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Old 07-24-2016, 12:09 PM   #61
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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.
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Old 07-24-2016, 01:05 PM   #62
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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 -
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Old 07-25-2016, 09:22 AM   #63
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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...
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Old 07-25-2016, 11:35 AM   #64
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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.
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Old 07-25-2016, 12:32 PM   #65
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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.
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Old 07-26-2016, 06:50 AM   #66
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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."


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Old 07-26-2016, 07:31 AM   #67
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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.
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Old 07-26-2016, 09:01 AM   #68
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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!
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Old 07-26-2016, 09:06 AM   #69
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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."


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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.
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Old 07-26-2016, 09:19 AM   #70
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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).
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Old 07-27-2016, 12:49 PM   #71
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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.
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Old 07-27-2016, 01:25 PM   #72
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If I can live comfortably and well on 3-4% of my liquid assets, then I feel secure. All else is noise.
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Old 07-27-2016, 01:40 PM   #73
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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.
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Old 07-27-2016, 01:50 PM   #74
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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!
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Old 07-27-2016, 06:09 PM   #75
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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!
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Old 07-29-2016, 05:53 PM   #76
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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.


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Old 07-29-2016, 06:30 PM   #77
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Like scrabbler, we went over, then under, then back over a million in the last few years.

We think that makes us multi-millionaires.
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Old 07-29-2016, 06:59 PM   #78
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I did the "bob and weave" during the crash. Been stacking ever since.

Buy more when the price is low, cha-ching!
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Old 07-29-2016, 07:05 PM   #79
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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.
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Meh at hitting a million
Old 07-30-2016, 10:06 AM   #80
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Meh at hitting a million

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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!


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