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Two comma club
Old 09-02-2017, 07:50 AM   #1
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Two comma club

I checked mint today and we finally broke 1 million in net worth. Its between my wife and I so I guess I'm only a 500 thousand-aire but still interesting to see an extra digit there. I'm 37.5, DW is 36...a little over half are investments pre and post tax, the rest is real estate equity between primary and rentals. Hopefully it continues to grow!
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Old 09-02-2017, 08:32 AM   #2
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Good for you!
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Old 09-02-2017, 08:39 AM   #3
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Most people I have known who became wealthy did it with Real estate, or owning a business.

A lot of our paper assets were purchased with RE profits.

Regarding double comma which is 7 digits and 2 commas that young. Do you predict an eventual 8 digits or is mid 7 comfortable for you for retirement?
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Old 09-02-2017, 08:57 AM   #4
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Congratulations!
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Old 09-02-2017, 11:48 AM   #5
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Congratulations! You'll find that the second million will be easier than the first.
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Old 09-02-2017, 01:13 PM   #6
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Most people I have known who became wealthy did it with Real estate, or owning a business.

A lot of our paper assets were purchased with RE profits.

Regarding double comma which is 7 digits and 2 commas that young. Do you predict an eventual 8 digits or is mid 7 comfortable for you for retirement?
Mid would be fine, we try to be frugal but do like to travel.
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Old 09-02-2017, 01:24 PM   #7
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congratulations!
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Old 09-02-2017, 01:34 PM   #8
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I checked mint today and we finally broke 1 million in net worth. Its between my wife and I so I guess I'm only a 500 thousand-aire but still interesting to see an extra digit there. I'm 37.5, DW is 36...a little over half are investments pre and post tax, the rest is real estate equity between primary and rentals. Hopefully it continues to grow!
No, I think you are solidly a millionaire. Only if you get divorced, will you be a 500 thousandaire. Congrats, at you age I bet you get to 8 digits before the game is over.
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Old 09-02-2017, 01:56 PM   #9
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Congrats! But I wonder why reaching one million might be called the "two comma club" since it is such a broad range?

1,000,000 to 999,999,999. One million all the way to a dollar short of a billion. Yeah, sure, one million has two commons....... But are we rich-guy-wannabees really part of that "on our way to a billion" club?

Maybe calling it the "seven figure club" (1,000,000 to 9,999,999) would be more appropriate since its bounded in a more realistic range?

Or am I counting commas incorrectly?
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Old 09-02-2017, 02:22 PM   #10
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Congratulations!!

Reading financial porn at the Doc's office recently (Kiplinger or Money, I think) there was a story on millionaires and they also called them the 2 comma club. Thought it was appropriate. Of course, a million ain't what it used to be. When my "dream j*b" at Megacorp started in 1969, I was making close to $11K and thought I had arrived. At that time, a million was some real money. Now, most of us here probably look at a million as sort of an "entry level" to FIRE (4% WDR would be $40K/year - you could live on it - and many here do - but most want more I'm guessing.)

Anyway the magazine I was reading indicated that there are now 11 million millionaires in the US. They had a map showing the % of millionaires in each state and some states went as high as 8% IIRC. Also IIRC my sate was about 7.5%. In my case, a million is enough since I have a modest pension and good (70 year old) SS. All depends on how you've been blessed and how large your expenses so YMMV.
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Old 09-02-2017, 02:25 PM   #11
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Congratulations!!

Reading financial porn at the Doc's office recently (Kiplinger or Money, I think) there was a story on millionaires and they also called them the 2 comma club. Thought it was appropriate. Of course, a million ain't what it used to be. When my "dream j*b" at Megacorp started in 1969, I was making close to $11K and thought I had arrived. At that time, a million was some real money. Now, most of us here probably look at a million as sort of an "entry level" to FIRE (4% WDR would be $40K/year - you could live on it - and many here do - but most want more I'm guessing.)

Anyway the magazine I was reading indicated that there are now 11 million millionaires in the US. They had a map showing the % of millionaires in each state and some states went as high as 8% IIRC. Also IIRC my sate was about 7.5%. In my case, a million is enough since I have a modest pension and good (70 year old) SS. All depends on how you've been blessed and how large your expenses so YMMV.
A million in 1969 is almost 7 Million now, Yeah thats a lot of money.
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Old 09-02-2017, 03:30 PM   #12
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Some of you may remember an old black and white TV show "the millionaire" that aired from 1950s to around 1960.

A rich man give a check to people he did not know. Pretty sure some pay was around a dollar an hour back then. Even at minimum wage imagine getting a million hours of wages... Roughly 480 years of income at 40hrs a week and 52 weeks a year. Or to unwind it.. you can spend 4.80 a day for 100 years even if hid in your mattress.

Oh the joy of big numbers!
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Old 09-02-2017, 03:50 PM   #13
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I would focus on investable assets. Anything else is just numbers.
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Old 09-02-2017, 04:29 PM   #14
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One million before the age of 40 is good, even if it includes RE. Congrats. I hope my children get there. They have roughly 10 more years.
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Old 09-02-2017, 04:29 PM   #15
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Most people I have known who became wealthy did it with Real estate, or owning a business.
I read this a lot. I did it just by saving from my salary and investing mostly in the stock market.

Congrats to the OP.
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Old 09-02-2017, 04:35 PM   #16
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Great job!
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Old 09-02-2017, 04:49 PM   #17
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Congrats! But I wonder why reaching one million might be called the "two comma club" since it is such a broad range?

1,000,000 to 999,999,999. One million all the way to a dollar short of a billion. Yeah, sure, one million has two commons....... But are we rich-guy-wannabees really part of that "on our way to a billion" club?

Maybe calling it the "seven figure club" (1,000,000 to 9,999,999) would be more appropriate since its bounded in a more realistic range?

Or am I counting commas incorrectly?
That might be better I'm really just saying it as a joke based off of a comedy show called silicon valley...there is a really obnoxious billionaire in it that brags about being in the 3 comma club all the time.
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Old 09-02-2017, 06:12 PM   #18
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Good for you and I wish many more.

I have no clue really when I reached 1M in my life. I thought most of my life I would work till I was late 60's or so. About 2.5 years ago I took the time to really see what we had what my expenses were and see if I could retire. My wife had asked me a few times that I should retire. So after a look and I could see we had more then we could ever spend I did it.

Good luck to you and it is an exciting time.
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Old 09-02-2017, 07:14 PM   #19
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I would focus on investable assets. Anything else is just numbers.
Unless you're 100% cash, I would suggest investable assets are just numbers as well.
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Old 09-02-2017, 07:17 PM   #20
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Congrats to the OP! As they say, the next million should be even easier.
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