Have you reached a new $MM mark in the alst few years?

[cute fuzzy bunny]

But it was in Vietnamese Dong...

Anyone besides me giggle at that?

 

[Ed_The_Gypsy]

I figure that I will reach $1MM just about the time I have my first heart attack--maybe 7 years. (Of course, if the market keeps up this pace, it will be three years. And a hamburger will cost $30 by then.)

 

[Sam]

Last February when I checked my checking account balance at an ATM, I noticed that I was a multi-millionaire.

But it was in Vietnamese Dong...

I'm much better off. I was and and still am a multi-billionaire.

 

[Webzter]

Last February when I checked my checking account balance at an ATM, I noticed that I was a multi-millionaire.

But it was in Vietnamese Dong...

I may have to tell the wife that we're rich where it counts, in Dong.

 

[Moemg]

I became a multi millionaire last year and I'm still as cheap as ever .

 

[theloneranger]

Yeah, we passed another mil milestone this year.
But it's all on paper.

 

[dessert]

Sounds familier at my house too....

Yeah, we passed another mil milestone this year.
But it's all on paper.

We made that first milestone in 2006 and are on our way to "piling it on".
My DW says that she doesn't feel rich either because it's all on paper.
That's because we have always worked for a living and investments were for the "rich people". Well, guess what.......

 

[clifp]

My net worth finally exceeded my pre dot.com bubble peak value (circa in late 1999), this last month.

 

[W2R]

My net worth finally exceeded my pre dot.com bubble peak value (circa in late 1999), this last month.

Whew! Eight years. That sounds pretty hair-raising (to a scaredy-cat like me). Are you in the accumulation phase, or the withdrawal phase?

 

[chinaco]

Whew! Eight years. That sounds pretty hair-raising (to a scaredy-cat like me). Are you in the accumulation phase, or the withdrawal phase?

It tooks us about 6 years to get back to the same value.

We took a big haircut on a single equity. Then everything else broke down.

 

[mountaintosea]

Still struggling. Wondering how long the market will keep going like this? So far at the $938k level. I don't count equity in home either. But I'm thinking 1mm next year?

 

[Meadbh]

Wondering how long the market will keep going like this?

I'm wondering about that too. Here's what two analysts think:

Don’t get in the way of a freight train - Trade by Numbers®

Grin and bear it - Trade by Numbers®

 

[cute fuzzy bunny]

So we've got a 7-10 split.

What would be the common wisdom here? Throw the ball down the middle?

 

[unclemick]

So we've got a 7-10 split.

What would be the common wisdom here? Throw the ball down the middle?

Budweiser - ?drink or buy - or both?

- Fresca(a Coke product) was 3 frig packs for $10 at the supermarket yesterday.

 

[clifp]

Whew! Eight years. That sounds pretty hair-raising (to a scaredy-cat like me). Are you in the accumulation phase, or the withdrawal phase?

I've been retired since May 99, so clearly in the withdrawal phase. I had a large safety margin (~ $1 million more than I needed) but it wasn't fun retiring at the top of the market.

 

[W2R]

I've been retired since May 99, so clearly in the withdrawal phase. I had a large safety margin (~ $1 million) but it wasn't fun retiring at the top of the market.

I can imagine; it sounds absolutely terrifying. Still, you have reason to feel pretty great that you have made it safely back to where you were.

Actually, this is an eye-opener for me. I have been figuring that in the event of a market downturn right after I retire, that it would take as long as 10 years to recover at the very worst (so I am prepared to not withdraw for ten years, max). Since the scenario in 2000-2002 was not a worst case, maybe I should at least consider the possibility that it could take me longer than 10 years to recover.

 

[Webzter]

I can imagine; it sounds absolutely terrifying. Still, you have reason to feel pretty great that you have made it safely back to where you were.

Actually, this is an eye-opener for me. I have been figuring that in the event of a market downturn right after I retire, that it would take as long as 10 years to recover at the very worst (so I am prepared to not withdraw for ten years, max). Since the scenario in 2000-2002 was not a worst case, maybe I should at least consider the possibility that it could take me longer than 10 years to recover.

Well, the most conservative thing would be to move your money to more stable funds the closer you get to FIRE. Or, rebalance your portfolio to minimize risk... if you're over-exposed in a segment now because of fantastic growth, and you fear a correction to the mean, move some of your gains to another asset class. At some point, you need to be able to sleep at night.

Or, if you want to get really worked up, start believing the same things I do... Eventually you'll accept it all, save like crazy, and still be convinced at some level that none of it is really worth it

 

[W2R]

Well, the most conservative thing would be to move your money to more stable funds the closer you get to FIRE. Or, rebalance your portfolio to minimize risk... if you're over-exposed in a segment now because of fantastic growth, and you fear a correction to the mean, move some of your gains to another asset class. At some point, you need to be able to sleep at night.

Or, if you want to get really worked up, start believing the same things I do... Eventually you'll accept it all, save like crazy, and still be convinced at some level that none of it is really worth it

Well, right now I have a diversified 60/40 allocation which I plan to maintain into retirement (in 2-3 years), which I think I have the stomach to stick with in a downturn, and I also plan to have a cash buffer large enough to provide me with bare bones minimum living expenses for 7-10 years. I guess that I just like quite a lot of redundancy because the unexpected is never, well, expected by anybody. So maybe I can work out a cash buffer to cover bare bones expenses for 10-12 years if necessary (though I was hoping this would not involve frequent reliance on Ramen noodles). I think that if I make it through the first ten years it should be smooth sailing.

But then, we can only predict on the basis of market downturns/events that have already happened. They didn't happen until they happened. Something much worse than has happened yet, could happen starting in 2010, my expected ER year. We could have a downturn worse than, or longer than any that has yet happened. Yes, I have SUCH joyful ideas. LOL My mother always said she never knew anyone who could out-worry me.

 

[Helena]

No, and I don't intend to... but I am retired just the same.

I know it's hard to believe... judging from the majority of
posts on this forum... but not everyone lives... or wants
to live... an elitist lifestyle.

 

[W2R]

Helena, I don't intend to save a million dollars before I retire, either! I think I will do just fine on a small amount from social security, a small pension, and a few hundred thousand in my retirement accounts, with a paid off house and car and no debt.

I think it's different for people living in high cost-of-living areas with no pension and a big mortgage payment, though. They probably need a huge nestegg compared with me.

 

[Helena]

Yes, I am debt free and live in a less expensive part
of the country... but also my lifestyle is more simple
than most who post here.

It would be a shame for the average young person to
read this $MM topic then leave disappointed that they
will never be able to save $MM and retire.

You don't need $MM to retire.

 

[Helena]

For those who have $MM, it would be interesting
to poll them to find out how much of their $MM
is in the stock market... but hey, like real estate,
the stock market always goes up, right ?

 

[Rambler]

We're pushing 4, incl home equity of about 1, and we may downsize the house after ER. Have 2 yrs to go for a few reasons, daughter in high school is one (meaning we don't want to move her...the school is too good) and a very nice pair of handcuffs made out of some yellow looking metallic material...
we first passed the 1 mark several years ago, but I think one of the reasons we passed it is because we paid off the mortgage (on our first home) long ago, and were able to build our new home w/o debt. We did this while the market was down (2000-2002), so we didn't miss anything from the market, but we did get to ride the real estate wave...in no hurry to sell, so the current downturn in RE is not bothersome. We also have a very frugal lifestyle compared with some of my peers/colleagues at work. Stll it is a very comfortable lifestyle. We probably could do the FIRE thing now, but why not wait for those handcuffs to come off, if there are other compelling reasons? ...only a couple more years and then financially speaking very very comfortable, but we will still live a rather normal lifestyle...that's just who we are...

 

[Rambler]

We're pushing 4, incl home equity of about 1, and we may downsize the house after ER. Have 2 yrs to go for a few reasons, daughter in high school is one (meaning we don't want to move her...the school is too good) and a very nice pair of handcuffs made out of some yellow looking metallic material...
we first passed the 1 mark several years ago, but I think one of the reasons we passed it is because we paid off the mortgage (on our first home) long ago, and were able to build our new home w/o debt. We did this while the market was down (2000-2002), so we didn't miss anything from the market, but we did get to ride the real estate wave...in no hurry to sell, so the current downturn in RE is not bothersome. We also have a very frugal lifestyle compared with some of my peers/colleagues at work. Stll it is a very comfortable lifestyle. We probably could do the FIRE thing now, but why not wait for those handcuffs to come off, if there are other compelling reasons? ...only a couple more years and then financially speaking very very comfortable, but we will still live a rather normal lifestyle...that's just who we are...

 

[Rambler]

For those who have $MM, it would be interesting
to poll them to find out how much of their $MM
is in the stock market... but hey, like real estate,
the stock market always goes up, right ?

We are about 60 stock, 40 RE & cash & small amount of bonds...heading for about 65-75 stock, 25-35 california munis & a few other bonds in our income producing investments, but the adjustments will take a few yrs. Tax bite on first home will be too high, so we will go back and live there (currently vacant while we are away on company assignment) for a couple years before we sell. For us, the 65-35 or 75-25 looks to be a pretty good target mix, and we can live off the yields that way.