Ideas for Celebrating A Financial Milestone & Staying Motivated
- AnnetteLouisan
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Ideas for Celebrating A Financial Milestone & Staying Motivated
This may be skewed priorities, but after decades of relative frugality, living on about half of my net income in an ultra high tax VHCOLA, and spending 1/5th of my income fir the past few years, I’m set to cross over from millionaire to multimillionaire status late next year, assuming 2 million qualifies as “multi”.
Anyway, I’d like to celebrate it in some small way since I didn’t celebrate the first mil. And I feel like scheduling some treat would help keep me motivated and goal oriented at work and with my $. I have other higher minded priorities of course and other milestones in my life were more significant, and I do donate, but after almost two years of WFH, saving $ etc, I feel a little treat is in order and it would be nice to have something to look forward to.
Do you have a strategy for staying motivated when you are already affluent and did you ever treat yourself on accomplishing a financial milestone? I am thinking of upgrading to a nicer home, which I was planning to do anyway, because I have a very tiny place, but other than that I don’t really want anything or have anything in mind. If you have any ideas that might be a nice gift for myself, lmk. I pretty much have what I need and am just not used to getting myself gifts or receiving them.
Anyway, I’d like to celebrate it in some small way since I didn’t celebrate the first mil. And I feel like scheduling some treat would help keep me motivated and goal oriented at work and with my $. I have other higher minded priorities of course and other milestones in my life were more significant, and I do donate, but after almost two years of WFH, saving $ etc, I feel a little treat is in order and it would be nice to have something to look forward to.
Do you have a strategy for staying motivated when you are already affluent and did you ever treat yourself on accomplishing a financial milestone? I am thinking of upgrading to a nicer home, which I was planning to do anyway, because I have a very tiny place, but other than that I don’t really want anything or have anything in mind. If you have any ideas that might be a nice gift for myself, lmk. I pretty much have what I need and am just not used to getting myself gifts or receiving them.
Last edited by AnnetteLouisan on Sat Oct 16, 2021 2:27 pm, edited 8 times in total.
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I do the opposite at milestones. Work hard to ensure that lifestyle inflation doesn't set in.
The reward is the accomplishment, I don't need things to celebrate. But hey, I realize some people do. Just go easy, a house is a big gift
The reward is the accomplishment, I don't need things to celebrate. But hey, I realize some people do. Just go easy, a house is a big gift
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Good point- the accomplishment is its own reward.runner3081 wrote: ↑Tue Oct 12, 2021 9:53 pm I do the opposite at milestones. Work hard to ensure that lifestyle inflation doesn't set in.
The reward is the accomplishment, I don't need things to celebrate. But hey, I realize some people do. Just go easy, a house is a big gift
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Celebrate by being kind to others. Perhaps gift to someone in need or nonprofit?AnnetteLouisan wrote: ↑Tue Oct 12, 2021 9:39 pm This may be skewed priorities, but I’m set to cross over from millionaire to multimillionaire status late next year, assuming 2 million qualifies as “multi”.
Anyway, I’d like to celebrate it in some way since I didn’t celebrate the first mil. And I feel like scheduling some treat would help keep me motivated and goal oriented at work and with my $. I have other higher minded priorities of course and other milestones in my life were more significant, and I do donate, but after almost two years of WFH, saving $ etc, I feel a little treat is in order and it would be nice to have something to look forward to.
Do you have a strategy for staying motivated when you are already affluent and did you ever treat yourself on accomplishing a financial milestone? I am thinking of upgrading to a nicer home, which I was planning to do anyway, because I have a tiny place, but other than that I don’t really want anything or have anything in mind. If you have any ideas that might be a nice gift for myself, lmk. I pretty much have what I need and am just not used to getting myself gifts or receiving them.
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I do make charitable donations but yes I could make one more. Good idea.
Also I always wanted to try Williams Sonoma peppermint hot chocolate but it always seemed so extravagant. That might be fun for this Christmas or my 55th b-day. Woo, time flew!
Also I always wanted to try Williams Sonoma peppermint hot chocolate but it always seemed so extravagant. That might be fun for this Christmas or my 55th b-day. Woo, time flew!
Last edited by AnnetteLouisan on Tue Oct 12, 2021 10:30 pm, edited 1 time in total.
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I love the idea of celebrating. I extend to you my early congratulations on your accomplishments.
For me, motivation isn’t really a thing. I just do my thing, and keep on doing it, and the rest takes care of itself. As long as you don’t do something deliberate to screw things it, bigger balances will happen. We just don’t when…..
Or I guess another way, I spend a certain amount of money. My earnings exceed that. So everything that I don’t spend, eventually ends up invested. I’m not depriving myself, and I’m not living in an environment of “artificial scarcity”, so keeping the course is pretty easy for us.
Maybe rent a nice cabin in the woods for a week to celebrate?
For me, motivation isn’t really a thing. I just do my thing, and keep on doing it, and the rest takes care of itself. As long as you don’t do something deliberate to screw things it, bigger balances will happen. We just don’t when…..
Or I guess another way, I spend a certain amount of money. My earnings exceed that. So everything that I don’t spend, eventually ends up invested. I’m not depriving myself, and I’m not living in an environment of “artificial scarcity”, so keeping the course is pretty easy for us.
Maybe rent a nice cabin in the woods for a week to celebrate?
- Sandtrap
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Staying motivated?AnnetteLouisan wrote: ↑Tue Oct 12, 2021 9:39 pm This may be skewed priorities, but I’m set to cross over from millionaire to multimillionaire status late next year, assuming 2 million qualifies as “multi”.
Anyway, I’d like to celebrate it in some way since I didn’t celebrate the first mil. And I feel like scheduling some treat would help keep me motivated and goal oriented at work and with my $. I have other higher minded priorities of course and other milestones in my life were more significant, and I do donate, but after almost two years of WFH, saving $ etc, I feel a little treat is in order and it would be nice to have something to look forward to.
Do you have a strategy for staying motivated when you are already affluent and did you ever treat yourself on accomplishing a financial milestone? I am thinking of upgrading to a nicer home, which I was planning to do anyway, because I have a tiny place, but other than that I don’t really want anything or have anything in mind. If you have any ideas that might be a nice gift for myself, lmk. I pretty much have what I need and am just not used to getting myself gifts or receiving them.
One thing to do is to move the goal posts and criteria.
IE: Calculate true "net worth" minus home property value. Etc.
IE: Redefine "affluent" as 200+ mil.
Then Shop for and Buy that beautiful house that you can call "your home".
Then. . . . get to work on these higher goals once again!
j
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
J/Sandtrap: and to think I thought setting a goal of $3 mil by 70 was a stretch! You all are really expanding my mind!
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Trip to Africa. Lifetime memories! That's something I'd like to do next few years.
Sponsoring a child thru children in need, on our anniversary was nice. And good for the kids too, writing letters to the child we're helping.
Sponsoring a child thru children in need, on our anniversary was nice. And good for the kids too, writing letters to the child we're helping.
“At some point you are trading time you will never get back for money you will never spend.“ |
“How do you want to spend the best remaining year of your life?“
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I keep a written list of discretionary items I want. When a reward is warranted / a celebration is in order (new job, bonus season, etc) I grab something off the list.
When we crossed $1M, wife and I went to our favorite restaurant and got a bottle of wine 2x our typical price point
Crossing my fingers, but next item on the list will be BOTW 2, if its out in time. Otherwise a watch I've had my eye on.
And no, the price of those things is not close to each other
When we crossed $1M, wife and I went to our favorite restaurant and got a bottle of wine 2x our typical price point
Crossing my fingers, but next item on the list will be BOTW 2, if its out in time. Otherwise a watch I've had my eye on.
And no, the price of those things is not close to each other
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I celebrate a little bit in my own mind every time my account balance reaches a new high. I also hedge that knowing that I'm heavily invested in stocks where that marked to market value can vanish quite quickly, and the cost of living also keeps going up.
The habits that got me here didn't involve spending and thankfully my mindset is already wired in a way that wouldn't enjoy spending... for me it's more rewarding to see the numbers going up, and how much future me might be able to benefit rather than something I could spend it on for today me. I'm happy enough where I am and with what I'm doing. I do enjoy being able to buy a nice gift for someone else, or take a vacation somewhere with friends when there's some other reason for it... but I'm not one for celebrating or doing anything I perceive as showy for myself.
The habits that got me here didn't involve spending and thankfully my mindset is already wired in a way that wouldn't enjoy spending... for me it's more rewarding to see the numbers going up, and how much future me might be able to benefit rather than something I could spend it on for today me. I'm happy enough where I am and with what I'm doing. I do enjoy being able to buy a nice gift for someone else, or take a vacation somewhere with friends when there's some other reason for it... but I'm not one for celebrating or doing anything I perceive as showy for myself.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I didn't do anything because that's not how I look at things. I would ask, what exactly is there to celebrate? Like you possess some sort of special skills or knowledge that generated a couple mil, no, you put your money in the market and mr market went up. It can also fall, really fast too. I celebrated my work promotions and special recognitions, not because stalks went up.
- lthenderson
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
We just go out for a nice dinner. My problem with lifestyle creep things like buying a nicer house that you don't really need is that lifestyle creep rarely goes backwards. It just keeps increasing. But without any information to go on such as age, retirement nest egg requirements or time until retirement, it is impossible to say whether buying a nicer house is the right thing for you.
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
+1JoMoney wrote: ↑Wed Oct 13, 2021 8:16 am I celebrate a little bit in my own mind every time my account balance reaches a new high. I also hedge that knowing that I'm heavily invested in stocks where that marked to market value can vanish quite quickly, and the cost of living also keeps going up.
The habits that got me here didn't involve spending and thankfully my mindset is already wired in a way that wouldn't enjoy spending... for me it's more rewarding to see the numbers going up, and how much future me might be able to benefit rather than something I could spend it on for today me. I'm happy enough where I am and with what I'm doing. I do enjoy being able to buy a nice gift for someone else, or take a vacation somewhere with friends when there's some other reason for it... but I'm not one for celebrating or doing anything I perceive as showy for myself.
A financial milestone is not something I’d celebrate, aside from a nice dinner and a good bottle of wine — and I would find some other reason for those anyway, involving DW and good friends. The real celebration for a financial accomplishment is the satisfaction I get from knowing I’m on the right track.
"History doesn’t repeat itself, but it often rhymes." -- Mark Twain // "If you have a garden and a library, you have everything you need." — Cicero
- JupiterJones
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Yeah, you don't want the reward to be at cross-purposes with the milestone. Sort of the equivalent of eating an entire chocolate cake to celebrate hitting a weight-loss goal.
For the most-recent financial milestone my wife and I hit, we celebrated with a nice bottle of champagne. Staying motivated is done by setting/focusing on the next goal.
But big congrats to the OP!
Personally, I'd frame getting a bigger house as another goal/milestone in and of itself rather than a "reward" for hitting some arbitrary number (which only has significance because of our base-10 counting system anyway!). That is, make the milestone "got a bigger house", and make the condition for making that possible "having $2M" or $2.213M or whatever makes makes the house work.
"Stay on target! Stay on target!"
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I found being able to give to charity very satisfying.
I would suggest indulging on memorable events over stuff. Perhaps a subscription with excellent seats to the local symphony, theater, etc? How about a membership to a museum or a special vacation with family and/or friends?
I would suggest indulging on memorable events over stuff. Perhaps a subscription with excellent seats to the local symphony, theater, etc? How about a membership to a museum or a special vacation with family and/or friends?
"...the man who adapts himself to his slender means and makes himself wealthy on a little sum, is the truly rich man..." ~Seneca
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
As your treat, and as research, AirBnB at two or three places similar to your "nicer home." Examine living in different neighborhoods and with different floor plans. Look at the difference in commuting, if morning-sun in the bedroom is good, if the kitchen being in a separate space actually does suit you, if you need 34 bedrooms, if some kinds of noise are intolerable.AnnetteLouisan wrote: ↑Tue Oct 12, 2021 9:39 pm ... I am thinking of upgrading to a nicer home, which I was planning to do anyway, because I have a very tiny place, but other than that I don’t really want anything or have anything in mind.
Have you already made a spreadsheet of what you are looking for in a new home? Sometimes reality is different from expectations!
Ipsa scientia potestas est. Bacon F.
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I splurged on a $6 carrot cake cupcake. It was delicious.
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I love the posts about motivation. I think it's a necessary part of the journey. For us, we love travel. So I make sure that we have champagne and trip on the books once we celebrate milestones. And I'm talking LAVISH trips. Not like a weekend hike in the woods.
To each their own, but I can't relate to those that just let each milestone pass by. I need to take a breather and spend a little bit in order to reward the sacrifices.
To each their own, but I can't relate to those that just let each milestone pass by. I need to take a breather and spend a little bit in order to reward the sacrifices.
"An investment in knowledge pays the best interest." -Benjamin Franklin
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
If that is what you consider extravagant, no wonder you reached this milestone!AnnetteLouisan wrote: ↑Tue Oct 12, 2021 10:07 pmAlso I always wanted to try Williams Sonoma peppermint hot chocolate but it always seemed so extravagant.
I think that you should treat yourself to the extravagant hot chocolate.
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Yep, I think that‘s in my future. Maybe this Dec as a holiday treat.greg24 wrote: ↑Wed Oct 13, 2021 2:51 pmIf that is what you consider extravagant, no wonder you reached this milestone!AnnetteLouisan wrote: ↑Tue Oct 12, 2021 10:07 pmAlso I always wanted to try Williams Sonoma peppermint hot chocolate but it always seemed so extravagant.
I think that you should treat yourself to the extravagant hot chocolate.
Thanks.
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
This sounds silly but take a trip to Costco (with your spouse or SO), walk around and buy all those expensive foods that you told yourself in the past looked good but you could go without. I did this at a portfolio milestone and it was quite fun, cost about $300 and enjoyed an item once a night for a couple weeks.
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Not silly at all. On my last promotion, I said to myself, what do I really want? And the answer was fresh cooking spices in a broader variety, Guerande sea salt and some higher grade salad oils, like La Tourangelle avocado and walnut oils. One year it was new running shoes.
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
May you never have to know why it‘s worth celebrating. By which I mean, I hope you never have to struggle financially.squirm wrote: ↑Wed Oct 13, 2021 8:31 am I didn't do anything because that's not how I look at things. I would ask, what exactly is there to celebrate? Like you possess some sort of special skills or knowledge that generated a couple mil, no, you put your money in the market and mr market went up. It can also fall, really fast too. I celebrated my work promotions and special recognitions, not because stalks went up.
Last edited by AnnetteLouisan on Wed Oct 13, 2021 4:41 pm, edited 1 time in total.
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Congrats and well done! I think frugality and delayed gratification should be rewarded. Treat yourself to something nice. When we crossed the 1st Million milestone a few years ago we celebrated with a very nice bottle of champagne. (still under $100) It's a few years later and Mr. Market has been kind. Having just turned 60 and also our 30th anniversary, I'm seriously thinking of buying us a couple of E-bikes to celebrate.
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I‘m sure I‘m not the only one who would love to hear about some lavish trips! Even if only as WFH relief.diydocwifejd wrote: ↑Wed Oct 13, 2021 2:51 pm I love the posts about motivation. I think it's a necessary part of the journey. For us, we love travel. So I make sure that we have champagne and trip on the books once we celebrate milestones. And I'm talking LAVISH trips. Not like a weekend hike in the woods.
To each their own, but I can't relate to those that just let each milestone pass by. I need to take a breather and spend a little bit in order to reward the sacrifices.
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
My philosophy is balance. Good to save and just as good to spend and buy whatever you like. Or celebrate the milestone. Have some fun.
Dave
Dave
"Reality always wins, your only job is to get in touch with it." Wilfred Bion
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Thanks!
(I was waiting for the other shoe to drop about the Gulf Stream. Tony must be sleeping off his trip with Shatner on the Blue Origin voyage today. )
Last edited by AnnetteLouisan on Wed Oct 13, 2021 7:16 pm, edited 1 time in total.
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
He will be by shortly. That trip with Shatner took a lot out of our boy!AnnetteLouisan wrote: ↑Wed Oct 13, 2021 6:52 pmThanks!
(I was waiting for the other shoe to drop about the Gulf Stream. Tony must be sleeping off his trip with Shatner on the Blue Planet voyage today. )
Dave
"Reality always wins, your only job is to get in touch with it." Wilfred Bion
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Dave55 wrote: ↑Wed Oct 13, 2021 6:55 pmHe will be by shortly. That trip with Shatner took a lot out of our boy!AnnetteLouisan wrote: ↑Wed Oct 13, 2021 6:52 pmThanks!
(I was waiting for the other shoe to drop about the Gulf Stream. Tony must be sleeping off his trip with Shatner on the Blue Planet voyage today. )
Dave
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Hi Dave -
Every morning at our hedge fund meeting with Jim you tell us the fund should never be in “balance”! One sided entries rule the day! Dave’s hedge fund operations are by far the toughest employer I ever worked for! I would think Jim would agree!
Tony
John C. Bogle: “Simplicity is the master key to financial success."
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I never said "balance"! I said the fund must always be in profitsabuss368 wrote: ↑Wed Oct 13, 2021 7:22 pmHi Dave -
Every morning at our hedge fund meeting with Jim you tell us the fund should never be in “balance”! One sided entries rule the day! Dave’s hedge fund operations are by far the toughest employer I ever worked for! I would think Jim would agree!
Tony
Dave
"Reality always wins, your only job is to get in touch with it." Wilfred Bion
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Captain Kirk shot me with his phaser gun while blasting through the atmosphere!Dave55 wrote: ↑Wed Oct 13, 2021 6:55 pmHe will be by shortly. That trip with Shatner took a lot out of our boy!AnnetteLouisan wrote: ↑Wed Oct 13, 2021 6:52 pmThanks!
(I was waiting for the other shoe to drop about the Gulf Stream. Tony must be sleeping off his trip with Shatner on the Blue Planet voyage today. )
Dave
Tony
John C. Bogle: “Simplicity is the master key to financial success."
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I too love the trip threads as WFH relief! The one on Switzerland really hooked me . . then I started feeling sad that European travel is in no way affordable to me . . so I booked an April camping trip to an amazing geological formation in Ohio. $88. lolAnnetteLouisan wrote: ↑Wed Oct 13, 2021 6:15 pmI‘m sure I‘m not the only one who would love to hear about some lavish trips! Even if only as WFH relief.diydocwifejd wrote: ↑Wed Oct 13, 2021 2:51 pm I love the posts about motivation. I think it's a necessary part of the journey. For us, we love travel. So I make sure that we have champagne and trip on the books once we celebrate milestones. And I'm talking LAVISH trips. Not like a weekend hike in the woods.
To each their own, but I can't relate to those that just let each milestone pass by. I need to take a breather and spend a little bit in order to reward the sacrifices.
I fully support the peppermint chocolate too! Congratulations on this milestone AnnetteLouisan!!
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Thank you so much!! Sounds like a fun trip!Big Heart wrote: ↑Wed Oct 13, 2021 8:00 pmI too love the trip threads as WFH relief! The one on Switzerland really hooked me . . then I started feeling sad that European travel is in no way affordable to me . . so I booked an April camping trip to an amazing geological formation in Ohio. $88. lolAnnetteLouisan wrote: ↑Wed Oct 13, 2021 6:15 pmI‘m sure I‘m not the only one who would love to hear about some lavish trips! Even if only as WFH relief.diydocwifejd wrote: ↑Wed Oct 13, 2021 2:51 pm I love the posts about motivation. I think it's a necessary part of the journey. For us, we love travel. So I make sure that we have champagne and trip on the books once we celebrate milestones. And I'm talking LAVISH trips. Not like a weekend hike in the woods.
To each their own, but I can't relate to those that just let each milestone pass by. I need to take a breather and spend a little bit in order to reward the sacrifices.
I fully support the peppermint chocolate too! Congratulations on this milestone AnnetteLouisan!!
During WFH Ive been traveling all over the world from my sofa for free via Instagram!! Some beautiful sites on there! I’m new to insta but its easy, free and worth it - a rare combo!
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
What really happens in our home.
(Me) dear, did you know that our portfolio is now worth 8 Gadzillion Dollars?
(DW) That’s nice. Did you close the garage door when you came in?
j
(Me) dear, did you know that our portfolio is now worth 8 Gadzillion Dollars?
(DW) That’s nice. Did you close the garage door when you came in?
j
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I recall a line similar to that in The Millionaire Next Door. The spouse is clipping coupons, says „that‘s nice dear“ and continues clipping coupons. Didn’t say whether they were store coupons or bond coupons lol.
Last edited by AnnetteLouisan on Thu Oct 14, 2021 6:50 am, edited 1 time in total.
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Congratulations on reaching a milestone.
Stay the course, because two million is not a huge amount of money. Using a 4% "safe withdrawal rate," it's an income stream of $80,000 per year for 30 years, with adjustments for inflation.
If you need and can afford a larger house because you current house isn't serving your needs go for it. But I wouldn't personally buy a new house because the leading digit of my portfolio value changes.
Stay the course, because two million is not a huge amount of money. Using a 4% "safe withdrawal rate," it's an income stream of $80,000 per year for 30 years, with adjustments for inflation.
If you need and can afford a larger house because you current house isn't serving your needs go for it. But I wouldn't personally buy a new house because the leading digit of my portfolio value changes.
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Treat family/friends to a great meal, outing, or trip. I’ve done this many times, often to celebrate a birthday (mine or their’s). Nothing beats creating great memories.
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I am in the camp of celebrating milestones in life. Financial goals, work promotions, achieving a personal goal, etc. That said, I try to keep the reward reasonable and not something that could lead to lifestyle creep or have further financial impacts down the road. Some of the items I've done over the years were new workout gear, smart watch, nice dinner, new golf club.
You're doing great! Congrats on the milestone!
You're doing great! Congrats on the milestone!
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
2/3 of it has already been taxed - so will be less than 2 mil even when (if) I get there because 1/3 is pre-tax. Sounds like I should plan to put off retirement until at least 60, rather than aim for 2.2 million at age 57 in three years.Finridge wrote: ↑Thu Oct 14, 2021 2:07 am Congratulations on reaching a milestone.
Stay the course, because two million is not a huge amount of money. Using a 4% "safe withdrawal rate," it's an income stream of $80,000 per year for 30 years, with adjustments for inflation.
If you need and can afford a larger house because you current house isn't serving your needs go for it. But I wouldn't personally buy a new house because the leading digit of my portfolio value changes.
- AnnetteLouisan
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Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
No haven’t made a spreadsheet. Waiting to find out if I will have an all-remote work option going forward. If so I can move to a lower cost area.MJS wrote: ↑Wed Oct 13, 2021 1:44 pmAs your treat, and as research, AirBnB at two or three places similar to your "nicer home." Examine living in different neighborhoods and with different floor plans. Look at the difference in commuting, if morning-sun in the bedroom is good, if the kitchen being in a separate space actually does suit you, if you need 34 bedrooms, if some kinds of noise are intolerable.AnnetteLouisan wrote: ↑Tue Oct 12, 2021 9:39 pm ... I am thinking of upgrading to a nicer home, which I was planning to do anyway, because I have a very tiny place, but other than that I don’t really want anything or have anything in mind.
Have you already made a spreadsheet of what you are looking for in a new home? Sometimes reality is different from expectations!
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Celebrating a milestone by buying hot chocolate is, like, switching from coke to water for one week. Just do it already. You make more than $20 from your investments in the time it took you to draft, post, and watch this thread.
As long as you aren't celebrating every $5,000 saved by buying a new pair of $100 shoes, you will be fine - especially with where you currently find yourself.
As long as you aren't celebrating every $5,000 saved by buying a new pair of $100 shoes, you will be fine - especially with where you currently find yourself.
- JupiterJones
- Posts: 3623
- Joined: Tue Aug 24, 2010 3:25 pm
- Location: Nashville, TN
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Well heck, now I'm in the mood for a carrot cake cupcake too!
I'll have to dig around for another milestone to celebrate...
"Stay on target! Stay on target!"
- AnnetteLouisan
- Posts: 7261
- Joined: Sat Sep 18, 2021 10:16 pm
- Location: New York, NY
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Check out the Williams Sonoma peppermint hot chocolate too!JupiterJones wrote: ↑Thu Oct 14, 2021 1:58 pmWell heck, now I'm in the mood for a carrot cake cupcake too!
I'll have to dig around for another milestone to celebrate...
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Doing that (deferring retirement for three years will help you in two ways: It will increase your portfolio so you have for me to spend in retirement, and it will also it will decrease the time you are retired and needing to draw funds out of our portfolio. The 4% SWR assumes a 30 year retirement, and so for people who are retiring early and whom may need the funds for longer than 30 years, there is a higher risk that they will run out of money before they die. Personally, I'd prefer a SWR of 3%.AnnetteLouisan wrote: ↑Thu Oct 14, 2021 5:53 am2/3 of it has already been taxed - so will be less than 2 mil even when (if) I get there because 1/3 is pre-tax. Sounds like I should plan to put off retirement until at least 60, rather than aim for 2.2 million at age 57 in three years.Finridge wrote: ↑Thu Oct 14, 2021 2:07 am Congratulations on reaching a milestone.
Stay the course, because two million is not a huge amount of money. Using a 4% "safe withdrawal rate," it's an income stream of $80,000 per year for 30 years, with adjustments for inflation.
If you need and can afford a larger house because you current house isn't serving your needs go for it. But I wouldn't personally buy a new house because the leading digit of my portfolio value changes.
- AnnetteLouisan
- Posts: 7261
- Joined: Sat Sep 18, 2021 10:16 pm
- Location: New York, NY
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
Thanks! I generally don’t celebrate milestones much but before I learned $2 million isn’t much money I thought it was a good idea as I head into mil no 3. However, 2 mil, if it does occur, won’t happen until late next year, (even with my new 7.12 percent ibond rate). I was just trying to get more motivated after this long WFH period and a bit of a plateau. And if I take Sandtrap‘s advice, as I am always inclined to do, I can exclude my $600k tiny VHCOLA home from my NW calculation and then I won’t be drinking any hot chocolate until probably 2027!2Scoops wrote: ↑Thu Oct 14, 2021 5:51 am I am in the camp of celebrating milestones in life. Financial goals, work promotions, achieving a personal goal, etc. That said, I try to keep the reward reasonable and not something that could lead to lifestyle creep or have further financial impacts down the road. Some of the items I've done over the years were new workout gear, smart watch, nice dinner, new golf club.
You're doing great! Congrats on the milestone!
But I don’t feel bad - I‘m here precisely to shake up my assumptions and get on a better track while I still can. So keep the unfiltered advice and suggestions coming.
Re: Ideas for Celebrating A Financial Milestone & Staying Motivated
I did celebrate largish raises and bonuses by going out to dinner at a favorite restaurant with friends by paying for everyone.
Hitting milestone - I told my parents and basked in their smiles.
Hitting milestone - I told my parents and basked in their smiles.