Just surpassed $1m net worth

[Anonymous]

Anonymous wrote:As of today Personal Capital shows my net worth excluding home equity to be $5,022,088. Including home equity, it's $5,823,724. I, too, was in Biglaw. Retired 5 years ago in my early 50s.

Could you tell us more about this? I went on their website and couldn't quite figure out what this is about. Do they push products or services? How confidential is your data, etc?

[Anonymous]

Anonymous wrote:

Anonymous wrote:As of today Personal Capital shows my net worth excluding home equity to be $5,022,088. Including home equity, it's $5,823,724. I, too, was in Biglaw. Retired 5 years ago in my early 50s.

Could you tell us more about this? I went on their website and couldn't quite figure out what this is about. Do they push products or services? How confidential is your data, etc?

It's just an app that you link to all your financial accounts (bank, credit cards, mortgage, brokerage accounts, etc) and it tracks you in real time and continually updates your net worth. I find it to be very convenient. It also categorizes your spending so you can understand better what you're spending and come up with a budget. Yes, it's secure. And yes, they offer premium services that you pay for (financial advising, etc,) but they're not pushy. I ignore the occasional solicitation that I receive for premium upgrade.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Me too. But I think a lot of us barely-millionaires are going to un-become millionaires in the impending market crash.

It's something while it lasts!

You know, you can take a short position if that's really what you believe...

I didn't get to a million trading puts and calls and it's not how I'm going to get the second million, either. Thanks though.

You could invest in any number of things other than stocks, or just hold cash, if you are convinced an impending market crash is about to destroy your wealth but are too lazy to figure out how to profit from a downturn.

Lazy has nothing to do with it and wealth that can be destroyed in a market crash isn't really wealth.

I'm not retiring for another 20 years and I'm informed enough to know that there is no timing the market. Good luck to you, too.

[Anonymous]

Thanks Trump!

[Anonymous]

Congratulations!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Me too. But I think a lot of us barely-millionaires are going to un-become millionaires in the impending market crash.

It's something while it lasts!

You know, you can take a short position if that's really what you believe...

I didn't get to a million trading puts and calls and it's not how I'm going to get the second million, either. Thanks though.

You could invest in any number of things other than stocks, or just hold cash, if you are convinced an impending market crash is about to destroy your wealth but are too lazy to figure out how to profit from a downturn.

Lazy has nothing to do with it and wealth that can be destroyed in a market crash isn't really wealth.

I'm not retiring for another 20 years and I'm informed enough to know that there is no timing the market. Good luck to you, too.

I think the PP was just calling the doomsday guy's bluff - the person who mentioned the "impending market crash." That's irrational. If they are so smart that they know the market is going to crash, then they ought to be smart enough to do something about it and not just sit back and watch themselves become "un-millionaires" as they said. The eye roll should have told you that.

[Anonymous]

Way to go OP!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As of today Personal Capital shows my net worth excluding home equity to be $5,022,088. Including home equity, it's $5,823,724. I, too, was in Biglaw. Retired 5 years ago in my early 50s.

OP here. what was your net worth when you retired? did you find that after you hit your first million the others came faster? I hear this often.

My net worth then was about $4 million. Yes, the numbers jumped pretty quickly. In 2008 after the market crash I probably was at barely a million. My net worth went up $1 million this year alone, and I'm not even working! Life is pretty good.

How did you make that last $1m this year!? A 25% return in your net worth is pretty incredible, especially in retirement!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As of today Personal Capital shows my net worth excluding home equity to be $5,022,088. Including home equity, it's $5,823,724. I, too, was in Biglaw. Retired 5 years ago in my early 50s.

OP here. what was your net worth when you retired? did you find that after you hit your first million the others came faster? I hear this often.

My net worth then was about $4 million. Yes, the numbers jumped pretty quickly. In 2008 after the market crash I probably was at barely a million. My net worth went up $1 million this year alone, and I'm not even working! Life is pretty good.

How did you make that last $1m this year!? A 25% return in your net worth is pretty incredible, especially in retirement!

I'm curious too. I would guess 3.5MM in equities/S&P500 returning 29%, with 500K in some "safe" combination as a cushion and to live on. I wish I had the risk tolerance for that kind of aggressive investing in retirement!

Big Law, please let us know!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Me too. But I think a lot of us barely-millionaires are going to un-become millionaires in the impending market crash.

It's something while it lasts!

You know, you can take a short position if that's really what you believe...

I didn't get to a million trading puts and calls and it's not how I'm going to get the second million, either. Thanks though.

You could invest in any number of things other than stocks, or just hold cash, if you are convinced an impending market crash is about to destroy your wealth but are too lazy to figure out how to profit from a downturn.

Lazy has nothing to do with it and wealth that can be destroyed in a market crash isn't really wealth.

I'm not retiring for another 20 years and I'm informed enough to know that there is no timing the market. Good luck to you, too.

I think the PP was just calling the doomsday guy's bluff - the person who mentioned the "impending market crash." That's irrational. If they are so smart that they know the market is going to crash, then they ought to be smart enough to do something about it and not just sit back and watch themselves become "un-millionaires" as they said. The eye roll should have told you that.

LOL I am both the doomsday guy (/gal) and the subsequent two respondents you mention. When you make money in a booming market, it’s not because you’re “smart” or competent to use active management techniques to try to avoid risk in the inevitable down market that is coming.

To put it another way: past performance is no guarantee of future results. It IS fun while it lasts, but let’s not get too attached.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Me too. But I think a lot of us barely-millionaires are going to un-become millionaires in the impending market crash.

It's something while it lasts!

You know, you can take a short position if that's really what you believe...

I didn't get to a million trading puts and calls and it's not how I'm going to get the second million, either. Thanks though.

You could invest in any number of things other than stocks, or just hold cash, if you are convinced an impending market crash is about to destroy your wealth but are too lazy to figure out how to profit from a downturn.

Lazy has nothing to do with it and wealth that can be destroyed in a market crash isn't really wealth.

I'm not retiring for another 20 years and I'm informed enough to know that there is no timing the market. Good luck to you, too.

I think the PP was just calling the doomsday guy's bluff - the person who mentioned the "impending market crash." That's irrational. If they are so smart that they know the market is going to crash, then they ought to be smart enough to do something about it and not just sit back and watch themselves become "un-millionaires" as they said. The eye roll should have told you that.

LOL I am both the doomsday guy (/gal) and the subsequent two respondents you mention. When you make money in a booming market, it’s not because you’re “smart” or competent to use active management techniques to try to avoid risk in the inevitable down market that is coming.

To put it another way: past performance is no guarantee of future results. It IS fun while it lasts, but let’s not get too attached.

You've represented yourself as 1- smart and competent enough to know that a crash is coming and 2- unwilling to use any of the many tools available to you to mitigate the effect of said crash.

1 and 2 cannot simultaneously be true.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As of today Personal Capital shows my net worth excluding home equity to be $5,022,088. Including home equity, it's $5,823,724. I, too, was in Biglaw. Retired 5 years ago in my early 50s.

OP here. what was your net worth when you retired? did you find that after you hit your first million the others came faster? I hear this often.

My net worth then was about $4 million. Yes, the numbers jumped pretty quickly. In 2008 after the market crash I probably was at barely a million. My net worth went up $1 million this year alone, and I'm not even working! Life is pretty good.

How did you make that last $1m this year!? A 25% return in your net worth is pretty incredible, especially in retirement!

It was a pretty typical return this year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As of today Personal Capital shows my net worth excluding home equity to be $5,022,088. Including home equity, it's $5,823,724. I, too, was in Biglaw. Retired 5 years ago in my early 50s.

OP here. what was your net worth when you retired? did you find that after you hit your first million the others came faster? I hear this often.

My net worth then was about $4 million. Yes, the numbers jumped pretty quickly. In 2008 after the market crash I probably was at barely a million. My net worth went up $1 million this year alone, and I'm not even working! Life is pretty good.

How did you make that last $1m this year!? A 25% return in your net worth is pretty incredible, especially in retirement!

I'm curious too. I would guess 3.5MM in equities/S&P500 returning 29%, with 500K in some "safe" combination as a cushion and to live on. I wish I had the risk tolerance for that kind of aggressive investing in retirement!

Big Law, please let us know!

Yea, that's about right. I have about two years living expenses in safe bets and the bulk of the rest in index funds. I have to say, making $1 million in a year without even working is pretty sweet.

[Anonymous]

We are a little over a million too in ours 40s but we don’t make as much as many of you guys. HHI of 130k

[Anonymous]

Anonymous wrote:We are a little over a million too in ours 40s but we don’t make as much as many of you guys. HHI of 130k

+1. This was us early 40’s but a little lower HHI. Now late 40’s/50 and just hit 150 HHI, and after reading this post, went to add up our Net Worth excluding House and we’re 50k shy of $2 million. Kind of feels good but in the back of my mind I know it’s not real until we cash out - which we won’t anytime soon. Congrats OP! We know how you feel.