveling! Then, with SS, the nest egg, and a couple of small pensions, we'll be able to cover all our future expenses.
One of the best things about our decision to go full timing is freeing ourselves of "material things" that we have hung on to for years. It's hard to believe we boxed up and stored so much stuff we will never use again - not to mention storing other people's stuff!
Dessert... I wish I count do a count down like you are! I just don't know exactly when, but it looks like my retirement will be about the same time as yours.
I read that there are different ways to calculate net worth and actually, in our case, I did include the equity in our home as well as all our investments, the equity is a pretty small part of it though. If I didn't count it, we would hit the milestone later this year anyway. It just feels so good I couldn't wait!
Originally, back in early 2008, our plan was to retire at 59 1/2 (2013). Of course, we all know what happened then, but we've regained most of our losses (much more careful now with AA) and would probably have stayed the course except that my DH lost his job 18 months ago. He has had a terrible time finding something in his field, so we recently decided to move our plans up. I volunteered for an upcoming lay-off at my place of w*rk which is why I don't know an exact date yet.
Our plan is to sell the house this Spring and become full time RVers for 2-3 years (with plans to travel the US and Canada) using other funds, mostly the severance payout and bonus, that were not included in our net worth. Our expenses will be alittle more than 1/2 of what they are now. If all goes well, we shouldn't have to touch most of the nest egg until we settle down again. We have an acre of land in the Texas Hill Country that we plan to build on when the time comes...unless of course we find some place else we like better when traveling! Then, with SS, the nest egg, and a couple of small pensions, we'll be able to cover all our future expenses.
One of the best things about our decision to go full timing is freeing ourselves of "material things" that we have hung on to for years. It's hard to believe we boxed up and stored so much stuff we will never use again - not to mention storing other people's stuff!
Dessert... I wish I count do a count down like you are! I just don't know exactly when, but it looks like my retirement will be about the same time as yours.
Amid the well-deserved congratulations, a couple of thoughts:
You are now in the company of 24.2 million other millionaires (reckoned by total net worth) according to Credit Suisse, which is roughly 0.5% of the world's adult population.
There are other ways of measuring who is a millionaire, such as the Capgemini/Merrill Lynch definition of $1 million or more in investable assets. There are only about 10 million folks in that group.
With luck, you'll find new thrills in reaching this and other milestones. Enjoy them to the max!
You are now in the company of 24.2 million other millionaires (reckoned by total net worth) according to Credit Suisse, which is roughly 0.5% of the world's adult population.
There are other ways of measuring who is a millionaire, such as the Capgemini/Merrill Lynch definition of $1 million or more in investable assets. There are only about 10 million folks in that group.
With luck, you'll find new thrills in reaching this and other milestones. Enjoy them to the max!
