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04-27-2021, 07:24 AM
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#201
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Recycles dryer sheets
Join Date: Dec 2020
Location: Mechanicsville
Posts: 71
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Quote:
Originally Posted by F.I.R.E User
It took me about 13 years to reach $500K. How long will it take to reach $1M?
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Not enough info here to tell. How much did you start with to reach 500k, and how much did you invest annually in those 13 years? How is that $500k invested now? There are some online calculators that show how long it takes to double money at a specified rate of return ( https://www.calculators.org/savings/rule-of-72.php) and some more elaborate compound interest calculators that show the same thing, but take into account additional contributions along the way.
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04-27-2021, 07:39 AM
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#202
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,695
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Quote:
Originally Posted by F.I.R.E User
It took me about 13 years to reach $500K. How long will it take to reach $1M?
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It took me 18 years to get to $500k, at age 40. Like srblanco7, it took me only 7 more years to get to the $1M mark (2003-2010). That included my ER in late 2008 and the economic downturn, which kept me from getting there in late 2007 when I was very, very close. Seven years seems to be my lucky pace because that's how long it took me to get to $1.5M, in late 2017.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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04-27-2021, 04:59 PM
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#203
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Thinks s/he gets paid by the post
Join Date: Oct 2020
Location: Sugar Land, Texas
Posts: 1,245
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Quote:
Originally Posted by srblanco7
Congratulations on reaching $500k! My personal experience was that the first $500k was the biggest challenge. How long to go from $500k to $1M (and beyond) depends on how much you're investing each year and your rate of return. As others have noted there are a number of available tools (e.g., FireCalc). I use the excel FV function to scenario model different rates of return.
My personal experience was roughly 7 years (2006-2012) to go from $500k to $1M - noting that this time period covers the great recession. Have fun scenario planning, it can be a motivator to save more.
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Thank you. I am 43 now so hoping to reach $1M in my 40s. A day before my 50th birthday would qualify.
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04-27-2021, 05:14 PM
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#204
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Thinks s/he gets paid by the post
Join Date: Oct 2020
Location: Sugar Land, Texas
Posts: 1,245
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Quote:
Originally Posted by Andre1969
Congratulations on that milestone! Most likely, the second $500K will come a lot more quickly. This got me curious, to look at my own records, and here's my data:
12/31/1997: Essentially, zero. The furthest my spreadsheet goes back. I was still recovering from a bad divorce, but by this time started to see a light at the end of the tunnel, so I began to get a bit serious about investing again.
3/30/2010: $500K. So, about 12 years and 3 months to get from zero-500K
2/27/2015: $1M. ~4 years 11 months.
9/29/2017: $1.5M. ~2 years, 7 months. However, I got some help here, with a rather sizeable inheritance from my Dad. Some of it had cleared during this period, but some was still in probate.
9/30/2019: $2.0M. ~2 years. I'm using a bit of creative accounting with this one, though. My investible assets were actually around $1.827M. However, I had bought a house in 9/2018, and the deposit+inspection fees+down payment, if added back in, would have put me over $2M
January/February 2020: I flirted with the $2M barrier a few times, and this is on its own merit, not counting that down payment.
8/31/2020: The first time I hit $2M, during the COVID recovery.
11/30/2020: The first time I hit $2M, and seemed to stay above it for good. I'm now at $2.415M, so with any luck, I'll never see a total that begins with a "1" again. (although $10M would be nice )
Anyway, congratulations on your $500K milestone, and have fun on your journey!
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Do you use Mint to track your dated NW?
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04-27-2021, 09:07 PM
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#205
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Thinks s/he gets paid by the post
Join Date: Oct 2020
Location: Sugar Land, Texas
Posts: 1,245
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Quote:
Originally Posted by dheb
Not enough info here to tell. How much did you start with to reach 500k, and how much did you invest annually in those 13 years? How is that $500k invested now? There are some online calculators that show how long it takes to double money at a specified rate of return ( https://www.calculators.org/savings/rule-of-72.php) and some more elaborate compound interest calculators that show the same thing, but take into account additional contributions along the way.
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I started with $0. Opened a Roth IRA at EJ and also traditional 401k in early 2007.
All funds in 401k, Roth IRA, VTSAX non retirement account, Fundrise.
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04-30-2021, 07:09 PM
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#206
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,521
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Five years ago today was my last day on a payroll. Tomorrow would be first day of my new life. Lol
Wow, I can't beleive it has been 5 years, went by so fast. I found this site and the great people here about the same time, I told them I was working one more year. I was very fortunate to find you people here, to answer and help me through the processes. The knowledge and help was very beneficial for me to say the least. Thanks!!!!
If I would of known what I know now, I would of retired about 4 years early. I have average 10.15% growth over 60 months. My portfolio has increased by 41% form the day I retired. My estimated expenses are 36% less, then what I penciled in for WR, and averaged .5% a year, as of today and had one year as a negative WR. I have had many milestones in the last 5 years, and never in my wildest dreams ever would of dreamed I be where I'm at today financially.
It has been a blessed 5 years with good health, been able to do everything each day I wanted to do.
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04-30-2021, 09:02 PM
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#207
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Thinks s/he gets paid by the post
Join Date: Jan 2020
Location: Milwaukee
Posts: 4,047
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I collected my penultimate paycheck today.
__________________
The closing years of life are like the end of a masquerade party, when the masks are dropped. -Arthur Schopenhauer, philosopher (1788-1860)
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05-01-2021, 05:41 AM
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#208
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Thinks s/he gets paid by the post
Join Date: May 2016
Location: Mid-Atlantic
Posts: 2,676
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Congratulations!
__________________
-Looking to FIRE in the mid-2020s, which would be our mid-50s.
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05-01-2021, 06:48 AM
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#209
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Thinks s/he gets paid by the post
Join Date: Nov 2007
Location: GTA
Posts: 1,728
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Looks like spring 2022 will finally be it.
Had a negotiation this week with my business partner and that is when he wants to hang it up. I'm okay with the timing too.
It will be almost exactly 20 years since I incorporated the business and 19 years since I started working full time at it. I'll be a few days shy of 49.
__________________
Family Motto: "Every penny's a prisoner"
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Share Your FIRE Milestones - 2021
05-01-2021, 09:15 AM
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#210
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Recycles dryer sheets
Join Date: Mar 2016
Location: SoCal
Posts: 353
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Share Your FIRE Milestones - 2021
2021, 2nd year with no W-2 income but NW went up to 9.1M all thanks to the stock market since March 2020 low and daughter starting Nurse Anesthetist school in August.
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05-01-2021, 10:29 AM
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#211
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Full time employment: Posting here.
Join Date: Dec 2016
Location: Living the Dream!
Posts: 853
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One year retired today! Currently sitting poolside with my lovey bride (of 35 years) and a cool breeze overlooking the beautiful green Caribbean Sea.
Since retirement I finished a full renovation of the family home, got my orchard back in production, dropped 45 lbs, regained my long lost fitness and raced my mountain and cyclocross bikes many times. Hit the podium a few times too with a second and a couple of third places. That hasn’t happened in a very long time.
AND the family has been busy too this last year. Wife got both knees replaced, son started a PhD program in physics and youngest daughter finished her last class just yesterday, earning a graduated degree in nursing from Johns Hopkins.
I’m truly blessed with a lovely family and the resources to support them and retirement fun.
Cheers to all my retired … and soon to be retired … colleagues!
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05-02-2021, 04:37 AM
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#212
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 3,486
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Two years ago today was my last day of work. Looking back I don’t know I did it-work that is-for so many years.
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05-02-2021, 05:23 AM
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#213
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,298
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Quote:
Originally Posted by 1242Vintage
One year retired today! Currently sitting poolside with my lovey bride (of 35 years) and a cool breeze overlooking the beautiful green Caribbean Sea.
Since retirement I finished a full renovation of the family home, got my orchard back in production, dropped 45 lbs, regained my long lost fitness and raced my mountain and cyclocross bikes many times. Hit the podium a few times too with a second and a couple of third places. That hasn’t happened in a very long time.
AND the family has been busy too this last year. Wife got both knees replaced, son started a PhD program in physics and youngest daughter finished her last class just yesterday, earning a graduated degree in nursing from Johns Hopkins.
I’m truly blessed with a lovely family and the resources to support them and retirement fun.
Cheers to all my retired … and soon to be retired … colleagues!
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Nice post.
__________________
TGIM
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05-02-2021, 07:09 AM
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#214
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Recycles dryer sheets
Join Date: Feb 2015
Posts: 178
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Quote:
Originally Posted by Koogie
Looks like spring 2022 will finally be it.
Had a negotiation this week with my business partner and that is when he wants to hang it up. I'm okay with the timing too.
It will be almost exactly 20 years since I incorporated the business and 19 years since I started working full time at it. I'll be a few days shy of 49.
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Congrats Koogie! We have a lot in common although I am going to hang on at my business for a few more years. We are having a killer run right now and I will likely make more money this year than ever before so likely going to wait and exit closer to 55.
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05-03-2021, 04:40 PM
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#215
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,521
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Congrats Koogie! I wish you well.
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05-05-2021, 09:35 PM
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#216
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Recycles dryer sheets
Join Date: Nov 2004
Location: SF Bay Area
Posts: 309
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Quote:
Originally Posted by Safire
Hi, out of curiosity, what are you invested in? Thanks for sharing!
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It’s really a scattershot. I have a decent chunk of my company stock which overperformed during my first 10 years but has underperformed for the past ten. 401k with limited active managed selection has had similar mediocre performance. Fortunately that was heavily offset by lucky purchases of AAPL and QQQ 15 years ago and another later lucky pick of GOOG. The remainder is primarily Vanguard 500 and a mid-cap index funds in taxable accounts.
I’ll be 51 next week and really had nothing saved until I started at age 30. I’m teaching my kids the importance of time in investing.
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05-05-2021, 09:45 PM
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#217
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Thinks s/he gets paid by the post
Join Date: Oct 2020
Location: Sugar Land, Texas
Posts: 1,245
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Quote:
Originally Posted by 1242Vintage
One year retired today! Currently sitting poolside with my lovey bride (of 35 years) and a cool breeze overlooking the beautiful green Caribbean Sea.
Since retirement I finished a full renovation of the family home, got my orchard back in production, dropped 45 lbs, regained my long lost fitness and raced my mountain and cyclocross bikes many times. Hit the podium a few times too with a second and a couple of third places. That hasn’t happened in a very long time.
AND the family has been busy too this last year. Wife got both knees replaced, son started a PhD program in physics and youngest daughter finished her last class just yesterday, earning a graduated degree in nursing from Johns Hopkins.
I’m truly blessed with a lovely family and the resources to support them and retirement fun.
Cheers to all my retired … and soon to be retired … colleagues!
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You are doing bodybuilding competition?
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05-05-2021, 09:59 PM
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#218
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Thinks s/he gets paid by the post
Join Date: Feb 2021
Location: Puget Sound
Posts: 3,258
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Since I first posted in this thread 2 months ago, I have dialed up DW's 403b to the maximum, made some moves and opened a new account for diversification.
i have put out some feelers to see if i can participate in my employer's 401k program, which is in question as they pay into my pension.
__________________
Class of 2023
OMY to 2024
Started pension April 1 2024
Operating Engineer for a commercial plumbing contractor
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05-07-2021, 05:33 PM
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#219
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Recycles dryer sheets
Join Date: Jun 2013
Posts: 340
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My primary goal for 2021 was to have $1.1M set aside for retirement by the end of the year. Reached that goal today. I do understand that I might have less than that by the end of the year, lol.
Lesser 2021 goals met so far are maxing my 2020 employer contribution (Feb), and paying off our boat (April).
Hoping to max my 2021 employee contribution in June, 2021 employee catchup in July, and be caught up with 2021 employer contributions by Aug or Sept.
Targeting $6k a month to savings, currently ahead of schedule by $30k, because I worked my a$$ off in Jan.
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05-07-2021, 05:58 PM
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#220
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,521
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Quote:
Originally Posted by HenryD
My primary goal for 2021 was to have $1.1M set aside for retirement by the end of the year. Reached that goal today. I do understand that I might have less than that by the end of the year, lol.
Lesser 2021 goals met so far are maxing my 2020 employer contribution (Feb), and paying off our boat (April).
Hoping to max my 2021 employee contribution in June, 2021 employee catchup in July, and be caught up with 2021 employer contributions by Aug or Sept.
Targeting $6k a month to savings, currently ahead of schedule by $30k, because I worked my a$$ off in Jan.
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Very nice work! So, how many years till you retire?
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