Net worth Today

[watchman3135]

I just checked all of our accounts tonight and with this crazy market we hit a milestone and officially entered multi millionaire status at $2,069,004.72. I am 55 and the DW is 51 and years ago I always wondered what it would feel like to be a multimillionaire and now I know. Not one bit different yet I always dreamed of attainting such status but today ask why. Then I see tons of people on this forum who have 2-5X that and was wondering if others seeing higher net worth's make you feel somewhat of a bit of a failure?

I ER'd two years ago and when I see other posters who have a five or seven million dollar net worth and are truly concerned if they have enough to retire, it makes me wonder why I'm not worried with much less? Am I missing something?

[RobbieB]

Nope.

Some have less, others more. Same as it ever was.

[watchman3135]

Quote:

Originally Posted by RobbieB Nope. Some have less, others more. Same as it ever was.

Very true.

[Gumby]

There is only one question to ask - "Do you have enough for you?" What anyone else has is irrelevant.

[Love This Community]

It’s almost like working out in a gym. Different people have different goals / needs / wants. Some want better flexibility. Some want to build muscle. Some are happy just showing up at the gym.

Kudos on your ER at a relatively young(er) age.

[watchman3135]

Quote:

Originally Posted by Gumby There is only one question to ask - "Do you have enough for you?" What anyone else has is irrelevant.

Thankfully I never shed the process of living frugally that I learned in my earning years to be able to save and invest as much as possible. Two years into ER I now know I can easily live on 30k per year so I should be ok where I'm at I would think.

[watchman3135]

Quote:

Originally Posted by Love This Community It’s almost like working out in a gym. Different people have different goals / needs / wants. Some want better flexibility. Some want to build muscle. Some are happy just showing up at the gym. Kudos on your ER at a relatively young(er) age.

Thank you.

[teetee]

Quote:

Originally Posted by watchman3135 I just checked all of our accounts tonight and with this crazy market we hit a milestone and officially entered multi millionaire status at $2,069,004.72. I am 55 and the DW is 51 and years ago I always wondered what it would feel like to be a multimillionaire and now I know. Not one bit different[emoji23] yet I always dreamed of attainting such status but today ask why. Then I see tons of people on this forum who have 2-5X that and was wondering if others seeing higher net worth's make you feel somewhat of a bit of a failure? I ER'd two years ago and when I see other posters who have a five or seven million dollar net worth and are truly concerned if they have enough to retire, it makes me wonder why I'm not worried with much less? Am I missing something?

Curious did it take a long time for your net worth to grow from $1M to $2M? What is the ratio of that growth between investment return.and the income saving?

I think most multi millionaires see the return from investment contributed to majority of NW growth than their income even before the retirement.

[watchman3135]

Quote:

Originally Posted by teetee Curious did it take a long time for your net worth to grow from $1M to $2M? What is the ratio of that growth between investment return.and the income saving? I think most multi millionaires see the return from investment contributed to majority of NW growth than their income even before the retirement.

So to be clear, the portion I saved is about 1.7m of that total. My wife's 401k makes up the rest. I am not including the home in this number. Seems like since 2011 when we had a combined 1.2m it shot up rather quickly with this bull market. I lost my job of 20 years in 2019 due to a shift into outsourcing so that was my leap point into ER at 53 so I'm no longer saving.

Neither one of us have a pension and my wife continues to work as she mostly likes her job and has a goal to accumulate at least 600k in her 401k. She said she's not sure if she is willing to do full ER buy may consider part time in a four years so we still have insurance through her employer.

[gayl]

Quote:

Originally Posted by Gumby There is only one question to ask - "Do you have enough for you?" What anyone else has is irrelevant.

Exactly. I 'only' have 1m, paid off home, low property taxes, pension covers needs + most wants. So even though my net worth (not inc pension value which I have no idea how to value) is 2m I have enough

[OldShooter]

Quote:

Originally Posted by Gumby There is only one question to ask "Do you have enough for you?" What anyone else has is irrelevant.

+100 Enough = contentment and happiness. Not enough = jealousey and misery. It's almost totally mental.

[street]

That is awesome!! You will be totally fine with enough in ER.

[Mr. Tightwad]

Whenever one starts comparing themselves to others, it could be an easy way to feel like a failure.

When you go to the market and pay for your food, another persons bank account is irrelevant. They aren't paying for you. You are paying for you.

What's in your bank account is all that matters.

[F.I.R.E User]

Congrats. The next million should be here much faster.

[watchman3135]

Quote:

Originally Posted by street That is awesome!! You will be totally fine with enough in ER.

Thanks for the support.

[ut2sua]

Quote:

Originally Posted by watchman3135 I just checked all of our accounts tonight and with this crazy market we hit a milestone and officially entered multi millionaire status at $2,069,004.72. I am 55 and the DW is 51 and years ago I always wondered what it would feel like to be a multimillionaire and now I know. Not one bit different yet I always dreamed of attainting such status but today ask why. Then I see tons of people on this forum who have 2-5X that and was wondering if others seeing higher net worth's make you feel somewhat of a bit of a failure? I ER'd two years ago and when I see other posters who have a five or seven million dollar net worth and are truly concerned if they have enough to retire, it makes me wonder why I'm not worried with much less? Am I missing something?

Congrats. If folks have 2x your NW and 3x your spending, then you are richer than them. I think that may be why some higher NW folks are still worry. I think you should feel great that your NW actually increases after RE. That is more of a bottom line than the NW amount.

[watchman3135]

Quote:

Originally Posted by F.I.R.E User Congrats. The next million should be here much faster.

Since I ER'd at 53 in mid 2019, I'm no longer saving however my wife still works and is saving in her retirement plan. If they (Vanguard and others) are correct in that we can expect lower return over the next decade of around 4-5%, I'm hopping my portion at lease stays even or only goes down slightly.

[Montecfo]

Rest assured, just about anyone posting here is better off than most of the world.

I count my blessings and keep a healthy perspective. The whole idea of FIRE is you are doing things on your own terms. That to me does not include worrying about how others do it.

[F.I.R.E User]

There are people in other parts of the world that live on extreme poverty and hardly have money to even eat. You are doing fine.

[watchman3135]

Quote:

Originally Posted by ut2sua Congrats. If folks have 2x your NW and 3x your spending, then you are richer than them. I think that may be why some higher NW folks are still worry. I think you should feel great that your NW actually increases after RE. That is more of a bottom line than the NW amount.

Right and a very good point. Not surprisingly the individuals I typically see have a 800k home and are requiring a 150k annual spending in retirement. Though I planed for 45k annual, in the past 2 years that I've been retired I'm barely spending 30k.