Net worth Today

[watchman3135]

Congratulations!

Thank you.

 

[Sunset]

I just checked all of our accounts tonight and with this crazy market we hit a milestone and officially entered multi millionaire status at $2,069,004.72. I am 55 and the DW is 51 and years ago I always wondered what it would feel like to be a multimillionaire and now I know. Not one bit different ...

That is great, although what often happens is the market will go down....

And then you can tell people "I used to be a multi millionaire"

 

[Ronstar]

Congrats! But what others have means nothing, unless you can spend their money.

We all have different amounts of net worth, different lifestyles, different expenses, so it makes no sense to compare. Quality of life is what matters, not net worth.

 

[iloveyoga]

There is only one question to ask - "Do you have enough for you?" What anyone else has is irrelevant.

Once I really figured out how much we could easily live on each month in retirement, it lifted a weight from my shoulders. It was definitely a transition for me, but I now understand that we have more than enough not to worry and that is enough for me. DH never worries about it all.

 

[Surewhitey]

Although it's nice to be able to compare notes on NW, living expenses, etc with other people, I find it more useful to keep a "diary" of data on myself & compare this over time.

We, for example, spend about $40-50k annually plus vacations (usually $10k or less). Over the past 4 years, our average growth /savings has exceeded the after tax earnings (including 401k contributions). Based on this, we are definitely FI. This is my personal important set of numbers. Just waiting for DW to share my optimistic views.

When we get to SS, then we will be on easy street.

 

[11522914]

Rest assured, just about anyone posting here is better off than most of the world.

I count my blessings and keep a healthy perspective. The whole idea of FIRE is you are doing things on your own terms. That to me does not include worrying about how others do it.

+100

I couldn't have said it any better

 

[jollystomper]

Although it's nice to be able to compare notes on NW, living expenses, etc with other people, I find it more useful to keep a "diary" of data on myself & compare this over time.

I agree. I believe one can more easily get into trouble by looking at what others have or spend, instead of figuring out what one's own needs are.

 

[Surewhitey]

I agree. I believe one can more easily get into trouble by looking at what others have or spend, instead of figuring out what one's own needs are.

& our last 4 year's spending includes a home remodeling project & car to increase spending by $40k & 17k in 1 year. I have future big spending, health events and home maintenance in my future spending plans. Adjusting for inflation & aging, of course.

 

[Toocold]

Congratulations. It felt anti-climatic for me too.

I try not to judge myself against other people. It'll only end in disappointment.

 

[Surewhitey]

Congratulations. It felt anti-climatic for me too.

I try not to judge myself against other people. It'll only end in disappointment.

Or confirming for us, almost identical to the OP... Except that we're still rolling on w*rk.

 

[Badger]

My net worth doesn't even make it into my top 3 whether I am a success or failure. That was never my driving force in life. Playing the money game was just that for me. As it turns out I played it well enough for someone at a low salary career with no background in personal finance.


Cheers!

 

[38Chevy454]

As Montecfo said, it is perspective. You have done great saving up for your retirement. Now you have a plan to make it happen. Don't worry about others, you can only control what you have to work with. Your savings is currently way more than your budget needs, plus with your wife working it brings in income and reduced health ins costs. Be happy and grateful that you are in good financial shape.

 

[sengsational]

It seems that dividing net worth by your burn rate is a better number. If that's about how long you figure you'll hold out, all is good

 

[dingo]

It’s a little funny actually..

Most of my old friends from college have been very successful and appear to have made a lot more money than me. The thing is all are still working and I am retired. I am very happy and they appear to be also. It’s all about your goals and what is important to you.

 

[Deej]

NW is relative.

 

[brett]

We have never paid much attention to it.

Never understood the apparent fascination or interest in comparing one's net worth to others or to how the number compares relative to others in the country. Same with one's level of spending pre or post retirement.

What is the point? Seems rather meaningless to us.

We are only interested in our net worth, our own retirement.

Is it an ego thing, a busybody thing, or an insecurity thing? Don't know.

 

[REWahoo]

NW is relative.

This is especially true if you are expecting a large inheritance.

 

[OldShooter]

... wondering if others seeing higher net worth's make you feel somewhat of a bit of a failure? ...

Most of what we have in life is the result of good luck, starting in our case with being born white and American, with many more lucky breaks along the way. This is also true of the political Kennedys and the financial Waltons and Buffets. While we continually marvel at our good luck, we certainly don't consider ourselves to be failures because others lucked into better parents or had other wonderful luck.

 

[racy]

Spoiler alert: the next $1M will come faster than the last one, and so on...

 

[RetiredHappy]

Spoiler alert: the next $1M will come faster than the last one, and so on...

Unless a bear market starts today/tomorrow.

 

[rodi]

Congrats. I hit the same milestone (passed up $2M in investment accounts) earlier this year. I retired with $1.5. Note - like you, doesn't include paid off house, and, in my case, 529 accounts.

Retired 7 years ago and still feel lucky and rich to have been able to do so at a youngish age. (was 52).

As for those with >$5M who worry about having enough - those are people who want a FAT fire... It's a valid choice, just not the one I made.

 

[Dtail]

Nope.

Some have less, others more. Same as it ever was.

Yup and there are many reasons how these various net worth's evolved.
There will always be someone who has a higher net worth. Doesn't bother me in the least.

 

[Dtail]

This is especially true if you are expecting a large inheritance.

Nice one.
With Redduck and Nemo not posting anymore, good to read these one liners.

 

[youbet]

As for those with >$5M who worry about having enough - those are people who want a FAT fire.

Perhaps it's not the desire for a FAT FIRE that drove them to want a bigger FIRE portfolio but other particular needs. One example I'm familiar with and close to is having special needs kids or grand kids where you want to be able to establish significant special needs trusts for them and/or have it be likely they'll receive a substantial inheritance.

 

[ponyboy]

I said it before and ill say it again. No better time to be alive than right now. Money is flowing! Markets are strong. All of our NW has increased significantly. Anyone who isnt making money now is in a doomsday shelter.