Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Meh at hitting a million
Old 07-30-2016, 04:57 PM   #81
Full time employment: Posting here.
 
Join Date: May 2014
Posts: 637
Meh at hitting a million

Most multi millionaires won't talk about how much money they have. I 'imagine' at some point the money becomes less important. Once you have enough to cover 99% of what life throws at you life changes. You buy into the notion that anything is possible if you work smart and hard. Particularly if you came from humble beginnings..

I often hear people say "if I had a million I'd" (buy, quit, ...) I think to myself that's why you likely will never get to that million... Anyone can spend less can hang on to it.


There is an incredible amount of stealth wealth out there...
They don't all drive corniches ...

Edit: The real question is are you happy? Content? Stress free?

Sent from my iPad using Early Retirement Forumh
__________________

__________________
rayinpenn 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 07-30-2016, 05:59 PM   #82
Thinks s/he gets paid by the post
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 1,817
Yes, we have over 10 million millionaires!
__________________

__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is online now   Reply With Quote
Old 07-30-2016, 11:00 PM   #83
Recycles dryer sheets
truenorth418's Avatar
 
Join Date: Sep 2011
Location: New York
Posts: 460
Hitting a million is a big deal. A major milestone. You should feel very proud to achieve something that very few others do, and, more importantly you are well on your way to greater financial independence, which is an even better feeling.

I understand the anti-climactic thing though. Unlike a wedding anniversary or a birthday, it is probably not something you are going to be announcing to the world and having a big party over. I think of it as the "quiet jubilee". I remember in my case I was so excited at reaching big milestone that I celebrated with dinner at my favorite steak house - alone.


Sent from my iPhone using Early Retirement Forum
__________________
truenorth418 is offline   Reply With Quote
Old 07-31-2016, 06:33 AM   #84
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 9,555
I don't recall when we first hit a million in net worth, because I never gave any thought to the value of our house. I do recall when we hit a million in liquid assets. Like many here, I got to cross that milestone twice, once before and once after the 2008-09 market meltdown. I don't recall feeling anything the first time. The second time, my biggest feeling was one of relief. Neither time did we do anything to celebrate.
__________________
Living an analog life in the Digital Age.
Gumby is online now   Reply With Quote
Old 07-31-2016, 08:59 PM   #85
Recycles dryer sheets
Markola's Avatar
 
Join Date: Nov 2013
Posts: 483
Quote:
Originally Posted by RobbieB View Post
Yes, we have over 10 million millionaires!

It is extraordinary when you think about how many people that is. My home state of Georgia has about that many citizens. I read a book once called "Richistan", which is about how the U.S. mints wealthy people like no other country. Imagine if more people took the trouble to read a book here or there about saving and investing.


Sent from my iPad using Early Retirement Forum
__________________
Markola is offline   Reply With Quote
Old 08-03-2016, 07:02 PM   #86
Recycles dryer sheets
 
Join Date: Aug 2013
Posts: 381
I'm kinda almost there - $950K, but don't feel like much, like you said - mehh. Another $50K saved in the next few months wouldn't feel that dramatic either. What I cherish most in my life was being able to travel 30 countries and cherish those memories and experience.
__________________
No to consumerism, Living a simple life, enjoying the experience - not the material stuff
cyber888 is offline   Reply With Quote
Old 08-14-2016, 12:31 AM   #87
Recycles dryer sheets
 
Join Date: Aug 2004
Location: Metro DC Area
Posts: 134
I'm an occasional viewer of this board and I think reaching $1 million is at least worth a small celebration. Maybe you can have a nice dinner with your wife. Unfortunately, it's hard to share the excitement with others because too many people will just get jealous or angry when you tell them your net worth.

I always thought reaching my first million would be really exciting. I plan to post on here when I get there. I'm at about $970,000 and just turned 37 in July. I have saved/invested about $500k - $600k myself since I started working full-time in 2003. The rest of the money has come from a rich grandma and generous parents whose gifts of stock and cash over the years is probably worth about $400k now.
__________________
daystar is offline   Reply With Quote
Old 08-14-2016, 06:18 AM   #88
Recycles dryer sheets
Pilot2013's Avatar
 
Join Date: Mar 2015
Location: Greenville
Posts: 310
Quote:
Originally Posted by daystar View Post
I'm an occasional viewer of this board and I think reaching $1 million is at least worth a small celebration. Maybe you can have a nice dinner with your wife. Unfortunately, it's hard to share the excitement with others because too many people will just get jealous or angry when you tell them your net worth.

I always thought reaching my first million would be really exciting. I plan to post on here when I get there. I'm at about $970,000 and just turned 37 in July. I have saved/invested about $500k - $600k myself since I started working full-time in 2003. The rest of the money has come from a rich grandma and generous parents whose gifts of stock and cash over the years is probably worth about $400k now.
Not to split hairs, but I don't think that is net worth just yet, unless you have absolutely $0 debt, no mortgage, etc. Which may be the case and if so, you are doing great!
__________________
Pilot2013 is offline   Reply With Quote
Old 08-14-2016, 06:40 AM   #89
Recycles dryer sheets
 
Join Date: Aug 2004
Location: Metro DC Area
Posts: 134
I subtract my CC balance, next month's rent, and next month's church donations from my net worth when I run the numbers each month. I payoff the CC in full each month. I'm still renting so no mortgage yet and I paid cash when I bought my car last year. So, it's $970,000 in cash or invested assets.

I may be getting married in the next year or two so will need to set aside $20K - $30K for wedding expenses (unless my gf will let me get away with less). I'm also considering buying a condo for around $250,000 with $50,000 to $100,000 down.
__________________
daystar is offline   Reply With Quote
Old 08-14-2016, 06:42 AM   #90
Recycles dryer sheets
Pilot2013's Avatar
 
Join Date: Mar 2015
Location: Greenville
Posts: 310
Quote:
Originally Posted by daystar View Post
I subtract my CC balance, next month's rent, and next month's church donations from my net worth when I run the numbers each month. I payoff the CC in full each month. I'm still renting so no mortgage yet and I paid cash when I bought my car last year. So, it's $970,000 in cash or invested assets.

I may be getting married in the next year or two so will need to set aside $20K - $30K for wedding expenses (unless my gf will let me get away with less). I'm also considering buying a condo for around $250,000 with $50,000 to $100,000 down.
That's great daystar! I stand corrected!
__________________
Pilot2013 is offline   Reply With Quote
Old 08-14-2016, 07:56 AM   #91
Recycles dryer sheets
 
Join Date: May 2015
Location: Country
Posts: 62
Quote:
Originally Posted by daystar View Post
I'm an occasional viewer of this board and I think reaching $1 million is at least worth a small celebration. Maybe you can have a nice dinner with your wife. Unfortunately, it's hard to share the excitement with others because too many people will just get jealous or angry when you tell them your net worth.

I always thought reaching my first million would be really exciting. I plan to post on here when I get there. I'm at about $970,000 and just turned 37 in July. I have saved/invested about $500k - $600k myself since I started working full-time in 2003. The rest of the money has come from a rich grandma and generous parents whose gifts of stock and cash over the years is probably worth about $400k now.
Congratulations you are doing very well for yourself!
__________________
tps7742 is offline   Reply With Quote
Easy come, easy go
Old 08-26-2016, 09:39 AM   #92
Thinks s/he gets paid by the post
Milton's Avatar
 
Join Date: Apr 2007
Posts: 1,991
Easy come, easy go

Quote:
Originally Posted by Markola View Post
I read a book once called "Richistan", which is about how the U.S. mints wealthy people like no other country.
You should read (Robert Frank's) follow-up book, The High-Beta Rich:How the Manic Wealthy Will Take Us to the Next Boom, Bubble and Bust.
__________________
"If at any times we must deal in extremes, then we prefer the quiet, good-natured hypocrite to the implacable, turbulent zealot of any kind. In plain terms, we are not so fond of any set of notions, as to think them more important than the peace of society". John Toland, The Description of Epsom (1711)
Milton is offline   Reply With Quote
Old 08-26-2016, 02:21 PM   #93
Recycles dryer sheets
ugeauxgirl's Avatar
 
Join Date: Jan 2016
Location: Rural Alabama
Posts: 195
Congrats on your milestone! My reaction was a bit different- we celebrated with champagne and steaks!
__________________
FIRE date 2/23/2018 at 46
ugeauxgirl is offline   Reply With Quote
Old 09-14-2016, 07:48 AM   #94
Recycles dryer sheets
EvrClrx311's Avatar
 
Join Date: Feb 2012
Posts: 499
I relate to OP in so many ways... the meditating power of computing NW and even projected future NW values based on assumed ROI. I find it soothing as well, to spin on that kind of mental math, it never gets old for me. I often wondered if that was an obsession (OCD kind of thing), but when realized it's just my analytical mind at work - there is a reason I became an engineer. I love to solve problems... and math is always fun. More specifically the security and knowledge mixed in that I'm on the correct path, with a plan... it's comforting.

Coincidentally, I've zero'd in on 42 as the most likely year I'll get to the $1M number... 8 years to go... reading your post I can completely imagine feeling the same way. It's because $1M isn't the end... it's just a number along the way. Everything is relative. That is, when you're looking up at $1M from the age of 30 it can seem like a monumental goal... yet when you're actually there you're over that plateau and suddenly the other milestones ($2M, $5M) become the focus... still to climb.

Well on your way. Congrats!
__________________
EvrClrx311 is offline   Reply With Quote
Old 09-14-2016, 08:03 AM   #95
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 2,222
Quote:
Originally Posted by rayinpenn View Post

I often hear people say "if I had a million I'd" (buy, quit, ...) I think to myself that's why you likely will never get to that million... Anyone can spend less can hang on to it.
The best post I read on this (as in, the most clueless) was on a board for people trying to improve their credit scores. "If I had $1 million I could invest it at 8% and take out $80K per year and I'd be set for life". Umm, no. If you're retired and that's your only nest egg, you'd have to invest too aggressively to get 8%, and even if you could, in 20 years $80K/year wouldn't look that lavish.

We didn't celebrate at $1 million. We just kept on saving. At $2 million we just laughed at the concept of becoming multimillionaires (as a household, anyway). We sure don't dress the part.
__________________
athena53 is online now   Reply With Quote
Old 09-14-2016, 10:25 AM   #96
Thinks s/he gets paid by the post
nash031's Avatar
 
Join Date: Jun 2013
Location: Coronado
Posts: 1,348
It occurs to me that maybe 90+% of Americans would read this thread while shaking their heads. That's why I think it's something to celebrate!
__________________
"So we beat to our own drummer in the sun;
We ask for nobody's permission to run.
I just wanna live in a world like that;
Now I'm gonna live in a world like that!" - World Like That, O.A.R.
nash031 is offline   Reply With Quote
Old 09-14-2016, 10:38 AM   #97
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,839
Quote:
Originally Posted by nash031 View Post
It occurs to me that maybe 90+% of Americans would read this thread while shaking their heads. That's why I think it's something to celebrate!
I agree that it is something to celebrate even if it isn't your finish line number. I am one of those people shaking my head when reading this thread. I have never met anyone that i'm aware of that has even reached $1M and I know a lot of people at all different ages including retired couples. $1M is enough for most people to retire comfortably. If you want to work longer to get a higher number that's fine but it's more than most will ever see.
__________________
aaronc879 is offline   Reply With Quote
Old 09-14-2016, 11:17 AM   #98
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 2,222
Quote:
Originally Posted by aaronc879 View Post
If you want to work longer to get a higher number that's fine but it's more than most will ever see.
I agree- back when our local paper had a Personal Finance columnist, someone wrote and suggested that he ought to stop writing about people with hundreds of thousands of dollars in retirement savings and focus on people "who would be blessed to retire with $50,000 or $100,000 saved". The columnist's advice: if that's all you have, keep working.

A friend from HS was complaining on FB about how out-of-pocket medical expenses were "eating into our meager savings". At the time, she was 62 and retired from nursing; I don't know what he did for a living. They'll have to make those "meager savings" last a long time.
__________________
athena53 is online now   Reply With Quote
Old 09-14-2016, 03:47 PM   #99
Recycles dryer sheets
 
Join Date: Jan 2013
Location: Santa Clarita
Posts: 62
Keep in mind that a relatively small portion of the population are able to save $1 million in investable assets. I know many people with salaries over $200k per year living paycheck to paycheck, with lots of debt. A lot of people spend on "luxury items" to give the illusion of wealth but in reality they are destroying their financial security. I live in Los Angeles County. There are more millionaires here than any other county in the U.S. - about 268,000. The population is $9.8M. So having $1 million or more is a big deal to the majority of the population.
__________________
Freedom56 is offline   Reply With Quote
Old 09-14-2016, 04:29 PM   #100
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 9,555
Quote:
Originally Posted by aaronc879 View Post
$1M is enough for most people to retire comfortably.
That depends entirely on how much they spend. Just today I read that the median household income in the USA is $56,500 per year, and if the stories of everyone living paycheck to paycheck are true, they spend it all. That level cannot be prudently supported with a $1 million nest egg.
__________________

__________________
Living an analog life in the Digital Age.
Gumby is online now   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 11:40 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.