Cusp of Major Milestone

[Blue531]

I am on the cusp of a major milestone and the chances are very good that I will surpass it next week. As I was sitting here, I recalled a section in one of my financial books that i first read back in oh, 2001 I think. The "Motley Fool" was discussing climbing the ladder of each "rung" financially and how to approach each one when you get there. Well, when I first saw this higher rung then I thought, oh wow, it'll be a long time before I see that one...but now that rung is here and I can't believe I climbed to that rung. It's very humbling to achieve, to set out on a goal that is years ahead of you and to finally achieve it. I am very grateful for that.

[jimbee]

Congratulations Blue!

[firewhen]

I started working in the 80s and IRAs were just gaining steam. Many of the banks passed out these slide rules (remember those?) where they showed how investing $2,000--the limit then-- for x years at x% would come to a $ amount. It was always fun to look at 40 years and 12% which I think was the highest they had. Anyway for the first 10 years of my contributing it was peanuts. But then between the roaring 90s and each year's contribution, and eventually I was eligible for a 401k and a higher contribution limit, I started to have some nice money in them. Come to 2020 and I am starting to be concerned with how large my eventual RMD will be. My annual RMD will be larger then what my entire balance was in the earlier days. Time and compounding is a wonderful thing.

[chassis]

Quote:

Originally Posted by Blue531 I am on the cusp of a major milestone and the chances are very good that I will surpass it next week. As I was sitting here, I recalled a section in one of my financial books that i first read back in oh, 2001 I think. The "Motley Fool" was discussing climbing the ladder of each "rung" financially and how to approach each one when you get there. Well, when I first saw this higher rung then I thought, oh wow, it'll be a long time before I see that one...but now that rung is here and I can't believe I climbed to that rung. It's very humbling to achieve, to set out on a goal that is years ahead of you and to finally achieve it. I am very grateful for that.

@blue531 Congratulations! Keep going!

[Blue531]

I agree. Time and compound investing is an amazing force. The first year that my invested money made more money than I did at my job for an entire year was pretty mind-blowing. I had reached the "crossover point" as described in the book "Your Money or Your Life". I had gotten there faster than I had ever imagined that I would. Sometimes, I daydream about where I'd be had I learned about compound investing when I was 18 rather than at age 33. Thank god I learned anyway.

[firewhen]

It has gotten to the point where I make more money in the market in a single day than I make from my job in a whole year. Granted it has to be one of those "biggest market moves in a few months" days, and the opposite happens too where I lose an entire year's salary in a single day. Thankfully I am finally retiring (that has a nice ring to it!). But on those bad days at work, I would be asking myself why am I still here, I can make more than this on a single good day?

[Blue531]

To firewhen: Wow, that is amazing! I've never done that and kudos to you for being able to and for retiring. I'm not that good, but there are many times I can cover my monthly expenses with some swing trading.

[gayl]

@ blue531, congrats!!

[Koolau]

I recall those days - pre-retirement - as the milestones slowly came and went. It was a great feeling to reach and exceed each one. The first time my portfolio results exceeded my salary for the year was probably my favorite milestone. YMMV

[CSdot]

Congratulations!!!

I have one of those retirement account milestones coming up too, and I expect to see that extra digit appear sometime next week.

[Blue531]

To CSDot: Thanks and congratulations to you as well! Feels good don't it? I did surpass my milestone this week on Wed. the Aug. 26. What an amazing coincidence it is happening just as I work my last day on Sept 1. I was at a store shopping the day I reached that goal and came across a shirt that said "Blessed Beyond Measure" and it was just my color, blue. I said that shirt was meant for me, so of course, I bought it. Feeling grateful. Best to you on your journey!

[Dtail]

Congrats with more milestones in your horizon.

[Closet_Gamer]

Well done! Amazing what commitment and time can accomplish. Keep going.