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Old 09-28-2016, 12:41 PM   #161
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... 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!
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Old 09-28-2016, 12:49 PM   #162
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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!
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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.
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Old 09-29-2016, 09:17 AM   #163
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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!
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Old 09-29-2016, 12:08 PM   #164
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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.
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Old 09-29-2016, 01:16 PM   #165
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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."
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Old 10-01-2016, 06:12 PM   #166
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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.
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