Millionaire celebration!!

[W2R]

For the millionaires, did you do anything special to celebrate when you realized you were a millionaire?

A million really isn't worth celebrating these days, with the value of a dollar being as low as it is. Maybe one could afford to foot the bill for lunch with a close friend at a cheap restaurant. Back in the 1960's, a million dollars was worth something. Inflation calculators tell us that a million dollars in 1966 was equivalent to 7.34 million dollars today.

Now, if I ever suddenly realized I was a BILLIONAIRE, well, that would be well worth celebrating. I'd invite all of you to lunch at a better restaurant like Commander's Palace. However, that isn't gonna happen.

 

[NW-Bound]

Now, if I ever suddenly realized I was a BILLIONAIRE, well, that would be well worth celebrating. I'd invite all of you to lunch at a better restaurant like Commander's Palace. However, that isn't gonna happen.

I would do the same if I became a mere hectomillionaire.

A billionaire should be able to host his/her friends on a personal yacht cruise to the Mediterranean.

But it ain't gonna happen either, hence this cheapskate can make the promise above.

 

[aja8888]

Would a billionaire even be posting on this site? (maybe his butler or maid would be!)

 

[eta2020]

I would do the same if I became a mere hectomillionaire.

A billionaire should be able to host his/her friends on a personal yacht cruise to the Mediterranean.

But it ain't gonna happen either, hence this cheapskate can make the promise above.

The Perfect Salary for Happiness: $75,000 - The Wealth Report - WSJ

You reach income happiness at about 80k. 3.5 million dollars in stocks will generate this in dividends. Anything over that is nice to have but will probably not give you some increased satisfaction / happiness in life.

 

[2B]

When I was let go from Mega Corp in 2002, I pulled my head out of you know where and added up what I had in assets to see how desperate our situation was. It was over $1 MM then. There was no celebration only relief that we would be much better off than the last time I was run off from a company and had less than 3 months of living expenses in savings.

It wasn't long after that that I discovered this forum and realized I was FI and could have retired although it would have been tight at our current lifestyle. I found another feed bag and have grown assets nicely since then.

I had no celebrations for any of these events. I just kept on keeping on. I'm now a congenital OMY-er. Hopefully, this is the last one.

 

[MichaelB]

Anything over that is nice to have but will probably not give you some increased satisfaction / happiness in life.

Doesn't hurt to try

 

[NW-Bound]

Would a billionaire even be posting on this site? (maybe his butler or maid would be!)

I would!

Just to taunt y'all about that hot stock that jumped up several-hundred-fold that I went all in, and you did not.

But as I do not have more than 3% in any single stock, the chance that will happen is nil.

The Perfect Salary for Happiness: $75,000 - The Wealth Report - WSJ

You reach income happiness at about 80k...

I reached that income level many years ago, so know very well what they mean.

But the joy that comes from counting all that money should not be underestimated.

 

[wingfooted]

It was some time back but I knew when I was getting close and went out and bought a nice bottle of champagne. After market close on 'the day' I opened up the bottle and surprised my wife with the announcement that we had just made the millionaire club.

An enjoyable evening.

I agree with the comments that a million dollars isn't what is used to be. I see a lot of people on this board in the range of $1.5MM to $2.5MM Net Worth, plans to retire early and it looks (at least to me) dicey at best.

 

[eta2020]

I would!

Just to taunt y'all about that hot stock that jumped up several-hundred-fold that I went all in, and you did not.



I reached that income level many years ago, so know very well what they mean.

But the joy that comes from counting all that money should not be underestimated.

I am talking about that income from Dividends only with growth beating inflation. Like having that in KO which increases dividend by 7-10 % every year.

So for couple I would round it up to 4.5 million which will generate 100k in dividends without need to sell any stocks.

That I think would be something to celebrate

 

[travelover]

...............For those not yet there, do you have any plans for how you will celebrate?

To celebrate, I sent a nice check to all my good friends on this forum. I'll PM you my address.

 

[NW-Bound]

So for couple I would round it up to 4.5 million which will generate 100k in dividends without need to sell any stocks.

That I think would be something to celebrate

Well, then I am not there yet. But I doubt that I will celebrate when I get there. When I sat down and figured out SS the other day, I will get way past $100K with SS included.

 

[explanade]

All paper wealth so it's kind of hard to grasp it.

Even if it was all in cash, you wouldn't dream of spending a significant chunk or "splurging" in ways inconsistent with what allowed you to reach the milestone.

I just have to figure out why I'm still going to work. My folks, who both stopped working at a younger age than I am now (though not by choice in the case of my father), insist I have to keep busy.

 

[unclemick]

I first crossed that mark many years ago. Did not do anything special, which was just as well, as I crossed it soon again going down, and then of course back up.

Yep crossed it both directions at least three times in the last 20 yrs of ER. Hopefully the last time will be 'cause you can't take it with you' and of course some collateral damage from my ol' buddies ol' pals at the IRS via RMD.



heh heh heh -

 

[NW-Bound]

Nope.

However, when one realizes that one will always be at least a millionaire no matter what the stock market does, a certain degree of smugness sets in.

And then later, when one realizes that one will always be a multimillionaire no matter what the stock market does, an even larger degree of smugness sets in.

I still like to count money, because money may not help but it should not hurt unless one is really dumb and does not know how to manage it. But I think I will have a big celebration for my 60th birthday, even though I have often let a birthday pass without even realizing it. The reason is that more than a year ago, I thought I might not make it.

Money is good, money is cool, but life is more important. And one should celebrate life first.

I forgot to add that inflation also helps us keeping the millionaire status as the years go by. A million pesos, anyone? Happy counting!

 

[Senator]

My uncle used to say his ex-wife made him a millionaire, he used to have two, now he only had one.

I crossed my first million in 2011, when I was buying a property. I had to fill out a NW statement, and I realized it was over 1M. That included property equity, including my home.

Now, I am closing in on 1M in investable assets, with next month's rent collections probably making the big turn there. A month earlier than projected. I still have ~1.5M in RE equity, including my home.

I am FIRE'd in 2016, probably 7/1/2016.

 

[WannabeRetired]

The biggest milestone for me was when I had a well paid day job and my business was starting to take off... There was the first month my business made more than my work.. That was fun. I quit 2 weeks later. Exciting times.

That would be a great feeling right there.

 

[mtheulen]

Reached 1 mil at 44 years, then watched a chunk evaporate in 2008. Regained all plus more.Never celebrated per se.Just thanked my lucky stars that I started investing at a early age

 

[kaudrey]

Congrats!

I hit $1M in investable assets (not counting Real Estate) in February. But I didn't celebrate - although I am sure I smiled! I might have told my husband. When my investments can swing $30K to 50K in a quarter or $150K a year, I feel like it will likely fall below that again before getting over the hump for good. I think I'll have to hit $1.2 million to feel like I won't fall below $1M again (although of course I know it could still happen).

What made me feel better than the number was the fact that I reached it 13 months earlier than my goal date. That makes me feel a bit more secure about meeting later targets. BTW, I am 45 and my DH is 40. We are shooting to retire in 12 years.

 

[smurray5991]

In the 1980s or 1990s, when my parents net worth far exceeded the $1 million mark, I bought my father a fake $1,000,000 bill as a novelty present. It still sits in the office in my mother's house (my father passed in 2000).



When I went over the $1 million threshold just prior to the 2008 crash, I didn't do anything to celebrate (it didn't last long!). But I also haven't done anything since markets recovered and my investable assets are well over that now. Now $2 million might get my attention a little.....

 

[nash031]

My wife and I exchanged a high-five when our "net worth" cracked it, but both of us realize it's just a number, and invested assets matters more to our ultimate goal. I doubt we'll celebrate. Maybe open a bottle of wine. Then again, that could just be Thursday.

 

[robertf57]

That's something I hadn't taken into account in the past, but have been thinking more and more about lately. My split is something like 55% non-retirement/taxable, and 45% retirement/tax-deferred. So, maybe my balance isn't too bad. And, part of what I classify as "retirement" is actually a Roth IRA, and I think with that, you can at least take out what you put in, before 59.5?

FWIW, there is something called a Rule of 72(t) or something like that, that will let you access an IRA before 59.5, without penalty. I don't know much about it though.

Just to be sure, depending on the type of qualified plan, you can start withdrawals at 55 if you no longer work for the employer. You can also create a withdrawal plan of "substantially equal payments" from IRAs using a number of withdrawal setting methods. Don't let age necessarily keep you from early retirement. Lots of good options prior to 591/2!!

Oh, and I didn't celebrate on my crossing of million $ marks. I'll celbrate when we actually retire. (Maybe 2016!)

 

[FIREd]

We celebrated by uncorking a bottle of bubbly. It's a milestone we passed once and, barring a global meltdown of epic proportion, one we should not revisit.

 

[luckydude]

NW hit $3.5 million early last year through a combo of LBYM and minor family legacy, but I never felt rich, never celebrated, and continued to live the good old LBYM lifestyle. Then last year another unexpected family legacy multiplied our NW several times. Whatever excitement I felt from this windfall was tempered by the fact that it resulted from the passing of a love one, and to this day I feel guilty about how I’ve come about it.

I had planned on FIRING late last year but got talked into working PT a while longer. DW and I still live pretty the same way---14-year-old/8-year-old non-luxury vehicles; eating out and shopping using coupons; no cable, etc. Despite the big number on the spreadsheet, the funny thing is the number still doesn’t seem real and I still don’t feel rich.

 

[WannabeRetired]

Wow, luckydude. That's quite the situation you're in. I think I would feel modestly rich with a net worth at $3.5 million. Multiplied by several times, I would definitely feel rich. It sounds like you're the dictionary definition of stealth wealth.

Sorry for the loss of your loved one.

 

[iam21177]

Congratulations!!! Way to go!

We will be hitting that mark in 2 years. Maybe we'll get a bottle of champagne, sit on our deck, and just enjoy the view!