Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Major milestone reached
Old 12-18-2006, 10:36 PM   #1
Full time employment: Posting here.
 
Join Date: Jul 2004
Posts: 512
Major milestone reached

My wife and I are so proud of our accomplishment.

On December 7 (Pearl Harbor Day), we finally reached $1,000,000 in our retirement accounts. The journey started exactly 20 years ago with $0 saved when my previous employer started their 401K.

I feel so fortunate to have switched to a company 2 years later that has a superb 401K with many 4- and 5-star choices and a good company match. Our entire retirement stash consists of mutual funds in 401K's and various IRA's. We have no real estate beyond our modest house, and no pensions.

We have also funded 3+ years of a public university tuition for our 12-year-old son.

My goal is to retire in 8 years at 55, but health insurance is the big wildcard. But I think we are well on our way.
gindie is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Major milestone reached
Old 12-18-2006, 10:46 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Feb 2006
Posts: 1,183
Re: Major milestone reached

Congrats!!!! You 2 have made it to a major milestone! Feels good too hu h?
crazy connie is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 04:05 AM   #3
Full time employment: Posting here.
 
Join Date: Mar 2005
Posts: 557
Re: Major milestone reached

Quote:
Originally Posted by gindie

My goal is to retire in 8 years at 55, but health insurance is the big wildcard. But I think we are well on our way.
Keep going and even though it will be expensive, you will be able to purchase your own health insurance if need be. FI will allow you to allocate resources in that way.
uncledrz is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 05:14 AM   #4
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
Re: Major milestone reached

Quote:
Originally Posted by gindie

My goal is to retire in 8 years at 55, but health insurance is the big wildcard. But I think we are well on our way.
COBRA is good for 18 months after employment. Under Cobra the premium is slightly higher than cost to the employer. That means you might need coverage from 56.5 to 65 (about 8 years). The premium varies significantly based on the amount of deductible. For example, a $5000 deductible would cost about $300 per month while a $150 deductible would cost 1,011.66 per month (in today's dollars) for a couple.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 06:08 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 10,252
Re: Major milestone reached

Congratulations. It is a big deal to break into 7-figures.

Just don't be disappointed if by March 2007, stock markets have gone down and you are back to $800,000.
LOL! is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 06:12 AM   #6
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
Re: Major milestone reached

Congratulations!

What's really fun as the numbers rise it to watch it grow by 6 figures a year as you just sit there. Well, some years .
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 06:23 AM   #7
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,003
Re: Major milestone reached

Quote:
Originally Posted by LOL!
Congratulations. It is a big deal to break into 7-figures.

Just don't be disappointed if by March 2007, stock markets have gone down and you are back to $800,000.
Try to look at the above in a positive light: You're probably going to get to celebrate this milestone again, and maybe even a third time!

__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 07:53 AM   #8
Full time employment: Posting here.
 
Join Date: Feb 2006
Posts: 987
Re: Major milestone reached

Quote:
Originally Posted by REWahoo!
Try to look at the above in a positive light: You're probably going to get to celebrate this milestone again, and maybe even a third time!
Amen - done that (3 times, already since 1999). OK now (since I am still Wor*ing) but after '07, I'll be more concerned...

- Ron
rs0460a is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 07:55 AM   #9
Thinks s/he gets paid by the post
Outtahere's Avatar
 
Join Date: Sep 2005
Posts: 1,677
Re: Major milestone reached

Congratulations, as the other said something you'll celebrate a couple more times before it sticks.
__________________

Dogs aren't our whole lives, but they make our lives whole. - Roger Caras
Outtahere is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 08:16 AM   #10
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
Re: Major milestone reached

We are fortunate (knock on wood) that we crossed the threshold in 2003 and it still holds. Our target is $2 mil in three years based on an estimated return of 7%. Our asset allocation now is quite conservative - 40/50/10 (stocks/fixed-income/cash).
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 08:31 AM   #11
Recycles dryer sheets
 
Join Date: Nov 2006
Posts: 105
Send a message via Yahoo to OkieTexan
Re: Major milestone reached

Congrats! on the milestone.
We hit ours in 2002 ($1M) when the market was down. It really looks good now!
I bought some more equities when the Dow dipped (Oct. 2002). I can draw a 45 degree angle on the chart to where it is now!

__________________
OkieTexan
OkieTexan is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 09:54 AM   #12
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
Re: Major milestone reached

I'm surprised no one has said it yet, so I will: "The first million is always the hardest."

And, to get you in the right frame of long-term mind:

"To turn $100 into $110 is work. To turn $100 million into $110 million is inevitable."
-- Edgar Bronfman

__________________
*

Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."

I don't spend much time here— please send a PM.
Nords is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 09:56 AM   #13
Full time employment: Posting here.
Patrick's Avatar
 
Join Date: Mar 2005
Location: Northern, Florida
Posts: 925
Re: Major milestone reached

Quote:
Originally Posted by Nords

". . . To turn $100 million into $110 million is inevitable."
-- Edgar Bronfman

I wonder if General Motors or Ford would agree with this?
__________________
Retired in 2006 at age 49.

"Who among us is smart enough to learn from the mistakes of others?" - Voltaire
Patrick is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 10:02 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
Re: Major milestone reached

Quote:
we finally reached $1,000,000 in our retirement accounts.
Nice going!!! Now you know what is meant by the old saying "The first million is the hardest to make". I hope that you will not be satisfied with only a million and will hardly notice when two million rolls by in a few years! 8)
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 10:39 AM   #15
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
Re: Major milestone reached

Quote:
Originally Posted by Patrick
I wonder if General Motors or Ford would agree with this?
Good point... which brings up another quote,

"Never underestimate the stupidity of large crowds."

I think I'll continue to manage my own money...
__________________
*

Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."

I don't spend much time here— please send a PM.
Nords is offline   Reply With Quote
Re: Major milestone reached
Old 12-19-2006, 01:04 PM   #16
Full time employment: Posting here.
perinova's Avatar
 
Join Date: Apr 2006
Posts: 528
Re: Major milestone reached

Quote:
Originally Posted by Nords
I'm surprised no one has said it yet, so I will: "The first million is always the hardest."

And, to get you in the right frame of long-term mind:

"To turn $100 into $110 is work. To turn $100 million into $110 million is inevitable."
-- Edgar Bronfman
Congrats gindie.

Thanks for the optimism Nords. Hope it's true.
I just passed the same milestone this month myself. Hope this will hold. I am ahead of the curve drawn up in 1994 by now about 3 years. Close to this milestone investment income starts to become a significant portion of the whole.

from Wikipedia number of millionaires:
HNWIs (more than $1 million, in 2005)
Global: 8.7 million
Europe: 2.8
North America: 2.9
Asia-Pacific: 2.4
Latin America: 0.3
Middle East: 0.3
Africa: 0.1
perinova is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
kiyosaki has reached new low - unbelievable runchman FIRE and Money 82 06-14-2007 10:11 AM
First Milestone Reached! NinjaPigeon Young Dreamers 16 04-06-2006 04:28 PM

» Quick Links

 
All times are GMT -6. The time now is 04:06 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.