Small milestone - $2M

brokrken said:
So, this morning when I updated my spreadsheets, as I do every morning (I know, I'm obsessed) I noticed that for the first time ever that our net worth (not including real estate) passed the $2M mark. We've been able to put this together mostly over the last 10 years. The plan is to tack $1M more on in the next 5 and then RE right as my daughter is graduating high school (529 should come very close to covering the bulk of her higher ed). Or, we will at least head south to better weather and the mountains. I guess if my company made me an offer I couldn't refuse, I'd hang around for a bit longer. But, at that point, it would be purely my choice.

Anyway, I can attribute much of this progress to the wise tutelage I received from many of you folks. So, I thought I'd share.
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Congrats! I had this milestone 2 week ago but after recent sell-off I'm back :mad:
 
Congrats!
Although, if I had $3M today, I could literally retire and afford to pay for housing, food, some kid's college expenses, vehicle expenses, etc. for the rest of my life.
 
myself said:
Congrats!
Although, if I had $3M today, I could literally retire and afford to pay for housing, food, some kid's college expenses, vehicle expenses, etc. for the rest of my life.
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$3M yes, but I'm only at $2M so far!
 
Took a little over a month, but finally eked back over the $2M mark. Let's try and stay at (or better yet, above) that mark this time.
 
That's a great milestone, congrats.
 
Humble brag aside, You're doing great! Let her ride. Congrats!
 
$2M sounds like a big milestone to me, but as many, I view that through my own perspective of being a single person, a paid off home, LCOL area, no kids. I'm not quite to $2M, but along with pension/retirement income, I already have more than enough for my situation to pay short and long term expenses and still have about $40K/yr in discretionary spending... just for me, so I don't really care about hitting $2M. I've already exceeded any amount I thought I would reach and could retire at anytime.

For a family as the OP, $2M may be a different situation. If the home is paid for and there's pension income, and in LCOL area, that's still pretty good. In a HCOL area, with a large amount still owed on the home, and no plans to move to a LCOL area, and no pension, $2M won't seem like so much.
 
Congrats - it's not exactly a small milestone as others have pointed out.
 
I still recall those heady days of reaching milestones. I thought I was rich when I had $30K in my 401(k). I think my favorite milestone (besides reaching FI) was when I made more per year from my investments than from salary. I appreciate that brokrken does not include home value in nest egg value. I know we've discussed that here several times so YMMV.
 
The second mil is easier than the first.
 
Koolau said:
I still recall those heady days of reaching milestones. I thought I was rich when I had $30K in my 401(k). I think my favorite milestone (besides reaching FI) was when I made more per year from my investments than from salary. I appreciate that brokrken does not include home value in nest egg value. I know we've discussed that here several times so YMMV.
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I remember bragging to my wife that we had $35k in our savings account! As a young married couple that seemed like a million to me.
 
When my aunt died, she had quite a big estate and my uncle was the executor. Each of the neices and nephews got an equal share. It was before I pulled the plug. I was already well-versed in retirement financial planning, but he didn't know that...he just knew I was generally a saver. He took me aside and advised me that in the old days, you could retire with a million, but nowadays (2009), you need 2M. I think he was afraid the influx would get to an insufficient milestone, and I'd quit prematurely. I just said "I think you're right", and left it at that.
 
Koolau said:
I still recall those heady days of reaching milestones. I thought I was rich when I had $30K in my 401(k). I think my favorite milestone (besides reaching FI) was when I made more per year from my investments than from salary. I appreciate that brokrken does not include home value in nest egg value. I know we've discussed that here several times so YMMV.
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Out of curiosity, can you define "made more per year from my investments than from salary"?
Do you mean that dividends/Capital gains exceed your salary ($100K salary - $120 Dividends/CG) or portfolio growth was more that your salary (Beginning of the year - $1M portfolio, $100K salary, End of the year $1.2M portfolio)?
 
aleabo said:
Out of curiosity, can you define "made more per year from my investments than from salary"?
Do you mean that dividends/Capital gains exceed your salary ($100K salary - $120 Dividends/CG) or portfolio growth was more that your salary (Beginning of the year - $1M portfolio, $100K salary, End of the year $1.2M portfolio)?
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Heh, heh, I was never "fussy" about where it came from. It was strictly an increase in NW year over year. That would include anything but increase in home value. The really good news was that for several years in a row, I experienced this exciting phenomenon.

My "take" on it was, "Hey, if I can make as much sitting at home as I do going to the cube every day, I must be able to FIRE!" In case you're wondering, yes, I was adding some of my salary to the NW, so there's that and YMMV.:blush:
 
Koolau said:
I still recall those heady days of reaching milestones. I thought I was rich when I had $30K in my 401(k). I think my favorite milestone (besides reaching FI) was when I made more per year from my investments than from salary. I appreciate that brokrken does not include home value in nest egg value. I know we've discussed that here several times so YMMV.
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I miss those good old days, when a milestone that today would seem like nothing, was such a big deal. I can definitely remember feeling on top of the world when I hit the $30K mark. It was back in late 1999. And then I broke $60K in late 2000. For some reason that one, in particular, made me feel like I was on top of the world.

Oh, and on the subject of investments making more in a year than my salary, I just added up my numbers, and as of yesterday's close, I'm there! Not quite to my salary for the entire year, but as of 10/12/2020, they've still "made" (dividends, capital gains, and appreciation in value) more than I have at my job! It's definitely a nice feeling.

And, as for the $2M milestone, I hit it yesterday, as well. This is my third time hitting it though. Last times were in February and August. Hopefully third time's a charm!
 
And, as for the $2M milestone, I hit it yesterday, as well. This is my third time hitting it though. Last times were in February and August. Hopefully third time's a charm![/QUOTE]


Me too! February, August & October.
 
Catawba Chuck said:
And, as for the $2M milestone, I hit it yesterday, as well. This is my third time hitting it though. Last times were in February and August. Hopefully third time's a charm!
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Me too! February, August & October.[/QUOTE]

Andre and Chuck, congrats!
 
Not a small milestone at all. Congratulations!
 
Congratulations!! I would be curious what your asset allocation is?


I have to update my sig, my AA is now 70/30.
 
Congrats! I agree with the others that your 2nd is almost as important as your first, i.e., you are to be congratulated.

When I was having trouble sleeping last night, I realized I will likely never experience your milestone. I am close to your number, but I intend to "graduate" from working next May. Importantly, I intend to start on an aggressive program of Roth conversions after that. Although my real net worth won't change, I suspect I will never look at a balance sheet that starts "$2,xxx,xxx."

First-world problems! :)
 
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