Did you celebrate when you finally hit $1m?
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Did you celebrate when you finally hit $1m?
Did you celebrate your first $1m and if so, how?
I'm getting close, excluding some big crash or unexpected emergency, I'm predicting about 1 year give or take 6 months. It reminds me of looking at the clock near the end of class. The first portion seems to have went by quickly, and now at the very end it feels like time is slowing down. I can't wait. Obviously I'm frugal compared to income but I'm thinking about celebrating, taking family on a vacation or something.
Also, I've had it in my head for many many years that once I hit my $1m mark, I plan on spending around 15-20% of that years interest on family (possibly more I'm undecided), I have a lot of family struggling. Whether it's providing them with something nice or a much needed getaway, that's one of the things I'm most excited about.
I'm getting close, excluding some big crash or unexpected emergency, I'm predicting about 1 year give or take 6 months. It reminds me of looking at the clock near the end of class. The first portion seems to have went by quickly, and now at the very end it feels like time is slowing down. I can't wait. Obviously I'm frugal compared to income but I'm thinking about celebrating, taking family on a vacation or something.
Also, I've had it in my head for many many years that once I hit my $1m mark, I plan on spending around 15-20% of that years interest on family (possibly more I'm undecided), I have a lot of family struggling. Whether it's providing them with something nice or a much needed getaway, that's one of the things I'm most excited about.
Re: Did you celebrate when you finally hit $1m?
We went out to a nice steak house with the adult children. I had the beef wellington.
We did the same when we paid off the home.
Giving and helping others is a important element of wealth building. Every year, my wife and I make a plan with planned expendable income. How much do we want to spend on recreation, giving, vacations, additional savings, etc... That plan helps us be very deliberate with our money, which can be challenging at times.
It also helps with knowing what to do with found money. Come in under budget on the fuel bill, what do I do with my money? Put it towards the goal you are currently working on!
We did the same when we paid off the home.
Giving and helping others is a important element of wealth building. Every year, my wife and I make a plan with planned expendable income. How much do we want to spend on recreation, giving, vacations, additional savings, etc... That plan helps us be very deliberate with our money, which can be challenging at times.
It also helps with knowing what to do with found money. Come in under budget on the fuel bill, what do I do with my money? Put it towards the goal you are currently working on!
Re: Did you celebrate when you finally hit $1m?
It's just a number. While it may be a goal worth noting, it's a bit like driving across the border from Ohio to Indiana...the landscape will not have changed much--financially or otherwise. You really aren't much better off than you were at $990,000.
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Re: Did you celebrate when you finally hit $1m?
I agree, and I have never driven between Ohio and Indiana. Bouncing across the $1M mark in both directions several times after reaching it somewhat lessened any urge to celebrate it.
Re: Did you celebrate when you finally hit $1m?
I don't recall that we did any celebrating. I think it just happened and we noted it as a milestone, as we had a fair way to go to retirement. Hitting $1M reinforced our investment approach and allowed us to not panic and stay steady through the great recession. A $1M asset base throwing off reinvested interest and dividends was a great help in getting to the next plateau . . . especially in a bull market.
Re: Did you celebrate when you finally hit $1m?
It was a while ago, but my recollection was no celebration, just satisfaction in achieving the milestone. Then focus changed to accumulating the next million. Same thing happened when that was achieved and so on and so forth.
If you want to spend some on, or celebrate with, the family go right ahead. It is a nice milestone. Congratulations!
If you want to spend some on, or celebrate with, the family go right ahead. It is a nice milestone. Congratulations!
Real Knowledge Comes Only From Experience
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Re: Did you celebrate when you finally hit $1m?
Pity your U.K. fellow bogleheads.
1 million pounds = 1.35 million dollars so we have a lot further to go to break the psychological barrier!
1 million pounds = 1.35 million dollars so we have a lot further to go to break the psychological barrier!
Re: Did you celebrate when you finally hit $1m?
No, it was like all financial milesstones, they come and pass without much fanfare. I told DW, she did not care, rightly so. There's nothing to celebrate, it's just money.
I still have many milesstones left: 1MM in taxable. 1MM investible assets in millionaire next door dollars (1996 dollars). 1MM individual net worth (excluding DW). 4MM in investible assets (my FIRE target).
I still have many milesstones left: 1MM in taxable. 1MM investible assets in millionaire next door dollars (1996 dollars). 1MM individual net worth (excluding DW). 4MM in investible assets (my FIRE target).
Never look back unless you are planning to go that way
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Re: Did you celebrate when you finally hit $1m?
Not a good year for your assets to appreciate if you are solely a BH investor. Markets pretty flat and near the same as beginning of the year. One of those lost years. Well the first six months. So your main chance of making it is to add to your assets.
Despite the comments here, it is a big thing. The million mark has always stood as a mountain top. You should enjoy it. Family vacation, why not? As long as it does not take you back below that million.
I did not celebrate. It sneaked up on me. At the time I looked I only sneaked over by 3k. So I hit it but it did not seem secure. I started to feel I needed more of a buffer. I did note the date. Since then it has increased to a pretty good buffer exceeding my annual expenses easily so I felt secure in not dipping back down.
Now am looking towards 1.5 mil. But realistically I am hoping for 1.25 mil. All of,it as appreciated assets. There is no longer any earning a salary here.
The best I have been able to do about celebrating is to try and loosen up my frugality. But it is a hard thing for me. Was frugality that got me to 1 mil. I am am still going to the Dollar Tree.
Despite the comments here, it is a big thing. The million mark has always stood as a mountain top. You should enjoy it. Family vacation, why not? As long as it does not take you back below that million.
I did not celebrate. It sneaked up on me. At the time I looked I only sneaked over by 3k. So I hit it but it did not seem secure. I started to feel I needed more of a buffer. I did note the date. Since then it has increased to a pretty good buffer exceeding my annual expenses easily so I felt secure in not dipping back down.
Now am looking towards 1.5 mil. But realistically I am hoping for 1.25 mil. All of,it as appreciated assets. There is no longer any earning a salary here.
The best I have been able to do about celebrating is to try and loosen up my frugality. But it is a hard thing for me. Was frugality that got me to 1 mil. I am am still going to the Dollar Tree.
Re: Did you celebrate when you finally hit $1m?
I was all set to celebrate the $1m asset (excluding home) level, until I realized that the majority of my assets were in my tIRA. So I discounted that $1m to an after tax $600k and kept on saving.
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Re: Did you celebrate when you finally hit $1m?
I clapped while sitting in my home office alone as I watched my Quicken net worth update to over $1m.
After informing my wife, she said, "cool"
After informing my wife, she said, "cool"
Funding secured
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Re: Did you celebrate when you finally hit $1m?
I don't recall doing much, probably told my spouse and maybe we went out to dinner at one of our usual places. One problem is that a million bucks isn't what it used to be. At a 4% withdrawal rate, it only generates $40k/year in income. It was a nice feeling and I do like the sound of being a millionaire but it isn't enough to really change our lifestyle. I would think carefully about how you plan to share your "windfall" with your family lest they label you as the "rich" one leading to future requests and expectations...
The one thing it did for us was that we planned to accumulate 1-2 million for retirement (in addition to pensions, etc.) and it felt good to have achieved the minimum for this plan with maybe another 7-8 years to go till retirement. We are still contributing to retirement plans but it did take a little pressure off the need to feel like we needed to save every raise and bonus.
The one thing it did for us was that we planned to accumulate 1-2 million for retirement (in addition to pensions, etc.) and it felt good to have achieved the minimum for this plan with maybe another 7-8 years to go till retirement. We are still contributing to retirement plans but it did take a little pressure off the need to feel like we needed to save every raise and bonus.
Re: Did you celebrate when you finally hit $1m?
I made a mental note of it, couldn't believe I had done that, but soon realized it didn't change anything for me and continued on with my life.
Steve
Re: Did you celebrate when you finally hit $1m?
When investments hit 1M, My wife and I stared at our Vanguard account for 10 seconds and we increased our monthly charity to our church. Giving gives us more pleasure than the number.
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” |
— Warren Buffett
Re: Did you celebrate when you finally hit $1m?
OP,
I celebrated by donating money to my university.
KlangFool
I celebrated by donating money to my university.
KlangFool
30% VWENX | 16% VFWAX/VTIAX | 14.5% VTSAX | 19.5% VBTLX | 10% VSIAX/VTMSX/VSMAX | 10% VSIGX| 30% Wellington 50% 3-funds 20% Mini-Larry
Re: Did you celebrate when you finally hit $1m?
For many years I had little visibility as a large share of our assets were in my spouse's retirement scheme and we only got a statement once a year. We pretty much setup a savings/investment plan and didn't pay much attention to the outcome for many years. I was probably 50 the first year I made the effort to total everything up.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
Re: Did you celebrate when you finally hit $1m?
It's hard to even know when to celebrate. Which $1M are we talking about?
Net worth? Do I include only accounts and home equity? If so, whose assessment of your house's value do you use?
Accounts only? Do you include 401k's, IRA's, 529's, savings, taxable investment accounts, etc.? All of them? just some?
What if you "get there" and there is a prolonged 10% dip in the market, did it make sense to celebrate?
I get the idea. It's a good milestone, but it's not a concrete one like paying off school loans or a mortgage. Those things are gone off the books, no more payments, more cash flow, etc.
Net worth? Do I include only accounts and home equity? If so, whose assessment of your house's value do you use?
Accounts only? Do you include 401k's, IRA's, 529's, savings, taxable investment accounts, etc.? All of them? just some?
What if you "get there" and there is a prolonged 10% dip in the market, did it make sense to celebrate?
I get the idea. It's a good milestone, but it's not a concrete one like paying off school loans or a mortgage. Those things are gone off the books, no more payments, more cash flow, etc.
Last edited by Miguelito on Fri Jun 22, 2018 8:09 am, edited 1 time in total.
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Re: Did you celebrate when you finally hit $1m?
When we hit our first million, we went out for a nice dinner at a local restaurant we like (not expensive). Same when we hit other milestones. Passing those numbers gave us a little thrill of feeling "rich." However, we very consciously did not allow this feeling to linger because it would have changed our everyday spending habits. As our wealth has accumulated, we have increased our philanthropic giving as a percentage of our holdings. Otherwise we live the same way as before, but with greater security.
While you do not explicitly say this in your post, you might consider keeping the good news of your million dollar accumulation to yourself, rather than suddenly handing out a whole lot of financial gifts to the family and letting them know of your achievement. For some reason, people (even family members) have a laughably unrealistic view of what it means to have a million dollars. Their expectations can change the dynamic of relationships and put a lot of unforeseen pressure on you in the future.
As we all know on this forum, having (and keeping) a million dollars does not entail yachts, helicopters, or villas. Nope. Using the 3% rule, it means you can count on $30,000 of income annually, pretty much forever. Keep that in mind. Pat yourself on the back. And IMHO, keep the total to yourself, while being as generous as you want to be.
While you do not explicitly say this in your post, you might consider keeping the good news of your million dollar accumulation to yourself, rather than suddenly handing out a whole lot of financial gifts to the family and letting them know of your achievement. For some reason, people (even family members) have a laughably unrealistic view of what it means to have a million dollars. Their expectations can change the dynamic of relationships and put a lot of unforeseen pressure on you in the future.
As we all know on this forum, having (and keeping) a million dollars does not entail yachts, helicopters, or villas. Nope. Using the 3% rule, it means you can count on $30,000 of income annually, pretty much forever. Keep that in mind. Pat yourself on the back. And IMHO, keep the total to yourself, while being as generous as you want to be.
Last edited by Rus In Urbe on Fri Jun 22, 2018 8:12 am, edited 1 time in total.
I'd like to live as a poor man with lots of money. ~Pablo Picasso
Re: Did you celebrate when you finally hit $1m?
Nope. It's not as much fun I suppose to hit $1m going the other way.
It's probably better to wait until you know you won't have to celebrate hitting $1m anymore because your portfolio is probably going to bounce below and above for a while unless you got a big windfall.
It's probably better to wait until you know you won't have to celebrate hitting $1m anymore because your portfolio is probably going to bounce below and above for a while unless you got a big windfall.
Re: Did you celebrate when you finally hit $1m?
I was not too far from retirement when my 401K crossed the $1M mark. I had noticed my contributions were no longer having much effect on the balance compared to earnings, so I "celebrated" by adjusting them down to my Megacorp match levels only (6%).
“Love with your heart; Use your brain for everything else.” -Captain Disillusion
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Re: Did you celebrate when you finally hit $1m?
You haven't missed much. Welcome to the Great Central Plains east of the Mississippi.scrabbler1 wrote: ↑Fri Jun 22, 2018 6:34 amI agree, and I have never driven between Ohio and Indiana. Bouncing across the $1M mark in both directions several times after reaching it somewhat lessened any urge to celebrate it.
I treat myself to a shot of Johnny Walker Black at each $100K mark. If you go out and spend too much you might push yourself below the milestone mark again.
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Re: Did you celebrate when you finally hit $1m?
No.
Kept on truckin.....
Kept on truckin.....
Re: Did you celebrate when you finally hit $1m?
To say you’re not missing anything would be an understatement.scrabbler1 wrote: ↑Fri Jun 22, 2018 6:34 amI agree, and I have never driven between Ohio and Indiana.
Re: Did you celebrate when you finally hit $1m?
We took note of it and said "woohoo" or something like that. Same with paying off the mortgage. I think that was the extent of the celebration.
Re: Did you celebrate when you finally hit $1m?
Are you planning on paying 40% tax on your tIRA, or maybe just a psychological game to keep you saving?
Re: Did you celebrate when you finally hit $1m?
we celebrated when we hit $1mm in our after-tax accounts. That was more meaningful for me, maybe because I knew I'd be able to retire and send the kids to college. It was a modest celebration, out to dinner with my wife and a special bottle of wine.
Re: Did you celebrate when you finally hit $1m?
That occurred about 10 years ago, and 8 years before retirement. It was a wag then, before I refined the numbers. Since then I've done a bit of Roth conversions, refined my numbers and expect to pay 22%. Assets are now in excess of $3m, with only about half in tax deferred..
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Re: Did you celebrate when you finally hit $1m?
Great question. For me I was super aggressive hitting that number as quickly a I could and thought I would have been more psyched, but surprising I wasn't. I thought about it for a few days before and after, but didn't really feel any happier. Funny thing is I felt even LESS after several more financial milestones. I realized from this experience that balance sheets just have a bunch of numbers that no matter how high doesn't bring any more happiness to my life. Not surprising, disconnecting investing from emotions (happiness, sadness, fear, etc...) has made me a great investor. I really don't care what happens to my portfolio and only look at it once a month to figure out where to put the new money to keep my asset allocation steady.
Good luck.
Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” |
-Jack Bogle
Re: Did you celebrate when you finally hit $1m?
I told my parents! They were delighted. Nothing else since I am single and don’t want to tell friends who think $1m is an unbelievable amount.
Re: Did you celebrate when you finally hit $1m?
No. Well, maybe a little internal high-five.
Reason: I've still got a long way to go for financial independence. But it's the indication of light at the end of the tunnel.
Reason: I've still got a long way to go for financial independence. But it's the indication of light at the end of the tunnel.
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Re: Did you celebrate when you finally hit $1m?
Same, I think we got there earlier at some point this year and have probably hovered around that area since then. So haven't really noted it, let alone celebrate it.
We have a long way to go in dollars and years to hit our retirement number.
We have a long way to go in dollars and years to hit our retirement number.
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Re: Did you celebrate when you finally hit $1m?
I don't plan on doing anything special; as others have noted, it's generally such a fluctuating number that there's usually not one "point in time" that you can identify. If I go out for a steak dinner I'm guessing I'd be eating lots of steak for a year.
That said, from a high-level perspective it can serve as important psychological goal and reinforces the behaviors that got you there... so, well done!
That said, from a high-level perspective it can serve as important psychological goal and reinforces the behaviors that got you there... so, well done!
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Re: Did you celebrate when you finally hit $1m?
When I sold my house, I hit $2m when the proceeds came in. Naturally things are much lower now, but I have the screenshot I took. I'll be back.
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Re: Did you celebrate when you finally hit $1m?
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Last edited by cusetownusa on Fri Jun 22, 2018 10:35 am, edited 1 time in total.
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Re: Did you celebrate when you finally hit $1m?
We never celebrated, like many others on the board. Made mental note, and moved on.
Besides, we have hit that bogey more than once, maybe three times, as the market that gives can also take away.
I will be very excited if we meet our next major milestone. There is a good chance I'll actually live to see it.
No matter what, I am more than happy concerning our current financial position. As I tell my wife. "we have made it far for a couple of kids married at 18 and earning minimum wages." Even then we were just as happy, I believe.
Broken Man 1999
Besides, we have hit that bogey more than once, maybe three times, as the market that gives can also take away.
I will be very excited if we meet our next major milestone. There is a good chance I'll actually live to see it.
No matter what, I am more than happy concerning our current financial position. As I tell my wife. "we have made it far for a couple of kids married at 18 and earning minimum wages." Even then we were just as happy, I believe.
Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
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Re: Did you celebrate when you finally hit $1m?
For me, the celebratory aspect was dulled by the complexity of the question.
It it when your net worth hits $1M? If so:
How do you arrive at home value? Discount for transaction costs?
Is it when your investable assets hit $1M? If so:
Do you give any value to unvested RSUs?
Do you discount accounts that will be subject to tax on withdrawal (i.e. 401ks)? If so, how much?
For taxable accounts, do you calculate how much tax you would owe on capital gains? Basis and holding period calculations could be tricky.
I sort of had a mini mental celebration when my account aggregator software's net worth number showed $1M, but I will really feel like I belong in the two comma club once I get to the point that I could actually theoretically write a seven figure check to someone without it bouncing and without incurring any early withdrawal penalties. I'm guessing my NW will be well in excess of $2M before that happens.
It it when your net worth hits $1M? If so:
How do you arrive at home value? Discount for transaction costs?
Is it when your investable assets hit $1M? If so:
Do you give any value to unvested RSUs?
Do you discount accounts that will be subject to tax on withdrawal (i.e. 401ks)? If so, how much?
For taxable accounts, do you calculate how much tax you would owe on capital gains? Basis and holding period calculations could be tricky.
I sort of had a mini mental celebration when my account aggregator software's net worth number showed $1M, but I will really feel like I belong in the two comma club once I get to the point that I could actually theoretically write a seven figure check to someone without it bouncing and without incurring any early withdrawal penalties. I'm guessing my NW will be well in excess of $2M before that happens.
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Re: Did you celebrate when you finally hit $1m?
Funny stuff!ssquared87 wrote: ↑Fri Jun 22, 2018 8:17 amTo say you’re not missing anything would be an understatement.scrabbler1 wrote: ↑Fri Jun 22, 2018 6:34 amI agree, and I have never driven between Ohio and Indiana.
When I reach the $1M in the taxable portion of my portfolio (soon, as I have been bouncing around in the $900k for a year), I might celebrate a little. It might be comparable to driving across the George Washington Bridge from NY to NJ; the landscape again won't really change, but crossing the threshold itself is pretty spectacular!
Re: Did you celebrate when you finally hit $1m?
The scenery on GW isn't too bad either...much preferable to miles of flat nothingnessscrabbler1 wrote: ↑Fri Jun 22, 2018 11:00 amFunny stuff!ssquared87 wrote: ↑Fri Jun 22, 2018 8:17 amTo say you’re not missing anything would be an understatement.scrabbler1 wrote: ↑Fri Jun 22, 2018 6:34 amI agree, and I have never driven between Ohio and Indiana.
When I reach the $1M in the taxable portion of my portfolio (soon, as I have been bouncing around in the $900k for a year), I might celebrate a little. It might be comparable to driving across the George Washington Bridge from NY to NJ; the landscape again won't really change, but crossing the threshold itself is pretty spectacular!
Re: Did you celebrate when you finally hit $1m?
I did not even notice it for quite some time. Did not celebrate. Maybe chuckled.
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Re: Did you celebrate when you finally hit $1m?
40% effective tax seems high for $1M, even in a high tax state. I’d expect closer to half that assuming a 4% withdrawal. Enjoy the $800k!
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Re: Did you celebrate when you finally hit $1m?
DW and I did nothing as it was "impalpable" to both of us.
Many digits later, same thing.
Although we do enjoy grocery shopping without worrying about the bill.
Or going to Walmart and buying what we need without fussing about the costs.
Lifestyle is the same so I'm not sure what or why to celebrate.
j
Many digits later, same thing.
Although we do enjoy grocery shopping without worrying about the bill.
Or going to Walmart and buying what we need without fussing about the costs.
Lifestyle is the same so I'm not sure what or why to celebrate.
j
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Re: Did you celebrate when you finally hit $1m?
I seem to recall getting close just before the financial meltdown in 08/09, and seeing my portfolio go from $900k to $500k. When I finally hit 1M, it was more like clawing my way out of the swimming pool and gasping for breath after almost drowning.scrabbler1 wrote: ↑Fri Jun 22, 2018 6:34 amI agree, and I have never driven between Ohio and Indiana. Bouncing across the $1M mark in both directions several times after reaching it somewhat lessened any urge to celebrate it.
Re: Did you celebrate when you finally hit $1m?
Too funny and quite accurate - tnanxArtful Dodger wrote: ↑Fri Jun 22, 2018 12:08 pmI seem to recall getting close just before the financial meltdown in 08/09, and seeing my portfolio go from $900k to $500k. When I finally hit 1M, it was more like clawing my way out of the swimming pool and gasping for breath after almost drowning.scrabbler1 wrote: ↑Fri Jun 22, 2018 6:34 amI agree, and I have never driven between Ohio and Indiana. Bouncing across the $1M mark in both directions several times after reaching it somewhat lessened any urge to celebrate it.
Re: Did you celebrate when you finally hit $1m?
It's not that much money when you consider that it would buy you only about a $3400/month inflation-adjusted pension which is on the low side of pensions for many who have them in workplaces where this is standard.
Even coupled with, say, $2000/month social security, you would be living hand-to-mouth in most major metro areas in the US.
Even coupled with, say, $2000/month social security, you would be living hand-to-mouth in most major metro areas in the US.
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Re: Did you celebrate when you finally hit $1m?
Pension fund usually invested in very conservative asset: AAA bond (3% 10 year treasure as baseline). 1 mil balanced equity/bond mix would produce average 6-7% before inflation. Inflation is about 3% so real return would be 3-4%. That's how the 4% withdraw rate come from.rgs92 wrote: ↑Fri Jun 22, 2018 12:18 pm It's not that much money when you consider that it would buy you only about a $3400/month inflation-adjusted pension which is on the low side of pensions for many who have them in workplaces where this is standard.
Even coupled with, say, $2000/month social security, you would be living hand-to-mouth in most major metro areas in the US.
Re: Did you celebrate when you finally hit $1m?
I like to describe this as like in old cartoons where the same background keeps scrolling as the characters run, but it's the same soybean and corn fields over and overssquared87 wrote: ↑Fri Jun 22, 2018 8:17 amTo say you’re not missing anything would be an understatement.scrabbler1 wrote: ↑Fri Jun 22, 2018 6:34 amI agree, and I have never driven between Ohio and Indiana.
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Re: Did you celebrate when you finally hit $1m?
Didn’t celebrate the milestone especially as it’s been my habit to celebrate new maximums in valuation as they came along.
What was very satisfying however, was adjusting the column width in my net worth spreadsheet to allow for the extra comma!
What was very satisfying however, was adjusting the column width in my net worth spreadsheet to allow for the extra comma!
Investing - The hardest way to make an easy living.
Re: Did you celebrate when you finally hit $1m?
I though many pension funds were in hedge funds/"alternative investments"/stranger things...
Re: Did you celebrate when you finally hit $1m?
As a Buckeye and Boglehead this is both funny and very true.