p.s. if you have $1M saved (as opposed to net worth, because liquid funds are what really matter most), you have an income stream of about $40k/yr if you're around 50-60 yrs. old.

So having $1M in the bank does not make you rich, although it can sound that way.

If you make $100k/yr and want to replace most of your income you're going to need at least $2-3M in liquid assets (i.e., not including your personal residence, etc.).

Double down on being humble about it, realizing it could be gone quickly, and continuing to save and invest carefully.

Good for you, OP!

Of course this is the right place to celebrate such things.
You couldn't possibly say this to people in real life, so come here and say it!

Don't give your hard earned money to any charity. Your tax dollars already support those whether you want them to or not.

when we hit a mill my husband said, how does it matter? how does it really impact the way we live? its just a number and should give you some security- isnt that celebration enough?

Congratulation! I didn't see it as bragging, but I do think you should celebrate it with doing something meaningful (charity) or something that barely costs money. It's in the spirit of what got you to the million in first place!
I'm hoping to get to million in 20 years. I'm really enjoying the journey towards it though.

Anonymous wrote:

Anonymous wrote:good job on getting out of debt and all that but you are far form a net worth of $1 million based on the college fund and the heloc. those do not count towards your net worth unless you are not going to spend it on college and keep it and unless you use the heloc for the entire 195 and don't repay it.

but hey good job.

Thanks....I think. I figured that using the college savings is stretching! I don't fully understand your heloc comment though. We don't have a loan against our home equity. It is just the difference between what our house is worth (conservative estimate, I think) and how much we have left on our mortgage.

I count my home equity in my net worth. I don't count college savings (becoming a moot point since one kid is about to graduate and the other is in college so that money will be gone soon anyway.). Part of the reason I count home equity is that I am working to pay off my mortgages (2 houses) by 65. I also expect we will downsize one of the houses at some point so the home equity is real money.

Anonymous wrote:good job on getting out of debt and all that but you are far form a net worth of $1 million based on the college fund and the heloc. those do not count towards your net worth unless you are not going to spend it on college and keep it and unless you use the heloc for the entire 195 and don't repay it.

but hey good job.

Thanks....I think. I figured that using the college savings is stretching! I don't fully understand your heloc comment though. We don't have a loan against our home equity. It is just the difference between what our house is worth (conservative estimate, I think) and how much we have left on our mortgage.

Anonymous wrote:

Anonymous wrote:Get a Champaign enema.

Is that something you do in Illinois?

OP here - love both of these comments!

Anonymous wrote:how often do you go to restaurants?

Not often - maybe twice a month for dinner. And never to the really high-priced places - we are not really 'foodies' who can appreciate upscale dining. Takeout a few times a month as well.

Anonymous wrote:So happy for you, OP.
Congratulations!
How old are your children?

Thanks! They are 11, 9, and 7.

Anonymous wrote:Get a Champaign enema.

Is that something you do in Illinois?

Good for you! I'd go for the nice bottle of champagne route. It's a big deal for you and your family. Why not celebrate a bit! Congrats!

Good for you! Its the habits that got you there that are particularly worth celebrating - that and anyone who helped you along the way. Helper fairies my youngest calls those folks.

good job on getting out of debt and all that but you are far form a net worth of $1 million based on the college fund and the heloc. those do not count towards your net worth unless you are not going to spend it on college and keep it and unless you use the heloc for the entire 195 and don't repay it.

but hey good job.