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I cant really tell this to many people. This week, I accomplished a 7 figure net worth. Mine is a mix of rental properties and my retirement portfolio. I'm Currently 46 and will retire at 56 with a county pension. Hopefully, by then my retirement portfolio itself will be a million. I started saving for retirement in about 2000 but have really been kicking it up the last 5 to 7 years. its nice seeing that extra comma. For perspective, my base pay now is 80 grand. I get as much OT as I want so I will be maxing out my retirement for the foreseeable future.
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Excellent work. And just watch. The 2nd million comes a lot faster than the first thanks to the magic of compounding and increasing income and savings.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going. -
That's fantastic, congratulations!! It's alot of hard work & focus, especially getting to that first million.
I hit that mark almost 4 years ago, and I remember the day that I realized it quite clearly -- July 4th weekend in 2019, so it was an additional form of independence that we celebrated that year. It's definitely a landmark event in your financial journey, and I hope you reach even greater accomplishments in short order!Comment
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Congrats. Major accomplishmentBrianComment
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Congrats !
You are a rare individual in todays "gotta have it now: environment.Comment
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Awesome news! Congratulations.History will judge the complicit.Comment
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Amazing work!!
Your comment about it is something that you can not discuss with many people is an interesting problem with our culture. People don't tend to understand the concept that being a millionaire doesn't mean you live in a big house, drive a fancy car, and take exotic vacations any time you wish. The reality is it tends to be the opposite. Between retire at $250k and home value at roughly the same I am half way there, but neither of those are pools of money I can (would) just pull from for what ever.
Keep it up!Comment
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So true. A million dollars sounds like a ton of money to many people, but the reality is not so much, especially if you're including home equity, but even if you aren't. Using the 4% guideline, if you retired with $1 million you would only have $40,000/year of income before taxes. Not a very rich lifestyle on whatever that leaves you with after taxes.Originally posted by myrdale View PostSteve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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Exactly why I leave home equity out.Originally posted by disneysteve View Post
I hit a million three years ago. Still waiting to get to two as you mentioned that would come quick.
Actually just crossed back over 1M last week (investments only)Comment
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Hopefully, I can have my portfolio to a million by the time I retire at 56, in about 9 years. I'll also be drawing a 6 figure pension at 56.Originally posted by disneysteve View PostComment
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I own rental properties so I include all my properties in my calculations.Originally posted by Jluke View PostComment
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Yep. Rentals are investments.Originally posted by Atretes1 View Post
if I sell my house I am homeless.
you sell your rental/home you have money and a place to live.
and with the latest run up in prices there’s really no downsizing opportunities for meComment
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congratulations. Home equity = it depends. Some places it really does fund retirement. The number of clients and people I know who "retired" with millions then downsized into senior communities or farther out pocketed a nice amount and funded their retirement with their home.Comment
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Like Dave Ramsey says ..... Don't be like everybody else, be weird.Originally posted by Atretes1 View Post
Being debt free, having some net worth and financial acumen is weird in todays society.
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