Reply to Just surpassed $1m net worth

Forum Index » Money and Finances

Reply to "Just surpassed $1m net worth"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=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[/quote]

+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. [/quote]

Can you explain this please?  Not counting your house you have $2 million in retirement and you're just now making 150k between the two of you?

Tell us what you're counting to come up with your net worth.[/quote]

I started investing while I was in college in the late 80s after taking a personal finance class.  My parents never went to college and had no idea about investing in the stock market.  I worked a part-time job during the school year and full time in the summer, including funding IRAs at the time.  I did not try to pay off student loans right away as I thought investing would be better in the long run - which it was.  Worked a couple of years and then went to Law School and moved to DC.  Those loans I did pay off as soon as possible as they were high interest rates, but saved everything else.  I did not do the social scene, dinner party circuit, etc. so I saved a lot of money.  Bought a town house almost immediately in the mid-90s and had roommates.  Yes, this part was pure luck.  I did work in Law for about 8 years which gave me a good savings and retirement foundation, but became a SAHM after first kid.  So top salary back in early 00s was $150 - 170k (including bonus).  DH coming off graduate degree when we married, so he did not have an income.  He got a government job right after kid was born, so my salary was replaced by his salary at a lower level, but our housing costs were very little since the house cost very little when I purchased it - like $200k.  Sold just a few years after that for $700k - very close in Arlington right as the housing bubble started to collapse.

Left the area for a few years and then moved back, so we put most of the proceeds in the market after the collapse.  Just really good timing.  We used some of that money to buy new house here further out, but kept most in the market.  So, between my retirement accounts (Rollover IRA and Roth (which we fund every year), I have about $600K even though I haven't worked in probably 14 years and Husband's retirement accounts have about $500K (He didn't start saving for retirement until we married).  The other $875 K is investments and housing profits turned into investments.  Not saying someone could do the same today as we've benefited from a great housing market and a huge bull market.  As I also mentioned in my first post, I don't count this money because it could all be halved or worse tomorrow if the market crashes.  I just made the comment that it's nice to see when you do hit these milestones.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics