gauss
Thinks s/he gets paid by the post
- Joined
- Aug 17, 2011
- Messages
- 3,615
Just remember the old adage.
"The First Million is the Hardest..."
-gauss
"The First Million is the Hardest..."
-gauss
Does anyone else get sick of hearing that a million dollars isn't what it used to be or isn't that much money anymore?
It's just a simple fact, so it doesn't bother me hearing it...Does anyone else get sick of hearing that a million dollars isn't what it used to be or isn't that much money anymore? As someone in the early accumulation phase who has worked hard to save and has gone without a lot of the luxuries, I have to admit I get a bit tired of this.
Mostly an issue of expectations. When you think about it, $1M and a paid off house will allow you to live a reasonable middle class lifestyle WITHOUT WORKING.
Mostly an issue of expectations. When you think about it, $1M and a paid off house will allow you to live a reasonable middle class lifestyle WITHOUT WORKING. That is pretty incredible. Most people need a paycheck just to eat for the next 2 weeks, forget living without employment.
That assumption gets debated here quite often. I think it would be a close call. Yes, it can be done. Live in an inexpensive area. Avoid any hobbies or travel that run up any significant expense. Find low cost health care. Avoid any unplanned expenses. Etc. Etc.
I guess you didn't read all of my post. I said "But if you're retiring young and have no other resources (than the paid for house), $35k/yr (3.5% WR on one million bux of portfolio) will require some careful management.Some of this may depend on age.
Hearing about your personal situation is always facinating Kat, but my comments were in the context of the OP, a younger person, and not at related to older folks at or near SS.OTOH, if you assume a couple on SS, living in most areas in the US, I think it is a fine life. DH is already on SS. I'm not old enough yet, but if I took at 66 (FRA - haven't decided when I will take it yet), our combined income from SS alone would be $50k so adding portfolio withdrawals from a million would be a fine life and certainly wouldn't mean avoiding hobbies or travel.
.... my comments were in the context of the OP, a younger person, and not at related to older folks at or near SS.
You and I are just visitors here in the "Young Dreamers" section of the FIRE board.
I guess you didn't read all of my post. I said "But if you're retiring young and have no other resources (than the paid for house), $35k/yr (3.5% WR on one million bux of portfolio) will require some careful management.
Hearing about your personal situation is always facinating Kat, but my comments were in the context of the OP, a younger person, and not at related to older folks at or near SS.
You and I are just visitors here in the "Young Dreamers" section of the FIRE board.
Some of this may depend on age. Yes, for a couple who is say 40 or 45 who had a million and no prospect of a pension and only SS far away, then, I would agree with you.
OTOH, if you assume a couple on SS, living in most areas in the US, I think it is a fine life. DH is already on SS. I'm not old enough yet, but if I took at 66 (FRA - haven't decided when I will take it yet), our combined income from SS alone would be $50k so adding portfolio withdrawals from a million would be a fine life and certainly wouldn't mean avoiding hobbies or travel.
Thanks Bestwifeever, although I don't know if it is a matter of being smarter. Scared into paying attention is probably more like it I think that many in my generation are paying attention simply because we see the writing on the wall when it comes to financial security in our future. How many are in a position to do something about it at the moment in their careers is a different story.
Something I have noticed about the discussions I have had regarding reaching 1 million in liquid net worth is how the different generations perceive this. I think most of us on the younger end of things see it as a significant achievement that will put us in a position to have choice and a reasonable degree of safety in the case of a career or health shock. Rarely do I talk to a member of my generation on these forums who plans to hang up their pick axes and sip margaritas on the beach.
I hope to reach this number by 40 (I will be 33 in a month), but I would not stop working or stop investing. I would like to see this nest egg continue to grow as I live off of my salary doing something I enjoy and having the flexibility to pass on projects I might not like doing. I think the older members of forums like this see 1 million in liquid net worth as a time to stop working and truly retire. Either way, this shouldn't diminish the fact that the vast majority of people will not reach this point. I still think it is worth more respect than saying 'It's not that much anymore' or 'It's easy to reach a million'.
.....because, as I like to say, "I'd rather have my money working for me than me working for my money!"
In 1956, Junior year in college...first semester, I was looking forward to spending part of the summer due to an invite to participate in the Pan-Am Games in Mexico. Disaster struck!... My scholastic grade average was B- and below the Flat B average needed to continue my $800/yr scholarship. The school cut the scholarship in half... to $400. That meant I had to work the whole summer in order to go back to school in the fall. No student loans in those days. A very sad end to a dream.
The perspective? The current annual four year cost for a four year education at the same school, is $224,000.00.
Times change...
Does anyone else get sick of hearing that a million dollars isn't what it used to be or isn't that much money anymore?
Amen. I'm amused by people that clip coupons yet pay their FA 2%. I squeeze the nickel until the Indian chases the buffalo.Interesting thread.
If anyone wants to know if I think a million dollars is a lot of money...try to overcharge me by just $10 and see what happens.
Amen. I'm amused by people that clip coupons yet pay their FA 2%. I squeeze the nickel until the Indian chases the buffalo.
Interesting thread.
If anyone wants to know if I think a million dollars is a lot of money...try to overcharge me by just $10 and see what happens.