Anonymous brag - millionaire

[Anonymous]

Anonymous wrote:Late 30's, DH is 40. We hit $1M net worth last year including real estate equity. We're comfortable but I don't at all feel like we've "made it." Maybe it's because we're not expecting any sort of inheritances or trust funds. If anything, I feel we need to kick it up a notch to really be able to enjoy the next half of our lives.

+1. We are 36 and have a million if you include retirement accounts and home equity. We still have a long way to go to have the retirement we want, while still living the way we want in the meantime.

[Anonymous]

We hit 1m around 35 wexare 46 now and networth 3.8 m our goal is 15 before retiring but may not happen.

[Anonymous]

Anonymous wrote:Silly to post, as this is nothing but a brag (and not even a humble one), but I will never tell anyone this in real life so an anonymous board it is. DH and I just crossed the $1M mark for net worth. When we got married 10 years ago, we had $2,600 in the bank (combined) and were both in grad school. We graduated with $450K in student debt, and we are on schedule to be completely paid off in 2 more years (12 years from time we finished grad school), at which point we will be debt-free other than mortgage, which we could pay off in another couple of years, but I think we'll keep it. We live well, but not flashy - well below the level of many of our peers in terms of material possessions. We live in a very nice house, but one which is valued at about 80% of our annual income. We are high-income earners now, but we started with a mountain of debt to pay off. We have been fanatical about savings and college funds and paying down debt and slowly watched that little red line creep up into the positive green space in our Quicken financial tracker. $1M feels like such a significant accomplishment!

Anyway, as I said this is a complete brag post and I recognize I may sound like a jerk. But we don't talk to anyone about finances, and I just wanted to brag *a little* about getting out of debt and reaching a financial goal. I'm proud of us.

The flip side of this post is where I question whether the money is worth it and whether we should stay in these high-stress, long-hours jobs now that we've paid off our debts. That's a post for another day, another forum.

WOO HOO!!! Congrats!!! Job well done and showing others how it should be done! This is your moment to celebrate.

[Anonymous]

Anonymous wrote:We hit 1m around 35 wexare 46 now and networth 3.8 m our goal is 15 before retiring but may not happen.

Well la dee da

[Anonymous]

Congrats to you! I remember when we first hit $1m. We're at about 2 now, but my DH thinks we need to hit $5m before retirement. Not sure how we're gonna get there, but I guess it makes sense as we have older family members with low investment savings who would be dependent on us, then the kids educations, then who knows what.

[Anonymous]

Anonymous wrote:We hit 1m around 35 wexare 46 now and networth 3.8 m our goal is 15 before retiring but may not happen.

15M or 5M?

PP here (at $1.2), would like to be at $5M by 50.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congrats OP! We're at about $800K (early 30s), but I've been amazed at how fast it speeds up the more you get. Obviously I knew it intellectually, but the compounding power and getting money to make you money is REAL! Start early young people!

Like I have posted before it took 13 years of diligent savings to get to the first million, but only 6 more years to reach the second million. Only 4 more years to reach the third million and then 2.5 years to $4 million. A year later and we are at $4.6 million. Not bad for two wage slaves in our early 50s.

We are at about 700K. This post gives me hope!!!

You can do it! Just keep saving, and keep your investing simple.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congrats OP! We're at about $800K (early 30s), but I've been amazed at how fast it speeds up the more you get. Obviously I knew it intellectually, but the compounding power and getting money to make you money is REAL! Start early young people!

Like I have posted before it took 13 years of diligent savings to get to the first million, but only 6 more years to reach the second million. Only 4 more years to reach the third million and then 2.5 years to $4 million. A year later and we are at $4.6 million. Not bad for two wage slaves in our early 50s.

How? Almost 40 here. DH and I are at about $1.3M which includes real estate equity.

Saving at least 30% of our net income (after pretax retirement contributions, which were always the max allowed) and investing in index funds.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congrats OP! We're at about $800K (early 30s), but I've been amazed at how fast it speeds up the more you get. Obviously I knew it intellectually, but the compounding power and getting money to make you money is REAL! Start early young people!

Like I have posted before it took 13 years of diligent savings to get to the first million, but only 6 more years to reach the second million. Only 4 more years to reach the third million and then 2.5 years to $4 million. A year later and we are at $4.6 million. Not bad for two wage slaves in our early 50s.

How? Almost 40 here. DH and I are at about $1.3M which includes real estate equity.

Saving at least 30% of our net income (after pretax retirement contributions, which were always the max allowed) and investing in index funds.

Ouch. Did you actively have a target number to reach? We max our retirement and try to save what we can, but I'm wondering if we should have more concrete goals ($2M by 2022, etc).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congrats OP! We're at about $800K (early 30s), but I've been amazed at how fast it speeds up the more you get. Obviously I knew it intellectually, but the compounding power and getting money to make you money is REAL! Start early young people!

Like I have posted before it took 13 years of diligent savings to get to the first million, but only 6 more years to reach the second million. Only 4 more years to reach the third million and then 2.5 years to $4 million. A year later and we are at $4.6 million. Not bad for two wage slaves in our early 50s.

How? Almost 40 here. DH and I are at about $1.3M which includes real estate equity.

How? What a mystery... My 2 best guesses for "how" would be that (1) they spent less than you or (2) earned more than you (or likely some combination of the 2).

Your guess might be good, but the fact that the PP called themselves "wage slaves" tells me that might not necessarily be the case.

PP's response {Saving at least 30% of our net income (after pretax retirement contributions, which were always the max allowed) and investing in index funds} is helpful. I think if we take a more concrete approach, we could do that (current HHI $330k, $1.2M net worth). It's helpful to get a bird's eye pic into how others are accumulating their wealth.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Congrats OP! We're at about $800K (early 30s), but I've been amazed at how fast it speeds up the more you get. Obviously I knew it intellectually, but the compounding power and getting money to make you money is REAL! Start early young people!

Like I have posted before it took 13 years of diligent savings to get to the first million, but only 6 more years to reach the second million. Only 4 more years to reach the third million and then 2.5 years to $4 million. A year later and we are at $4.6 million. Not bad for two wage slaves in our early 50s.

This is what we are hoping for. About 1.4M in retirement accounts now, early 40s. About 450k in home equity. Looking forward to reaching 2M. 7 figure home will be paid off in 15 yrs by time 1st hits college.

I think the lesson is to save as much as possible in late 20s to 30s so can see future retirement possibility for late 50s/early 60s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congrats OP! We're at about $800K (early 30s), but I've been amazed at how fast it speeds up the more you get. Obviously I knew it intellectually, but the compounding power and getting money to make you money is REAL! Start early young people!

Like I have posted before it took 13 years of diligent savings to get to the first million, but only 6 more years to reach the second million. Only 4 more years to reach the third million and then 2.5 years to $4 million. A year later and we are at $4.6 million. Not bad for two wage slaves in our early 50s.

How? Almost 40 here. DH and I are at about $1.3M which includes real estate equity.

Saving at least 30% of our net income (after pretax retirement contributions, which were always the max allowed) and investing in index funds.

Ouch. Did you actively have a target number to reach? We max our retirement and try to save what we can, but I'm wondering if we should have more concrete goals ($2M by 2022, etc).

No we don't and never did. We are lucky in many ways because our job losses have been short term, we never wanted to "trade up" so we've been in the same house for 17 years and our cars are model years 2009 and 2010, so I am not underestimating the role timing and luck have played in our success. Not panicking and cashing out during the market low in 2008 also helped.

If you are asking me if you should have concrete goals, I say absolutely yes. Failing to plan is planning to fail.

[Anonymous]

How refreshing to have a post like this that has stayed positive! Great job op. Clearly you are making wise choices and it is paying off!!