eight figure club

[Ronstar]

Congrats!

[Closet_Gamer]

Wow. Big milestone!

8 figures is far past what I deem "enough" so I will likely never get there but I can appreciate what it must have taken to get there thru work, LBYM and investing.

Most 8 figure folks get there the old fashioned way -- they inherit it!

[Jerry1]

I will never get there but am happy for you. I'm knocking on $2M right now and each milestone has been exciting. For myself, I'm just grateful every day and the choices and opportunities that being in either club provides. Great job!

[rodi]

Nice club to join... Like groucho marx - they wouldn't allow me into a club that nice. LOL.

[gcgang]

Are you spending $400k/yr? If not, have you made plans for where you want the $ to go when you're gone?

[Blue Collar Guy]

Quote:

Originally Posted by gcgang Are you spending $400k/yr? If not, have you made plans for where you want the $ to go when you're gone?

Are you volunteering for adoption?

[cranberryjoe]

A bunch of my Firecalc predictions put me in the 8 figure club sometime in my 70's or 80's. An equal number of them have me approaching the zero line. I have no idea how to spend 8 figures. Charities would be the big winners, I suppose.

[NW-Bound]

Quote:

Originally Posted by Blue Collar Guy Yeah, if I was at the 3 % rule, It would have been a bottle of XO or VSOP. And I would sip it slowly , lol.

I just looked at Quicken to see my expenses YTD. It's only 2.1% so far of the current portfolio balance. No big expenses this year, houses in good shape, daughter already married, no medical bills, etc...

But the year still has 4 months left. So I look at expenses in the last 12 months. It's 2.7%. There is enough margin left till that 3% WR for a few Louis XIII bottles. And the market god has been generous this year.

But I can't do it. A bottle of Louis XIII costs more than a case of XO. And what if I buy it, and cannot taste the difference (arghh I have been duped). Plus, my wife would have a heart attack.

Perhaps I will wait till I draw SS.

[Texas Proud]

Quote:

Originally Posted by Sunset Yeah, If I hadn't spent any of my money along the way then I could have,,, no wait, still wouldn't make it

LOL... just what I was thinking!!!

[Texas Proud]

Quote:

Originally Posted by NW-Bound If I put everything into Amazon just a few years ago, I would be there today. But the sad fact is that I have never owned any share of AMZN. Same with AAPL, or FB, or NFLX.

Funny thing is that some on the board were really down on NFLX when they broke the streaming from the discs... said it was going downhill.... guess that was wrong...

[FI_RElater]

Quote:

Originally Posted by gerntz I'm eight figures too, but two of them are after the decimal point.

In that case, you should be in the "nine figure " club

[Andre1969]

I just ran my own numbers through FireCalc, and it looks like, in theory, I could hit $10M as soon as 2031, when I turn 61. That's presuming I keep working, though. The bulk of the lines are more in the $3-5M range, though.

I never in a million years figured I could conceivably hit that kind of net worth in my lifetime! Realistically I probably won't though, as my goal is to retire in 2020-21, which would put me at 50-51. Still, even running this scene through FireCalc, there is one line that breaks the $10M barrier in 2035, when I'd turn 65.

Anyway, it probably won't happen, but it's still pretty cool to think there's a chance I could break the $10M barrier sometime in my lifetime. I really don't think I'd know what to do with that kind of money, though, especially since I'd hit that milestone fairly late in life.

[45th Birthday]

Quote:

Originally Posted by Closet_Gamer Most 8 figure folks get there the old fashioned way -- they inherit it!

Simply false. Estimates are that only 20-30% of wealthy people inherited it.

[Lawrencewendall]

There's a chance.

FIRECALC says
"Here is how your portfolio would have fared in each of the 113 cycles. The lowest and highest portfolio balance at the end of your retirement was $750,000 to $17,194,250, with an average at the end of $9,924,039."

The markets just have to be better than average and I'll need to live till I'm 87!

[gayl]

Quote:

Originally Posted by NW-Bound A bottle of Louis XIII costs more than a case of XO. And what if I buy it, and cannot taste the difference

More expensive doesn't always mean better.

I LOVE tawny port and a $6 bottle of Whiskey Blake's is better than a $40 bottle of 20 yr Taylor's and just as good as a $80 bottle of 20 yr Grahams.

As to reaching 8 figures: (not there yet) -- seemed like it took forever to reach the first 6 figures but each milestone after that is either easier / faster or just less of an impact

BUT 8 figures will / would be an awesome milestone that I hope to reach someday.

hesperus: has your WR changed?

[GravitySucks]

Quote:

Originally Posted by gerntz I'm eight figures too, but two of them are after the decimal point.

HAHAHA!

You mean I wasnt suppose to be counting those?
UhOh. My 7 figure retirement might be in trouble.

Congrats OP

[hesperus]

Thanks for the kudos everyone. For the sake of transparency, even though I didn't inherit the eight figures, I did inherit mid seven figures in 2011, and that combined with the assets DW and I had already accumulated by then (approx $1.2M), RE appreciation, LBYM, a booming market, and no children have gotten us to this point. As I've mentioned in some previous posts, the windfall I received from my father, instead of wanting to open the spending floodgates, made me want to add something to it. An inheritance can open up some complex emotions, and in this case this is how I responded to them. I've always been a careful spender, as is my wife, so old habits die hard. Did I already mention no children? lol.

[stepford]

More power to hesperus for hitting 10 Mil. If that was his retirement goal then my heartiest congratulations. That said, while such numbers were potentially in reach for me, pursuing them would have been a great mistake.

My wife and I probably have a NW of less than half hesperus' (depending on what's counted in NW) and, even at that, feel that retiring at 55 we waited a bit longer than we needed to. Financial projections suggested that we too would have probably hit 8 figures if we'd kept working until a traditional 65 year retirement age, but again, I am very glad we did not.

My point is that reaching a high NW is great - so long as you don't sacrifice too much of what you enjoy in life to achieve it.

[eastnortheast]

Sounds like you are handling it well - kudos to you. Enjoy!!!

[Blue Collar Guy]

Quote:

Originally Posted by gayl More expensive doesn't always mean better. I LOVE tawny port and a $6 bottle of Whiskey Blake's is better than a $40 bottle of 20 yr Taylor's and just as good as a $80 bottle of 20 yr Grahams.

I like 20 year old Presidential Tawny Port. Note: It must come from the ship decanter bottle, Its the only one i buy. Its $50 bucks. I think I pay an extra 8-10 bucks for the bottle shape, But my guests (when I had them), loved the bottle shape and it was a good Port and made for nice conversation..