LukeHeinz57 wrote: ↑Thu Mar 29, 2018 1:05 pm
Just wanted to send you a personal note of congratulations on your milestone! Way to go on keeping your expenses so low! I hope to be in your position in the future earning six figures on my investments and reaping the rewards of good decision making from years past.
As a side note, this is a nice change of pace milestone from the net worth ones.
Congrats,
Luke
Yeah, its encouraging for the majority of us who will probably never earn a $200,000 plus salary. Getting that first $10,000 when we were younger to $1 million saved later-on are both great milestones, but this is just as wonderful even if its just one year.
I can control expenses, allocate and diversify investments and stay the course no matter what, but nobody can control or predict stock and bond market returns!
Last edited by sschullo on Sat Mar 31, 2018 10:10 am, edited 1 time in total.
Never in the history of market day-traders’ has the obsession with so much massive, sophisticated, & powerful statistical machinery used by the brightest people on earth with such useless results.
chicagoan23 wrote: ↑Mon Mar 12, 2018 5:42 pm
According to my social security records (and 2018 paychecks) I just hit $3 million in career wages and self-employment earnings, dating back 28 years to when I was making $4.25/hr at age 15. Very interesting to see that progression, and compare it to current net worth/portfolio size.
I wish I had kept track of all that. How does total earnings compare to your net worth?
For the ashes of his fathers, And the temples of his gods. |
Pensions= 2X yearly expenses. Portfolio= 40X yearly expenses.
sschullo wrote: ↑Thu Mar 29, 2018 11:46 am
Interestingly, I calculated that in the last 15 years, I had saved about $215,000 just in portfolio costs alone by being a DIYer (I calculated an annual hypothetical 1.35% ER and comparing it to what I actually paid in all those years! Yikes!). My savings alone paid for a new Tesla, new Nissan Leaf, solar panels and a kitchen remodel.
There were a few records of her class, however she did graduate as valedictorian. Her 25th reunion was the last one she went to as the retuning alumnae were told by the undergraduates to wear horse head costumes and sing the "Old Grey Mare Ain't What She Used to Be". This did not sit well with the alumna, so she never visited the school again. But she did often reminisce about her wonderful junior year in Paris in 1937. And as child who lost her father at an early age she greatly appreciated the opportunity that a full academic scholarship for a college education at a top notch college afforded her. This turned out to be a good financial decision for the college after all.
I had the pleasure of accompanying the executor who delivered a very large gift from the estate of the deceased alumnae to her alma mater 81 years after graduation.
chicagoan23 wrote: ↑Mon Mar 12, 2018 5:42 pm
According to my social security records (and 2018 paychecks) I just hit $3 million in career wages and self-employment earnings, dating back 28 years to when I was making $4.25/hr at age 15. Very interesting to see that progression, and compare it to current net worth/portfolio size.
I wish I had kept track of all that. How does total earnings compare to your net worth?
The earnings records should be available to anyone who paid Social Security / Medicare taxes or self employment taxes. It’s all on the Social Security website.
Net worth is about $1.8 million, investment portfolio about $1.5 million—half of total gross lifetime earnings.
"The Basic Choices for Investors and the One We Strongly Prefer" |
|
https://www.berkshirehathaway.com/letters/2011ltr.pdf
chicagoan23 wrote: ↑Mon Mar 12, 2018 5:42 pm
According to my social security records (and 2018 paychecks) I just hit $3 million in career wages and self-employment earnings, dating back 28 years to when I was making $4.25/hr at age 15. Very interesting to see that progression, and compare it to current net worth/portfolio size.
I wish I had kept track of all that. How does total earnings compare to your net worth?
The earnings records should be available to anyone who paid Social Security / Medicare taxes or self employment taxes. It’s all on the Social Security website.
Net worth is about $1.8 million, investment portfolio about $1.5 million—half of total gross lifetime earnings.
Thanks for the reply. I was exempt from SS so can't access that information for myself.
For the ashes of his fathers, And the temples of his gods. |
Pensions= 2X yearly expenses. Portfolio= 40X yearly expenses.
Just passed $1.5M yesterday. Maxing out 401K, Mega Back dooring Roth- saving 42% of gross and gliding to retirement in less than 3 years. WaHOO! Thanks BHs!
Hi Bogle heads, Myself and the wife have also hit a big milestone as well my networth as it stands today is about 2,000,000. About a decade ago back in 2009 I had a networth about -450,000 . The majority of that about 487,000 for a practice note for a start up dental office and 475K home mortgage. Thru hardwork and paying off my practice note last year and investing from day one thru thick and thin it has paid off.
Perhaps we have wandered past a milestone, since we no longer seem to care about our asset level. Could be experience, familiarity, apathy, or dementia!! I don't know, and don't care. I suppose we think we have enough assets to live how we prefer to live, in our LCOL (low cost of living) area, after a dozen years of experience as retirees, since we have aged past being early retirees.
Our portfolio withdrawals (WDs) are not quite enough, my no-COLA pension is not quite enough, and SS and RMDs starting in a couple of years will be not quite enough, but any two of those three are more than enough income. Savers my age will remember the phrase "belt and suspenders" when commenting on redundancy. With a decade (or more) of portfolio WDs in bond funds, we expect our stock funds to recover from the next market crash before ever spending from them.
Congratulations to those who still do care about portfolio growth.
trueson1 wrote: ↑Thu Apr 19, 2018 10:36 am
Just passed $1.5M yesterday. Maxing out 401K, Mega Back dooring Roth- saving 42% of gross and gliding to retirement in less than 3 years. WaHOO! Thanks BHs!
voodoo72 wrote: ↑Thu Apr 19, 2018 10:56 am
Hi Bogle heads, Myself and the wife have also hit a big milestone as well my networth as it stands today is about 2,000,000. About a decade ago back in 2009 I had a networth about -450,000 . The majority of that about 487,000 for a practice note for a start up dental office and 475K home mortgage. Thru hardwork and paying off my practice note last year and investing from day one thru thick and thin it has paid off.
Wow!!!! Amazing. Going from negative to 2mill positive in a decade..
Toons wrote: ↑Wed Jan 10, 2018 2:35 pm
To quote Bob Brinker,
My spouse and I are in the ,
"Land Of Critical Mass",and have been so for quite a while.
Keeping debt to a bare minimum,investing frequently(reinvesting)got us there.
Count Our Blessings Every Day.
If you will. . . what is the "Land of Critical Mass"?
Never heard that before. . .
voodoo72 wrote: ↑Thu Apr 19, 2018 10:56 am
Hi Bogle heads, Myself and the wife have also hit a big milestone as well my networth as it stands today is about 2,000,000. About a decade ago back in 2009 I had a networth about -450,000 . The majority of that about 487,000 for a practice note for a start up dental office and 475K home mortgage. Thru hardwork and paying off my practice note last year and investing from day one thru thick and thin it has paid off.
Wow!!!! Amazing. Going from negative to 2mill positive in a decade..
Thanks it was quite scary opening up a business back in 2009, everyone said "don't do it, now is not the time for a start up of any sort" in reality that was the time in the sense that I leased an amazing retail space for little with excellent terms and I was able to negotiate with equipment vendors for great prices. Also with just plain being lucky to star throwing money in a bull market that went on for close to 9 years.
Just hit 1,000,000 net worth last month. I’m 33 and my wife is 31. One goal is to increase my taxable account, as most of my assets are in 401ks, IRAs, and 529s. The other goal is to hit 2,000,000 by 40. I owe a lot to this group.
Casey Ryback wrote: ↑Fri Apr 20, 2018 2:45 pm
Just hit 1,000,000 net worth last month. I’m 33 and my wife is 31. One goal is to increase my taxable account, as most of my assets are in 401ks, IRAs, and 529s. The other goal is to hit 2,000,000 by 40. I owe a lot to this group.
Casey Ryback wrote: ↑Fri Apr 20, 2018 2:45 pm
Just hit 1,000,000 net worth last month. I’m 33 and my wife is 31. One goal is to increase my taxable account, as most of my assets are in 401ks, IRAs, and 529s. The other goal is to hit 2,000,000 by 40. I owe a lot to this group.
That is amazing!
By age 33!
Wow
Congratulations
How did you do it?
I am now a member of the 3-comma club. I never imagined achieving this level but at the same time, I don't really feel any different. I guess at the end of the day, a number is just a symbol, and a nebulous one at that.
DX
EDIT: Wait, I just looked more closely and that third comma is clearly a decimal point. Old eyes. So, I guess I've joined the 2-comma club. I'm glad I didn't hit send on my resignation email to my boss.
Looking forward to the next milestone: 2 comma club in liquid assets!
Casey Ryback wrote: ↑Fri Apr 20, 2018 2:45 pm
Just hit 1,000,000 net worth last month. I’m 33 and my wife is 31. One goal is to increase my taxable account, as most of my assets are in 401ks, IRAs, and 529s. The other goal is to hit 2,000,000 by 40. I owe a lot to this group.
That is amazing!
By age 33!
Wow
Congratulations
How did you do it?
j
Both my wife and I have professional degrees (not medicine) without student loans. Our salaries aren’t high, but we live in a low COL area. We have maxed out our 401ks, back door Roths, and have put $20,000 in 529s for the past number of years. All in sp500 or total market. The market has been the greatest contributor. With the remainder, I have invested in some community bank stock (not much) and some in a taxable brokerage account (almost $100k balance). I do keep $100k in a money market for an emergency fund. More than necessary but makes me feel comfortable. Our only debt is a $240k mortgage on a house we purchased 2 years ago. We have a 3.45% interest rate, so I’m in no hurry to pay it down.
***I forgot to add that last year my company began allowing after tax 401k contributions, so now I’m doing a mega backdoor Roth, which has taken all that I would have otherwise contributed to taxable accounts.
[Thread merged into here, see below. --admin LadyGeek]
Paid off my mortgage today so I just wanted to send a shout out to everyone for the continued education and encouragement over the years. 100% debt free.
Kuota Rider wrote: ↑Sat Apr 28, 2018 8:09 am
Paid off my mortgage today so I just wanted to send a shout out to everyone for the continued education and encouragement over the years.
Congratulations!
Can you share your reasoning - why you decided to pay it off and what other options you considered?
Perhaps you could indicate how much mortgage you paid off, how many years remained, and at what rate. Your age and other financial situation would be useful, too.
I'm always curious about the context of these decisions.
I remortgaged to a 15 year term on my primary residence years ago and eventually it was paid off. I hold a 30 year mortgage on my second home (soon to be my retirement home). I haven't yet decided if I'll pay that off or not. I'm leaning toward not, but have another year or two before we sell the current primary residence and move there permanently. For now, I feel I'll be better off keeping more money invested than being mortgage free, but could change my mind if the market takes a bad turn. I can afford to handle it whichever way makes the most sense.
Last edited by JoeRetire on Sat Apr 28, 2018 3:18 pm, edited 2 times in total.
This isn't just my wallet. It's an organizer, a memory and an old friend.
Here are suggestions that I have posted before for things to do after the mortgage is paid off,
A couple of things to put on your list of things to do.
1) Contact your home insurance company to have the lender taken off your home insurance policy. You may be able to raise your deductible if you want to.
2) In a few months when the paperwork has had time to clear double check with your local county, or whoever takes care of recording liens in your area, to make sure that the mortgage lien was actually removed. Do this even if you get paperwork saying that the lien was removed. It is rare but occasionally there can be a snafu with that and it is much easier to get that fixed now instead of years from now. In some areas you may be able to do that online.
3) If you had an escrow account be sure that your insurance and property taxes are paid even if you don't get a bill for it.
4) If you were able to itemize your taxes and deduct the mortgage interest then make sure that your other payroll withholdings are adjusted to make sure that enough taxes are withheld from your pay.
5) If you had an online automatic payment of your mortgage then cancel that.