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11-05-2021, 04:13 AM
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#461
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Thinks s/he gets paid by the post
Join Date: Aug 2005
Location: Crownsville
Posts: 3,746
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I just added it all up this morning, and my invested assets crossed the $2.5M barrier for the first time ever. $2,500,889 was the total. I looked back on my old records, and 11/5/2020 was the day that I hit the $2M threshold, and never hit it again going the wrong way. So it's kinda cool to think I've gone up a Half Mil in just 364 days!
For full disclosure though, I first hit $2M a couple times back in Jan/Feb 2020, topping out around $2,062. I flirted with it again in August of 2020 and again in October, but November 5 seems to be when it finally stuck. Hopefully $2.5M will be the same, but I won't hold my breath!
In theory, the next $500K should be easier, since going from $2.5 to $3.0M is only a 20% jump, whereas $2.0 to $2.5M was a 25%. Of course, nothing is that simple, or predictable.
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Share Your FIRE Milestones - 2021
11-05-2021, 08:40 AM
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#462
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Recycles dryer sheets
Join Date: Feb 2015
Location: Chicago
Posts: 259
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Share Your FIRE Milestones - 2021
Congratulations to all the posters! Happy to share that we crossed $1,000,000 in our retirement accounts 401K plus Roth for the first time. I remember reading articles about 401k millionaires during recovery phase of the Great Recession. At that time, I knew we would be in that category one day but never ever dreamt that we will reach that milestone so fast. I’m 42 and DW is 40. I know we will go back and forth on the milestone a few times before staying up for good but want to quietly celebrate this moment with you guys.
Last night, when I told my wife about this milestone, she asked is this what you expected and I replied “we reached this milestone way quicker”. She said congratulations, I said the same and went to bed. I guess this counts towards being able to sleep well.
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11-05-2021, 09:57 AM
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#463
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Thinks s/he gets paid by the post
Join Date: Oct 2019
Posts: 3,672
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We have one more $30k tuition payment due in Dec. and we're done.
Then I get free dental work! I think.
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11-05-2021, 10:17 AM
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#464
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
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Quote:
Originally Posted by Dash man
This is the first year our investments have increased by more than $1M on their own.
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That is a great accomplishment. Well done Dash man!
Congratulations to all of your milestones. We are truly blessed in life!
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11-05-2021, 12:13 PM
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#465
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Recycles dryer sheets
Join Date: Mar 2021
Posts: 216
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At what levels do the investments increasingly seemingly easier than before? For instance, most folks I've talked to say that the first 1M is the hardest and the first 100K of that first 1M is absolutely the hardest.
So, what is an absolute number at which "getting ahead" becomes easier because "momentum" / "inertia" takes over? Is it the 1M mark? 1.5M? 2M? Just curious.
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11-05-2021, 12:29 PM
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#466
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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 Safire
At what levels do the investments increasingly seemingly easier than before? For instance, most folks I've talked to say that the first 1M is the hardest and the first 100K of that first 1M is absolutely the hardest.
So, what is an absolute number at which "getting ahead" becomes easier because "momentum" / "inertia" takes over? Is it the 1M mark? 1.5M? 2M? Just curious.
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First $500k is hardest too and in that sense the first $1 is the hardest. Let’s just hope the bull market continues until we expire.
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11-05-2021, 12:31 PM
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#467
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Thinks s/he gets paid by the post
Join Date: Feb 2019
Location: St Pete
Posts: 1,243
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Quote:
Originally Posted by Safire
At what levels do the investments increasingly seemingly easier than before? For instance, most folks I've talked to say that the first 1M is the hardest and the first 100K of that first 1M is absolutely the hardest.
So, what is an absolute number at which "getting ahead" becomes easier because "momentum" / "inertia" takes over? Is it the 1M mark? 1.5M? 2M? Just curious.
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It's going to depend on the market and how much you are saving. I sort of look at it as easier early on as my savings boosted the "return" more so my portfolio really exploded. When I was saving to $100K and putting away $10K/yr, I was growing 10% more than market returns so the growth of my portfolio was staggering and motivating. During my last few years or so of saving earned income, I was bouncing between $1M and $2M so even saving $30K-$60K, was much less of a boost over what the market was doing. I'd say at $1M or so the expected annual returns (5-8% average?) start seeming really significant in absolute dollars so that my savings barely had a noticable effect on my net worth. You could probably stop saving at that point without much impact to your net worth BUT!!!! if you spend it all you'll get used to that higher spending rate and need to save more or plan on a drop in your standard of living in order to FIRE. I'd say that in the last 5 years of working, saving was more about managing expenses than "saving" to build wealth for me.
__________________
FIREd 7/2021 at age 47
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11-05-2021, 12:38 PM
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#468
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
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Quote:
Originally Posted by Safire
At what levels do the investments increasingly seemingly easier than before? For instance, most folks I've talked to say that the first 1M is the hardest and the first 100K of that first 1M is absolutely the hardest.
So, what is an absolute number at which "getting ahead" becomes easier because "momentum" / "inertia" takes over? Is it the 1M mark? 1.5M? 2M? Just curious.
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It of course depends on returns. They say the average percentage of gains in the stock market from birth is ~10% yearly. Of course that doesn't happen every year so length of time to acquire the next milestone depends on the markets. Nothing really new to any of us what I said, how easy or fast the next number comes.
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11-05-2021, 02:48 PM
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#469
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Thinks s/he gets paid by the post
Join Date: Oct 2019
Posts: 3,672
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Quote:
Originally Posted by Safire
At what levels do the investments increasingly seemingly easier than before? For instance, most folks I've talked to say that the first 1M is the hardest and the first 100K of that first 1M is absolutely the hardest.
So, what is an absolute number at which "getting ahead" becomes easier because "momentum" / "inertia" takes over? Is it the 1M mark? 1.5M? 2M? Just curious.
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If saving 30 years is hard (took us 30 yrs to get to $1M). then the 6 years to $2M was much easier. If it wasn't for paying $270k of tuition the last 4 , we would have made it to $3M in 4 years. As it stands, we are about 81% there. It has been like a snowball. However we have all had the advantage of a long bull market that has propelled us to these great numbers. I'm getting worried, I'm up 8 x my yearly spending YTD. That's great, but I'm concerned.
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11-05-2021, 02:57 PM
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#470
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Thinks s/he gets paid by the post
Join Date: May 2014
Posts: 1,390
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Quote:
Originally Posted by F.I.R.E User
First $500k is hardest too and in that sense the first $1 is the hardest. Let’s just hope the bull market continues until we expire.
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I agree. The first 500K is certainly tough. But by then momentum starts happening and the snowball builds faster and that must be true the bigger the pile gets.
__________________
Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things. Charlie Munger
The first rule of compounding: Never interupt it unnecessarily. Charlie Munger
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11-05-2021, 03:01 PM
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#471
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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 Time2
If saving 30 years is hard (took us 30 yrs to get to $1M). then the 6 years to $2M was much easier. If it wasn't for paying $270k of tuition the last 4 , we would have made it to $3M in 4 years. As it stands, we are about 81% there. It has been like a snowball. However we have all had the advantage of a long bull market that has propelled us to these great numbers. I'm getting worried, I'm up 8 x my yearly spending YTD. That's great, but I'm concerned.
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Concerned about what?
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11-05-2021, 05:54 PM
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#472
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Recycles dryer sheets
Join Date: Mar 2021
Posts: 216
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Quote:
Originally Posted by Time2
If saving 30 years is hard (took us 30 yrs to get to $1M). then the 6 years to $2M was much easier. If it wasn't for paying $270k of tuition the last 4 , we would have made it to $3M in 4 years. As it stands, we are about 81% there. It has been like a snowball. However we have all had the advantage of a long bull market that has propelled us to these great numbers. I'm getting worried, I'm up 8 x my yearly spending YTD. That's great, but I'm concerned.
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Wow, that's a lot of tuition and but your student probably got the priceless gift of being able to graduate debt-free?
Are you worried about market correction? I am, too, but I think we'll first have to get over this melt up first. Aside from our emergency savings, we're 100% stock, no bonds or no short term reserves. That does worry me but I don't want to bail just yet. Instead, I think I will shore up our cash reserves so that we can jump in when that correction eventually hits.
Quote:
Originally Posted by FLSUnFIRE
It's going to depend on the market and how much you are saving. I sort of look at it as easier early on as my savings boosted the "return" more so my portfolio really exploded. When I was saving to $100K and putting away $10K/yr, I was growing 10% more than market returns so the growth of my portfolio was staggering and motivating. During my last few years or so of saving earned income, I was bouncing between $1M and $2M so even saving $30K-$60K, was much less of a boost over what the market was doing. I'd say at $1M or so the expected annual returns (5-8% average?) start seeming really significant in absolute dollars so that my savings barely had a noticable effect on my net worth. You could probably stop saving at that point without much impact to your net worth BUT!!!! if you spend it all you'll get used to that higher spending rate and need to save more or plan on a drop in your standard of living in order to FIRE. I'd say that in the last 5 years of working, saving was more about managing expenses than "saving" to build wealth for me.
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Are you cash heavy at this time, now that you are FIRE-d? Compared to what we have in our investment a/cs, we don't have much cash but it is good hard cash to stop us from panic selling.
I'm assuming an average return of only 7% (or a doubling in 10 years). We're 15 years away from retirement (although about the same age as you, incidentally). We are also worried that we might have too much cash due to all these fears of inflation around. We are frugal by nature, so we don't intend to up our spending any more. If anything, expenses should come way down once we move to an LCOL / MCOL area as housing is currently our largest cost (due to living in a VHCOL area).
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11-05-2021, 06:09 PM
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#473
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Thinks s/he gets paid by the post
Join Date: Oct 2019
Posts: 3,672
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Quote:
Originally Posted by F.I.R.E User
Concerned about what?
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About a market correction.
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11-05-2021, 08:31 PM
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#474
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Recycles dryer sheets
Join Date: Jul 2018
Location: Wy'east
Posts: 103
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Just popped the multi-million mark today in investable assets. Still have about 140K left on the house though. Working on it.....
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11-06-2021, 01:24 AM
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#475
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Recycles dryer sheets
Join Date: Nov 2020
Posts: 62
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Quote:
Originally Posted by Dash man
This is the first year our investments have increased by more than $1M on their own.
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Just updated our tracking sheet this morning and noted the same - YTD growth of investment accounts at >$1M.
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11-06-2021, 06:51 AM
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#476
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Recycles dryer sheets
Join Date: Mar 2019
Posts: 93
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Quote:
Originally Posted by srblanco7
Just updated our tracking sheet this morning and noted the same - YTD growth of investment accounts at >$1M.
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Nice goal met! Don't think I'll get there by year end, but we are up over 900K. Got to love this market!!!
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11-06-2021, 09:17 AM
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#477
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,212
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I'm not in the high flying group here. But our IRA accounts (not counting an inherited IRA - just accounts we contributed to) crossed $1M this week. DH will have to start taking RMDs from his in just over 2 years... but I'm 12 years away from RMDs.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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11-06-2021, 11:16 AM
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#478
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
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^ that is outstanding!
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11-06-2021, 11:20 AM
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#479
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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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Milestone
$603.5k~.
I reached $500k on January 2021 and was hoping to reach $600k by end of this year. I got here early. Wow.
I am 43.
Will I be a millionaire before I turn 50?
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11-06-2021, 11:54 AM
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#480
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
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Quote:
Originally Posted by F.I.R.E User
Milestone
$603.5k~.
I reached $500k on January 2021 and was hoping to reach $600k by end of this year. I got here early. Wow.
I am 43.
Will I be a millionaire before I turn 50?
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I hope you are and you should be a million plus. As you know there is so much that has to factor into what happens for all investors.
I wish you a multi millionaire by age 50. Good luck keep a saving and plugging away.
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