Time to reach 1M and 2M milestones

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Fauxtura
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Re: Time to reach 1M and 2M milestones

Post by Fauxtura »

age 60
1M 1985- 2014
2M 2014 -2020

Looks like I'm progressing at a typical blue-collar pace
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LadyGeek
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Re: Time to reach 1M and 2M milestones

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (milestones).

Fauxtura, Welcome!
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alfaspider
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Re: Time to reach 1M and 2M milestones

Post by alfaspider »

0-$1M: 5.5 yrs (2013->2018)
$1M-$2M: 3 yrs (2018-2021)

$1-2M was certainly easier, but the market of the last couple years has been unusually good. My savings rate actually went down due to kids and childcare costs.
adestefan
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Re: Time to reach 1M and 2M milestones

Post by adestefan »

This is highly dependent upon the year you started. I was basically sideways for the first decade 2001-2011 and then things took off the next decade 2011-2021. We hit the first around 2019-ish and now over half-way to the second.
justsomeguy2018
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I'm finally a millionaire....I think

Post by justsomeguy2018 »

[Thread merged into here --admin LadyGeek]

Our combined HH net worth finally passed $1,000,000. I am including $110k in home equity in that calculation. Of course, the bulk of the funds are in retirement accounts that can't be touched for 20 years.

Can I still say I'm a millionaire?

3 years ago we were only at $301,000 HH net worth. I credit the knowledge gained from the Bogleheads (well, and an incredible bull market and large HH income gains) with the turnaround.

I am 40 years old. If I am lucky we should be able to continue putting away $100k/yr which I think should put us on a pretty good financial path forward assuming no disaster scenarios, I hope. Are we doing ok at 40 or are we still behind??

For me, being a millionaire would be a big milestone even though $1M is not what it used to be. I grew up in essentially a $0 net worth household.

Guess none of it really matters in the end.

:sharebeer
Last edited by justsomeguy2018 on Wed Oct 20, 2021 11:31 am, edited 1 time in total.
pizzy
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Re: I'm finally a millionaire....I think

Post by pizzy »

Yes, congratulations! :beer
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Normchad
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Re: I'm finally a millionaire....I think

Post by Normchad »

Congratulations! Yes, absolutely. Well done!

This board skews very much to the rich end of things and can warp your perspective. Hitting that milestone at 40, IMO, is a huge achievement.

You have decades left for the 8th wonder of the world to work on that.
Vtsax100
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Re: I'm finally a millionaire....I think

Post by Vtsax100 »

Congratulations. You are a Millionaire! You have a net worth more than most people will ever make in their lifetime.
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Re: I'm finally a millionaire....I think

Post by Nyarlathotep »

justsomeguy2018 wrote: Wed Oct 20, 2021 11:26 am Our combined HH net worth finally passed $1,000,000. I am including $110k in home equity in that calculation. Of course, the bulk of the funds are in retirement accounts that can't be touched for 20 years.

Can I still say I'm a millionaire?
Yes, you are allowed to say that now. :happy

Your next milestone should be getting to an investable NW of $1MM, where the value of your home isn't included. It probably (hopefully) will happen sooner than you'd think!
RickyGold
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Re: I'm finally a millionaire....I think

Post by RickyGold »

justsomeguy2018 wrote: Wed Oct 20, 2021 11:26 am Our combined HH net worth finally passed $1,000,000. I am including $110k in home equity in that calculation. Of course, the bulk of the funds are in retirement accounts that can't be touched for 20 years.

Can I still say I'm a millionaire?

3 years ago we were only at $301,000 HH net worth. I credit the knowledge gained from the Bogleheads (well, and an incredible bull market and large HH income gains) with the turnaround.

I am 40 years old. If I am lucky we should be able to continue putting away $100k/yr which I think should put us on a pretty good financial path forward assuming no disaster scenarios, I hope. Are we doing ok at 40 or are we still behind??

For me, being a millionaire would be a big milestone even though $1M is not what it used to be. I grew up in essentially a $0 net worth household.

Guess none of it really matters in the end.

:sharebeer
Yes, you did it! Congrats and celebrate with a good craft beer! :sharebeer
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Candor
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Re: I'm finally a millionaire....I think

Post by Candor »

I'm not sure you can say "I'm a millionaire" but I suppose you can say "we're a millionaire". Still a great accomplishment. Congrats.
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wolf359
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Re: I'm finally a millionaire....I think

Post by wolf359 »

Source: Investopedia
What Is the Rule of 72?
The Rule of 72 is a simple way to determine how long an investment will take to double given a fixed annual rate of interest. By dividing 72 by the annual rate of return, investors obtain a rough estimate of how many years it will take for the initial investment to duplicate itself.
What this means for you:

If you believe that the market will return 8% over the long term, then your investment will double roughly every 9 years.

If you believe that the market will return 10% over the long term (the historical rate, but perhaps optimistic based on where we are now), then your investment will double every 7 years.

Because you're continuing to contribute, this doubling will occur much faster.

If you keep this up, your second million will arrive while you're still in your 40's. You may pass $4 million in your 50's.

These numbers are fun, but don't forget to live day by day. It's not just the destination, it's also the journey.
sailaway
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Re: I'm finally a millionaire....I think

Post by sailaway »

Definitely a millionaire.

How are you doing for 40? Depends on your goals. You are fast approaching the top 10% of Americans, so there isn't much to compare with.
jsapiandante
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Re: I'm finally a millionaire....I think

Post by jsapiandante »

Congratulations on your success! Keep building on it. Should be all downhill from here.
runner3081
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Re: I'm finally a millionaire....I think

Post by runner3081 »

Yes, but be careful to not include that home equity in retirement calculations. I see some people do that when looking at net worth as x number of expenses.
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Re: I'm finally a millionaire....I think

Post by Pops1860 »

Congratulations.

Minor note - remember any $$ in trad IRAs/401ks includes tax $$ that must be paid upon withdrawal. $$ in Roth IRAs/401ks is all yours.

But still, a major accomplishment. And if you keep it up, more will follow.

:sharebeer
The power of accurate observation is often called cynicism by those who do not have it. ~George Bernard Shaw
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vanbogle59
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Re: I'm finally a millionaire....I think

Post by vanbogle59 »

justsomeguy2018 wrote: Wed Oct 20, 2021 11:26 am Guess none of it really matters in the end.

:sharebeer
Put down that beer!

Of course it matters. It's just not the only thing that matters.
Congrats.

Now, where did you put that beer?
:sharebeer
Barsoom
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Re: I'm finally a millionaire....I think

Post by Barsoom »

Image

Do you own a mansion and a yacht?

-B
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Re: I'm finally a millionaire....I think

Post by StartedAt22 »

You are, as the youngsters say " goals "

Keep killing it! Looking up at you as a 26 year old Boglehead.
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Re: I'm finally a millionaire....I think

Post by fareastwarriors »

Congratulations !

:beer
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Re: I'm finally a millionaire....I think

Post by Broken Man 1999 »

OP, congrats! Do something nice for you and yours, then get back to doing whatever you two did to get to your first million. :thumbsup :thumbsup

Depending on Mr Market, you might reach millionaire status more than once. DW and I did just that! :( We made millionaire status, market dropped and we were no longer millionaires. Then, regained when market improved.

Fortunately Mr. Market has treated us very, very well these last few years.

OP, on a serious note, always stop to smell the roses along your path.

Every now and then (too often, IMHO) we read a post made by someone who was a prolific saver who is now having trouble spending some of the stash they have accumulated. I find that very sad.

Don't be that person.

Realize every day is a gift, and don't squander it by having blinders on as you save for your retirement.

Broken Man 1999
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AnnetteLouisan
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Re: I'm finally a millionaire....I think

Post by AnnetteLouisan »

only one thing… a millionaire should never say he‘s a millionaire… lol.

just kidding- congratulations! 🎉🎈🎊🍾
Last edited by AnnetteLouisan on Wed Oct 20, 2021 1:18 pm, edited 1 time in total.
Maverick3320
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Re: Time to reach 1M and 2M milestones

Post by Maverick3320 »

sawhorse wrote: Mon May 18, 2015 5:23 pm
kwan2 wrote:if your young, you may not realized it, but older folks pass away, and if you have a rich uncle, it might happen faster, than you ever imagined.....
I get the feeling that many many young people who have high net worth--not all of course--didn't do it by themselves. Student debt is huge these days even at public universities. The median tuition increase among state universities since 2008 is 25%. Nine states have increased tuition more than 50% after inflation. Arizona has increased tuition 83.6% :shock: Combined with the fact that many students' parents lost money and/or jobs in the 2008 crash, it's a rare and fortunate student who doesn't graduate with debt.

What people sometimes fail to realize is that contributing to an employer retirement account is a luxury. Young people these days are increasingly in jobs that don't offer 401ks for their classification of employee or don't match. It's really hard to grow a $5000 IRA contribution into a million dollars. Even if they do have access to an employer plan, it's risky for them to contribute to it. If they lose their job, how will they pay the bills, how will they pay the student debt with that 10% penalty?

The instability also means they can't afford to take risks with their non-retirement accounts. If you don't take those risks, then growing your money will take a long time.
I'd be curious to see what data you have on this. The explanations for the large amounts of student debt is that a high percentage is for, well, expensive education - law, medicine, graduate education, etc. Further, another large chunk is taken up by students that don't graduate or take six years to do so. I went to a public school that is considered a "public Ivy"; instead of taking loans, I did ROTC, which many "young people" now look down upon. For whatever reason, people who talk about students are struggling so much with tuition refuse to acknowledge the fact that an extremely high percentage of low-income students receive substantial student aid.

Concerning retirement accounts, from a quick google search, over half of US jobs had access to an employer retirement account...but a fairly low percentage of people bothered to contribute. Many entry level jobs now are offering these benefits as well (Starbucks immediately comes to mind).

My wife and I both grew up in rural, low-income areas. Her family worked a dairy farm; my dad worked in social services and my mom was a kindergarten teacher. Her house didn't have a shower and my house had a wood stove that we had to refill in the middle of the night in the winter. We both went to public schools. She paid her way through grad school (no debt) all the way to her PhD; I did the military route to pay for my undergrad and grad education.

I'm 40, she's 39, and I think we just hit the two-comma club in net worth, not including any equity in our house (I'd guess another 150k there).

Last but not least: if the returns to public school education are so terrible, why aren't "young people" choosing trades that pay quite well?
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JoeRetire
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Re: I'm finally a millionaire....I think

Post by JoeRetire »

justsomeguy2018 wrote: Wed Oct 20, 2021 11:26 am Our combined HH net worth finally passed $1,000,000. I am including $110k in home equity in that calculation. Of course, the bulk of the funds are in retirement accounts that can't be touched for 20 years.

Can I still say I'm a millionaire?
You can say you are a billionaire if you like.

There's no formal requirements for being a millionaire. If you want to include home equity, go ahead and do it.
Are we doing ok at 40 or are we still behind??
Behind what?
For me, being a millionaire would be a big milestone even though $1M is not what it used to be. I grew up in essentially a $0 net worth household.
Congratulations! Good luck with your goals going forward!
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DoubleComma
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Re: I'm finally a millionaire....I think

Post by DoubleComma »

You are definitely a millionaire by what you describe -- congratulations!

Remember too, the first million is the hardest. As money starts to work for you, your second million will come much quicker if you stay on the path.

I was only slightly ahead achieving our HH net worth of $1M at 39. Now I'm on the back half of my 40's and achieved the second with a lot of credit to the recent bull market, rapid house appreciation in my area and some fortunate career growth. At 30 I had a negative net worth and couldn't even imagine the possibility of multi-million dollar net worth, but time and compounding is your best friend.

You are on a fantastic trajectory.
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Re: Time to reach 1M and 2M milestones

Post by LadyGeek »

I merged justsomeguy2018's thread into a similar discussion.
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AnnetteLouisan
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Re: Time to reach 1M and 2M milestones

Post by AnnetteLouisan »

Age 54
1mil- age 44
2 mil- age 55 (thats the plan anyway…..🤣, but if I had to choose one I‘d take turning 55 over the 2 mil any day.)
gogreen
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Re: Time to reach 1M and 2M milestones

Post by gogreen »

1mil NW is very subjective
Think about a 50k+50k income household with dual 401k access with good match. Now think about a household with only one bread winner making 100k with no 401k access. After that think about divorce :oops:
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Re: Time to reach 1M and 2M milestones

Post by txgolfer_19 »

$1mm, age 35

$2mm...tbd
tibbitts
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Re: Time to reach 1M and 2M milestones

Post by tibbitts »

Fauxtura wrote: Wed Oct 20, 2021 7:26 am age 60
1M 1985- 2014
2M 2014 -2020

Looks like I'm progressing at a typical blue-collar pace
Only on Bogleheads would that be considered a typical blue-collar pace.
ucibob1
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Re: Time to reach 1M and 2M milestones

Post by ucibob1 »

Current Age - 42

2013 - $500K - 34 and 1 month
2015 - $1M - 36 and 9 months
2020 - $2M - 40 and 5 months
2021 - $3M - 41 and 6 months

The first $1m is the hardest, but then compounding should work it's magic! A big thank you to the Boglehead community, this journey is fun because of all the useful information on this site!
Last edited by ucibob1 on Thu Oct 21, 2021 1:52 pm, edited 1 time in total.
HeelaMonster
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Re: Time to reach 1M and 2M milestones

Post by HeelaMonster »

Interesting, never bothered to look at this before (from a time perspective). The first two rungs on ladder took 13 years each, after that only 3-4 years per rung:

1984 = $0
1997 = $1M
2010 = $2M
2013 = $3M
2017 = $4M
2020 = $5M
twr
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Re: Time to reach 1M and 2M milestones

Post by twr »

Current Age: 39

My Personal Capital account only goes back to Dec 31, 2014, and I got a (in my opinion) very late start investing when I turned 30 (2012). Student loans + car loans + high rent kept me from contributing for the first ~8 years out of college. This progression includes home equity.

2014: $58k (Three years maxing Roth IRAs for myself and my wife + cash accounts)
2015: $156k (Finally started 401k and sold condo in HCOL county + purchased house in LCOL county nearby)
2016: $222k (Started maxing 401k + HSA)
2017: $317k
2018: $376k
2019: $501k
2020: $695k
2021 (so far): $947k

We’re on track to hit $1m in early 2022, so I’m hoping our journey to $2m takes a good deal less time, and that we hit $1m with our investments by the mid 2020s, with plans to retire in the late 2030s.
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cflannagan
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Re: Time to reach 1M and 2M milestones

Post by cflannagan »

Answering OP:

With home equity included:
  • Reached first $1m early part of 2019
  • Already more than halfway from $1m to $2m, less than 3 years later.
  • Unless stock markets tanks hard, I expect to reach $2m within the next year.
With no home equity included:
  • Unless stock markets tanks hard, I expect to reach my first $1m in liquid assets within the next year.
  • No idea how soon afterward I'd reach $2m in liquid assets, but I hope it's somewhere as quickly as above (for NW with home equity included, which was a bit less than 3 years).
You are pretty much correct, the first $1m is hardest. Took me more than a decade to get to that point, working my way up from negative net worth. Student & vehicle loans, mortgage, etc, now all those are paid off.
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Re: Time to reach 1M and 2M milestones

Post by Normchad »

cflannagan wrote: Thu Oct 21, 2021 5:10 pm Answering OP:

With home equity included:
  • Reached first $1m early part of 2019
  • Already more than halfway from $1m to $2m, less than 3 years later.
  • Unless stock markets tanks hard, I expect to reach $2m within the next year.
With no home equity included:
  • Unless stock markets tanks hard, I expect to reach my first $1m in liquid assets within the next year.
  • No idea how soon afterward I'd reach $2m in liquid assets, but I hope it's somewhere as quickly as above (for NW with home equity included, which was a bit less than 3 years).
You are pretty much correct, the first $1m is hardest. Took me more than a decade to get to that point, working my way up from negative net worth. Student & vehicle loans, mortgage, etc, now all those are paid off.
Awesome! You are doing great. Took me 17 years to get to 1M, but then things really took off. May the next. 17 years be amazing for you.
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cflannagan
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Re: Time to reach 1M and 2M milestones

Post by cflannagan »

Normchad wrote: Thu Oct 21, 2021 7:39 pm Awesome! You are doing great. Took me 17 years to get to 1M, but then things really took off. May the next. 17 years be amazing for you.
Thank you and same to you! We got our retirements to look forward to!
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Re: Time to reach 1M and 2M milestones

Post by carminered2019 »

The first 1M took me 14 years and the last 1M took me 16 months.
ASpenderInRecovery
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Re: Time to reach 1M and 2M milestones

Post by ASpenderInRecovery »

Fortunately, I found this forum right before seeing a sharp rise in income. The folks and resources here helped me right the ship and chart a better course. My username says it all, but compound interest works wonders.

Aug 2017 - 1st portfolio post - 108k in investments and $0 NW
July 2021 - $1M in investments and $1.2M NW
Ajcorpus
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Re: Time to reach 1M and 2M milestones

Post by Ajcorpus »

ASpenderInRecovery wrote: Thu Oct 21, 2021 8:14 pm Fortunately, I found this forum right before seeing a sharp rise in income. The folks and resources here helped me right the ship and chart a better course. My username says it all, but compound interest works wonders.

Aug 2017 - 1st portfolio post - 108k in investments and $0 NW
July 2021 - $1M in investments and $1.2M NW
Damn ! How’d you do that ?! Invest in Tesla :twisted: ?
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cflannagan
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Re: Time to reach 1M and 2M milestones

Post by cflannagan »

Ajcorpus wrote: Thu Oct 21, 2021 10:04 pm
ASpenderInRecovery wrote: Thu Oct 21, 2021 8:14 pm Fortunately, I found this forum right before seeing a sharp rise in income. The folks and resources here helped me right the ship and chart a better course. My username says it all, but compound interest works wonders.

Aug 2017 - 1st portfolio post - 108k in investments and $0 NW
July 2021 - $1M in investments and $1.2M NW
Damn ! How’d you do that ?! Invest in Tesla :twisted: ?
Something like that! At 100% VTI, I find I had to contribute something like $11k a month to get $1 million in investments!
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Re: Time to reach 1M and 2M milestones

Post by justsomeguy2018 »

cflannagan wrote: Thu Oct 21, 2021 5:10 pm Answering OP:

With home equity included:
  • Reached first $1m early part of 2019
  • Already more than halfway from $1m to $2m, less than 3 years later.
  • Unless stock markets tanks hard, I expect to reach $2m within the next year.
With no home equity included:
  • Unless stock markets tanks hard, I expect to reach my first $1m in liquid assets within the next year.
  • No idea how soon afterward I'd reach $2m in liquid assets, but I hope it's somewhere as quickly as above (for NW with home equity included, which was a bit less than 3 years).
You are pretty much correct, the first $1m is hardest. Took me more than a decade to get to that point, working my way up from negative net worth. Student & vehicle loans, mortgage, etc, now all those are paid off.
Do you count retirement accounts with early withdrawal penalties as liquid assets?
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Darth Xanadu
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Re: Time to reach 1M and 2M milestones

Post by Darth Xanadu »

carminered2019 wrote: Thu Oct 21, 2021 7:59 pm The first 1M took me 14 years and the last 1M took me 16 months.
I love this perspective, and nicely done
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cflannagan
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Re: Time to reach 1M and 2M milestones

Post by cflannagan »

justsomeguy2018 wrote: Thu Oct 21, 2021 11:12 pm
cflannagan wrote: Thu Oct 21, 2021 5:10 pm Answering OP:

With home equity included:
  • Reached first $1m early part of 2019
  • Already more than halfway from $1m to $2m, less than 3 years later.
  • Unless stock markets tanks hard, I expect to reach $2m within the next year.
With no home equity included:
  • Unless stock markets tanks hard, I expect to reach my first $1m in liquid assets within the next year.
  • No idea how soon afterward I'd reach $2m in liquid assets, but I hope it's somewhere as quickly as above (for NW with home equity included, which was a bit less than 3 years).
You are pretty much correct, the first $1m is hardest. Took me more than a decade to get to that point, working my way up from negative net worth. Student & vehicle loans, mortgage, etc, now all those are paid off.
Do you count retirement accounts with early withdrawal penalties as liquid assets?
Yes - why wouldn't I? They're still liquid assets even if I have to pay penalty.

But that's not really the point either. People tend to talk about net worth with two different definitions, one with home equity, another without. I was just going over my figures for both sides of the definition of NW.
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Re: Time to reach 1M and 2M milestones

Post by ASpenderInRecovery »

Ajcorpus wrote: Thu Oct 21, 2021 10:04 pm
ASpenderInRecovery wrote: Thu Oct 21, 2021 8:14 pm Fortunately, I found this forum right before seeing a sharp rise in income. The folks and resources here helped me right the ship and chart a better course. My username says it all, but compound interest works wonders.

Aug 2017 - 1st portfolio post - 108k in investments and $0 NW
July 2021 - $1M in investments and $1.2M NW
Damn ! How’d you do that ?! Invest in Tesla :twisted: ?
All index funds :beer. I missed the Tesla and BTC run up. Then again I probably would have freaked out and sold them early anyway.
ASpenderInRecovery
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Re: Time to reach 1M and 2M milestones

Post by ASpenderInRecovery »

cflannagan wrote: Thu Oct 21, 2021 10:40 pm
Ajcorpus wrote: Thu Oct 21, 2021 10:04 pm
ASpenderInRecovery wrote: Thu Oct 21, 2021 8:14 pm Fortunately, I found this forum right before seeing a sharp rise in income. The folks and resources here helped me right the ship and chart a better course. My username says it all, but compound interest works wonders.

Aug 2017 - 1st portfolio post - 108k in investments and $0 NW
July 2021 - $1M in investments and $1.2M NW
Damn ! How’d you do that ?! Invest in Tesla :twisted: ?
Something like that! At 100% VTI, I find I had to contribute something like $11k a month to get $1 million in investments!
On average that’s about right. It was more lumpy than that, but I just kept plowing in every dollar I could. Felt like I was making up for lost time. I was very fortunate to see a large rise in income, reduce my expenses, and have the market on my side!
stereotaxis
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Re: Time to reach 1M and 2M milestones

Post by stereotaxis »

Portfolio AA >90% equities

$1M -- 9y6m
$2M -- 3y2m
$3M -- 3y2m
$4M -- 1y10m
$5M -- 1y2m
Last edited by stereotaxis on Sat Oct 30, 2021 3:20 pm, edited 2 times in total.
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Re: Time to reach 1M and 2M milestones

Post by Cheese »

Time to reach $1M - 166 months

24 months later we are at $1.5M and socking away as much as we can while also enjoying the journey. Thanks to this community for all the wisdom and motivation!
wolf359
Posts: 3207
Joined: Sun Mar 15, 2015 8:47 am

Re: Time to reach 1M and 2M milestones

Post by wolf359 »

mptfan wrote: Sat Jun 26, 2021 8:47 am
Robert44 wrote: Tue Jun 22, 2021 10:32 pm i million at retirement in 1999. mostly in stocks. only income is SS. Now have 3.5 millin
Have you worked in exchange for money since 1999? I have learned that some people claim to be retired but they continue to work.
You may be behind the times. The majority of American workers plan to continue working in retirement.
Working in retirement might seem like an oxymoron, but today’s retirees and near-retirees are redefining what it means to transition into the next phase of life. In fact, the majority of American workers (55 percent) plan to continue working in retirement, with 41 percent going part time and 14 percent full time, according to the Transamerica Center for Retirement Studies. Research cited by AARP’s Public Policy Institute shows that workers 65 and older are twice as likely to work part time as workers ages 25 to 64.
Source: https://www.aarp.org/work/job-search/in ... irees.html

I know, I know. "If you're working, you AREN'T RETIRED!" But I'm pretty sure that the American Association of Retired People (AARP) is familiar with the concept of retirement.
bs010101
Posts: 303
Joined: Thu Feb 13, 2014 11:08 am

Re: Time to reach 1M and 2M milestones

Post by bs010101 »

It took us one pandemic to go from 1M to 2M. One more and we can retire!
fulliautomatix
Posts: 82
Joined: Tue Aug 18, 2020 3:49 pm

Re: Time to reach 1M and 2M milestones

Post by fulliautomatix »

Shouldnt the net worth formula be this:

NW = all stocks from all accounts + (plus) any rental equity - (minus) outstanding primary home loan balance?

Also, 529s should not be included into NW since they will be spent by and for the kids?



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Yes - why wouldn't I? They're still liquid assets even if I have to pay penalty.

But that's not really the point either. People tend to talk about net worth with two different definitions, one with home equity, another without. I was just going over my figures for both sides of the definition of NW.
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