When I was 36 years old and getting pushed out of my 2nd company in 5 years, I decided I had to insulate myself against the uncertainties of modern corporate America. Someone suggested I read Millionaire Next Door. I devoured that book, and from that point on I committed myself to saving $1,000,000 in investable assets by the time I turned 45.
I was fortunate to land another job that paid pretty well, and I created a spreadsheet budget projecting my income and all of my spending across more than a dozen categories for every year over the next ten years. I budgeted to the month to the dollar. That was almost 14 years ago and I have been updating that spreadsheet ever since.
With my head down I committed myself to my new company, which was not easy because my job required 70 hour weeks and a ton of BS, and that, combined with my extreme spending discipline, led to my crossing the $1 million threshold at age 43.
My next goal was to achieve overall financial independence. Using the same methods, i reached critical mass at age 47. It was at about that same time that my company gave me my walking papers, so I decided to just go ahead and retire. That was 2 years ago and, thanks to a nice run up in the market and continued LBYM lifestyle, I am in a better financial position than ever.
$1 million does not buy what it once did, but setting that specific $1 million goal and making a specific, actionable plan years ago was pivotal in my achieving FIRE.