eight figure club

[NW-Bound]

Quote:

Originally Posted by gayl More expensive doesn't always mean better...

I think more expensive stuff is usually better. However, it's diminishing return, and my palate which gets dull with age may not appreciate finer things. And I care less and less about stuff.

Come to think of it, I have not had a drop of hard booze in a couple of months. My blood pressure was higher than normal when I came back from a long trip (I drank more on the trip), so I have been drinking just a small glass of wine each day.

Still would like to have an 8-figure stash, for the joy of seeing it on the Quicken screen.

PS. A guy needs a challenge. I want to prove to myself that I am a successful investor. It's not really different than someone who aspires to climb a mountain. Even if I do not reach 8 figures, making progress along the way makes me feel good.

[CaliKid]

Quote:

Originally Posted by 45th Birthday Simply false. Estimates are that only 20-30% of wealthy people inherited it.

I would think the majority of people with 8 figures had some significant inheritance to give them a boost. I know I did. In my case I received about $250k at age 18. The inheritance helped me in a few ways: 1) no school debt (college or grad school), 2) able to buy real estate at a younger age, and 3) start saving at a younger age (started IRA at age 18). I received a much more significant inheritance 30 years later but by then I had built up about $2m. Though most of that $2m was from our hard work it was that early leg up which enabled us to build to that level.

[Midpack]

Quote:

But for net worth, the 1 percent threshold for net worth in the Fed data was nearly $8.4 million, or 69 times the median household’s net holdings of $121,000.

https://economix.blogs.nytimes.com/2...th-not-income/

And from another source https://dqydj.com/net-worth-in-the-u...-top-centiles/

[NW-Bound]

My children got a pretty good start. They got their college education with no debt. I helped my daughter with the purchase of her 1st home when I saw ridiculous prices after the housing bubble burst. Now that she is married and has a larger home, she sold the townhome for 2x the purchase price (it is still 20% below what the previous owner paid).

My son after just a few years working already got $100K saved up, and we also helped him when he bought his 1st home.

And then, when we croak it is likely we will leave them a decent sum. I do not want to give them too much right now, as they must learn to manage money first.

My parents, when their fortune changed, did not have much to give me and my siblings other than a desire to do well. Still, we are all doing well. I don't envy people who get a big inheritance, because I am doing quite OK by myself.

[45th Birthday]

Quote:

Originally Posted by CaliKid I would think the majority of people with 8 figures had some significant inheritance to give them a boost. I know I did. In my case I received about $250k at age 18. The inheritance helped me in a few ways: 1) no school debt (college or grad school), 2) able to buy real estate at a younger age, and 3) start saving at a younger age (started IRA at age 18). I received a much more significant inheritance 30 years later but by then I had built up about $2m. Though most of that $2m was from our hard work it was that early leg up which enabled us to build to that level.

To steal a line from someone else on this site, the plural of anecdote is not data. Nor is opinion fact.

[CaliKid]

Quote:

Originally Posted by 45th Birthday To steal a line from someone else on this site, the plural of anecdote is not data. Nor is opinion fact.

I am also an estate planning attorney who has worked with thousands of clients. So not fact but more than just a wild guess.

[Blue Skies]

I hit the 8 figure mark today. Was a little emotional for me. Emailed my financial advisor and she said "congratulations, but don't expect it to stay there, be prepared for it to go down soon". Since I can't touch that money for another 6 years I'm not really worried.

[flintnational]

Congratulations! Great milestone.

I just did the math. If the market will just do what it did yesterday (+1%) for 100+ more trading days, I will be there with you. Gotta love exponential growth.

FN

[calmloki]

Quote:

Originally Posted by NW-Bound I think more expensive stuff is usually better. However, it's diminishing return, and my palate which gets dull with age may not appreciate finer things. And I care less and less about stuff. Come to think of it, I have not had a drop of hard booze in a couple of months. My blood pressure was higher than normal when I came back from a long trip (I drank more on the trip), so I have been drinking just a small glass of wine each day. Still would like to have an 8-figure stash, for the joy of seeing it on the Quicken screen. PS. A guy needs a challenge. I want to prove to myself that I am a successful investor. It's not really different than someone who aspires to climb a mountain. Even if I do not reach 8 figures, making progress along the way makes me feel good.

Thought your son had come up with a brandy that was tops in your taste test but quite economical? And you didn't divulge the brand... tend to remember that kind of thing.. Now should you choose to share that information I miight even buy some when we get down to the land of the cheap booze California.

Edit: can't shop today - we've been approaching a $500,000 step. Playing silly games like making sure the quarterly checks are dated the 15th, checking all accounts for loan or rent payments. Yeterday the market kicked us within a few hundred dollars of the mark - and social security deposits will carry us across. The market is making us rather breathless this morning..

[euro]

Quote:

Originally Posted by flintnational Congratulations! Great milestone. I just did the math. If the market will just do what it did yesterday (+1%) for 100+ more trading days, I will be there with you. Gotta love exponential growth. FN

... unless, of course, it goes down by 1% the day before each of those 100 increases.....

[powerplay]

Congratulations! The eight figure club is a great milestone to achieve.

[Koolau]

Low seven figures here and not sure what I'd do if I had 8 figures. Realistically, there is virtually nothing I actually "want" that I don't have. True, my cars are old, my travel is coach (aka cattle car), I eat at Panda Express, and Spaghetti Factory and local mom and pop places (splurging at Outback occasionally). While I'd love to see what it would be like to be in the 8 figure club, I'm just not sure it would feel like much more than a "number" to me. I guess at some point (for me) I just decided I have enough. That's a good feeling no matter how many figures we have. YMMV and heartiest congratulations to OP!

[flintnational]

Quote:

Originally Posted by euro ... unless, of course, it goes down by 1% the day before each of those 100 increases.....

Yea, I guess I needed to add "consecutive" in front of the 100+ days.

FN

[TOOLMAN]

Excellent job.

10M gets you in the 98% percentile if you are 55+ (2013 data).

I expected 10M it would get you in the 99% percentile.

https://dqydj.com/net-worth-by-age-c...united-states/

[txtig]

Quote:

Originally Posted by hesperus Did I already mention no children? lol.

Not having kids makes a big difference. I saw this sticker on the back of a car the other day. Made me laugh. IMG_0936.JPG

[NW-Bound]

Quote:

Originally Posted by calmloki Thought your son had come up with a brandy that was tops in your taste test but quite economical? And you didn't divulge the brand... tend to remember that kind of thing.. Now should you choose to share that information I miight even buy some when we get down to the land of the cheap booze California. Edit: can't shop today - we've been approaching a $500,000 step. Playing silly games like making sure the quarterly checks are dated the 15th, checking all accounts for loan or rent payments. Yeterday the market kicked us within a few hundred dollars of the mark - and social security deposits will carry us across. The market is making us rather breathless this morning..

Ah, here's someone with a good memory. But so do I, and I do not recall saying that it was "tops", only surprisingly good for the price, and my palate may not be that great anyway.

This American brandy could be loaded with caramel. My son's palate is still very good for detecting caramel as he demonstrated in a blind test, where I could not. He was mainly proud of his discovery of this bargain, which I had to say tasted better than the bottom VS grade of imported Cognac slightly more expensive, or in the same price range.

I searched and found that post of mine. See below. Sorry Calmloki, but you can go to a Total Wine store, and bought quite a few of the inexpensive brandy that they have, and it will not cost but $100 altogether. You will have fun checking them out for yourself, and the ones that you do not like, you can always use to deglaze steak frying pans to make sauce.

But as mentioned, either American brandies are getting better or my palate is shot, but when I was in my 20s did not like them at all and now find them quite drinkable.

http://www.early-retirement.org/foru...ml#post1762490

[calmloki]

Quote:

Originally Posted by NW-Bound Ah, here's someone with a good memory. But so do I, and I do not recall saying that it was "tops", only surprisingly good for the price, and my palate may not be that great anyway. This American brandy could be loaded with caramel. My son's palate is still very good for detecting caramel as he demonstrated in a blind test, where I could not. He was mainly proud of his discovery of this bargain, which I had to say tasted better than the bottom VS grade of imported Cognac slightly more expensive, or in the same price range. I searched and found that post of mine. See below. Sorry Calmloki, but you can go to a Total Wine store, and bought quite a few of the inexpensive brandy that they have, and it will not cost but $100 altogether. You will have fun checking them out for yourself, and the ones that you do not like, you can always use to deglaze steak frying pans to make sauce. But as mentioned, either American brandies are getting better or my palate is shot, but when I was in my 20s did not like them at all and now find them quite drinkable. http://www.early-retirement.org/foru...ml#post1762490

Sigh. My discerning palate identifies "white" and "red" most of the time in wine tests if I only peek a little. I did do the "buy a bunch of scotch and taste test them" adventure once - was primarily able to discern that Isle of Islay scotch tastes pretty much like burning tires smell. Maybe not all those who wander are lost - but some are.

[RenoJay]

Congrats. If my ex chooses to give me back her share, I'll be in that club with you.

[haha]

Quote:

Originally Posted by 97guns I don't think I'll ever get there, I'm contempt being a member of the 7 figure club.

Ah, not so bad, no need to feel contempt . At worst perhaps modest shame.

Ha

[pletal]

Congrats for hitting the eight figure club. Just hit little over 6.5 M worth of investable assets, 10 mil might be awhile. That's a lot of hamburgers !