Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
At what point did you think the $1 million milestone was possible?
Old 11-14-2020, 04:00 PM   #1
Thinks s/he gets paid by the post
UnrealizedPotential's Avatar
 
Join Date: May 2014
Posts: 1,177
At what point did you think the $1 million milestone was possible?

I finally feel like I have a shot at the $1 million milestone. I am a bit over the 500K milestone now and it suddenly feels possible for me someday to reach the $1 million mark. I feel like compounding alone will get me there someday. I know it will still take years, but it seems doable now.

When I reached the 250K point I never had this feeling, I simply didn't think about it. So at what money milestone or at what point did you feel like, yeah I finally have a shot at 1 million?
__________________
Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things. Charlie Munger

The first rule of compounding: Never interupt it unnecessarily. Charlie Munger
UnrealizedPotential 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 11-14-2020, 04:23 PM   #2
Thinks s/he gets paid by the post
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 4,998
Probably when I was in my early to mid 40's when my salary was increasing by leaps and bounds... To the best of my memory I had my first million by the time I was 50, the next ones came much easier and quicker.


A short story about making a million:

When I was in elementary school (6th grade I think) I can remember a class discussion when the teacher told the class that "you" (the individuals in the class) wouldn't make (earn) a million "in total" during their lifetime. I went to school in a lower middle class neighborhood and that comment stuck with me for a long time. (I guess it's still in my mind today) Of course back then she was probably only making ~5k a year, so from her POV it was an impossible goal. Still seems short sighted for teacher to tell a class of 6th graders something like that, even way back then.
__________________
A goal without a plan is really just a wish
Car-Guy is offline   Reply With Quote
Old 11-14-2020, 04:50 PM   #3
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 15,364
For as long as I can remember, stretching back fairly early into my childhood, I never doubted that one day I would have a million dollars. In my early 20s, I could do the math and calculate just about when that would occur. I did take a detour to go to law school in my 30s, which set the schedule back just a little, but my recalculation right after I finished school was correct to within a month or two.
__________________
Living an analog life in the Digital Age.
Gumby is online now   Reply With Quote
Old 11-14-2020, 04:58 PM   #4
Thinks s/he gets paid by the post
2017ish's Avatar
 
Join Date: Apr 2012
Location: Nashville
Posts: 1,994
Either in grad school, or within a year of graduation. Definitely before DW finished her residency. (But even then, knew that for our retirement dreams, that wouldn't be sufficient.)
__________________
OMY * 3 2ish Done 7.28.17
2017ish is offline   Reply With Quote
Old 11-14-2020, 05:06 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Sep 2013
Posts: 1,054
I thought I'd hit a million someday ever since I started out in my 20s, but had some financial reversals early on: bought a house just before the crash of the early '90s and was laid off in the mid-90s. This slowed me down a bit, but the dot-com boom made up for it. I made my first million before 40... and then promptly lost it in the dot-com bust of 2001... and then made it over a million again by age 45... and then promptly lost it again in the crash of 2008... and then made it again (several times over) in the extended boom we've had since then.

So I have the distinction of making my first million in my 30s, 40s and 50s. Sure hope I don't have to do it again in my 60s.
stepford is online now   Reply With Quote
Old 11-14-2020, 05:14 PM   #6
Thinks s/he gets paid by the post
street's Avatar
 
Join Date: Nov 2016
Posts: 3,664
That is a great question. I personally have no clue when I hit it and frankly I never even thought about it. I always was a saver but never knew what I had or tracked etc. till a few years before I retired. My wife finally said one day, you should retire. Till then I knew I would most likely could retire but never knew how much we had.

I shouldn't have said, I never tracked my money, because I did very early in my career. Then live got busy and ever really know what I had or when I hit milestones.
street is offline   Reply With Quote
Old 11-14-2020, 05:15 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 27,505
When I learned our company was finally going public.
__________________
Retired since summer 1999.
audreyh1 is offline   Reply With Quote
Old 11-14-2020, 05:27 PM   #8
Full time employment: Posting here.
 
Join Date: Aug 2015
Posts: 796
Probably in my 40’s sometime. I remember thinking when I was younger right out of college, that the million mark was going to have to rise with inflation, and since I didn’t know any millionaires at the time inflation was high for what seemed like forever, I’d probably never reach it. Sometime in my late 50’s, IIRC, I hit it, and then realized, without other sources of income, it wasn’t enough. So kept at it until age 61.
Perryinva is offline   Reply With Quote
Old 11-14-2020, 05:46 PM   #9
Dryer sheet wannabe
 
Join Date: Sep 2018
Posts: 22
Is it $1MM in just retirement accounts or total net worth?
EA-Sports is offline   Reply With Quote
Old 11-14-2020, 06:07 PM   #10
Moderator Emeritus
Ronstar's Avatar
 
Join Date: Aug 2007
Location: Northern Illinois
Posts: 12,588
Probably around 30 years old. Married, no kids, both DW and working lots of OT. Low expenses. Starting keeping track of finances back in those days, making projections.
Ronstar is online now   Reply With Quote
Old 11-14-2020, 06:30 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 7,117
Never thought about it until it passed, but very aware of it now.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 11-14-2020, 06:34 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 5,777
I think I was about 50. House paid off too. Which increased investments which made more dough and yup, the first one's the hardest!
__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is offline   Reply With Quote
Old 11-14-2020, 06:50 PM   #13
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 11,476
For me it wasn't until my early 40's.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is online now   Reply With Quote
Old 11-14-2020, 06:51 PM   #14
Moderator
Aerides's Avatar
 
Join Date: Nov 2015
Posts: 6,736
We never really thought about the 1M thing, and by the time we started to think about goal numbers we needed more than that to ER. But when we met with an FA about 10 years ago and he added everything up and said "ok well here you are" and we were slightly above. That was kinda cool.

The thing about "it takes money to make money" shows it's true because once you have a decent amount, it's not terribly hard to just plug away and get to an indecent amount.
Aerides is offline   Reply With Quote
Old 11-14-2020, 06:59 PM   #15
Full time employment: Posting here.
Offgrid Organic Farmer's Avatar
 
Join Date: Feb 2018
Location: An Un-Organized Township of Maine
Posts: 799
In the last few months right before I retired, I was doing a lot of math. Trying to calculate the value of my pension. When added to my portfolio, I was surprised to see that my Net Worth [if you consider Face Value of my pension] was over $1Million.
__________________
Retired at 42 and I have been enjoying retirement for 18 years [so far].
Offgrid Organic Farmer is offline   Reply With Quote
Old 11-14-2020, 07:30 PM   #16
Recycles dryer sheets
 
Join Date: Oct 2017
Posts: 357
I finished (got released) from high school in 1984 with $212 and a dead end job at our family farm.... "work here all your life for nothing. and at what's left when we die something might be yours"....til then.. get back to work and don't ask for anything!"


I took a job with a local small business at $5 per hour, a huge pay raise. I ended up buying the business and lived on a draw of $1,200 a month (big raise) got it paid for and gave it he!! for 30 years. When I stopped to look I had about $3M invested. I turned 50 and got out of there alive & some health left. By the way, I still was expected to work on the family farm..I did til dad died. I can't explain it, but I made it til the end.


I never kept score getting to $1M, I just worked til I hit my time frame and saw what was there. Looking back I went from $212 to $1M by age 40.


And it is true, the first is the hardest.
Stormy Kromer is offline   Reply With Quote
Old 11-14-2020, 09:00 PM   #17
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 3,879
Quote:
Originally Posted by UnrealizedPotential View Post
I finally feel like I have a shot at the $1 million milestone. I am a bit over the 500K milestone now and it suddenly feels possible for me someday to reach the $1 million mark. I feel like compounding alone will get me there someday. I know it will still take years, but it seems doable now.

When I reached the 250K point I never had this feeling, I simply didn't think about it. So at what money milestone or at what point did you feel like, yeah I finally have a shot at 1 million?
Never. Unless I win the lottery I will never reach $1M. Considering my average income at age 41 is under $28K/yr and falling, that is not unexpected. I will be able to FIRE by keeping my expenses low so I never need $1M net worth. If I ever reach $1M then that will mean I worked too long.
aaronc879 is offline   Reply With Quote
Old 11-14-2020, 09:06 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
MRG's Avatar
 
Join Date: Apr 2013
Posts: 9,400
In the run up to y2k, at age 40, mostly in company stock and a proprietary fund. Then it crashed and lagged the market for years. Reclaimed the mark just in time for 08. Once I got out of Megacorp's stock things are much better.
MRG is offline   Reply With Quote
Old 11-14-2020, 09:10 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 12,734
Once I hit 100K, I felt like I was on my way to a million or should I say we were on our way. Hit that figure in mid 40's, got divorced and hit it again solo ten years later. Hitting that initial 100K really made a believer out of me, though.
travelover is online now   Reply With Quote
Old 11-14-2020, 09:10 PM   #20
Recycles dryer sheets
 
Join Date: Feb 2020
Location: Danville
Posts: 53
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.
Blue531 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
Retiring in a Million Dollar home or a Multi-million Dollar Home cyber888 Life after FIRE 112 08-29-2019 02:29 PM
I May Have Reached a Milestone, But What do You Think? nico08 FIRE and Money 15 05-15-2013 09:05 PM
From 100 million to 4 million FANOFJESUS FIRE and Money 19 08-22-2009 11:15 AM
What do you think is the gasoline price tipping point? Or is there one? dumpster56 FIRE and Money 11 11-07-2007 05:12 PM
"Your First Million is the Toughest" How long did it take you? Milkman FIRE and Money 85 07-31-2007 04:23 PM

» Quick Links

 
All times are GMT -6. The time now is 11:31 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.