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09-11-2017, 08:37 AM
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#1
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Full time employment: Posting here.
Join Date: Aug 2013
Location: https://www.google.com
Posts: 750
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eight figure club
I know it won't last with the market at highs like this, but total net worth just touched eight figures. The final push was certainly helped by our real estate (couple of homes and land), that have done remarkably well here in colorado the last few years. A bad day in the market and we're below again, but for us it was a milestone we had been trying to reach for a couple of years. We have been living below our means, and the extra saving/investing has paid off. Yes, it's just a number but nonetheless enjoying the moment
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09-11-2017, 08:42 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Apr 2016
Location: Ex-Cali
Posts: 1,231
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It's a great accomplishment for sure. The key, and it sounds like you know it, is living below your means. It doesn't matter how many figures you have if you live above your means. Keep up the good work!
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The plan was September 1, 2022 and I am 95% there. Still working a few hours a week at the real job.
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09-11-2017, 08:42 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Jan 2013
Posts: 3,405
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My goal is to get there by 70. It's probably an unrealistic stretch goal, unless there is another crash where I can buy a lot of cheap assets for cash and then get a quick rebound.
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09-11-2017, 08:43 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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Congratulations!
......from one who will never achieve that.
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09-11-2017, 08:46 AM
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#5
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Full time employment: Posting here.
Join Date: Aug 2013
Location: https://www.google.com
Posts: 750
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now that that's out there, you could guess that I'm probably inviting a market crash
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09-11-2017, 08:48 AM
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#6
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gone traveling
Join Date: Dec 2016
Posts: 733
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Nice number to hit! Congratulation!
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09-11-2017, 08:49 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,006
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Wow!
Although that sure sounded like a whee.....
__________________
Retired since summer 1999.
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09-11-2017, 08:49 AM
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#8
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gone traveling
Join Date: Dec 2016
Posts: 733
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The trick is to turn it into a 5% or better cash flow.
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09-11-2017, 09:02 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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congrats solid!
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
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09-11-2017, 09:09 AM
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#10
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Full time employment: Posting here.
Join Date: Aug 2013
Location: https://www.google.com
Posts: 750
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Quote:
Originally Posted by audreyh1
Wow!
Although that sure sounded like a whee.....
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That crossed my mind as I typed
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09-11-2017, 09:25 AM
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#11
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Full time employment: Posting here.
Join Date: May 2014
Posts: 973
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I calculated, if I work until 60 and keep my withdraw at 4% constant, I will be in the 8 figure club when I dies at 100. Maybe I should reserve two seats for my sons.
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09-11-2017, 09:27 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,705
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Congratulations from a poster stuck in the 7s
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09-11-2017, 09:31 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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I will never get there, but at $10M, I would be OK with 3% WR. At $300K/year, life is quite comfy, even if it is not enough for a private jet.
It would be a bit less with that $10M including RE, and then there's tax, but I would try to manage.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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09-11-2017, 09:45 AM
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#14
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gone traveling
Join Date: Nov 2011
Location: The Deep South Bay
Posts: 744
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I don't think I'll ever get there, I'm contempt being a member of the 7 figure club, I think it's more figures than I'll ever need
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09-11-2017, 09:47 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Mar 2017
Location: New York City
Posts: 2,838
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Wow, I would say you are solidly in the top 1% (in the USA). Im solidly in the mid 7 figures, and I feel like Rockefeller. 8 figures would be obscene. But, I like that kind of obscene. Enjoy!
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
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09-11-2017, 09:48 AM
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#16
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Moderator Emeritus
Join Date: May 2007
Posts: 12,894
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Congratulations!
Our decision to ER probably cost us access to the 8-figure club (we might still make it according to FIREcalc, but it seems unlikely based on today's valuations). We were on track to get there sometime before full retirement age. But then we live pretty simple lives and we have no children. So it felt like an unnecessarily lofty goal and we pulled the plug early.
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09-11-2017, 09:52 AM
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#17
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Thinks s/he gets paid by the post
Join Date: Mar 2017
Location: New York City
Posts: 2,838
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Quote:
Originally Posted by FIREd
Congratulations!
Our decision to ER probably cost us access to the 8-figure club (we might still make it according to FIREcalc, but it seems unlikely based on today's valuations). We were on track to get there sometime before full retirement age. But then we live pretty simple lives and we have no children. So it felt like an unnecessarily lofty goal and we pulled the plug early.
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+1, With no children and if firecalc says Im good with a 3 % withdrawal for all my needs, anything above that is wasted excess.
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
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09-11-2017, 10:02 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Jan 2012
Posts: 2,581
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Quote:
Originally Posted by hesperus
I know it won't last with the market at highs like this, but total net worth just touched eight figures.
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Congrats on achieving a very cool milestone. Eight figures is something I'm hoping to reach one day, just for the psychological "wow" factor. FIRECalc says I have a decent shot at it in about 15 years. Will be a fun thing to celebrate if and when it happens.
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09-11-2017, 10:06 AM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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Quote:
Originally Posted by Blue Collar Guy
+1, With no children and if firecalc says Im good with a 3 % withdrawal for all my needs, anything above that is wasted excess.
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Excess is in the eye of the beholder. Is a Louis XIII bottle wasted excess, or does one need to go to the level of 1 bottle/month?
Signed someone who has not bought even one.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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09-11-2017, 10:24 AM
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#20
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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I'm eight figures too, but two of them are after the decimal point.
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