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Old 11-15-2020, 08:16 PM   #41
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25 years ago when I first started my 401k with 2% of my $25k salary there was a phone number you could call and it would give you projections based on expected salary increases and returns and you could play around with the numbers somewhat to see what was possible. I remember telling my parents that someday I would be a millionaire if I kept investing for x number of years.

As of today I am $5k short of hitting $1m in financial assets (not just 401k) for the first time and the futures are up!
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Old 11-15-2020, 08:32 PM   #42
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Not until my salary crossed 100K at 38 did I think it was remotely possible. This was during the dotcom boom, my salary grew more rapidly than before, I was granted stock options, and the market have several years of "crazy" increases, so I figured I would get there someday. But I did not make it a serious pursuit until I was over 40, when Megacorp changed their retirement benefits and I realized that what was left of my pension, (if it survived) would not be enough for a future retirement. We began making a better effort to save and invest to reach that goal (and go beyond it).
FIREd date: June 26, 2018 - wwwwwwhat a rush!
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Old 11-15-2020, 08:34 PM   #43
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Originally Posted by Koolau View Post
... NOW, let's see if you can do better than most of us here in Blowing That Dough! It ain't easy for many (most?) of us to switch from saving/investing to spending. ...
I can't figure out why we had so little difficulty in flipping the switch. Maybe because our plan/desire was always to spend more in retirement than we did (excluding kids and taxes) whilst working? But, your point is quite valid given what I've read....
OMY * 3 2ish Done 7.28.17
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Old 11-15-2020, 08:35 PM   #44
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I never made a hundred grand salary a year in my life.

But I made it easy in investments -
Retired at 59 in 2014. Should have done it sooner but I worried too much.
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Old 11-15-2020, 09:45 PM   #45
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It’s good decisions, sacrifices, and luck. I met my future wife when we were both 19. She reminds me that when “the gang” was going to see a movie, I declined because I calculated I’d have to work over an hour to make the money I would spend on the movie. It’s those same calculated decisions that has me 6 months from retirement with 4M+ NW, and a 100K+ COLA pension at the age of 56. Good decisions, sacrifices, and yep, definitely some luck in there too.
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Old 11-15-2020, 10:26 PM   #46
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I had a late start. I did not hold a full time job or start saving until I was 36. After a couple of years of full time work I created a spreadsheet and set the net worth goal for each year until I plan to retire in early 50s.

8 years in I still need a couple more years to reach the 1m goal. But I never had doubt that I will reach my goals. I am not smart, creative or particularly like money. But I am persistent. I have been lucky that I have not had to look for jobs very long and covid did not cause problems for my career either. I really want to retire early so I can travel around and experience as many new things as possible.
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Old 11-20-2020, 04:43 PM   #47
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1 million bottles of beer on the wall... 1 million bottles of beer on the wall... can't remember when it happen'd....
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Old 11-20-2020, 04:59 PM   #48
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I always knew it was within reach. Real estate almost killed me, but once I escaped to rentership and invested the money... done deal. I am hoping for at least one more historical double, but the future could be different than past.

Motley fool had an article contrasting extremes: Some hedge fund guy and wife in bankruptcy court, fighting over how hard it was to live on 350k a year or some such. Had all the degrees and connections, never really worked a day in his life. Same day, article about elderly schoolteacher that accrued many millions and donated to charity on death. Never made much but super frugal and great investor.

I always tell folks to think in terms of spending time, divide your total nut stash by your annual nut. That's your years in the tank.
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Old 11-20-2020, 05:01 PM   #49
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When I saw I had over $1M in one of my retirement accounts. Then I added up everything and realized I am technically a multi-millionaire. The odd thing is we live a normal middle class lifestyle, and most excess money goes to various savings vehicles, so I can safely say that having a million dollars in the bank does not feel like what we were all led to believe being a millionaire should feel like.
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Old 11-20-2020, 05:01 PM   #50
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Never spent a minute worrying about it. DW made a 6-figure salary, & my computer consulting company topped $1M net in our first 6 months. Still, I was surprised, 34 years later, when she told me how much MORE we were going to be able to spend, once we retired. And then she told me that she had just retired, & I had 30 days to sell the company, or close it. I sold it.

Surprises, but all pleasant!
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Old 11-20-2020, 05:02 PM   #51
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not sure why.. but it seemed after getting the first $mil the next $mil was harder to get to
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Old 11-20-2020, 05:07 PM   #52
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I really never thought it was at all possible.
A combination of really hard work and incredible luck made it possible!
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Old 11-20-2020, 05:27 PM   #53
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About 3 or 4 years after I started my small business I knew it would happen.
The actual moment was documented right here on this very forum:

2008. Jeez. Seems like a lifetime ago. You people must be getting old..
Family Motto: "Every penny's a prisoner"
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Old 11-20-2020, 06:08 PM   #54
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I always figured I'd hit $1M and beyond and be able to retire early based on the disparity between my income and spending. It really became tangible when I started tracking my net worth and saw how the YOY increases were more than my retirement contributions.

It feels kind of weird to see my net worth increase so much when I haven't worked for over a year, but I'll try to get use to it.
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Old 11-20-2020, 06:09 PM   #55
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Senior year high school.
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Old 11-20-2020, 07:21 PM   #56
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I was too busy raising a family and working at a couple of startups that I helped found that, for a few years, I did not look at my investable assets. This was during the late 90s when the market kept rising, so it was all good to let things take care of themselves.

Only when both startups were in trouble, and I was working for no pay that I decided to look at what I had, in case my wife's income was not enough and I had to tap into the savings to pay bills. I pulled out all the envelopes containing account statements that were stacked up and unopened for these years.

That was when I discovered that I had close to $1M already. And that was when I decided to keep a diary to jot down the total of my investable assets each day. This is a simple text file on my laptop, that I still update to this day. The 1st entry says: "964852".

And I crossed the $1M line just two weeks after that. This was more than 20 years ago.
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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Old 11-20-2020, 07:26 PM   #57
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Originally Posted by dixter View Post
1 million bottles of beer on the wall... 1 million bottles of beer on the wall... can't remember when it happen'd....
And I've heard all my life that you'd always remember your first one.... Maybe I'm confusing that with something else.
Power is often given but respect must always be earned
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Old 11-20-2020, 07:35 PM   #58
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Age 7. Was lucky enough to have a great grandmother who was very wise in finances. Stayed on her ranch a couple of summers at about age 7 & 8. She would take time to explain things to me, and at the same time she helped people in the community with their finances. Great when older generations pass on this kind of info.
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Old 11-20-2020, 10:48 PM   #59
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At age 38, a year after my wife stopped working. We had just started investing in 2007 after grad school and kept investing through the trough of 2008-2009. Moved and switched companies and focused on finances when we decided wife should stay home after kid #3. Set a goal to retire at 55 with 2.5M, kept investing and hit 1M two months after turning 40. Purchased the first rental property at a foreclosure auction that fall and fixed it up and financed it. Purchased a couple more and now cash flow equivalent to $1.1M invested (4% rule). Hope to pull plug in 4-5 years with 3.3M combined rental cash flow and investments.
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Old 11-20-2020, 11:45 PM   #60
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Originally Posted by Blue531 View Post
I first thought it was possible (to achieve one day) about 25 years ago after some exposure to personal finance, compound interest and investing. I figured that it would take me until my late 60s to get there. More recently, with the run of the last ten years or so, there is a chance I may achieve it sooner. I think it hit me a few years ago when I realized I was less than two "doubles" away from $1 Mil. For those not familiar, Patrick Bet-David discusses his "20 Rules of Money" in a you tube video and talks about how if you start out with $1,000, then you are only ten "doubles" away from $1 Mil. So, getting to $1 mil is a matter of how quickly you can keep doubling your money. Time will tell, of course, but what an amazing milestone that would be.
And then only 10 more doubles to get to a billion.

But who is counting!
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