Join Early Retirement Today
Reply
 
Thread Tools Display Modes
47 Reached $1M - My Feelings
Old 01-08-2013, 09:33 AM   #1
Confused about dryer sheets
 
Join Date: Jan 2013
Location: SC
Posts: 9
47 Reached $1M - My Feelings

Last week I realized I got past the $1,000,000 mark. Took 25 years, saving regularly along the way. I never made more than $100k per year. Always lived below my means. No wives, no kids (so far).

I thought a lot about early retirement over this last weekend and decided to join and post about how I was feeling (vs. retirement withdrawl rates, taxes, etc).
  • Work and workers don't seem to bother me as much this week as they did 2 weeks ago, but interestingly enough I think I'm getting more done at work now that I seem to care less (maybe I should stop watching the movie, Office Space).
  • I spend a lot time thinking about where I'm gonna sail my 32 sail boat and if I can split time between my mountain cabins in SC and Arizona
  • I reqularly take an extra 20 minutes in the morning to have an extra cup of coffee with my girlfriend before I go to work, getting to work by 8:00 am feels irrevelant
  • I'll never again move for a job to make more money in preparation for moving again and making more money
  • I'll never again apply for job that gives me more money but reduces my quality of life (stress, being on call, staffing issues)
  • I suggested to my girlfriend she reduce her work schedule to 3 days a week so she could spend more time with and caring for her aging Dad
  • Told my girlfriend not to worry about money and bills, told her we had plenty and not to worry about that stuff any more
  • I talk to my cats more
  • I talk to my neighbors more
  • I talk and spend more time with my friends and family
  • I find it easier to meet people in public places and strike up conversations with stangers
Interestingly, after reaching the $1M, goal the money is not nearly as important to me as the choices it provides. Choices I would not have considered prior.

I'm much more relaxed now about how I feel about myself, my family, my friends, and my surroundings. I wonder if I should have felt this way all along?

cheers,
FIRE tbd
ghandi 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 01-08-2013, 09:48 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 3,430
Welcome aboard, ghandi!

And congrats on the $1MM. Yes, it can give you a shift in perspective.

omni
omni550 is offline   Reply With Quote
Old 01-08-2013, 09:55 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sarah in SC's Avatar
 
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
Nice post, ghandi! Welcome and congratulations from a fellow South Carolinian!
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC is offline   Reply With Quote
Old 01-08-2013, 11:04 AM   #4
Recycles dryer sheets
 
Join Date: May 2012
Location: Worthington
Posts: 158
Quote:
Originally Posted by ghandi View Post
Last week I realized I got past the $1,000,000 mark. Took 25 years, saving regularly along the way. I never made more than $100k per year. Always lived below my means. No wives, no kids (so far).

I thought a lot about early retirement over this last weekend and decided to join and post about how I was feeling (vs. retirement withdrawl rates, taxes, etc).
  • Work and workers don't seem to bother me as much this week as they did 2 weeks ago, but interestingly enough I think I'm getting more done at work now that I seem to care less (maybe I should stop watching the movie, Office Space).
  • I spend a lot time thinking about where I'm gonna sail my 32 sail boat and if I can split time between my mountain cabins in SC and Arizona
  • I reqularly take an extra 20 minutes in the morning to have an extra cup of coffee with my girlfriend before I go to work, getting to work by 8:00 am feels irrevelant
  • I'll never again move for a job to make more money in preparation for moving again and making more money
  • I'll never again apply for job that gives me more money but reduces my quality of life (stress, being on call, staffing issues)
  • I suggested to my girlfriend she reduce her work schedule to 3 days a week so she could spend more time with and caring for her aging Dad
  • Told my girlfriend not to worry about money and bills, told her we had plenty and not to worry about that stuff any more
  • I talk to my cats more
  • I talk to my neighbors more
  • I talk and spend more time with my friends and family
  • I find it easier to meet people in public places and strike up conversations with stangers
Interestingly, after reaching the $1M, goal the money is not nearly as important to me as the choices it provides. Choices I would not have considered prior.

I'm much more relaxed now about how I feel about myself, my family, my friends, and my surroundings. I wonder if I should have felt this way all along?

cheers,
FIRE tbd
Congratulations! I'm just a year younger than you and won't hit the million mark until ~age 60 (that's the plan for now anyway), so that to me seems to be a very good job! I do have a wife and two kids, so that explains a bit of that for me...my wife was a stay at home mom for 15 years.

I realize this was just your first post and that it is mostly musings about hitting this goal of yours, but I do have questions if you don't mind:

1) Do you already own the boat and the two mountain cabins? If so, good for you!

2) I know you said your retirement is TBD, but do you think you'll do this soon? If you don't add any to it and wait just 5 years, that million dollars will turn into $1,402,551.73 at just 7% annual return. That takes a 3% withdrawal rate from $30,000 a year to $42,076.55.

3) I'm curious what your plan is since you told your girlfriend to not worry about money and bills anymore. If you plan to retire soon, the income from that million isn't that much. A million dollars is VERY nice, but for a 47-year-old, it's not as nice as it is for a 60-year-old who has less time to live and potential Social Security just around the corner in 2 years minimum.

Anyway, I'm not being critical. I'm just curious what your plans are, or what you think they might be if you haven't yet decided. If I had a million dollars in a non-retirement account at age 47 and had no kids, I would seriously consider retiring to a cheaper area, so if that's your wish, more power to you!
LeavingOhio is offline   Reply With Quote
Old 01-08-2013, 11:16 AM   #5
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,872
With $1MM you have a million things to worry about. The only way to really have nothing to worry about is to have nothing and to want nothing........Hmm I must read some Hermann Hesse or sit under a tree
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”

Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
nun is offline   Reply With Quote
Old 01-08-2013, 11:33 AM   #6
Recycles dryer sheets
 
Join Date: Dec 2012
Posts: 113
Welcome! That's a great accomplishment. Keep it up!
azphx1972 is offline   Reply With Quote
Old 01-08-2013, 12:35 PM   #7
Confused about dryer sheets
 
Join Date: Jan 2013
Location: SC
Posts: 9
I have a house and mountain cabin in AZ, a house in SC, and a mountain cabin in NC. The 32 sailboat is used and paid for. Got 4 other boat projects in the back yard (all of them cheap). I have 2 older cars I drive to work and 2 project cars in the back yard. I have $100k of debt in mortgages, $600k of equity in houses and stuff. House in SC is cheap, AZ house is expensive. I live in SC right now.

Plan to spend a long time with the girlfriend. Maybe get married, we'll see. I'll get a prenup if we do.

Currently saving $35k a year for retirement. Figure I'd get to $2m by the time I'm 52ish, then its probably time "to go"...
ghandi is offline   Reply With Quote
Old 01-08-2013, 12:41 PM   #8
Recycles dryer sheets
 
Join Date: Sep 2012
Posts: 101
Nice post. I talk to my dogs alot. I never connected it to savings but I'll have to give that some thought <big grin>. Congratulations on your milestone.
Sun456 is offline   Reply With Quote
Old 01-08-2013, 12:45 PM   #9
Thinks s/he gets paid by the post
 
Join Date: May 2005
Location: Texas
Posts: 1,038
Watch the movie Office space to find out what to do when you have a million dollars.
__________________
In theory, theory and practice are the same. In practice, they are not.
Lazarus is offline   Reply With Quote
Old 01-08-2013, 01:52 PM   #10
Recycles dryer sheets
 
Join Date: May 2012
Location: Worthington
Posts: 158
Quote:
Originally Posted by ghandi View Post
I have a house and mountain cabin in AZ, a house in SC, and a mountain cabin in NC. The 32 sailboat is used and paid for. Got 4 other boat projects in the back yard (all of them cheap). I have 2 older cars I drive to work and 2 project cars in the back yard. I have $100k of debt in mortgages, $600k of equity in houses and stuff. House in SC is cheap, AZ house is expensive. I live in SC right now.

Plan to spend a long time with the girlfriend. Maybe get married, we'll see. I'll get a prenup if we do.

Currently saving $35k a year for retirement. Figure I'd get to $2m by the time I'm 52ish, then its probably time "to go"...
That sounds like a good plan. Take 3.5% at age 52 from $2 million and that's $70,000...if you can also have the $100,000 in mortgages gone by age 52, then I think that's even better. By the time you get to age 62, you could start taking Social Security which will be very nice.

Congrats!
LeavingOhio is offline   Reply With Quote
Old 01-08-2013, 01:57 PM   #11
Recycles dryer sheets
 
Join Date: Apr 2010
Posts: 273
Quote:
Originally Posted by Lazarus View Post
Watch the movie Office space to find out what to do when you have a million dollars.
You don't need a million dollars to do that.
Sesq is offline   Reply With Quote
Old 01-08-2013, 02:07 PM   #12
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,000
One more question: Is the $500k you have in net equity in your houses and stuff...
Quote:
Originally Posted by ghandi View Post
I have $100k of debt in mortgages, $600k of equity in houses and stuff.
...included in your $1M figure or is it in addition to?
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Old 01-08-2013, 02:16 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,596
Love your outlook and attitude. I think you're going to do just fine. One thing I'd add to that list: listen to more Jimmy Buffett.
__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Old 01-08-2013, 05:05 PM   #14
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
Great first post, Ghandi. Well done.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 01-08-2013, 10:08 PM   #15
Recycles dryer sheets
 
Join Date: Feb 2006
Location: Las Vegas
Posts: 50
Very well done. Congratulations.
jphripjah is offline   Reply With Quote
Old 01-09-2013, 02:06 AM   #16
Thinks s/he gets paid by the post
 
Join Date: Apr 2005
Location: Duesseldorf, Germany
Posts: 1,202
Congratulations. I'd just carry on as before, at least till the M does not include home equity any more.
chris2008 is offline   Reply With Quote
Old 01-09-2013, 05:32 AM   #17
Recycles dryer sheets
 
Join Date: Mar 2007
Posts: 231
Congratulations it's a big milestone and as you said financial security sure makes life a lot better.
xyz is offline   Reply With Quote
Old 01-09-2013, 05:22 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,668
It's true what they say about the first million being the hardest. The second mil seems to come faster and easier.
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Old 01-11-2013, 10:00 AM   #19
Confused about dryer sheets
 
Join Date: Jan 2013
Location: SC
Posts: 9
The $500k in equity is in addition to reaching the $1MM target ($400k liquid, $600k retirement accounts).

Today I'm trying to buy a lake house in SC for $200k cash, sell my existing 2 houses and 1 cabin in AZ, reclaim the equity and roll it into Vanguard index funds... so I can "go away" at 52...

Not sure they'll acccept my offer for the new house, but we will see. Can't buy it, if I don't try it...
ghandi is offline   Reply With Quote
Old 01-11-2013, 10:02 AM   #20
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,000
Quote:
Originally Posted by ghandi View Post
Today I'm trying to buy a lake house in SC for $200k cash, sell my existing 2 houses and 1 cabin in AZ, reclaim the equity and roll it into Vanguard index funds... so I can "go away" at 52...
Wouldn't it be prudent to sell at least a couple of the properties (and shed their associated mortgages) first, before buying and ending up with three houses and two cabins? What's the rush?
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Reply


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


» Quick Links

 
All times are GMT -6. The time now is 03:12 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.