Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 09-28-2016, 11:41 AM   #161
Full time employment: Posting here.
bow-tie's Avatar
 
Join Date: Mar 2004
Posts: 687
Quote:
Originally Posted by laurence View Post
... Anyone else feel that "millionaire next door" moment was anti-climactic?...

At least my wife is still only 40 (I turn 42 next month) so she can say, "million by 40".

I turned 40 earlier this spring and my wife turned 40 a few weeks ago. I told her "you can say you were a millionaire at 40". She said "who would ask me that?". That's not the point... I clearly found it more exciting then she did. So you are not alone Laurence. Regardless of the lack of awesome-ness, congrats!
__________________

__________________
Diggin' my way to financial freedom, one buck-at-a-time
bow-tie 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 09-28-2016, 11:49 AM   #162
Confused about dryer sheets
 
Join Date: Feb 2011
Posts: 6
Quote:
Originally Posted by laurence View Post
Yeah with three kids under 12 right now, a million falls well short for us to ER, but it's San Diego. I think 2 million will be the number that gets me really excited, as that will be when we could make it if we really had to. We'd like to be in the 3-4 range before we both quit earning completely, however. Our high income friends think that's a far too risky, poverty wage NW for their comfort. I just can't believe the numbers they are coming up with - 7,8,9,10, 20 million, even!
________________

I'm in San Diego as well. I feel your pain. I have a 6 yr old and a 3 yr old and we are already have an aggregate of about $400K in added expenses. When we get done with child care, we will be looking at braces, car insurance and then (gulp) college tuition.

Even if our house was paid off, I still have about $2K/month budgeted for taxes, insurance, HOA, utilities and the occasional repair. It never ends.

I can understand your friends who are coming up with numbers in the high 7 figures. If you want to live in a place like San Diego and you have kids, want to travel, switch cars every so often, remodel a room every now and then, etc., and help kids with college/launching, you can calc out > $5mil pretty easily.
__________________

__________________
DaCounselor is offline   Reply With Quote
Old 09-29-2016, 08:17 AM   #163
Moderator Emeritus
laurence's Avatar
 
Join Date: Feb 2005
Location: San Diego
Posts: 5,198
Quote:
Originally Posted by DaCounselor View Post
________________

I'm in San Diego as well. I feel your pain. I have a 6 yr old and a 3 yr old and we are already have an aggregate of about $400K in added expenses. When we get done with child care, we will be looking at braces, car insurance and then (gulp) college tuition.

Even if our house was paid off, I still have about $2K/month budgeted for taxes, insurance, HOA, utilities and the occasional repair. It never ends.

I can understand your friends who are coming up with numbers in the high 7 figures. If you want to live in a place like San Diego and you have kids, want to travel, switch cars every so often, remodel a room every now and then, etc., and help kids with college/launching, you can calc out > $5mil pretty easily.
The big social norm/stigma seems to be that everyone will pay all college expenses for their children. We plan on helping - a lot. But the reactions from friends that we're going to make them take out some loans is something along the lines of, "I guess that's not child abuse, technically."

We live in north county and our neighborhood has a $45/month HOA and a $140/month mello roos (local property tax) that expires next year. The uppity neighborhood south of us has payments in the $600-$800 range - forever. But it's very prestigious! They even pretend they aren't part of our city, too good for us I guess.

San Diego is definitely one of those places where you need to step off the status treadmill to enable ER. Keep the old car, don't move to a bigger house, learn to fix things yourself, etc.

Our day care costs, now that I'm part time and they are older, have gone from a high of $3k/month to $200 for after school activities. We will never see a raise like that again!! Braces (just put the first one in them) is a laugher of an expense compared to that!
__________________
laurence is offline   Reply With Quote
Old 09-29-2016, 11:08 AM   #164
Thinks s/he gets paid by the post
 
Join Date: Feb 2013
Posts: 4,757
Quote:
Originally Posted by laurence View Post
The big social norm/stigma seems to be that everyone will pay all college expenses for their children. We plan on helping - a lot. But the reactions from friends that we're going to make them take out some loans is something along the lines of, "I guess that's not child abuse, technically."
California has a lot of good value public 4 year schools combined with maybe some combination of financial aid, paid internships, community college credits, online credits, meetup networking during college, an in demand major and Bob's your uncle. You can ER and not deprive your kids of a good education or have any huge loans for you or them to have to pay back.
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
daylatedollarshort is offline   Reply With Quote
Old 09-29-2016, 12:16 PM   #165
Thinks s/he gets paid by the post
redduck's Avatar
 
Join Date: Mar 2005
Location: yonder
Posts: 1,879
I remember feeling a sense of deep satisfaction (and relief and hope) when I hit $100,000 (as opposed to $1M) invested in the stock market. Didn't see the need to celebrate it. Same with my reaching any other common financial investment markers--they still give me a good inner-feeling (and relief and hope).

Very, very far from "meh."
__________________
redduck is offline   Reply With Quote
Old 10-01-2016, 05:12 PM   #166
Dryer sheet wannabe
 
Join Date: Sep 2016
Location: Way up North
Posts: 19
This is an interesting thread. Lots of different viewpoints.

I have been an underachiever my whole life and passed the $1MM mark a couple years ago at age 54, which seems late. I passed $1MM in invested assets just two weeks ago. I'm hoping to be retiring in ~4 years with hopefully ~$1.6MM in investments and at age 62.

Passing $1MM was a little bit of a time for reflection, but it didn't feel like that much of an accomplishment for me either. The feeling I get is how much easier it would be if I had it to do over again, how mediocre my personal finance performance has been. I had a negative $50K net worth at age 32, coming out of a divorce and was technically homeless for a few months, couch surfing with friends. I don't have much more knowledge about the workings of personal finance now than I did then, but I have so much more wisdom. The school of hard knocks teaches memorable lessons. Over the intervening years I've made a good "hourly wage" income of probably $125K/yr average over 25 years, with some very good employer benefit programs I didn't fully utilize. So when I passed $1MM, it was actually a bit of an embarrassment that it had taken that long considering the good fortune I had enjoyed along the way. But I did enjoy it and *maybe* have a shot at a good retirement in spite of myself.
__________________
bada bing is offline   Reply With Quote
Old 01-19-2017, 09:39 AM   #167
Thinks s/he gets paid by the post
nash031's Avatar
 
Join Date: Jun 2013
Location: Coronado
Posts: 1,349
Putting my money where my mouth is, DW and I entered the two-comma club (for the first time, I'm sure not the last), just after the new year. It didn't change anything for us (as has been discussed), but we opened a nice bottle of wine and I made a good dinner and we toasted the accomplishment nonetheless!
__________________
"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 01-19-2017, 09:55 AM   #168
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 36,462
Quote:
Originally Posted by nash031 View Post
Putting my money where my mouth is, DW and I entered the two-comma club (for the first time, I'm sure not the last), just after the new year. It didn't change anything for us (as has been discussed), but we opened a nice bottle of wine and I made a good dinner and we toasted the accomplishment nonetheless!
Congratulations, Nash031!! It's a great accomplishment and a nice, secure feeling to know you have a substantial nestegg in addition to your other income streams.
__________________


Retired in 2009 at age 61.

Mini-pension 13%, SS 20%, investments 67%.




W2R is offline   Reply With Quote
Old 01-19-2017, 03:56 PM   #169
Full time employment: Posting here.
HawkeyeNFO's Avatar
 
Join Date: Jan 2010
Location: APO, AE
Posts: 527
Congrats Nash! The compounding effects become larger and larger. Pretty soon you'll have a few hundred thou on top of that.
__________________
HawkeyeNFO is offline   Reply With Quote
Old 01-19-2017, 05:35 PM   #170
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 1,603
Congrats Nash!

"The first M is the hardest" -- or so I have heard. <wink>

-gauss
__________________
gauss is offline   Reply With Quote
Old 01-19-2017, 07:27 PM   #171
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 9,557
BZ, Nash.
__________________
Living an analog life in the Digital Age.
Gumby is offline   Reply With Quote
Old 01-20-2017, 08:38 AM   #172
Dryer sheet wannabe
 
Join Date: Jan 2017
Posts: 14
Thought i'd chime in as i'm new to this forum.

We took a look at our financial picture on 1/1 and also surpassed the $1m mark for the first time. Of course $500k of that is in 401ks that we cant touch and another $400k is tied up in real estate equity which we can't tap into until until we sell (if we sell) our home as well as an investment property.

I'm 35, about to be 36. I know this $1M mark is sort of meaningless but it does feel like a good accomplishment on my way to financial independence and an early retirement.
__________________
injera is offline   Reply With Quote
Old 01-20-2017, 09:06 AM   #173
Thinks s/he gets paid by the post
nash031's Avatar
 
Join Date: Jun 2013
Location: Coronado
Posts: 1,349
Quote:
Originally Posted by injera View Post
Thought i'd chime in as i'm new to this forum.

We took a look at our financial picture on 1/1 and also surpassed the $1m mark for the first time. Of course $500k of that is in 401ks that we cant touch and another $400k is tied up in real estate equity which we can't tap into until until we sell (if we sell) our home as well as an investment property.

I'm 35, about to be 36. I know this $1M mark is sort of meaningless but it does feel like a good accomplishment on my way to financial independence and an early retirement.
As I said in an earlier post, it's a sum that the vast majority of people will never see. While it doesn't change your life, I still think it's worth celebrating because that's what you should do with life: celebrate it!

Congrats!
__________________
"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 01-20-2017, 03:38 PM   #174
Recycles dryer sheets
YVRRocketSurgery's Avatar
 
Join Date: Dec 2015
Location: Vancouver
Posts: 204
Congrats Nash.

FWIW, your post about it being an accomplishment worth celebrating in that most people being won't able to reach this level did resonate with me. Good perspective.
__________________
"Life moves pretty fast. If you don't stop and look around for a while, you could miss it."
YVRRocketSurgery is offline   Reply With Quote
Old 01-20-2017, 05:10 PM   #175
Thinks s/he gets paid by the post
redduck's Avatar
 
Join Date: Mar 2005
Location: yonder
Posts: 1,879
Quote:
Originally Posted by Gumby View Post

BZ, Nash.
For the rest of us:

Bravo Zulu

The bravo and zulu signal flag Bravo Zulu, also referred to as "BZ," is a naval signal, typically conveyed by flag hoist or voice radio, meaning "Well Done"; in addition to U.S. naval forces, it has also been used as part of vernacular slang within NATO and other Allied naval forces.

source: from a Wiki (I don't recall which one)
__________________
redduck is offline   Reply With Quote
Old 01-20-2017, 05:16 PM   #176
Thinks s/he gets paid by the post
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 1,826
Good for you!
__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is offline   Reply With Quote
Old 01-20-2017, 05:52 PM   #177
Thinks s/he gets paid by the post
redduck's Avatar
 
Join Date: Mar 2005
Location: yonder
Posts: 1,879
Quote:
Originally Posted by RobbieB View Post

Good for you!
"good for you (or him, her, etc.)!
used as an exclamation of approval toward a person, especially for something that they have achieved."
(taken from somewhere on the internet)

Absolutely!!! Good for you!!!, Nash and Mrs. Nash.
__________________
redduck is offline   Reply With Quote
Old 01-20-2017, 06:28 PM   #178
Recycles dryer sheets
 
Join Date: Feb 2013
Posts: 166
My two cents!

From a "raw" dollar perspective (and perhaps not an FI perspective), it is a big sum of money, whether you are worth $10m or $20k, just based on what all it could buy. Even if you're worth $50m, $1m could still buy you a lot of possessions!

From a FIRE perspective, I think it mainly depends on 1) your age and 2) what your annual expenses are.

For me, my annual expenses are about $60k, but I'd like to retire and have $80-$100k to spend. I'm 27. If I hit $1m at 55, I might be kind of "Meh" about it (or even worse). But if I hit it at 35, I would feel (as Larry david would say) pretty, pretty, pretty good!
__________________
younginvestor2013 is offline   Reply With Quote
Old 01-20-2017, 08:00 PM   #179
Recycles dryer sheets
hesperus's Avatar
 
Join Date: Aug 2013
Location: colorado
Posts: 389
Quote:
Originally Posted by nash031 View Post
Putting my money where my mouth is, DW and I entered the two-comma club (for the first time, I'm sure not the last), just after the new year. It didn't change anything for us (as has been discussed), but we opened a nice bottle of wine and I made a good dinner and we toasted the accomplishment nonetheless!
congrats
__________________
hesperus is offline   Reply With Quote
Old 01-21-2017, 12:26 AM   #180
Recycles dryer sheets
 
Join Date: Nov 2016
Posts: 72
Quote:
Originally Posted by nash031 View Post
As I said in an earlier post, it's a sum that the vast majority of people will never see.
http://publications.credit-suisse.co...0A1A254A3E24A5
says that "half of all adults in the world own less than USD 2,222" !!
[That's the data source for the recent Oxfam paper headlining that 8 people have more wealth than the poorest half. It includes financial and non-financial assets in deciding wealth].

--
I passed $1M total net worth early in 2016 and decided to retire early.

My next milestone is when I cross below $1M. I may drink some then...
__________________

__________________
respond2u 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 02:52 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.