How does life change once you hit $1 million?

[Anonymous]

Anonymous wrote:I’m single, 41, net worth around $800K including home equity. I’ve always been obsessed with money but, until recently, never as good at making it as some of you here.

I should hit a $1 million net worth in about two years just through savings, or maybe in three years if the market goes down further. I’ve always viewed $1 million as a magical number. Obviously with inflation, the value of that number comes down each year, but it still seems pretty special.

Just curious to hear from all you rich people: how does life change once you get to the promised land? Do you feel a sense of relief and accomplishment? Or is it anti-climactic and just another milestone and you get back to work?

It doesn't. 10mil is the new 1mil.

[Anonymous]

The day you make your first million is just day 1 of the journey to make $2M.

[Anonymous]

Anonymous wrote:The day you make your first million is just day 1 of the journey to make $2M.

A million is savings is an accomplishment many people in our country and the world can only dream of. Celebrate when you hit the number, OP!

[Anonymous]

Anonymous wrote:

Anonymous wrote:The day you make your first million is just day 1 of the journey to make $2M.

A million is savings is an accomplishment many people in our country and the world can only dream of. Celebrate when you hit the number, OP!

+1
I didn't do it, but I think this advice is right. Otherwise you're just on a path to nothing is ever enough.

[Anonymous]

I'm obsessed with money too. I hit the $1 million mark when I was 29 (45 now) and while I noticed, and I did think, "Wow, I'm a millionaire!", it had very little impact on how we live. I guess one real difference is now I don't have any actual worries about being ok financially. Like, I don't think I'll ever not be able to pay a bill or buy the groceries I need. Occasionally, we do run low in our checking account and I feel this fake sense of stress - but not real stress - because all I need to do is move funds from savings/investments to checking.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The day you make your first million is just day 1 of the journey to make $2M.

A million is savings is an accomplishment many people in our country and the world can only dream of. Celebrate when you hit the number, OP!

Thank you. I'm so tired of DCUMers telling hard working people they are barely scraping by and will never be able to retire until they have $10+M. It's ridiculous.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m single, 41, net worth around $800K including home equity. I’ve always been obsessed with money but, until recently, never as good at making it as some of you here.

I should hit a $1 million net worth in about two years just through savings, or maybe in three years if the market goes down further. I’ve always viewed $1 million as a magical number. Obviously with inflation, the value of that number comes down each year, but it still seems pretty special.

Just curious to hear from all you rich people: how does life change once you get to the promised land? Do you feel a sense of relief and accomplishment? Or is it anti-climactic and just another milestone and you get back to work?

Sorry to say, but for me it was the latter. But I never was that obsessed with money. It was more like, huh, past that amount. When I was little I thought a millionaire meant someone wearing a monocle and a top hat and having so much money it spilled out of their pants, but in reality it was like just a brief slightly shinier feeling towards a number in the Excel file (not to mention that when the market went down soon after it went below 1m again).

Same here, our lifestyle didn't change, so there was nothing to notice or celebrate. I also don't consider myself "one of the rich people" who have "made it to the promised land." UMC compared to the rest of the nation. MC for the immediate area and this board. Our net worth is the house, retirement accounts, and 529, so while we are certainly doing well compared to the average American, we are not superfluously wealthy. I suspect the PP who said $10m is the new $1m is on target. Maybe $5m if you're older and close to retirement.

My biggest worry that keeps me grinding is that my parents didn't save enough for retirement and don't understand how insanely expensive a good nursing home costs, and that we will foot some part of the costs in the future. And then when it's our turn, I want to make sure we have enough extra money saved that we can cover anything and everything with our own savings so our kids don't have to worry the way I do now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m single, 41, net worth around $800K including home equity. I’ve always been obsessed with money but, until recently, never as good at making it as some of you here.

I should hit a $1 million net worth in about two years just through savings, or maybe in three years if the market goes down further. I’ve always viewed $1 million as a magical number. Obviously with inflation, the value of that number comes down each year, but it still seems pretty special.

Just curious to hear from all you rich people: how does life change once you get to the promised land? Do you feel a sense of relief and accomplishment? Or is it anti-climactic and just another milestone and you get back to work?

No. Still scared of ending up poor in old age. 1 million is nothing in this day and age.

This. I have $2.5M at 52 and am stressed all the time about running out if I need care.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m single, 41, net worth around $800K including home equity. I’ve always been obsessed with money but, until recently, never as good at making it as some of you here.

I should hit a $1 million net worth in about two years just through savings, or maybe in three years if the market goes down further. I’ve always viewed $1 million as a magical number. Obviously with inflation, the value of that number comes down each year, but it still seems pretty special.

Just curious to hear from all you rich people: how does life change once you get to the promised land? Do you feel a sense of relief and accomplishment? Or is it anti-climactic and just another milestone and you get back to work?

No. Still scared of ending up poor in old age. 1 million is nothing in this day and age.

This. I have $2.5M at 52 and am stressed all the time about running out if I need care.

+2. We have 2M in our mid 40’s and DH wants to tighten our belts even more, and we are already frugal.

[Anonymous]

Divorced no kids unfortunately and when I hit $1 million NW it was the first time I breathed a sigh I knew for certain that I would retire with much more than that save a total market crash in which case we are all effed.

[Anonymous]

I would not be excited about net worth tied to home equity if it was my main home. I would be really excited it I accumulated $1 million outside of it and outside my 401k.


I don't feel any relief right now with my combined $1 net worth from home equity and 401k. I feel way behind. Also in my 40s and not a lot of time to catch up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m single, 41, net worth around $800K including home equity. I’ve always been obsessed with money but, until recently, never as good at making it as some of you here.

I should hit a $1 million net worth in about two years just through savings, or maybe in three years if the market goes down further. I’ve always viewed $1 million as a magical number. Obviously with inflation, the value of that number comes down each year, but it still seems pretty special.

Just curious to hear from all you rich people: how does life change once you get to the promised land? Do you feel a sense of relief and accomplishment? Or is it anti-climactic and just another milestone and you get back to work?

Sorry to say, but for me it was the latter. But I never was that obsessed with money. It was more like, huh, past that amount. When I was little I thought a millionaire meant someone wearing a monocle and a top hat and having so much money it spilled out of their pants, but in reality it was like just a brief slightly shinier feeling towards a number in the Excel file (not to mention that when the market went down soon after it went below 1m again).

Same here, our lifestyle didn't change, so there was nothing to notice or celebrate. I also don't consider myself "one of the rich people" who have "made it to the promised land." UMC compared to the rest of the nation. MC for the immediate area and this board. Our net worth is the house, retirement accounts, and 529, so while we are certainly doing well compared to the average American, we are not superfluously wealthy. I suspect the PP who said $10m is the new $1m is on target. Maybe $5m if you're older and close to retirement.

My biggest worry that keeps me grinding is that my parents didn't save enough for retirement and don't understand how insanely expensive a good nursing home costs, and that we will foot some part of the costs in the future. And then when it's our turn, I want to make sure we have enough extra money saved that we can cover anything and everything with our own savings so our kids don't have to worry the way I do now.

Most people don't spend too much time in nursing homes--do you have reason to believe your parents will need it? People in my family live very long (several past 100, most mid to upper 90s) and out of all my great aunts, grandparents, great grandparents (maybe 30 elderly people in my life) only 3 needed a nursing home for longer than a month, and only one longer than a year (and under 2).

[Anonymous]

Congrats OP on all you have achieved so far! And savor that first 1 m.

[Anonymous]

Congrats OP! When I hit $1M I posted on here to celebrate since obviously I can't go around telling people IRL. I grew up poor so hitting $1M did give me some sense of security, but it was all in retirement so didn't change the way I lived at all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m single, 41, net worth around $800K including home equity. I’ve always been obsessed with money but, until recently, never as good at making it as some of you here.

I should hit a $1 million net worth in about two years just through savings, or maybe in three years if the market goes down further. I’ve always viewed $1 million as a magical number. Obviously with inflation, the value of that number comes down each year, but it still seems pretty special.

Just curious to hear from all you rich people: how does life change once you get to the promised land? Do you feel a sense of relief and accomplishment? Or is it anti-climactic and just another milestone and you get back to work?

No. Still scared of ending up poor in old age. 1 million is nothing in this day and age.

This. I have $2.5M at 52 and am stressed all the time about running out if I need care.

+2. We have 2M in our mid 40’s and DH wants to tighten our belts even more, and we are already frugal.

Well, you *are* behind the OP. OP said she’ll be at $1 million by 43 and is single. You have $2 million but you’re married so you each really only have $1 million. Assuming mid-40s means 45, you’re slightly behind the OP.