Post your Financial Milestone Announcements Here

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keanoz
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Re: Finally cracked 100k in retirement accounts!

Post by keanoz »

Congrats! :D
Normchad
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Re: Post your Financial Milestone Announcements Here

Post by Normchad »

Firemenot wrote: Thu Apr 08, 2021 7:33 pm Hadn’t run net worth numbers in awhile. Crunched today and was comfortably above 4 million. Hadn’t broken 4 before to my knowledge.

It’s not enough for my current lifestyle with no income (includes 900k home equity) but it is causing me to wonder at what point will I have enough that the extra work time isn’t worth it. Problem is I’m making by far the highest total comp I’ve ever made so NW will move upwardly rapidly now with each additional work year.
Congratulations, that’s great news! Keep earning those big bucks for a few years, then change your name to “firemewhenever”.
drumboy256
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Re: Finally cracked 100k in retirement accounts!

Post by drumboy256 »

Gratz! :sharebeer
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brian91480
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Re: Finally cracked 100k in retirement accounts!

Post by brian91480 »

elliott1234 wrote: Thu Apr 08, 2021 7:41 pm It took ~9 years but I got there! I'm 37, never made more than $37,000 a year but maxed out my Roth every year and had some small IRA's + matching from employers. Enjoying it before the market goes down :)
I know people who earn more than you... who will never sniff $100,000 in a retirement account. You should feel very proud of yourself. 😄👍
DesertDiva
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Re: Finally cracked 100k in retirement accounts!

Post by DesertDiva »

Keep up the good work! :moneybag :D
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LadyGeek
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Re: Post your Financial Milestone Announcements Here

Post by LadyGeek »

I merged elliott1234's thread into the ongoing discussion. The combined thread is in the US Chapters (community) forum.

Congrats on cracking that 100k! :beer
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retire2022
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Re: Post your Financial Milestone Announcements Here

Post by retire2022 »

Marseille07 wrote: Thu Apr 08, 2021 7:25 pm
Congrats. Gotta grab a new handle, retire2021.
Thanks more confusion to my existing friends here, a good thought though, I had 2022 because I figured at 62 was earliest I was expecting to retire.

I never thought I was going to exit at 60.
fatcoffeedrinker
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Re: Post your Financial Milestone Announcements Here

Post by fatcoffeedrinker »

This month, we hit the next round number of investible assets -- $5 million. Adding in paid-off house and vehicles puts us at $6.4M. Woohoo!

Still right on track to retire end of next year. Should be at $6.6M & $8M. Counting down the days...
Jags4186
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Re: Post your Financial Milestone Announcements Here

Post by Jags4186 »

I still have a goal of a $2 million investment portfolio by 40 which is 5 years from now. That would give my wife an me $1 million each :D , or $1,999,990 hers, $10 mine :twisted:

For that to happen I need one of three things to work out:
Portfolio returns 8%-9% annually or greater based on my current monthly savings rate
Big increase in income and savings
Hit the lotto
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ruralavalon
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Re: Finally cracked 100k in retirement accounts!

Post by ruralavalon »

elliott1234 wrote: Thu Apr 08, 2021 7:41 pm [Thread merged into here --admin LadyGeek]

It took ~9 years but I got there! I'm 37, never made more than $37,000 a year but maxed out my Roth every year and had some small IRA's + matching from employers. Enjoying it before the market goes down :)
Congratulations, that's great :D .
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jarjarM
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Re: Post your Financial Milestone Announcements Here

Post by jarjarM »

fatcoffeedrinker wrote: Thu Apr 08, 2021 8:26 pm This month, we hit the next round number of investible assets -- $5 million. Adding in paid-off house and vehicles puts us at $6.4M. Woohoo!

Still right on track to retire end of next year. Should be at $6.6M & $8M. Counting down the days...
Congrats, having an end date to look forward to is amazing and agonizing at the same time :beer
PhillyPhan
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Re: Post your Financial Milestone Announcements Here

Post by PhillyPhan »

My wife and I have crossed the 2 comma investment milestone with the rise in markets this afternoon! Around 85% of our nw is tied into an assortment of investment accounts.


I am thrilled with the progress and thankful for the awesome returns the market has provided this year.

I just turned 40 and she is 38. Great news to start the weekend! Cheers!
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ruralavalon
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Re: Post your Financial Milestone Announcements Here

Post by ruralavalon »

PhillyPhan wrote: Fri Apr 09, 2021 3:42 pm My wife and I have crossed the 2 comma investment milestone with the rise in markets this afternoon! Around 85% of our nw is tied into an assortment of investment accounts.


I am thrilled with the progress and thankful for the awesome returns the market has provided this year.

I just turned 40 and she is 38. Great news to start the weekend! Cheers!
Congratulations on joining the two comma club :) .
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
tbone555
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Re: Post your Financial Milestone Announcements Here

Post by tbone555 »

We joined the two comma club this week in liquid assets. Been a a pretty big ride up from 2017.

Edit to add: I am 40 and she is 39.
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ruralavalon
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Re: Post your Financial Milestone Announcements Here

Post by ruralavalon »

tbone555 wrote: Fri Apr 09, 2021 3:56 pm We joined the two comma club this week in liquid assets. Been a a pretty big ride up from 2017.

Edit to add: I am 40 and she is 39.
Congratulations to you too :D .
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
tbone555
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Re: Post your Financial Milestone Announcements Here

Post by tbone555 »

ruralavalon wrote: Fri Apr 09, 2021 4:01 pm
tbone555 wrote: Fri Apr 09, 2021 3:56 pm We joined the two comma club this week in liquid assets. Been a a pretty big ride up from 2017.

Edit to add: I am 40 and she is 39.
Congratulations to you too :D .
Thank you!
PhillyPhan
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Re: Post your Financial Milestone Announcements Here

Post by PhillyPhan »

ruralavalon wrote: Fri Apr 09, 2021 3:55 pm
PhillyPhan wrote: Fri Apr 09, 2021 3:42 pm My wife and I have crossed the 2 comma investment milestone with the rise in markets this afternoon! Around 85% of our nw is tied into an assortment of investment accounts.


I am thrilled with the progress and thankful for the awesome returns the market has provided this year.

I just turned 40 and she is 38. Great news to start the weekend! Cheers!
Congratulations on joining the two comma club :) .
Thank you!!

We actually joined the club in December and this milestone is related to 1M in investments across our 401k, HSA, Roths and Taxable.
Rookie
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Re: Post your Financial Milestone Announcements Here

Post by Rookie »

For last 12 months, we gained $1.3M.
travelnut11
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Re: Post your Financial Milestone Announcements Here

Post by travelnut11 »

Crossed into $1.5 million in investable assets (about 1.7 total NW) this week. Out of curiosity I checked the last time I posted to this thread and it was less than 2 years ago (June 2019) when we hit $1.0 million in investable assets. Amazing.

Both 44, 2 kids ages 4 and 6.
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fatcoffeedrinker
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Re: Post your Financial Milestone Announcements Here

Post by fatcoffeedrinker »

jarjarM wrote: Fri Apr 09, 2021 2:45 pm
fatcoffeedrinker wrote: Thu Apr 08, 2021 8:26 pm This month, we hit the next round number of investible assets -- $5 million. Adding in paid-off house and vehicles puts us at $6.4M. Woohoo!

Still right on track to retire end of next year. Should be at $6.6M & $8M. Counting down the days...
Congrats, having an end date to look forward to is amazing and agonizing at the same time :beer
Yes it is. It feels like always getting 1/2 way there, but never actually getting there.
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Stinky
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Re: Post your Financial Milestone Announcements Here

Post by Stinky »

travelnut11 wrote: Fri Apr 09, 2021 10:46 pm Crossed into $1.5 million in investable assets (about 1.7 total NW) this week. Out of curiosity I checked the last time I posted to this thread and it was less than 2 years ago (June 2019) when we hit $1.0 million in investable assets. Amazing.

Both 44, 2 kids ages 4 and 6.
Congratulations on hitting another milestone.
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ASpenderInRecovery
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Re: Post your Financial Milestone Announcements Here

Post by ASpenderInRecovery »

I feel incredibly fortunate to reflect on how much progress I've made in less than 4 years. For me there was a powerful combination of adopting Boglehead philosophies, experiencing a sharp rise in income, and the market doing well. I'm only 34 so a lot more saving and investing left to reach FI, but a solid start. Big thanks to this community for the wisdom, patience, and generosity shown. Special thanks to retiredjg and ruralavalon for helping me patiently as I took my first awkward steps on this journey.

Aug 6th, 2017 - 1st portfolio post - 108k in investments and close to $0 NW when factoring in 2 car leases and student loans
Apr 10th, 2021 - just under $1M in investments and $1.2M NW (cars owned and no student loans!)
Normchad
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Re: Post your Financial Milestone Announcements Here

Post by Normchad »

ASpenderInRecovery wrote: Sat Apr 10, 2021 8:05 am I feel incredibly fortunate to reflect on how much progress I've made in less than 4 years. For me there was a powerful combination of adopting Boglehead philosophies, experiencing a sharp rise in income, and the market doing well. I'm only 34 so a lot more saving and investing left to reach FI, but a solid start. Big thanks to this community for the wisdom, patience, and generosity shown. Special thanks to retiredjg and ruralavalon for helping me patiently as I took my first awkward steps on this journey.

Aug 6th, 2017 - 1st portfolio post - 108k in investments and close to $0 NW when factoring in 2 car leases and student loans
Apr 10th, 2021 - just under $1M in investments and $1.2M NW (cars owned and no student loans!)
Awesome job! You’re on the right path, now just keep going.

Posters like @regiredjg and @ruralavalon are what make this site so special. You just can’t get that kind of help anywhere else.
Wannaretireearly
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Re: Post your Financial Milestone Announcements Here

Post by Wannaretireearly »

Love this thread. Resisted posting til now, but what the hell :wink:

I guess the milestone is we're within $50k and 15 months of paying off our house. Likely private school fees will drop by half then too. Sorry I'm 15 months early, but the euphoria is building! <happy 💃🕺>

Congrats to all recent milestoners. As someone above said, I also thank retiredjg! When I think about the positive changes this forum makes, and helping avoid negative financial problems, it's an amazing forum and community.

Lmao, where else can you have such an intelligent and passionate discussion about Roth conversions, IRMA/Medicare, passing on inheritance and potential future tax rates (love you mods! 😍).
This time next year, we'll be millionaires!
Wanderingwheelz
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Re: Post your Financial Milestone Announcements Here

Post by Wanderingwheelz »

livesoft wrote: Thu Mar 18, 2021 12:51 pm Here's an odd financial milestone for us: In the past 12 months our portfolio value increased by more than 10 times my highest ever salary. Index fund investing works.
Here’s another odd one. I quit working last year. If I’d continued working, this months gain in my Vanguard accounts so far through the 10th of the month would just barely exceed my gross earnings if I’d have worked for the entire year (that’s BEFORE income taxes).

Why, again, are y’all working? :D
3 Fund Portfolio. 70/30 AA. No mortgage. Simplicity is key.
ASpenderInRecovery
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Re: Post your Financial Milestone Announcements Here

Post by ASpenderInRecovery »

Normchad wrote: Sat Apr 10, 2021 8:13 am
ASpenderInRecovery wrote: Sat Apr 10, 2021 8:05 am I feel incredibly fortunate to reflect on how much progress I've made in less than 4 years. For me there was a powerful combination of adopting Boglehead philosophies, experiencing a sharp rise in income, and the market doing well. I'm only 34 so a lot more saving and investing left to reach FI, but a solid start. Big thanks to this community for the wisdom, patience, and generosity shown. Special thanks to retiredjg and ruralavalon for helping me patiently as I took my first awkward steps on this journey.

Aug 6th, 2017 - 1st portfolio post - 108k in investments and close to $0 NW when factoring in 2 car leases and student loans
Apr 10th, 2021 - just under $1M in investments and $1.2M NW (cars owned and no student loans!)
Awesome job! You’re on the right path, now just keep going.

Posters like @regiredjg and @ruralavalon are what make this site so special. You just can’t get that kind of help anywhere else.
Thanks! I couldn’t agree more. Just have to stay the course.

I love this thread because it helped me get rid of my misconception that wealth happened in an instant or through a windfall. My assumption was always millionaires were made through IPOs, company’s being bought, inheritances, lottos, etc. In rare cases wealth does happen quickly. In most cases, wealth is gradually accumulated over time through disciplined saving and investing. All of these stories are proof of that, and I hope others find inspiration in them.
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familythriftmd
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Re: Post your Financial Milestone Announcements Here

Post by familythriftmd »

NW is only negative 5 figures now! (assets minus medical student loan liabilities) :moneybag
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Stinky
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Re: Post your Financial Milestone Announcements Here

Post by Stinky »

familythriftmd wrote: Sat Apr 10, 2021 1:36 pm NW is only negative 5 figures now! (assets minus medical student loan liabilities) :moneybag
That IS a cause for celebration.

Congratulations!
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dportia
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Re: Post your Financial Milestone Announcements Here

Post by dportia »

My spouse and I have surpassed the $1MM mark! I am 30 and my spouse is 28. Ever since we graduated from grad school, we have been laser focused on building our retirement and taxable brokerage accounts. Something about having no money in grad school seared a scarcity mentality into our brains. We are also in career paths that are not meant for long-term life balance, so we adopted a 'make hay while the sun shines' mentality. My spouse is taking some time off work and I probably have maximum 1 or 2 years left at my income level, then we'll probably drop down closer to earth after that and let our money work for us! We have over $500k in tax-favored retirement accounts and $200k in taxable brokerage, so we should be in a position to retire in our early 50s and live our life.

Age: net worth (salary for that year)

25: ($140,000) (Salary: $160k)
26: $10,000 (Salary $200k)
27: $85,000 (Salary $300k)
28: $250,000 (Salary: $500k)
29: $450,000 (Salary: $700k)
30: $1,050,000 (Salary: 475k)

The huge jump from 29 to 30 was due to the market being at the absolute low when I turned 29, my spouse and I saving and investing everything we possibly could during the pandemic, and our home going up in value significantly in the 6 months after we bought it (a very trendy city, and definitely on the conservative side of the valuation).
Grt2bOutdoors
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Re: Post your Financial Milestone Announcements Here

Post by Grt2bOutdoors »

Congrats! :sharebeer
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Dollarsign16
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Re: Post your Financial Milestone Announcements Here

Post by Dollarsign16 »

My combined individual retirement account balances closed above $500K today for the first time. I’m 37 and combined with my wife’s accounts, taxable and home equity, our NW is about $1,500K but the individual milestone seemed a long time coming. I know it’s a marathon and will probably dip tomorrow but gotta celebrate the little things, right? The account breakdown is as follows:

403B = $287,948.48 ($38,578.72 is Roth)
Rollover IRA = $72,168.45
Roth IRA = $140,397.68

Total = $500,516.82

Looking forward to a combined $1,000,000 in retirement accounts next.

I greatly appreciate the forum and all who contribute.

Cheers,
- Dollarsign16
Too many people spend money they earned..to buy things they don’t want..to impress people they don’t like. –Will Rogers
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OnFire
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Re: Post your Financial Milestone Announcements Here

Post by OnFire »

It was a few months ago, but my wife and I hit a total net worth of just over $1M. Her 401k and Roth IRA, my 457 and Roth IRA, and the total equity in our primary residence, rental property, as well as paid off automobiles, and the balances in the kids college accounts had us well into the two comma club. I’m 46, she is 41.

I also have a significant pension coming my way, and she has significant value in her dental practice. We don’t count any of that. If I took the discounted pension and her practice into account, our net worth would probably be closer to $2M.

Just kind of happy to get it out of the way, honestly. Now, on the real goals, $1M in each persons investments, both houses paid off, and retirement in sight. 9 years and counting down the days.
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lobsterman2112
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Re: Post your Financial Milestone Announcements Here

Post by lobsterman2112 »

I love all the stories here. Very heartwarming.
It's nice to be able to talk about this sort of thing, because it's odd to talk about it with people In Real Life.
In that vein, I have a different sort of financial milestone I want to share with you:

A few years ago we had some friends and neighbors come over for the evening. I hit it off with one of my wife's friends, and we would occasionally chat about random topics over the years.

He called me up a few days ago and was asking my advise on investing. He wanted to get his college-age son interested and start putting money away. Apparently I had mentioned to him that I was doing the 3 fund portfolio at some point. We spent almost an hour over the phone as I described to him the pros and cons of mutual funds vs. ETFs, having money in the son's name vs. gifting him money later on, etc.

After we got off the phone, my wife looked at me with an odd expression and I explained to her what we were talking about, and how her friend called just to talk to me about investing strategies for the son.

She replied that he had actually taken several years off from work to just run his investments (and presumably to day trade). :oops: She couldn't believe that someone like that would call me for investment advice.

The milestone is that she finally understood that my reading the Bogleheads Forums and other investing literature has silently made me the go-to guy in our circle of friends. :beer
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ruralavalon
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Re: Post your Financial Milestone Announcements Here

Post by ruralavalon »

Dollarsign16 wrote: Thu Apr 15, 2021 10:55 pm My combined individual retirement account balances closed above $500K today for the first time. I’m 37 and combined with my wife’s accounts, taxable and home equity, our NW is about $1,500K but the individual milestone seemed a long time coming. I know it’s a marathon and will probably dip tomorrow but gotta celebrate the little things, right? The account breakdown is as follows:

403B = $287,948.48 ($38,578.72 is Roth)
Rollover IRA = $72,168.45
Roth IRA = $140,397.68

Total = $500,516.82

Looking forward to a combined $1,000,000 in retirement accounts next.

I greatly appreciate the forum and all who contribute.

Cheers,
- Dollarsign16
Congratulations :) .
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
JHU ALmuni
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Re: Post your Financial Milestone Announcements Here

Post by JHU ALmuni »

NW just hit 7 figures for the first time ever.

2018: ~100K
June 2020: ~200K

Bitcoin rally pushed my NW just past 500K and the recent Dogecoin run in the past 3 days almost doubled my NW.

I don't believe I have that much tied to dogecoin at the moment, $8500 initial investment was well spent in 2017.

:sharebeer
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moruobai
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Re: Post your Financial Milestone Announcements Here

Post by moruobai »

I made it! Joined the 2 comma club (!!) at market close today. Funny thing is I don't really feel like a millionaire but... the maths don't lie. (Umm... I actually feel pretty miserly lol)

This has been a long time coming from a job loss and having to move back in with my parents during the 2008 GFC -- to this day today.

BIG THANK YOU and a tip of the hat to the Bogleheads and this wonderfully boring investing philosophy.
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ruralavalon
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Re: Post your Financial Milestone Announcements Here

Post by ruralavalon »

moruobai wrote: Fri Apr 16, 2021 5:48 pm I made it! Joined the 2 comma club (!!) at market close today. Funny thing is I don't really feel like a millionaire but... the maths don't lie. (Umm... I actually feel pretty miserly lol)

This has been a long time coming from a job loss and having to move back in with my parents during the 2008 GFC -- to this day today.

BIG THANK YOU and a tip of the hat to the Bogleheads and this wonderfully boring investing philosophy.
Congratulations on joining the two comma club :D .
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
ahoffme
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Re: Post your Financial Milestone Announcements Here

Post by ahoffme »

We hit $1.5M in our investment accounts today (excludes cash, 529, and paid-off home). Probably also topped $2M net worth recently, but I don’t really track my home value too closely.

A big thanks to the forum for helping us achieve this big milestone in our mid/late 30s!
Normchad
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Re: Post your Financial Milestone Announcements Here

Post by Normchad »

ahoffme wrote: Fri Apr 16, 2021 6:26 pm We hit $1.5M in our investment accounts today (excludes cash, 529, and paid-off home). Probably also topped $2M net worth recently, but I don’t really track my home value too closely.

A big thanks to the forum for helping us achieve this big milestone in our mid/late 30s!
Amazing feat! Congratulations!
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Nicolas
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Re: Post your Financial Milestone Announcements Here

Post by Nicolas »

moruobai wrote: Fri Apr 16, 2021 5:48 pm Funny thing is I don't really feel like a millionaire but... the maths don't lie.
Congrats! As you know, a million bucks isn’t what it used to be, that probably explains why you don’t feel so elated. When I was a kid there was a TV program where in each episode a rich guy would anonymously give a million dollars to someone at random and the plot of that episode would be all about what happened to the guy who got the million. That’s when it was real money!

It was called The Millionaire. I thought it was a fun show at the time.
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moruobai
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Re: Post your Financial Milestone Announcements Here

Post by moruobai »

Nicolas wrote: Fri Apr 16, 2021 6:32 pm Congrats! As you know, a million bucks isn’t what it used to be, that probably explains why you don’t feel so elated.
Absolutely. It ain't what it used to be. Also, most of it is illiquid either in real estate or tax advantaged accounts, making it harder access and spend on consumption. That's a nice feature actually. lol.

Going to buckle down and do this again! Second time should be easier...
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calvin+hobbes
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Re: Post your Financial Milestone Announcements Here

Post by calvin+hobbes »

Topped 1MM in the investment portfolio this week. We hit 1MM in net worth about three months ago in January. I finished medical training in 2018 with a NW of -175k. The buy and hold, three fund portfolio has been kind to us. I plan to give a lecture next month to our residents detailing financial basics for young physicians. I've learned a lot here (and on White Coat Investor) over the years and am happy to pass it on.

Cheers
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Stinky
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Re: Post your Financial Milestone Announcements Here

Post by Stinky »

calvin+hobbes wrote: Sat Apr 17, 2021 1:07 pm Topped 1MM in the investment portfolio this week. We hit 1MM in net worth about three months ago in January. I finished medical training in 2018 with a NW of -175k. The buy and hold, three fund portfolio has been kind to us. I plan to give a lecture next month to our residents detailing financial basics for young physicians. I've learned a lot here (and on White Coat Investor) over the years and am happy to pass it on.

Cheers
Congratulations on hitting $1 million.

And maybe more importantly, thank you for passing on your financial knowledge to the residents. So many young docs are sold junk products like whole life. Getting “straight” financial information from someone like you will help them out immeasurably.

Once again, congrats!
It's a GREAT day to be alive! - Travis Tritt
Emptykeg
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Re: Post your Financial Milestone Announcements Here

Post by Emptykeg »

Went over 12 million in net worth last week. My plan was to get there by 55 years old but thanks to this crazy bull market, got there right before turning 50 this summer. My plan was to retire at 55. Now I’m wondering if 50 sounds better.
Normchad
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Re: Post your Financial Milestone Announcements Here

Post by Normchad »

Emptykeg wrote: Sat Apr 17, 2021 8:53 pm Went over 12 million in net worth last week. My plan was to get there by 55 years old but thanks to this crazy bull market, got there right before turning 50 this summer. My plan was to retire at 55. Now I’m wondering if 50 sounds better.
Good google-moogly! Congrats!
angelescrest
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Re: Post your Financial Milestone Announcements Here

Post by angelescrest »

Stinky wrote: Sat Apr 10, 2021 1:44 pm
familythriftmd wrote: Sat Apr 10, 2021 1:36 pm NW is only negative 5 figures now! (assets minus medical student loan liabilities) :moneybag
That IS a cause for celebration.

Congratulations!
I haven’t hit huge sums in financial milestones yet, but we are doing well in terms of progress. Just wanted to say that any significant milestones we have hit have paled in comparison to the joy we felt when paying off our debt in full. So just wanted to say, keep it going! You’ll feel great when it’s at zero.
EnjoyIt
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Re: Post your Financial Milestone Announcements Here

Post by EnjoyIt »

calvin+hobbes wrote: Sat Apr 17, 2021 1:07 pm Topped 1MM in the investment portfolio this week. We hit 1MM in net worth about three months ago in January. I finished medical training in 2018 with a NW of -175k. The buy and hold, three fund portfolio has been kind to us. I plan to give a lecture next month to our residents detailing financial basics for young physicians. I've learned a lot here (and on White Coat Investor) over the years and am happy to pass it on.

Cheers
That’s great. Congrats on your success. I have had similar luck thanks to WCI (White Coat Investor) and this forum.

Years ago back when I was completely clueless, my accountant tried to sell me a whole life policy, funding it at $50k a year. I didn’t fully understand whole life and I told myself that if I am going buy something that expensive ($50k/yr) I need to be able to understand it well enough so that I can explain it to my spouse. After all the salesman made it sound like it was the best thing on earth.

Luckily a few months earlier White coat investor wrote an article about such products and how bad they really are. This threw me into the realization that people are out to rob me and I need to learn this stuff on my own. Between his blog and this forum, less than 10 years later we are now financially independent.

I have over the years taught personal finance to residents as well. Covid has put a hamper on things but I would like to get back into it soon.
A time to EVALUATE your jitters: | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418
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Stinky
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Re: Post your Financial Milestone Announcements Here

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EnjoyIt wrote: Sun Apr 18, 2021 8:45 am Years ago back when I was completely clueless, my accountant tried to sell me a whole life policy, funding it at $50k a year. I didn’t fully understand whole life and I told myself that if I am going buy something that expensive ($50k/yr) I need to be able to understand it well enough so that I can explain it to my spouse. After all the salesman made it sound like it was the best thing on earth.
If your accountant had convinced you to buy the $50k whole life policy, he would have probably made about $50k.

And you would have probably had a cash value at the end of the first policy year of roughly zero.

Pretty slick trick - $50k out of your pocket and into his. Glad that you didn’t bite.

If you can teach residents to avoid sharks like him, you’ll improve their financial lives.
It's a GREAT day to be alive! - Travis Tritt
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ruralavalon
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Re: Post your Financial Milestone Announcements Here

Post by ruralavalon »

calvin+hobbes wrote: Sat Apr 17, 2021 1:07 pm Topped 1MM in the investment portfolio this week. We hit 1MM in net worth about three months ago in January. I finished medical training in 2018 with a NW of -175k. The buy and hold, three fund portfolio has been kind to us. I plan to give a lecture next month to our residents detailing financial basics for young physicians. I've learned a lot here (and on White Coat Investor) over the years and am happy to pass it on.

Cheers
Congratulations on joining the two comma club :) .
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
EnjoyIt
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Re: Post your Financial Milestone Announcements Here

Post by EnjoyIt »

Stinky wrote: Sun Apr 18, 2021 9:18 am
EnjoyIt wrote: Sun Apr 18, 2021 8:45 am Years ago back when I was completely clueless, my accountant tried to sell me a whole life policy, funding it at $50k a year. I didn’t fully understand whole life and I told myself that if I am going buy something that expensive ($50k/yr) I need to be able to understand it well enough so that I can explain it to my spouse. After all the salesman made it sound like it was the best thing on earth.
If your accountant had convinced you to buy the $50k whole life policy, he would have probably made about $50k.

And you would have probably had a cash value at the end of the first policy year of roughly zero.

Pretty slick trick - $50k out of your pocket and into his. Glad that you didn’t bite.

If you can teach residents to avoid sharks like him, you’ll improve their financial lives.
I ran projections and basically it would have taken 8-10 years to break even on the fees.

I am sooo thankful that to that CPA who tried to take advantage of me. I would have never bothered to learn if it wasn’t for him.
A time to EVALUATE your jitters: | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418
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