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View Poll Results: Almost 2021 - Is $1 Million still a relevant number as a retirement target?
Yes, we can retire with $1 Million 88 33.21%
No, we need $1.2 Mllion - $1.9 Million 64 24.15%
Higher, we need $2 Million - $4 Million 95 35.85%
Highest, $5 Million - $100 Million ... Sky's the limit 18 6.79%
Voters: 265. You may not vote on this poll

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Old 04-15-2021, 09:40 PM   #221
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I've lost/made in one day enough to pay for the Charter Jet to Hawaii...

The market has been so volatile lately, plus my stash has grown, there have been several days in the last 12 months I have lost a 6-figure sum in a single day. My highest daily loss ever was around $150K.

But, but, but, in return, I have also regained a 6 figure in a single day.

The market taketh, but then the market also giveth. But if I spent that money, it would never come back.


PS. I am getting used to seeing "losing" a lot of money in a day. It only hurts when you get several bad days in a row. It adds up to real money within a week.

PPS. I maintain a diary going back to 1999 to log the daily total value of my accounts. The highest daily gain is about 2/3 the highest daily loss, though both have been going up over the years as my portfolio grows. The market always drops faster than it climbs. Always. This is an immutable truth, and this is what scares newcomers to the market.
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Old 04-16-2021, 08:35 AM   #222
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That's not enough to own a private jet, let alone a yacht.

No wonder Suze is still working.
Depends on what you call a yacht. You can buy what is realistically called a sailing yacht for low-6 figures. A yacht akin to what JFK sailed will run you closer to a million though, which is still quite affordable if you've got $40-60 million sitting around.
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Old 04-16-2021, 08:37 AM   #223
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As for the original question, it's not going to put you in the same style that a person could live when "being a millionaire" was first becoming something that more than a few elite aspired to, but in the right location and with the right lifestyle choices it can be plenty for a couple if they're happy like that. It'd be a bit less than I'd want, but it's would be pretty close to maintaining life for an average income couple that just paid off their house and stopped working.
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Old 04-16-2021, 09:40 AM   #224
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It's especially relevant if that $1M will add $40k to your SS income.
Ask anyone living on just SS, if I gave you $40k a year would it make a difference in your life?
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Old 04-16-2021, 10:12 AM   #225
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When is a million really a million. At the top of a stock market run up is it really a million in your pocket?


Now we own farmland and it goes up every year, pretty much. The bankers like it cause they will lend you more money to hang yourself with. We self finance after almost 50 years of farming, but when we retire market cash rent will bring in the great majority of our spending money. Even though the land is worth several million the million isn't really a million, we can't sell it because we'd be stupid to pay the huge capital gains and scramble around looking for a place to invest the proceeds.


We have SS and very good sized SEP's/ Roth but the farm land is king.
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Old 04-16-2021, 05:18 PM   #226
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Crossed the one million line at least twice in 27 years of ER. Negative direction is ALWAYS the scariest and most remembered.

Thanks to this and other forums - did 'The Bogle', "Hurry up just stand there." And the old standby - "Stay the course."

Heh heh heh - rebalance and soldier on. Tightened splinter and all. Grin.
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Old 04-16-2021, 05:53 PM   #227
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I've lost/made in one day enough to pay for the Charter Jet to Hawaii. Having said that, I feel pretty confident in stating that I will never in my lifetime experience Charter Jet travel, at least not intentionally. (That is to say, I would only do it if someone's life depended on it.)
That's an interesting take. I think I've mentioned that I've never paid for FC or even Bus class (for myself.) BUT I paid a small fortune to help a friend travel via Bus class. She had "died" on her last flight, most likely due to a blood clot induced by cattle-car class. Her husband (medical doctor) brought her back and kept her alive. A year later when they traveled, I made sure she could be as safe as possible - heh, heh, didn't pay for the husband who is healthy as a horse. I wouldn't do it for myself because I don't need it for safety and haven't (so far) spent the extra for my comfort. I guess it's all in the perspective, so YMMV.
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Old 04-17-2021, 04:53 PM   #228
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I'll stick to commercial...I'm willing to drive a couple of hours so I never have to fly on anything smaller than a 737...no puddle jumpers, thanks.
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Old 04-18-2021, 08:15 AM   #229
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I'll stick to commercial...I'm willing to drive a couple of hours so I never have to fly on anything smaller than a 737...no puddle jumpers, thanks.


+1. Our extended family learned the ultimate hard lesson a few years ago, sadly, and I also had a pilot friend who was #12 in a Cirrus Designs plane in terms of ejecting the parachute after icing up, landing safely with 2 others aboard, thank goodness. DW and I were on a group trip last year in Costa Rica and Nicaragua and we literally rented a van service from one country to the other rather than flying the puddle jumper with everyone else.
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Old 04-18-2021, 02:29 PM   #230
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+1. Our extended family learned the ultimate hard lesson a few years ago, sadly, and I also had a pilot friend who was #12 in a Cirrus Designs plane in terms of ejecting the parachute after icing up, landing safely with 2 others aboard, thank goodness. DW and I were on a group trip last year in Costa Rica and Nicaragua and we literally rented a van service from one country to the other rather than flying the puddle jumper with everyone else.
That is really irresponsible, flying into ice and having to pop the chute and scrap the plane.
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Old 04-18-2021, 03:00 PM   #231
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A lot of Cirrus planes have FIKI systems. Maybe it didn't work properly? I wouldn't automatically assume irresponsible pilot.
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Old 04-18-2021, 03:07 PM   #232
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absolutely do blame the pilot. If you don't have all the gear, the excess performance, and experience you have nothing. I've seen my share of ice in the PNW.
If it's not coming off ASAP that is an emergency and you reverse course and get back down out of it. Declare and live to take your lumps on the ground.
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Old 04-18-2021, 03:12 PM   #233
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I have flown, done all required maintnenace and pre-flight checks, and had engine failure. I didn't/don't consider that my "blame". If he had a FIKI system that failed, I consider that the same. You of course, are allowed your opinion as well.
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Old 04-18-2021, 03:34 PM   #234
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There are degrees of risk. Flying a very light single into known or likely ice is pegging my meter, and I did banner towing for 5 years, essentially modern barnstorming.
When you had your engine failure, was there any significant additional risk, like night flying in the mountains, etc?
I did not fly the known ice P210's in known kludge either. The decision process to do so is a case of get-there-itis, IMO. You are right that is my opinion.
I had my only complete engine failure on my first solo cross country at 21 hours
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Old 04-18-2021, 03:46 PM   #235
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I had my only complete engine failure on my first solo cross country at 21 hours
Wow! That had to be an event that made you think twice about continuing! Mine was complete failure (turned out to be an oil issue) during day luckily. Could easily have been at night, and a lot more challenging. Had just over 1000 hours at the time.

Have climbed through and descended through ice conditions (with factory equipped plane), but didn't like it.

While there certainly is a lot of it, just get tired of the usual "pilot error" assumptions (and sometimes conclusions), but sadly, it usually is just that. I haven't flown (by myself, meaning without an experienced pilot or flight instructor) in several years. I usually leave the flying to professionals these days.
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Old 04-18-2021, 03:56 PM   #236
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Me too sadly. I have a twin in a hangar that needs engine and prop work x2, and a partner that is no longer able. We dream about it. It would take a chunk of the FIRE funds though
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Old 04-18-2021, 06:48 PM   #237
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The number needed to retire is dependent upon how much one plans to live on and how long he thinks he'll live, so that retirement number is different for everyone. You can pretty much multiple the amount and the years together and get a rough estimate of what you will need. There are people who can retire easily on less than a million because their cost of living is very low. I retired on less than half a mil at the age of 56. My retirement goal was to have at least 25x my yearly expenses. Once I had that I knew I was financially independent. I waited a bit until the amount of my net worth was over 33 times my yearly expenses and then I retired. Now my net worth is over 50x.
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Old 04-19-2021, 03:06 AM   #238
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I have flown, done all required maintnenace and pre-flight checks, and had engine failure. I didn't/don't consider that my "blame". If he had a FIKI system that failed, I consider that the same. You of course, are allowed your opinion as well.
All this talk of engine-out small aircraft emergencies prompted me to pull from my desk the valve lifter assembly of the Lycoming 108 that disintegrated in the Piper Colt I was training in (about 5th lesson?). Once we pulled the aircraft back to the airport, I found the assembly lying in the bottom of the crank case. https://en.wikipedia.org/wiki/Lycoming_O-235

SO glad to have an instructor on board. Also thankful for the half frozen winter wheat field available to set it down on. Every time I'm in the area, I drive by and - remember. YMMV
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Old 04-19-2021, 07:55 AM   #239
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The number needed to retire is dependent upon how much one plans to live on and how long he thinks he'll live, so that retirement number is different for everyone. You can pretty much multiple the amount and the years together and get a rough estimate of what you will need. There are people who can retire easily on less than a million because their cost of living is very low. I retired on less than half a mil at the age of 56. My retirement goal was to have at least 25x my yearly expenses. Once I had that I knew I was financially independent. I waited a bit until the amount of my net worth was over 33 times my yearly expenses and then I retired. Now my net worth is over 50x.


Congrats. You are positioned for LIFT OFF. You’ve reached my dream investment state, which is the ability to live off of stock index fund dividends alone. If I were single and could rebuild my lifestyle without affecting others, I think I’d have no trouble going 100% stock index funds and cutting back expenses to the 2% or so SWR equivalent dividend yield.
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Old 04-20-2021, 09:05 AM   #240
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+1. Our extended family learned the ultimate hard lesson a few years ago, sadly, and I also had a pilot friend who was #12 in a Cirrus Designs plane in terms of ejecting the parachute after icing up, landing safely with 2 others aboard, thank goodness. DW and I were on a group trip last year in Costa Rica and Nicaragua and we literally rented a van service from one country to the other rather than flying the puddle jumper with everyone else.
Dad & several business buddies created their own private plane share.

A few years in the pilot dropped off everyone at our local airport and then took off for home...that was the last anyone saw of him or the plane, intact.

After the crash Dad had a pilot friend research the history of the airframe & says he now feels lucky to have survived flying on that particular model.

Even though my kids will all likely spend their careers as pilots, no small plane flights for me, thanks anyway.
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