Meh at hitting a million

[RobbieB]

Good for you!

 

[redduck]

Good for you!

"good for you (or him, her, etc.)!
used as an exclamation of approval toward a person, especially for something that they have achieved."
(taken from somewhere on the internet)

Absolutely!!! Good for you!!!, Nash and Mrs. Nash.

 

[younginvestor2013]

My two cents!

From a "raw" dollar perspective (and perhaps not an FI perspective), it is a big sum of money, whether you are worth $10m or $20k, just based on what all it could buy. Even if you're worth $50m, $1m could still buy you a lot of possessions!

From a FIRE perspective, I think it mainly depends on 1) your age and 2) what your annual expenses are.

For me, my annual expenses are about $60k, but I'd like to retire and have $80-$100k to spend. I'm 27. If I hit $1m at 55, I might be kind of "Meh" about it (or even worse). But if I hit it at 35, I would feel (as Larry david would say) pretty, pretty, pretty good!

 

[hesperus]

Putting my money where my mouth is, DW and I entered the two-comma club (for the first time, I'm sure not the last), just after the new year. It didn't change anything for us (as has been discussed), but we opened a nice bottle of wine and I made a good dinner and we toasted the accomplishment nonetheless!

congrats

 

[respond2u]

As I said in an earlier post, it's a sum that the vast majority of people will never see.

http://publications.credit-suisse.c...fm?fileid=AD6F2B43-B17B-345E-E20A1A254A3E24A5
says that "half of all adults in the world own less than USD 2,222" !!
[That's the data source for the recent Oxfam paper headlining that 8 people have more wealth than the poorest half. It includes financial and non-financial assets in deciding wealth].

--
I passed $1M total net worth early in 2016 and decided to retire early.

My next milestone is when I cross below $1M. I may drink some then...

 

[laurence]

Through growth and additional contributions, we hit $1.1 million already, I know we can't expect that every six months but it's weird to think how long it took us to save the first $100k, compounding is magical.

 

[RobbieB]

I remember the 401K meetings during the 07-09 dip. Guy told us to hang tight, don't worry, it's gonna get better. I just stayed in with the same payroll deduction as always (maxed out) and bought twice as many shares.

The magic of dollar cost averaging added a big "cha-ching" to the bottom line as it went back up. Sweet -

 

[Mdlerth]

...it's weird to think how long it took us to save the first $100k, compounding is magical.

The magic of dollar cost averaging added a big "cha-ching" to the bottom line as it went back up. Sweet -

It does feel like magic. I've had friends who were hardcore investors, doing research 5 hours a night, dealing puts and calls daily in a mad frenzy. Some of them were successful, at least financially. They were like pro athletes, only they pumped gold and silver rather than iron.

I never could muster that kind of stamina. I w*rked an ordinary j*b at an ordinary MC, focused on wife and kids over career. But saving steadily over enough years built a two comma pile that now grows many times faster than my continuing contributions. So even though I was never an investing superstar, I will end up FIRE-ing comfortably anyway. Abra cadabra!

 

[mpeirce]

I remember the 401K meetings during the 07-09 dip. Guy told us to hang tight, don't worry, it's gonna get better. I just stayed in with the same payroll deduction as always (maxed out) and bought twice as many shares.

The magic of dollar cost averaging added a big "cha-ching" to the bottom line as it went back up. Sweet -

During a little dip in the market a while back, I had a conversation with my daughter about this very thing. That when you are investing for the long term, dips in the market are GOOD for the very reason you stated.

A light went on in her head. I don't think she really understood that before.

Too bad that light doesn't go on for more people.

 

[Dreaming of Freedom]

I thought a million dollars was a big deal a few years ago. Now i realize we need a million dollars just for health insurance & healthcare costs, plus possible long term care costs. I am not sure any amount of money will make me feel safe and secure in the US with our healthcare system (back to 1999 when I started buying own insurance through college). I have 24 years until Medicare, if it is still around in 2041. At least one of the duo of my married friends over 45 has had cancer or some other enormously expensive 6 figure medical problem that they had no control over. My mom is only 58 and is in a one star nursing home that costs $72,000/year. Yep, a million just doesn't cover much these days

 

[daylatedollarshort]

I am not sure any amount of money will make me feel safe and secure in the US with our healthcare system (back to 1999 when I started buying own insurance through college).

This is something we are giving a lot of thought to lately as well. We have kind of a global extended family and all the ones outside the U.S. never seem to worry about healthcare or long term care costs, even the blue collar households with limited savings. It just isn't even an issue for them.