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$1,000,000 Achievement Unlocked
Old 12-04-2016, 07:33 PM   #1
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$1,000,000 Achievement Unlocked

With the latest upswing in the S&P 500, I reached $1,006,000 in net worth this month. My previous milestones were:

$100,000 in March 2003
$250,000 in December 2006
$500,000 in November 2011
$750,000 in March 2014

I graduated college in 2002 and got my first full-time job working for the Federal government in February 2003. I've been working for the government ever since. My starting salary was $32,000 in 2003 and is currently at $107,000. I am 37 years old.

The first $100,000 in net worth was due to stock gifts that my grandma had given to me during the 80's and 90's when I was growing up. For the most part, I haven't sold any of those stocks. I also received $153,000 in cash gifts from my parents from 2003 to 2016, which I haven't spent.

I would estimate that on my own, I saved and invested $600,000 from my job and the other $400,000 comes from the gifts I have received plus earnings on those gifts.
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Old 12-04-2016, 07:37 PM   #2
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Keep it up! You are doing great! (but don't forget to live life too)
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Old 12-04-2016, 09:31 PM   #3
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Congratulations! Keep up the good work.

You really think you'll stick it out to 2036 if you are in a position to retire sooner?
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Old 12-04-2016, 10:54 PM   #4
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Congratulations! And to think, you've been on this board for 95% of the journey! This board instilled in me (and DW by proxy) a different outlook. At 42 (DW 41 in ten days) we have a seven figure NW and have a worst case scenario of 14 years for retirement, and haven't known "waiting until payday" in so many years. That's in no small part to this community. Sure, my grandpa who saved more than a million in his lifetime working as a state employee planted some seeds when we walked around his farm, but this site really helped make it grow.

You've been really fortunate with all the money you've received from your family, but you've really honored those gifts by making them grow so well instead of buying a fancy car with it! Grandma would be well pleased!
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Old 12-04-2016, 11:02 PM   #5
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I'm still looking at 2036 for retirement because I can get a pension that is worth about a third of my salary and get subsidized retiree health benefits for life. If I happen to be offered early retirement, I can retire between 2028 and 2036 with a little smaller pension and the lifetime health benefits.
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Old 12-05-2016, 12:43 AM   #6
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Congrats!!!


I wish I would have been able to get 40% of my net worth in gifts!!!

At least you did not blow it like so many others...
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Old 12-05-2016, 01:03 AM   #7
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Congratulations daystar! It seems you have maximized what you were given and have greatly added to it. All you have to do at this point is add to it without missing out on life and the sky is the limit for you. Not many people can say that.
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Old 12-05-2016, 09:00 AM   #8
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Quote:
Originally Posted by pb4uski View Post
Congratulations! Keep up the good work.

You really think you'll stick it out to 2036 if you are in a position to retire sooner?
At the rate he's going, I would be shooting for 2026.
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Old 12-05-2016, 09:04 AM   #9
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Congrats on your discipline and saving habits to get you to where you are.
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Old 12-05-2016, 11:21 AM   #10
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Congrats.

My wife has a DB pension and is in a similar situation where she will leave a bunch of money and benefits on the table if she retires early. Golden handcuffs.
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Old 12-05-2016, 12:28 PM   #11
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OP, I see what you did there with the gaming reference in the subject. :^)


Congrats! Quite an achievement at your age!
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Old 12-05-2016, 06:06 PM   #12
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Hopefully in another 7-10 years you will be able to say "The first million is the hardest".
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Old 12-05-2016, 07:50 PM   #13
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Congratulations!

Most folks who reach a million get to do it a few times before it sticks.

Let's hope it sticks for you without too many fallbacks.
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Old 12-05-2016, 10:23 PM   #14
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Good for you. It's a big achievement at 37!
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Old 12-06-2016, 10:19 AM   #15
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Congratulations!!

Just don't end up like this guy!

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Old 12-12-2016, 09:12 AM   #16
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Things can really accelerate from here, I posted about hitting a million a few months back, we're now ~60k above that (including contributions)....I remember how many YEARS it took to get $60k net worth after we got married!!
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Old 12-15-2016, 10:12 PM   #17
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How does your spending look if you don't mind? Just curious about how you spend per year?? Thanks.
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Old 12-17-2016, 09:22 AM   #18
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Quote:
Originally Posted by daystar View Post
I'm still looking at 2036 for retirement because I can get a pension that is worth about a third of my salary and get subsidized retiree health benefits for life. If I happen to be offered early retirement, I can retire between 2028 and 2036 with a little smaller pension and the lifetime health benefits.
Hey I am a federal employee as well. Look into deferred retirement. It may allow you to leave federal service much earlier and still have your pension waiting for you at Age 62 or your minimum retirement age (most likely 57).

EDIT: You would not be eligible for health care under this option, however.
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Old 12-17-2016, 02:58 PM   #19
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ATC Guy, I used to work in HR for the FAA and handled all the retirement issues for our air traffic controllers.
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Old 12-17-2016, 03:04 PM   #20
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Budget - I'm single and don't have any kids. I don't own any property and I paid cash for a new car in 2015. I sometimes do additional charitable gifts in the amount of $1,000 to $3,000 per year that aren't shown on the budget. My charitable giving is around 4% to 6% of my income. I also receive dividends and interest of about $5,000 to $7,000 per year that I don't count when figuring out my budget.

Job Income = $4308 per month + 2 extra payments of $2154 each year

Rent $1350
Cable TV/Internet $150
Cell Phone $ 60
Electricity $100

Food $500
Miscellaneous $200
Entertainment $100
Dating $200
Clothing $ 70
Personal Products $ 40
Haircuts $ 25
Gym Membership $ 20
Gas for Car / Bus Fare $110
Car Maintenance $ 50
Parking $ 20
Medical $175
Church Donation $260
IV Donation $ 60
CRA Donation $ 30
Other Donations/ Gifts $ 70
Infrequent Expenses $ 33
Total $3623


Occasional Payments (Infrequent Expenses)
Car Insurance $350 x 2 = $ 700 per year
Car Registration/Tax = $ 500 per year
LTC Insurance $300 x 1 = $ 300 per year
Home Insurance + Umbrella = $ 350 per year
Travel $600 x 4 = $2400 per year
Medical Membership $200 x 1 = $ 200 per year
Costco Membership $ 55 x 1 = $ 155 per year
AAA Membership $100 x 1 = $ 100 per year

Total $4705 per year

2 extra paychecks = $4308 per year
$4705 - $4308 = $397 / 12 = $33 per month extra expense
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