How much is "having made it"?

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How much is "having made it"?

1 Million
22
12%
2 Million
35
19%
3 Million
37
20%
5 Million
52
29%
10 Million or higher
35
19%
 
Total votes: 181

Topic Author
AQ
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How much is "having made it"?

Post by AQ »

Read a slew of posts about high net worth posts recently. One of the themes is that once you "have made it", you then can take less risk and the main objective becomes preserving the principal. Based on a recent post, 6 millon appears above the line. My net worth is about half of that. So my curiosity is how much is big enough to mean "made it", and it's high time to start switching gears from typical investment strategy like "age in bond" to be much more conservative?

Realizing there are a lot of caveats, depending on personal lifestyles, tax vs. tax deferrable account, home equity. But just like many sentiment polls, let's do a "gut feeling" number poll. My number would be 5...

A completely side note: no spell check function on this forum? That would be helpful for someone like me..
sport
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Re: How much is "having made it"?

Post by sport »

There are so many variables to this, it is difficult to come up with a meaningful answer. For example, let's say you want to have a retirment income of 60K to be comfortable. You have a pension that pays 80K, you have social security that pays 20K and your spouse has Social Security that pays another 15K. In this case, your net worth could be minimal, and you would still "have it made". This leads to the question of how do you calculate "net worth".

Jeff
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Rob5TCP
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Re: How much is "having made it"?

Post by Rob5TCP »

I am assuming, no pension, no SS, just what number I would need. I assumed a 2-3% withdrawal rate so $2 million might not to it. So, in this scenario $5 million would have me set for life. I CAN and have, in the past, lived on much much less. But, to feel I have have made it, $5 mil is a magic figure. I won't be disappointed if I don't reach it. I am quite comfortable now and nowhere near that number.

AQ wrote:A completely side note: no spell check function on this forum? That would be helpful for someone like me..
There is a spell checker on this site. Unless it is Firefox's spell checker.
dickenjb
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Re: How much is "having made it"?

Post by dickenjb »

For me, it is always $1MM in net worth more than my current net worth.
masteraleph
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Re: How much is "having made it"?

Post by masteraleph »

I said $3 million, on the theory that $100,000 is a nice number and that 3% is apparently capable of sustaining that rate, adjusted for inflation, for just about as long as anyone could want.
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bertilak
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Re: How much is "having made it"?

Post by bertilak »

Rob5TCP wrote:There is a spell checker on this site. Unless it is Firefox's spell checker.
Firefox has a built in spell checker. Works pretty much everywhere. Safes mu but offend.
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Taylor Larimore
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Re: How much is "having made it"?

Post by Taylor Larimore »

Hi AQ:
How much is "having made it"?
That's easy: When we are content with what we have.

Mr. Bogle explains in his book, ENOUGH

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle
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GregLee
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Re: How much is "having made it"?

Post by GregLee »

Taking into account budgeting for future long term care, I don't see how to estimate a this-is-enough figure. I voted $10M or more.
Greg, retired 8/10.
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SpringMan
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Re: How much is "having made it"?

Post by SpringMan »

No amount of money constitutes "having it made". Ones health and well being of their loved ones is much more important. Would you say billionaire Steve Jobs had it made with all his medical problems?
Best Wishes, SpringMan
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Rob5TCP
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Re: How much is "having made it"?

Post by Rob5TCP »

SpringMan wrote:No amount of money constitutes "having it made". Ones health and well being of their loved ones is much more important. Would you say billionaire Steve Jobs had it made with all his medical problems?

In this context, it's talking about having it made in a financial sense. Of course Steve Jobs didn't have it made medically.
FedGuy
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Re: How much is "having made it"?

Post by FedGuy »

dickenjb wrote:For me, it is always $1MM in net worth more than my current net worth.
Similar for me. I'd probably say "Twice whatever I have at the moment."
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Taylor Larimore
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What's REALLY important . .

Post by Taylor Larimore »

AQ:

Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.

It is at times like this that we learn what's really important -- and it's not "dollars".

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle
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Marmot
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Re: How much is "having made it"?

Post by Marmot »

3 million in investable assets. I have a lot of $ locked up my house. At this point I don't consider it...but it it adds to my "net worth."
Marty....don't go to the year 2020....Dr. Emmett Brown
Grt2bOutdoors
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Re: How much is "having made it"?

Post by Grt2bOutdoors »

Not a penny less than 100 million. :beer

Yes sir, 100 million pennies is enough to hang these spurs up. :sharebeer
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
sport
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Re: What's REALLY important . .

Post by sport »

Taylor Larimore wrote:AQ:

Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.

It is at times like this that we learn what's really important -- and it's not "dollars".

Best wishes.
Taylor
Taylor, our prayers are with Pat and you.
Jeff
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Driver
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Re: What's REALLY important . .

Post by Driver »

jsl11 wrote:
Taylor Larimore wrote:AQ:

Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.

It is at times like this that we learn what's really important -- and it's not "dollars".

Best wishes.
Taylor
Taylor, our prayers are with Pat and you.
Jeff
+1

Let us know if you need anything Taylor.
milestogo
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Re: How much is "having made it"?

Post by milestogo »

Taylor
Praying for you and Pat. May she be granted healing and may you be granted peace of mind and endurance in this difficult time.
All my best thoughts and hopes for you and your family.
Thanks for everything you have given to all of us here.
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ofcmetz
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Re: How much is "having made it"?

Post by ofcmetz »

A lump sum equal to 50 times my families annual income would be "having made it" for me. ;) If I could live off of 2% withdrawals then I'd feel pretty good.
Never underestimate the power of the force of low cost index funds.
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ofcmetz
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Re: What's REALLY important . .

Post by ofcmetz »

Taylor Larimore wrote:AQ:

Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.

It is at times like this that we learn what's really important -- and it's not "dollars".

Best wishes.
Taylor
Please keep us updated and know you her both are in our thoughts and prayers.
Never underestimate the power of the force of low cost index funds.
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Rob5TCP
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Re: What's REALLY important . .

Post by Rob5TCP »

ofcmetz wrote:
Taylor Larimore wrote:AQ:

Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.

It is at times like this that we learn what's really important -- and it's not "dollars".

Best wishes.
Taylor
Only the best Taylor. Hope all works out well. They do literally medical miracles today. Jack Bogle is an example of this (going on 18 years).
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goodenyou
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Re: How much is "having made it"?

Post by goodenyou »

A person who never knows when enough is enough will never have enough
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Nestegg_User
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Re: What's REALLY important . .

Post by Nestegg_User »

Taylor Larimore wrote:AQ:

Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.

It is at times like this that we learn what's really important -- and it's not "dollars".

Best wishes.
Taylor
Hope all goes well for her and you
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ram
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Re: How much is "having made it"?

Post by ram »

5 M..
Ram
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woolf2b
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Re: How much is "having made it"?

Post by woolf2b »

Do you include the value of your home when figuring your number? I say 2 million would be a reasonable amount.
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FrogPrince
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Re: What's REALLY important . .

Post by FrogPrince »

Taylor Larimore wrote:AQ:

Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.

It is at times like this that we learn what's really important -- and it's not "dollars".

Best wishes.
Taylor
How true. My thoughts and prayers with you and Pat.
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thirdman
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Re: How much is "having made it"?

Post by thirdman »

Cheap_rookie wrote:
Taylor Larimore wrote:AQ:

Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.

It is at times like this that we learn what's really important -- and it's not "dollars".

Best wishes.
Taylor
Hope all goes well for her and you
I also hope all goes well.
anjou
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Re: How much is "having made it"?

Post by anjou »

Taylor Larimore wrote:
AQ:

Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.

It is at times like this that we learn what's really important -- and it's not "dollars".

Best wishes.
Taylor
Hi Taylor,

Best wishes to her for a complete recovery. Thanks for sharing your personal news.

Anjou.
Pam01
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Re: How much is "having made it"?

Post by Pam01 »

Taylor Larimore wrote:
AQ:

Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.

It is at times like this that we learn what's really important -- and it's not "dollars".

Best wishes.
Taylor
Taylor, I hope Pat recovers well and is back home soon. My best wishes are with you both.
hq38sq43
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Re: How much is "having made it"?

Post by hq38sq43 »

AQ wrote:Read a slew of posts about high net worth posts recently. One of the themes is that once you "have made it", you then can take less risk and the main objective becomes preserving the principal. Based on a recent post, 6 millon appears above the line. My net worth is about half of that. So my curiosity is how much is big enough to mean "made it", and it's high time to start switching gears from typical investment strategy like "age in bond" to be much more conservative?

Realizing there are a lot of caveats, depending on personal lifestyles, tax vs. tax deferrable account, home equity. But just like many sentiment polls, let's do a "gut feeling" number poll. My number would be 5...

A completely side note: no spell check function on this forum? That would be helpful for someone like me..
There is no dignity quite so impressive, and no independence quite so important, as living within your means.

--Calvin Coolidge, quoted in Andrew Tobias's The Only Investment Guide You'll Ever Need

Also, Jack Bogle's Enough.
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VictoriaF
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Re: What's REALLY important . .

Post by VictoriaF »

Taylor Larimore wrote:AQ:

Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.

Best wishes.
Taylor
Taylor,

Please give my best wishes to Pat for an expedient recovery,

Victoria
Inventor of the Bogleheads Secret Handshake | Winner of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)
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VictoriaF
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Re: How much is "having made it"?

Post by VictoriaF »

FedGuy wrote:
dickenjb wrote:For me, it is always $1MM in net worth more than my current net worth.
Similar for me. I'd probably say "Twice whatever I have at the moment."
I think the question here is not, "Do you have so much that you can stop investing?" but "Do you have so much that you can reduce the risk?" Answering the former question is easy, the answer is usually "never." Answering the latter question is more difficult but more useful.

Victoria
Inventor of the Bogleheads Secret Handshake | Winner of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)
travellight
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Re: How much is "having made it"?

Post by travellight »

I voted 2 million; I think I could get by on that for life.

Sending my best regards as well, Taylor.
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fishnskiguy
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Re: How much is "having made it"?

Post by fishnskiguy »

I just read about Pat's surgery over on the moderators panel. As I posted there, we wish Pat a speedy recovery.

Well, I'll be the first here to say we think we "have it made" with a COLA adjusted pension plus SS of right around $100,000, and a nest egg in the mid six figures we don't have to touch. With Medicare plus Tricare, medical expenses are minimal. No debt.

Life is good. We try hard every day not to take it for granted.

Chris
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NAVigator
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Re: What's REALLY important . .

Post by NAVigator »

Taylor Larimore wrote: Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.
Thoughts and prayers are sent to Pay and you. Indeed, treasure the important things and not the treasure. Thanks for this painful reminder.

Jerry
"I was born with nothing and I have most of it left."
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Mrs.Feeley
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Re: What's REALLY important . .

Post by Mrs.Feeley »

Taylor Larimore wrote:AQ:

Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.

It is at times like this that we learn what's really important -- and it's not "dollars".

Best wishes.
Taylor
I'm so sorry Taylor. This must be such a difficult time for you and your family. My thoughts and prayers are with all of you. I hope your wife's recovery is swift and your lives soon resume their joy and sweetness.
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Devil's Advocate
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Re: How much is "having made it"?

Post by Devil's Advocate »

AQ:

Pat, my dear wife for 60 years, is in the critical care unit at Mercy Hospital in Miami trying to recover from open-heart surgery.

It is at times like this that we learn what's really important -- and it's not "dollars".

Best wishes.
Taylor
Taylor,

As a new member and a consumer of The Boglehead's Guide to Investing I want to thank you so much for what you do. I hope that your wife is able to have a full and expedient recovery. You are a wonderful person and I can only imagine how special Pat must be. Take care.

DA
epilnk
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Re: How much is "having made it"?

Post by epilnk »

Rob5TCP wrote:In this context, it's talking about having it made in a financial sense. Of course Steve Jobs didn't have it made medically.
The poll asks when you have "made it", not when you "have it made". "Made it" to me suggests crossing a threshold, while "having it made" to me suggests abundance. To me "made it" would be around $2M, since at 3% that generates an income of $66k that is comfortable, though not necessarily sufficient to comfortably handle a major health crisis. Maybe I'd "have it made" at $4-5M.
xerty24
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Re: How much is "having made it"?

Post by xerty24 »

Hard to answer this without respect to one's age. $2M at 70 is almost certainly plenty for a nice lifestyle, at 20 it's just a good start.
No excuses, no regrets.
traineeinvestor
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Re: How much is "having made it"?

Post by traineeinvestor »

Hard to answer this kind of question in isolation from an individual's specific circumstances (e.g. age, cost of living, dependents etc etc). That said, I'd go with the US$10 million - that would allow most people to live a long and good life (financially speaking) without taking more than very moderate risk. The lesser numbers might not cut it for large families over long periods in high cost of living areas.
More Please
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Re: How much is "having made it"?

Post by More Please »

Taylor,

Best wishes to your dear wife and to you.
reggiesimpson
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Re: How much is "having made it"?

Post by reggiesimpson »

Taylor,
Hope all turns out well.
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SamGamgee
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Re: How much is "having made it"?

Post by SamGamgee »

Most posters seemed to interpret "having made it" as having enough that they'd choose not to work any more. I did not.

I answered $1 million, as even before I reached that point I'd be reducing my risk considerably and focusing on preserving my existing capital. I'd still be working, but I'd worry less about money. With $1 million in the bank, I figure I would have crossed the threshold of having provided for the basic worldly needs of myself and my dependents.

If I had a $1M but couldn't work any more, we'd certainly lower our standard of living, but we'd have enough for food, clothing and shelter pretty much indefinitely. In my mind, that's "having made it." After that I'm working for optional stuff -- nice house, cash to blow on books, taking my wife out to dinner once in a while, bikes and footballs for the kids.
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family_doc
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Re: How much is "having made it"?

Post by family_doc »

Dear Taylor,

Rose and I send our thoughts and best wishes to you and Pat, wishing her a speedy recovery. We will keep you both in our prayers.

family_doc
YDNAL
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Re: How much is "having made it"?

Post by YDNAL »

.

I'm finding these Net Worth threads from anonymous internet posters quite amuzing.
Every three years the Federal Reserve Board conducts a national survey that tracks the financial health of American households....

Net worth, as every financially precocious schoolchild knows, is the sum of one's assets -- home equity, investments, savings accounts, retirement funds, cars, furnishings and such things as jewelry, furs, wine collection, old baseball cards -- minus all outstanding liabilities such as mortgage balance, revolving and credit card debt, college loans and so on. Across all households, the national median net worth is $86,000. Half of your fellow citizens have more than that, half less. As you see, there's a massive disparity between the haves and have-nots.

Code: Select all

Net worth (percentile) Median net worth (rounded) 
Level VI (90 to 100) $833,600 
Level V (80 to 89.9) $263,100 
Level IV (60 to 79.9)  $141,500 
Level III (40 to 59.9) $62,500 
Level II (20 to 39.9) $37,200 
Level I (less than 20) $7,900
http://www.bankrate.com/brm/news/retire ... lth_a1.asp
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gerntz
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Re: How much is "having made it"?

Post by gerntz »

^ I think you need to do this for each age bracket. Of course those under 30 are way "poorer" than those over 60. And they should be.
gerntz
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Re: How much is "having made it"?

Post by gerntz »

Recall Donald Trump saying that you have it made/are wealthy if you can spend $1M/yr and not think about it.
linenfort
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Re: How much is "having made it"?

Post by linenfort »

$3,000,000 seems like the magic number for me. I could diversify my investments and get more than 90,000 in interest, dividends and occasionally, capital gains for life (I'm ~40 years old). 3 million feels like comfort.
Sorry to hear about your wife, Taylor. Best Wishes.
sandstorm
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Re: How much is "having made it"?

Post by sandstorm »

Taylor,
Your post is a reminder to focus on what is truly important and to not let it slip through our fingers while we are worrying about something else.
Best wishes for Pat's full recovery.
Radnog
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Re: How much is "having made it"?

Post by Radnog »

I am less concerned with dollars than lifestyle. I'll "have it made" when I can focus more on my hobbies than work.
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