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Old 06-05-2014, 07:08 PM   #521
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^congrats guys! those of you that are close to or have reached your goals it'd be great to hear how long you've saved and what were the biggest contributing factors to your success. I'm always curious.
What worked for me:
- Being a good saver for over 30 years. I have been a better saver than investor.
- Learning to try hitting for "singles" in investments, rather than swing for "home runs" (I had to strike out a couple of times to learn that).
- Learning patience.
- Not assuming that someone who tried to sell me on various financial instruments had my best interests at heart.
- Marrying a woman who, though she didn't make much and was a SAHM for about half our marriage, also desired to be a good saver.
- Seeing from others Including folks on this site) that one can be have a happy, content retirement without "having it all", which is what DW and I look forward to. Conversely, seeing folks who gave the appearance of "having it all" crash an burn when financial trouble one would assume they could handle came along, and vowing never to get into that situation.
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Old 06-06-2014, 06:27 AM   #522
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I hit 250k at the end of May. Currently 31 and hope to another 250k by 35.
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Old 06-06-2014, 06:30 AM   #523
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I hit 250k at the end of May. Currently 31 and hope to another 250k by 35.
Millionaire by age 40 - great stuff !!!
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Old 06-06-2014, 06:40 AM   #524
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Hit a couple milestones this week. On Wednesday, the balance in my Scottrade online brokerage topped $300K for the first time. And as of yesterday, total investable assets crept just over the $980K mark.

I had set out a goal, years ago, to hit at least $1M by June 15, 2016. Nothing special about that date, it was just an arbitrary date I picked, and I record all of my balances as of June 15 of every year, to track my progress. At the rate I'm continuing to invest, even if the market stays flat, should hit that goal around this time next year.

of course, time will tell. And, once upon a time, I was naive enough to think that $1M would allow me to retire very comfortably. While I've come to my senses, and now see that it won't afford me a life of luxury, it's still a good feeling that milestone is so close!
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Old 06-06-2014, 08:31 AM   #525
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And, once upon a time, I was naive enough to think that $1M would allow me to retire very comfortably. While I've come to my senses, and now see that it won't afford me a life of luxury, it's still a good feeling that milestone is so close!
$1M may not be worth what it used to be, but it still ain't exactly chump change. Congrats on getting close to that milestone!
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Old 06-06-2014, 09:52 AM   #526
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Portfolio value reached 1.5m today!
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Old 06-06-2014, 09:56 AM   #527
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Speaking of $1M, interesting article on CNBC yesterday. Apologies if this is repost.

Million-dollar question: How much do you need to retire?
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Old 06-06-2014, 10:06 AM   #528
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And, once upon a time, I was naive enough to think that $1M would allow me to retire very comfortably. While I've come to my senses, and now see that it won't afford me a life of luxury, it's still a good feeling that milestone is so close!
Congratulations! And while you may not be able to live a life of utter luxury and opulence, you certainly have a comfortable retirement ahead (especially if you choose to live in one of the lower COL areas). A million dollar portfolio goes a long way in New Orleans, anyway, and even farther in some other parts of "flyover country".
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Portfolio value reached 1.5m today!
Woo-hoo!!! What a great milestone!
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I hit 250k at the end of May. Currently 31 and hope to another 250k by 35.
Wow, amazing at such a young age! You are well on your way. I think at age 31 I had about two cents, if that.
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Old 06-06-2014, 10:10 AM   #529
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FireCalc actually gives me a $100% chance of success of retiring right now, at the age of 44, with my $980K portfolio, and a $40K per year SWD. This assumes ~$12400 per year in SS starting at age 62, and a $349/mo non-COLA'ed pension at 65, and living to 100.

$40K per year was always the goal I had set, but then I made a spreadsheet mapping out various scenarios, and One More Year syndrome started to kick in. If I push it out to age 47, I can do $45K per year. At 49, I can do $50K per year, and if I wait til 50 it's $55K.
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Old 06-06-2014, 10:15 AM   #530
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Andre, are you doing the one more year thing because you like the appeal of spending a bit more in retirement? Or are you just nervous about hanging it up at such a comparatively young age? I'm curious.
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Old 06-06-2014, 12:41 PM   #531
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Andre, are you doing the one more year thing because you like the appeal of spending a bit more in retirement? Or are you just nervous about hanging it up at such a comparatively young age? I'm curious.
It's a combination of both, but I think moreso because I like the idea of being able to spend more in retirement. I'm starting to second-guess whether $40K per year, adjusted for inflation, would be enough to keep me happy. Health insurance is also a big unknown for me, as I haven't researched getting an individual policy yet.

Also, within the next, maybe 5 or 6 years, I want to move, but I'll probably be trading up. I figure I'm either going to still need the employment to qualify for a mortgage, or have a really big down payment saved up!
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Old 06-06-2014, 12:41 PM   #532
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Recently, I crossed 2M NW threshold. My next milestone will be having $2M investment portfolio. It could take 1.5 more years if I continue to work.
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Old 06-06-2014, 12:47 PM   #533
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It's a combination of both, but I think moreso because I like the idea of being able to spend more in retirement. I'm starting to second-guess whether $40K per year, adjusted for inflation, would be enough to keep me happy. Health insurance is also a big unknown for me, as I haven't researched getting an individual policy yet.

Also, within the next, maybe 5 or 6 years, I want to move, but I'll probably be trading up. I figure I'm either going to still need the employment to qualify for a mortgage, or have a really big down payment saved up!
Yeah, that health insurance still seems to be a big unknown right now. It would be my luck to retire early next year and then watch the ACA get repealed in 2017. Maybe that shouldn't be such a big concern. I don't know.
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Old 06-06-2014, 12:49 PM   #534
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robnplunder, I think if I had a $2 million investment portfolio right now I'd be really tempted to hang it up, but my area costs me a lot less to live in than the bay area I'm sure. What would you need to have to walk out the door right now? $4 million?
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Old 06-06-2014, 01:02 PM   #535
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robnplunder, I think if I had a $2 million investment portfolio right now I'd be really tempted to hang it up, but my area costs me a lot less to live in than the bay area I'm sure. What would you need to have to walk out the door right now? $4 million?
I am tempted all right. I am doing OMY thingy which can give me some needed padding, and more traveling to my RE.

(PS - $2.2M will be enough for me to RE)
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Old 06-06-2014, 01:21 PM   #536
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I think at the $2M level, I'd be comfortable pulling the plug. I'd probably go find the house I wanted first though, and get all that set up, because I'd imagine I'll get a bigger mortgage at a better rate while still w*rking.
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Old 06-06-2014, 01:23 PM   #537
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Even with a few years of accurate budget data and all the available financial projection tools it is hard for me to feel secure about future finances without a very padded budget. One positive is that as I grow my portfolio and grow older the parameters are getting easier to trust. Also have more padding.

The biggest issue for me is that after a couple of years of inactivity opportunities to return to my job(MD) will be very limited. Current NW, exclusive of real estate is 2.4M(personal best). Been the sole breadwinner for the family for my entire adult life. Fear is my biggest impediment to FIRE this year or next. Targeting 2016. Hope to be near to or at 3M if this market does not pull a 2008.
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Old 06-06-2014, 01:35 PM   #538
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That's also how I feel. I'm conservative, cautious, paranoid, pessimistic, etc. I really don't want to run out of money and have to go back to work. I'm definitely not an MD, but replacing my income in 10-years if I had to return for whatever reason would be pretty much impossible. At that point working 40-hours a week for 25% of the previous income would be pretty demoralizing. My wife would have an easier time finding something if needed later in life; however, I would feel awful having her do that. I guess that's why it's better for us to just do the one more year thing for a bit longer.

Definitely first world problems we have here.
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Old 06-06-2014, 03:45 PM   #539
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Investments made it past the $600k mark this week. Grow, baby, grow!
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Old 06-07-2014, 06:11 AM   #540
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Even with a few years of accurate budget data and all the available financial projection tools it is hard for me to feel secure about future finances without a very padded budget. One positive is that as I grow my portfolio and grow older the parameters are getting easier to trust.
I'm of the view that if annual expenses are less than 3% of portfolio value, you should be safe. That's the mark we're currently at, and I plan on retiring in 2 years.

The big unknown is health care costs, but I'm not going to put ER on hold because of that. If you look hard enough, there will always be a reason to not pull the plug.
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