Two comma club
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NW-Bound
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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And there's no "Wh***" post this time, unless I miss something.
However, there are photos posted of shiny new vehicles. Could that have the same effect?
However, there are photos posted of shiny new vehicles. Could that have the same effect?
Blue Collar Guy
Thinks s/he gets paid by the post
Today doesnt count
. According to the BCG rule #14.5a, If you had a net worth of 1 million as of September 4th, 2017, that status is a permanent title you may hold forever.Kevdude - yes, they say that, but how true is it? And why? Is it just compound interest or are there other mathematical reasons why this is the truth?
I am one of those persons that got propelled way up there with RE. Without RE, I would have been half way!
The magic of compounding.
I suspect later in your career you have higher income and more possessions (so less need to buy more things). You also have inflation on your side (unless you're talking inflation adjusted).
The time to double your money will increase until you hit an asymptote limited by interest as your contributions account for smaller %. But total dollars should increase fast.
My projections are based on Jan 2017 $, I add the CPI index in my sheet to adjust my final balance.
For me it's just compounding. I keep track of IRR of my net worth and it had been steady for over a decade.
Good to know. I want to believe this so badly because the first seemed like it took a while (like 12 years) so I hope the second one comes in under half that time. It's almost like I'm thinking "it can't be that simple/ easy and I can't believe my eyes."
The first 200K+ of the second has come quickly (within like a 6 months - 1 year) but that's also because the market has been amazing (except for today of course).
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In our case, the kids were gone and well-employed (no more college costs), and the house was paid off, so other than a Euro vacation, paying for a car, and going out to eat a couple times a week, the excess went into 401ks/savings. And the market stayed flat or up.
The second two comma is a lot easier and quicker, unless the market goes badly South or a flood or hurricane or medical emergency or. . . (The first one took us 20 years, though, not 12.)
The second two comma is a lot easier and quicker, unless the market goes badly South or a flood or hurricane or medical emergency or. . . (The first one took us 20 years, though, not 12.)
NW-Bound
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Inflation also helps. Its cumulative effect over the years is more than we realize.
I recently sat down to run the SS program anypia.exe again to see what our benefits will be. I first ran it in 2014, and now 3 years later the numbers that are spit out are more than 8% higher than the old numbers. Yes, 8% in 3 years, and that's for a relatively low inflationary period.
PS. Oops, read my notes wrong. The old numbers were from 2012.
I recently sat down to run the SS program anypia.exe again to see what our benefits will be. I first ran it in 2014, and now 3 years later the numbers that are spit out are more than 8% higher than the old numbers. Yes, 8% in 3 years, and that's for a relatively low inflationary period.
PS. Oops, read my notes wrong. The old numbers were from 2012.
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Hanging onto mine by the hair of my chinny-chin. We'll see what tomorrow brings--it was good while it lasted. Hoo-eee!
islander
Confused about dryer sheets
Do Canadian dollarettes count?
No idea when we crossed the line overall, but it was last December that we hit 1MM in investments last December (ages 56 & 53). We celebrated with a couple of $12 steaks and a $12 dollar bottle of champagne.
No idea when we crossed the line overall, but it was last December that we hit 1MM in investments last December (ages 56 & 53). We celebrated with a couple of $12 steaks and a $12 dollar bottle of champagne.
I think mainly it comes from compounding, but it seems others factors come in to play as well. Investors are most likely already in the habit of systematically saving. If part of the portfolio is in real estate, any potential appreciation is based on higher values as well.
traineeinvestor
Thinks s/he gets paid by the post
Congratulations - it's a great achievement.
I well remember the first time I joined the club ... and the second and third times
I well remember the first time I joined the club ... and the second and third times
MissMolly
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I made it. Today. Finally. I can't believe it I want to shout this from the rooftops but there is nobody I feel comfortable telling. Except you guys (and my husband).Congrats!!
Another Reader
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For those of us that are old enough to remember when $100,000 was a big deal, this is a really big deal! Congratulations!
pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
That was the hard part, the next million is easier.
Amethyst
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Good for you! Keep going!
MissMolly
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I hope so! But I am happy with this. It's been my goal for so long.
REWahoo
Give me a museum and I'll fill it. (Picasso) Give
Wonderful! Congratulations!
Congrats and at least for me it was a yuge psychological event since my initial planning had indicated we would need 1.3 million to retire (assuming working until full SS benefit age). 5.5 years later and it has doubled, which I never, ever had imagined.
You should be very proud.
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