$500,000

[traineeinvestor]

Congratulations. A great achievement so early in life.

I hit my FIRE number earlier this year.....hopefully I will hit it again soon.

[pimpmyretirement]

500k at 32 is pretty sweet. Assuming a 3.33% SWR, you could retire right now on $16,500 a year. People are living on well that.

I've bounced through 200k a handful of times this year. I am 30. I hope to and think I am on track to hit 500k at 35. That's actually my big round number for the minimum amount of money necessary for FI.

[RetirementColdHardTruth]

Quote:

Originally Posted by pimpmyretirement 500k at 32 is pretty sweet. Assuming a 3.33% SWR, you could retire right now on $16,500 a year. People are living on well that. I've bounced through 200k a handful of times this year. I am 30. I hope to and think I am on track to hit 500k at 35. That's actually my big round number for the minimum amount of money necessary for FI.

16.5k a year will not cover health care premiums if your under medicare age.

[MBAVisionary]

Keep up the awesome work! Even with your parents help, that is still an amazing feat at such a young age. A lot of people will be jealous of you, when they look at their own lives and compare based solely on numbers. Your story is proof that smart decisions over time can reap major rewards.

[jayc]

Quote:

Originally Posted by daystar Just so I don't mislead anyone, I should mention that I got $66,000 in cash from my parents over the last 5 years.

Great job. LBYM and savings did the bulk of the work. At least you didn't buy a 66K car that will be worth 46k next year. That is what my sibling did with gift money.

[pimpmyretirement]

Quote:

Originally Posted by RetirementColdHardTruth 16.5k a year will not cover health care premiums if your under medicare age.

If you know 32 year olds willing to pay $16,500 a year for health insurance, I know agents interested in selling to them.

Insurance in your 30's can be had for much less than that.

[MBAVisionary]

Quote:

Originally Posted by jayc Great job. LBYM and savings did the bulk of the work. At least you didn't buy a 66K car that will be worth 46k next year. That is what my sibling did with gift money.

I totally agree. LBYM is a fundamental principle too many ignore.

[Gatordoc50]

Nice. I try to keep my goals for milestones on a three to five year basis to give some leeway for corrections. I also try to envision the numbers as single digit. For instance, you have 5 dollars and try to get to 6. Or even better, concentrate on shares owned instead of value of shares. That way a big correction is easier to handle.

[ESRwannabe]

Congratulations. Hitting $500k is a big deal.

Once I hit $500k I would have enough to ESR. I don't think I will get there until age 40 or so.

[SJ1_]

Quote:

Originally Posted by daystar I don't post on here too often, but I just wanted to celebrate with a bunch of anonymous like-minded people that I reached a new milestone. I have half a million in cash/investments. My last big milestone was $250,000 in late 2006 at age 27. Have any of you hit milestone targets lately? Do you feel weird talking to other people about it, because you're worried that they will be jealous or want your $$$$?

That's is great!
I really do not talk about it with other people, but my wife told a friend of ours that I was retiring next year and they looked at my like I was from mars.

[aida2003]

Quote:

Originally Posted by FD Congratulations! With the market volatility, I've hit the same milestone about 4 times this year!

...and I keep saying to myself "It's a sale", but I must force to go shopping. Now if chocolate was on sale, I'd be first in line.

To Daystar: I'm really impressed by your accomplishment in savings/investments. Are you planning a family? If so, keep up your good work until it comes, because then your priorities will probably change, but the saved money will do majority of work for you then.

[desihopeful]

Doubled what was already a pretty large portfolio in 5years!! Very impressive.

[Milton]

Good work. It is a significant milestone, so don't be afraid to treat yourself to a nice dinner out or celebrate in some other way.

Quote:

Originally Posted by daystar Have any of you hit milestone targets lately? Do you feel weird talking to other people about it, because you're worried that they will be jealous or want your $$$$?

It's usually best to be circumspect about disclosing your income, net worth or liquid investments. People who have less may feel inadequate and/or jealous. People who have more may put you down ("Only $500,000?!"). Generally speaking, keep your own counsel and share only with those you can trust to have your best interests at heart.

[Finance Dave]

Quote:

Originally Posted by daystar I don't post on here too often, but I just wanted to celebrate with a bunch of anonymous like-minded people that I reached a new milestone. I have half a million in cash/investments. My last big milestone was $250,000 in late 2006 at age 27. Have any of you hit milestone targets lately? Do you feel weird talking to other people about it, because you're worried that they will be jealous or want your $$$$?

Congrats! That's a big number, now just keep it there in light of volatility.

Yes, we've hit milestones recently too...DW just hit $300k in her 401k, which was her goal. Now I just have to hit my mark and then we can start thinking about Snagglepuss ("exit, stage left").

We have some close friends, and although we don't share exact numbers, we have told them that we're near the point where we can walk away from w*rk and have a different kind of life. IMO it depends on how you approach your discussion and who you tell. I'd recommend only those few very close friends, and then realize that not everyone may see the world the same way you do....some of our friends think we are giving up life now in exchange for maybe having a better life later if our health holds up....so they think their way is the better option. If you have such friends and tell them about your excitement, they may not share in the enthusiasm.

[bikeknit]

My husband and I paid off our house a year and a half ago, shortly after he got laid off! I told a friend and think she was a little jealous. Though we spend quite a bit less on travel etc. than she and her husband do.

[MDJO]

Congrats. My son is 25 and just hit $125,000, no debt, and a new pickup truck. I on the other hand, opted for the Porsche.....but that was after I hit $1M, and paid off the house...no debt

[ChadR]

As others have said yes it can make some feel inadequate or jealous. I know it prompted those feelings in me reading your post ha ha. That doesn't mean I also can't be excited for you. I'm almost more impressed with $250k by 27 than $500k by 32. Most people making enough money to even think about targets like that are earning at least bachelor degrees. If your one of them then hitting $250k in your first 5 years of work would be incredible.

$500K would be a great milestone. At 35, I'm hoping to hit that one in another 2-3 years!

[tightasadrum]

I didn't even start my investment portfolio until I was 30! You've hit a home run already at 27 with $250000. wow. And, for the record, I did buy a Porsche while in the Navy. Way back then, it only cost about $7000. In fact, I still have in in my basement. Someday I'll get it back on the road again...yea, right. I'm impressed how you doubled your assets in the last 5 years. How did you do that? How much of that was new money, and how much of it was new earnings? I must be in the wrong funds.
Keep up that rate of growth and you won't have to worry WHAT other people think.

[daystar]

I'm also a federal employee, so I will have a small pension coming to me eventually. Right now I'm planning to retire anytime between 48 and 75. If I'm offered an early retirement option, I have financially set myself up to take early retirement between age 48 and 56. If not, I should be easily able to retire at age 57. Now the big question is whether I want to retire. I'll just have to wait until I get there to decide.

I'm not married, don't have a house, and don't have any kids. This has allowed me to save more than the average person for retirement.

As far was getting to $250,000 by age 27, my parents paid for my college and I had received cash and stock from my grandma for years before that. I would estimate at that time, that $170,000 of my net worth was due to not spending any of the gifts given to me, and $80,000 was through my own work and saving.

Now at age 32, I would estimate that $250,000 of my net worth was due to my own earnings and savings, and the other $250,000 was due to gifts I received from grandma and parents.

[Dawg52]

Good job any way you look at it. At 30, I had just bought my first house and that took most everything I had. You are doing just fine. Looks like ER is certainly in your future.