Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 07-24-2016, 12:09 PM   #61
Recycles dryer sheets
Pilot2013's Avatar
 
Join Date: Mar 2015
Location: Greenville
Posts: 313
Quote:
Originally Posted by Linney View Post
We felt "meh" about it too. As a member of this forum, by the time you reach that 1st million you have a really clear understanding that it is not enough* to sustain a lasting freedom from work. Sad but true![/SIZE]
Not exactly. I think it depends on each persons situation. $1MM could be plenty.
__________________

__________________
Pilot2013 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-24-2016, 01:05 PM   #62
Thinks s/he gets paid by the post
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 1,927
Yes it is. You have to go for stuff that you really want and like, makes it easier to justify.

I still won't blow dough on stuff I don't care about so I can blow more dough on the stuff I really like -
__________________

__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is offline   Reply With Quote
Old 07-25-2016, 09:22 AM   #63
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,814
Quote:
Originally Posted by hesperus View Post
Will celebrate again when we hit eight figures. We get enticingly close when markets hit these highs, but that won't last

I have nine figures, if you count the digits to the right of the decimal point...
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is online now   Reply With Quote
Old 07-25-2016, 11:35 AM   #64
Recycles dryer sheets
 
Join Date: Aug 2014
Posts: 257
1mil is still a big amount compared to many others' retirement savings. It is probably not be enough to retire at age 32 with a family of 5. I always told people I was working on my 2nd mil since I heard it was easier. Once I get that, I'd go beck to working on the 1st mil. But seriously folks, if you don't have large expenses and LBYM , even a low-mid income earner can reach that 1Mil mark before FRA. If they do, then they will be a lot better off in retirement than many of their peers. Along with other incomes (pension for some, SS for some) that 1Mil can support them thru their retirement at the level they have been living.
__________________
CRLLS is online now   Reply With Quote
Old 07-25-2016, 12:32 PM   #65
Dryer sheet aficionado
 
Join Date: Jul 2016
Location: Lowell
Posts: 35
At some point recently, we passed the $2 million mark in savings/investments. Only debt is a car loan that opted for because the interest rate was so low. House is paid off and up we have plenty of equity built up.

It's a good feeling, but we're just entering retirement. If projections are right and our health holds over time, we should have a comfortable retirement. I was fortunate to have a pension, as did my wife at two of her jobs. That will help, especially when social security kicks in. I certainly don't feel wealthy, but I do feel secure.
__________________
Happiness is not something you postpone for the future; it is something you design for the present - Jim Rohn
Bobw235 is offline   Reply With Quote
Old 07-26-2016, 06:50 AM   #66
Full time employment: Posting here.
Markola's Avatar
 
Join Date: Nov 2013
Posts: 515
Quote:
Originally Posted by tmm99 View Post
Yeah, if you are spending more and more money each year. Strangely, that is not happening to me. I don't know why.

The classic "Your Money or Your Life" book goes into why individuals' inflation rates can be so much lower than the national rate. Basically, it's substitution effects that people can make (hotdogs on sale versus hamburgers) that the national formulas don't, because they are intended to calculate only rising or falling (hamburger) prices. Individuals can make such decisions about nearly every line item, though healthcare is probably the most scary rising one. I'm glad to hear the lower rate is true for you in real life as it's kind of a "big deal."


Sent from my iPad using Early Retirement Forum
__________________
Markola is offline   Reply With Quote
Old 07-26-2016, 07:31 AM   #67
Thinks s/he gets paid by the post
 
Join Date: May 2008
Posts: 2,131
Quote:
Originally Posted by Markola View Post
The classic "Your Money or Your Life" book goes into why individuals' inflation rates can be so much lower than the national rate. Basically, it's substitution effects that people can make (hotdogs on sale versus hamburgers) that the national formulas don't, because they are intended to calculate only rising or falling (hamburger) prices. Individuals can make such decisions about nearly every line item, though healthcare is probably the most scary rising one. I'm glad to hear the lower rate is true for you in real life as it's kind of a "big deal."
Interesting. Thank you for your post. I believe that's what we do (substitution) - although in my case, it is not intentional. I try to buy within my budget, and I haven't raised my budget, but I haven't experienced any spending increase.
__________________
tmm99 is online now   Reply With Quote
Old 07-26-2016, 09:01 AM   #68
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,476
I remember hitting the $1M mark in the tumultuous year of 2010, only to drop below it midyear (and below $900k) before rebounding and ending the year over $1M. I hit the $1.1M mark in 2012, $1.2M mark in 2013, and $1.3M mark in 2014.


Getting to $1.4M has been tough, though. First, I dropped below $1.3M in 2015 but got back over $1.3M earlier this year. I am just over $1.37M now so I might get there soon!
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 07-26-2016, 09:06 AM   #69
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,476
Quote:
Originally Posted by Markola View Post
The classic "Your Money or Your Life" book goes into why individuals' inflation rates can be so much lower than the national rate. Basically, it's substitution effects that people can make (hotdogs on sale versus hamburgers) that the national formulas don't, because they are intended to calculate only rising or falling (hamburger) prices. Individuals can make such decisions about nearly every line item, though healthcare is probably the most scary rising one. I'm glad to hear the lower rate is true for you in real life as it's kind of a "big deal."


Sent from my iPad using Early Retirement Forum
The substitution effect can also apply to more closely related items. Over the last few years, I stopped buying the more expensive cuts of chopped meat from the supermarket because the price gap between Ground Sirloin, Ground Round and Ground Chuck (the cheapest) has widened considerably, and not just on a percentage basis, and Ground Chuck at least at my supermarket is of good quality. This kind of substitution might not appear in general measures of inflation unless it compares more similarly priced items.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 07-26-2016, 09:19 AM   #70
Dryer sheet wannabe
 
Join Date: Jan 2016
Posts: 22
Substitution effect might be part of it, but I bet the major driver of individual inflation rates going slower than national inflation rates are fixed long-term costs, and specifically fixed mortgage payments.

Over the course of a 30-year mortgage, housing prices will rise significantly, but the fixed payments on the 30-year mortgage will remain constant. (Of course, taxes and insurance will rise, but the overall housing costs will still rise much slower than inflation because of the fixed P+I payment).
__________________
B0bL0blaw is offline   Reply With Quote
Old 07-27-2016, 12:49 PM   #71
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,053
Send a message via Skype™ to kcowan
Quote:
Originally Posted by scrabbler1 View Post
the price gap between Ground Sirloin, Ground Round and Ground Chuck (the cheapest) has widened considerably, and not just on a percentage basis, and Ground Chuck at least at my supermarket is of good quality.
One thing that has amazed me is that the same chain will price such items differently by neighborhood. Ground chuck will be relatively more expensive in poorer neighborhoods. In those stores, you should buy the good steaks.
__________________
For the fun of it...Keith
kcowan is online now   Reply With Quote
Old 07-27-2016, 01:25 PM   #72
Recycles dryer sheets
 
Join Date: Jul 2013
Location: Villa Grande
Posts: 256
If I can live comfortably and well on 3-4% of my liquid assets, then I feel secure. All else is noise.
__________________
TimSF is offline   Reply With Quote
Old 07-27-2016, 01:40 PM   #73
Full time employment: Posting here.
ProspectiveBum's Avatar
 
Join Date: Sep 2006
Location: SoCal
Posts: 658
Quote:
Originally Posted by B0bL0blaw View Post
Substitution effect might be part of it, but I bet the major driver of individual inflation rates going slower than national inflation rates are fixed long-term costs, and specifically fixed mortgage payments.

Over the course of a 30-year mortgage, housing prices will rise significantly, but the fixed payments on the 30-year mortgage will remain constant. (Of course, taxes and insurance will rise, but the overall housing costs will still rise much slower than inflation because of the fixed P+I payment).

This is a good point. In CA, it's even more exaggerated, since property tax increases are capped at 2% per year. Over time, they'll generally rise much more slowly than inflation.
__________________
I can't complain, but sometimes I still do.
- Joe Walsh
ProspectiveBum is online now   Reply With Quote
Old 07-27-2016, 01:50 PM   #74
Thinks s/he gets paid by the post
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 1,927
I prefer ground chuck for burgers on the barbie, it's 80-20 lean-fat. Ground round is 85-15 here and ground sirloin is 90-10.

More fat makes a juicier burger with more flavor!
__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is offline   Reply With Quote
Old 07-27-2016, 06:09 PM   #75
Moderator Emeritus
laurence's Avatar
 
Join Date: Feb 2005
Location: San Diego
Posts: 5,224
Quote:
Originally Posted by RobbieB View Post
I prefer ground chuck for burgers on the barbie, it's 80-20 lean-fat. Ground round is 85-15 here and ground sirloin is 90-10.

More fat makes a juicier burger with more flavor!
Just have your squirt bottle filled with water, those BBQ fires with 20% fat burgers are napalm patties!
__________________
laurence is offline   Reply With Quote
Old 07-29-2016, 05:53 PM   #76
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,392
Quote:
Originally Posted by hesperus View Post
Will celebrate again when we hit eight figures. We get enticingly close when markets hit these highs, but that won't last

If I ever got close to that I'd always fly first class.


Sent from my iPhone using Early Retirement Forum
__________________
EastWest Gal is offline   Reply With Quote
Old 07-29-2016, 06:30 PM   #77
Dryer sheet wannabe
 
Join Date: Sep 2013
Posts: 19
Like scrabbler, we went over, then under, then back over a million in the last few years.

We think that makes us multi-millionaires.
__________________
timmar is offline   Reply With Quote
Old 07-29-2016, 06:59 PM   #78
Thinks s/he gets paid by the post
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 1,927
I did the "bob and weave" during the crash. Been stacking ever since.

Buy more when the price is low, cha-ching!
__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is offline   Reply With Quote
Old 07-29-2016, 07:05 PM   #79
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 18,363
Quote:
Originally Posted by EastWest Gal View Post
If I ever got close to that I'd always fly first class.
+1

That, plus a home on Rockaway Beach Road, Bainbridge Island.

Alas, I do not think that is going to happen, all those squiggly lines of FIRECalc notwithstanding. Or if it does, I will be so old I forget what it was that I wanted. All I will care will be someone to answer my bell, to help me to the bathroom.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is offline   Reply With Quote
Meh at hitting a million
Old 07-30-2016, 10:06 AM   #80
Full time employment: Posting here.
Markola's Avatar
 
Join Date: Nov 2013
Posts: 515
Meh at hitting a million

Quote:
Originally Posted by B0bL0blaw View Post
Substitution effect might be part of it, but I bet the major driver of individual inflation rates going slower than national inflation rates are fixed long-term costs, and specifically fixed mortgage payments.

Over the course of a 30-year mortgage, housing prices will rise significantly, but the fixed payments on the 30-year mortgage will remain constant. (Of course, taxes and insurance will rise, but the overall housing costs will still rise much slower than inflation because of the fixed P+I payment).

Probably so since homes are most Americans' largest asset. Plus, homeowners can refinance when rates fall. Energy is often a big driver of the national inflation rate but ER's can often manage their personal energy costs by insulating their houses, relocating to better weather and walking or riding a bike because, by definition, no daily fixed commute costs!


Sent from my iPad using Early Retirement Forum
__________________

__________________
Markola is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Hitting the out of pocket max isn't that hard ! Live And Learn Health and Early Retirement 13 12-27-2013 10:25 AM
poor economy hitting close to home simple girl FIRE and Money 23 08-24-2009 10:34 AM
hard times hitting home-less lazygood4nothinbum Other topics 38 11-17-2008 06:42 AM
Anyone buying MEH? rawg Stock Picking and Market Strategy 0 08-13-2007 01:32 PM
Real Estate Bust hitting hard! W2R Other topics 31 06-26-2007 03:45 PM

 

 
All times are GMT -6. The time now is 08:31 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.