When did you hit $1m in networth?
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Anonymous
He gave you what you needed, and regardless of how you originally thought you both treated each other well. There are worse ways to start a marriage. It's great to hear that this worked out for you. |
Anonymous
| Not sure how to calculate my CSRS. If i retire next year at age 50, I will make over $100k per year for not working. Is that worth $1million? |
Anonymous
| 30 and 32 - a year and a half ago Both professional services and focused on saving everything we didn't need. About to have first child and DH will shift down into an in-hoise job with less hours/pay but more impact (and time for the family!). |
Anonymous
They generally say you should pull out 4% a year from retirement, so a guaranteed 100k is probably closer to 2 million in terms of retirement income. |
Anonymous
| I thought 55 was MRA for CSRS. |
Anonymous
| CSRS: (Law Enforcement, Fire Fighters and Air Traffic Controllers) can retire at 50..... |
Anonymous
and these jobs make $100K a yr as pensions? |
Anonymous
| If you are under CSRS; have maxed out salary wise ($155,500 or higher if SES) and have 30 years of service at age 50.... |
Anonymous
Of course it is, unless you think you won't live more than 10 years. However, you still don't have a million in net worth because I do not believe there is a lump sum option. |
Anonymous
Wow. My graduate education is my insurance policy. |
Anonymous
| First million earned at ~34. Wife and I were IT consultants. Maxed out our retirement contributions immediately out of college. Now in our early 40's and are at $2.1 million. $700K home has about $200K left on the mortgage (6 yrs left to pay it off). Includes a $100K college fund for kids. Feels good. We've reached our max earning years so hope to be at $4 million in another 10 years. |
Anonymous
Wow. Your graduate education isn't going to be much of an insurance policy if it's not backed up with work experience. |
Anonymous
| About 33-34. I had a home that had 500k in equity, retirement of about 250k (pension, profit sharing, 401k, and IRA, and a small 403b from an adjunct pressor job many years ago, combined). 250k in a stock account, about 50k in stocks owned directly with companies (not my usual investment account), and maybe another 100k in combined savings, CDs, and a few small bonds. I got married at 34 and combining our assets/incomes we now have several millions. I own my own co. So I can put almost 50k in retirement a year (profit sharing plus pension and then my Ira). My husband, a partner in his engineering company, does the same. So in retirement alone we have almost 2 million now. We own 6 homes and part of a building. It seems like a lot, but we live fairly modestly I got my first new car 5 years ago, I use coupons if they are handy, I buy things on sale, etc. saving for our future is a big priority. |
Anonymous
Just a note for you kids out there. It's great that this person uses coupons and so should you but it probably isn't the key to becoming a millionaire. (says the guy who is worth less than he was at age 33-34, which was about two decades ago) |
Anonymous
I'm that poster who uses coupons but has many millions. Absolutely true: We did not make our millions because we clipped coupons. And I'm not a fanatic about it either. Instead, we've never carried a credit card debt, always maxed out retirement, and had parents who always taught us about saving versus spending. I opened my first CD at the age of 11 with my 11th birthday money ($40) but at the time the interest rate was 18%! My graduation from college gift from my parents was $2,000 into my first IRA (the max. an IRA contribution could be at that time). BUT...clipping coupons, finding deals, etc. ensures that we don't frivilously spend away our wealth. We go out when we want and vacation when and where we want...but I will alway look for deals (rental car codes, airfare 'sales', etc.). I review sales in the grocery ads and if something is on sale that we like, I buy it. I guess the moral is: save as much as you can, try to have very little debt, and when possible, carve off your spending by using deals/coupons. Example: We took a family trip to CA (Disneyland) and stayed at a Marriott. I bought Marriott gift cards off Ebay that saved 10% off the bill + I booked the rooms using our (free) AAA membership (another discount off the rooms). Our airfare was booked using companion fare coupons (still had to pay $99/ticket PLUS taxes). Car rental was booked using coupon codes (which I continually watched and made new reservations for rental cars when rates decreased at another car company). We brought our food into the park each day and stayed a little bit away from directly enar the park. We lugged our car seats so we didn't pay a car seat rental fee with the car rental place, etc. Our vacation was THOUSANDS of dollars...but we probably also saved hundreds and hundreds doing it the way we did. I don't buy my kids every new toy out there - and we spend conservatively for the holidays. (There are tons of presents, but bought on sale throughout the year). |