How did you get from $1M to $10M
-
- Posts: 576
- Joined: Mon Nov 22, 2010 5:54 pm
How did you get from $1M to $10M
I am at $1M net worth. I have no plans of stopping here and next goal is $10M. I want to hear from people how they reached that level. I trust Brian Tracy "Your first million is the hardest, next 99 is inevitable". Did you just use the same investing strategy post $1M mark? Did you seek a substantially higher paying job/career?
Little background about me: Single income household with 2 kids, engineer's salary for about 15 years, hardly any supplemental income. I saved well all along and invested like a boglehead in last 10 years. In last 4 years, I have relatively splurged on cars and a nice home. Been happy with my choices. Am grateful for what life has given me and continues to give. Now I want to hear others' views. TIA.
Little background about me: Single income household with 2 kids, engineer's salary for about 15 years, hardly any supplemental income. I saved well all along and invested like a boglehead in last 10 years. In last 4 years, I have relatively splurged on cars and a nice home. Been happy with my choices. Am grateful for what life has given me and continues to give. Now I want to hear others' views. TIA.
-
- Posts: 3611
- Joined: Wed Dec 30, 2009 8:02 pm
Re: How did you get from $1M to $10M
I'm not in your target audience but I have to say that I am VERY dubious that there is any sure-fire or even highly likely way to get to $10M from $1M.
Unless of course there is hyperinflation, in which case all you will need is a stamp.
Unless of course there is hyperinflation, in which case all you will need is a stamp.
In theory, theory and practice are identical. In practice, they often differ.
-
- Posts: 13356
- Joined: Tue Mar 23, 2010 1:45 pm
- Location: Reading, MA
Re: How did you get from $1M to $10M
Not in target audience either.
But the "problem" is: that number ($10M) exceeds the retirement goals of most people by a factor of two or more.
So MOST Bogleheadish people will quit work and retire with $5M at age 45, for example.
True entrepreneurs will keep going, but they aren't always "Bogleheads"...
But the "problem" is: that number ($10M) exceeds the retirement goals of most people by a factor of two or more.
So MOST Bogleheadish people will quit work and retire with $5M at age 45, for example.
True entrepreneurs will keep going, but they aren't always "Bogleheads"...
Attempted new signature...
-
- Posts: 856
- Joined: Thu May 03, 2012 9:14 am
Re: How did you get from $1M to $10M
When I hit $1 mil I will probably cut back on the job and enjoy time with my kid. I have no desire for $10mil.
I assume most people agree to this.
I assume most people agree to this.
Re: How did you get from $1M to $10M
I don't think there is a sensible way to get that kinda money from the type of investing that is discussed in these parts..... most people who get that get it from inheritance, creating and selling companies or alike - there is just not enough time for regular savings to grow to that level. As mentioned, it's way above a level most people aim for retirement type goals anyway.
|
Rob |
Its a dangerous business going out your front door. - J.R.R.Tolkien
Re: How did you get from $1M to $10M
Why do you want $10 million?
Are your expenses in the $300,000-$400,000 a year range?
If you don't save another cent, and average 7%, your money will double every 10 years... so you'll have $4 million in 20 years... If you keep saving like you have, you'll probably have $6 million.
If you want $10 million, you'll probably have to increase your income which may mean working harder and more hours.
Is the extra money worth it to you?
Are your expenses in the $300,000-$400,000 a year range?
If you don't save another cent, and average 7%, your money will double every 10 years... so you'll have $4 million in 20 years... If you keep saving like you have, you'll probably have $6 million.
If you want $10 million, you'll probably have to increase your income which may mean working harder and more hours.
Is the extra money worth it to you?
-
- Posts: 12073
- Joined: Fri Sep 18, 2009 1:10 am
Re: How did you get from $1M to $10M
not in your target range either but one way could be, I waited 40 years (and my money doubled every twelve).
Re: How did you get from $1M to $10M
invest entire 1 million in TIPS and then wait about 65-70 years for inflation to take effect, and viola you have about $10 million. Your buying power barely changed, but at least you have $10 million.
A time to EVALUATE your jitters: |
viewtopic.php?p=1139732#p1139732
Re: How did you get from $1M to $10M
Not necessarily, inflation will increase income over time. Also, promotions can mean more pay, but doesn't necessarily mean you work harder or more hours.HomerJ wrote: If you want $10 million, you'll probably have to increase your income which may mean working harder and more hours.
The bigger question is do you want $10 million in today's dollars, or just $10 million? $10 million 25 years from now is worth a lot less than it is today.
Re: How did you get from $1M to $10M
The same way you got from 100k to 1M?
Re: How did you get from $1M to $10M
With the rule of 72, if we assume 8% return the $1m will double in 9 years. So, to get from $1m to $10m, just invest for ~30 years. That is perfectly sensible. Especially if you hit $1m at 30 or even 40.rob wrote:I don't think there is a sensible way to get that kinda money from the type of investing that is discussed in these parts..... most people who get that get it from inheritance, creating and selling companies or alike - there is just not enough time for regular savings to grow to that level. As mentioned, it's way above a level most people aim for retirement type goals anyway.
If we were talking in terms of real return, then yeah, it'll take longer as I doubt you'll get 8% real (more like 48 years). If we are throwing more cash on the pile then we can make it there quicker.
With that said, I have no intention of saving $10m unless we have some major runaway inflation, but I COULD have $10m if I really wanted to work until ~75 and refuse to spend any of it.
Re: How did you get from $1M to $10M
The well-known secret should do it: earn as much as you can AND save aggressively. I know this is too general but I don't have any specific ones to offer as I am not there.
There are many tools available online. The one I like the most is "Retire Plan" - a free app for iPad. This should give you an idea when you can expect to get there based on how much you can save regularly and what the return on your investments will be.
Good luck!
There are many tools available online. The one I like the most is "Retire Plan" - a free app for iPad. This should give you an idea when you can expect to get there based on how much you can save regularly and what the return on your investments will be.
Good luck!
Re: How did you get from $1M to $10M
It'd take 28 years to get from where we are today (mid six-figures) to $10MM if we kept our present strategy of saving ~40% of our gross and assuming 6% return (historical for our 85/15 AA is more than 8%). That would put me at age 65. Thus, it's doable with a reasonable savings/investment strategy assuming you have a high savings rate. That said, I plan on retiring well before reaching either milestone... don't need that much money; don't want to work that long.
Re: How did you get from $1M to $10M
Take $100K each Jan. 1st and invest in the previous year's top performing actively managed fund.
Oh sorry I misread the question (the above will more likely turn $10M into $1M)
Oh sorry I misread the question (the above will more likely turn $10M into $1M)
Re: How did you get from $1M to $10M
When I was in Costa Rica for a study abroad program, I hit the $1M mark at age 18. Unfortunately it wasn't in USD, but Colones. If I wanted to hit $10M, I would move somewhere where the exchange rates do all the hard work for me.
I will echo the "why" question. Figure out what is "enough", and aim for that. Winning is winning, no need to overshoot by some crazy amount, just because.I am at $1M net worth. I have no plans of stopping here and next goal is $10M.
Re: How did you get from $1M to $10M
"Why run up the score when you've already won the game?"surfstar wrote:I will echo the "why" question. Figure out what is "enough", and aim for that. Winning is winning, no need to overshoot by some crazy amount, just because.
Re: How did you get from $1M to $10M
Assuming no contributions, going from $10k to $100k, and $100k to $1m is exactly the same as going from $1m to $10m. Most people obviously add contributions along the way to get to each one of these milestones. Also for most people the % of income in relation to the portfolio size tends to go down over time.moneywise3 wrote:I trust Brian Tracy "Your first million is the hardest, next 99 is inevitable". Did you just use the same investing strategy post $1M mark? Did you seek a substantially higher paying job/career?
In that sense, going from $10k to $100k should theoretically be faster than $1m to $10m if your income is only going up with inflation. I believe the "you're first million is the hardest" mostly pertains to how some people get $1m, which is usually through creating a business. The idea is that if you are generating that that income via a business, you've learned how to become successful, and things begin to snowball, and exponential increases in income tend to be easier to achieve over time.
If you are a buy and hold investor and your income is just increasing by inflation every year, going from $1m to $10m will take longer (ie be "harder") than going from $100k to $1m. You need to increase your contributions by a much higher percentage to make getting there "easier".
Re: How did you get from $1M to $10M
I'll get back to you on that
Re: How did you get from $1M to $10M
I have to assume that you are referring to $10M in today's dollars absent any other information. In that context, I found $1M fairly easy to get to, but would find $10M almost impossible to get to while still enjoying life.
Echoing others, very few people here need $300-400K for annual retirement expenses. Half of that would be plenty for us, and I am on track to hit that before age 55.
Echoing others, very few people here need $300-400K for annual retirement expenses. Half of that would be plenty for us, and I am on track to hit that before age 55.
Re: How did you get from $1M to $10M
OP,
My goal is also $10M (nominal) but it will probably take me another 30+ yrs.
I can tell you a simple way :
Get to 250k - 300k of investable assets by age 30.
Save at least 50k/year each and every year until you retire.
Throw any lump sum "found money" in there along the way (windfall bonus, inheritence, etc)
Get 8% CAGR for 30 yrs.
Stay relatively more aggressive as you age. keep your AA at like 70/30 through your 50s.
Pray for a bull market late in the game.
Retire @ 60 with $10M (nominal)
My goal is also $10M (nominal) but it will probably take me another 30+ yrs.
I can tell you a simple way :
Get to 250k - 300k of investable assets by age 30.
Save at least 50k/year each and every year until you retire.
Throw any lump sum "found money" in there along the way (windfall bonus, inheritence, etc)
Get 8% CAGR for 30 yrs.
Stay relatively more aggressive as you age. keep your AA at like 70/30 through your 50s.
Pray for a bull market late in the game.
Retire @ 60 with $10M (nominal)
-
- Posts: 130
- Joined: Mon Aug 11, 2014 3:21 pm
Re: How did you get from $1M to $10M
I don't think anyone here has caught on that the OP has 1 mil net worth. There's a big difference between 1 mil net worth and 1 mil in investable assets. He could have 500k in house equity for all we know.....
-
- Posts: 576
- Joined: Mon Nov 22, 2010 5:54 pm
Re: How did you get from $1M to $10M
Thanks for the responses so far.
1. I want $10M because I want to spend it (meaningfully) and share it with others
2. My plan is to enjoy my work more and more as time goes by. So retiring is not a goal, it may be a choice at some point.
3. When I reach $10M, look for my next post of going from $10M to $100M. I am serious, and authentic when I say that.
4. I currently have enough love, spiritual growth, good health, conscience in my life. I have not bartered any of those to get here, nor I intend to in future.
5. Your responses are sounding like I should ask for ideas on increasing my income. So share that with me.
1. I want $10M because I want to spend it (meaningfully) and share it with others
2. My plan is to enjoy my work more and more as time goes by. So retiring is not a goal, it may be a choice at some point.
3. When I reach $10M, look for my next post of going from $10M to $100M. I am serious, and authentic when I say that.
4. I currently have enough love, spiritual growth, good health, conscience in my life. I have not bartered any of those to get here, nor I intend to in future.
5. Your responses are sounding like I should ask for ideas on increasing my income. So share that with me.
Re: How did you get from $1M to $10M
I am not the OP. I don't think the point is about the $10M number.How about it is changed to $3M or $4M or $5M?
The way I look at it - suppose it took 10years to get to $1M. In the next 10years, it will approximately become $2M on its own and continuing on the savings path will add another $1M. So
$1M - 10 years
$3M - 20 years
$7M - 30 years
$15M- 40 years
Accounting for inflation which will increase savings, the numbers may even come in sooner. I certainly feel it becomes easier because you will start noticing that your money really starts to work for you.
The way I look at it - suppose it took 10years to get to $1M. In the next 10years, it will approximately become $2M on its own and continuing on the savings path will add another $1M. So
$1M - 10 years
$3M - 20 years
$7M - 30 years
$15M- 40 years
Accounting for inflation which will increase savings, the numbers may even come in sooner. I certainly feel it becomes easier because you will start noticing that your money really starts to work for you.
Re: How did you get from $1M to $10M
What work do you do? I'm interested in how you can plan to enjoy your work more and more. What will change every year to make it better every year?moneywise3 wrote:My plan is to enjoy my work more and more as time goes by. So retiring is not a goal, it may be a choice at some point.
Better start a business. You will never get there on a salary.When I reach $10M, look for my next post of going from $10M to $100M. I am serious, and authentic when I say that.
I think you will have to in order to get to $10 million and especially $100 million. You will have to make trade-offs if those monetary goals are important to you.I currently have enough love, spiritual growth, good health, conscience in my life. I have not bartered any of those to get here, nor I intend to in future.
Again, increasing your income substantially will require more work, at least at first... I would spend your free time working on the next runaway hit app for the iPhone. But that will be free time you won't have for love, spiritual growth, and good health, so there WILL be a trade-off.Your responses are sounding like I should ask for ideas on increasing my income. So share that with me.
Personally, it sounds like whatever you're doing is working great for you. You enjoy your work, your family, you have time for health, spiritual growth, etc., and you've amassed a lot of money. Why do you want to change that winning combination to make even more money? More money than you need.
Last edited by HomerJ on Thu Oct 16, 2014 2:28 pm, edited 2 times in total.
Re: How did you get from $1M to $10M
Start a business. Note, this is also the fastest way to decrease your income. With risk comes downside. But you will never reach upwards of $100m by drawing a salary off someone else's business. You need other people to generate your wealth for you beyond just yourself (IE, customers).moneywise3 wrote: 5. Your responses are sounding like I should ask for ideas on increasing my income. So share that with me.
Re: How did you get from $1M to $10M
I quit my job, started a company, worked hard, and got lucky.
-
- Posts: 3611
- Joined: Wed Dec 30, 2009 8:02 pm
Re: How did you get from $1M to $10M
Three out of four of those are pretty easy.Hayden wrote:I quit my job, started a company, worked hard, and got lucky.
So now all the OP needs to know is how to get lucky.
In theory, theory and practice are identical. In practice, they often differ.
Re: How did you get from $1M to $10M
I don't have any ideas on how to get there, but I wish you all the best in your journey to $100M!moneywise3 wrote:Thanks for the responses so far.
1. I want $10M because I want to spend it (meaningfully) and share it with others
2. My plan is to enjoy my work more and more as time goes by. So retiring is not a goal, it may be a choice at some point.
3. When I reach $10M, look for my next post of going from $10M to $100M. I am serious, and authentic when I say that.
4. I currently have enough love, spiritual growth, good health, conscience in my life. I have not bartered any of those to get here, nor I intend to in future.
5. Your responses are sounding like I should ask for ideas on increasing my income. So share that with me.
-
- Posts: 414
- Joined: Sat Oct 19, 2013 1:45 pm
Re: How did you get from $1M to $10M
Do you have 1 million in assets not including your house? If your house is included then I think you still have long way to go.
-
- Posts: 717
- Joined: Wed Mar 25, 2009 12:58 am
Re: How did you get from $1M to $10M
Brian Tracy is saying that anyone that makes a $1 million is headed for $100 million?moneywise3 wrote: I trust Brian Tracy "Your first million is the hardest, next 99 is inevitable". .
Re: How did you get from $1M to $10M
I would try roulette, baccarat or craps
-
- Posts: 1489
- Joined: Wed Aug 01, 2012 9:24 am
Re: How did you get from $1M to $10M
Robs post above is on point.
The investment strategy on this forum isn't set up to cause you to have 10x your original investment in any short period of time.
Bogle was on CNBC today saying that he thought a 2% yield on the S&P and a 5% growth wasn't unreasonable to expect, but that possibly, considering the recent results of companies it would be more like 4% growth and you'd end up with a 6% return longer run.
At 6%, (1/3 of which is taxable along the way if you're getting 2% dividends) its going to take a while to get to 10M from 1M if you're only doing it with the investment returns. Additional savings is the key, which is always helped by more income.
The investment strategy on this forum isn't set up to cause you to have 10x your original investment in any short period of time.
Bogle was on CNBC today saying that he thought a 2% yield on the S&P and a 5% growth wasn't unreasonable to expect, but that possibly, considering the recent results of companies it would be more like 4% growth and you'd end up with a 6% return longer run.
At 6%, (1/3 of which is taxable along the way if you're getting 2% dividends) its going to take a while to get to 10M from 1M if you're only doing it with the investment returns. Additional savings is the key, which is always helped by more income.
-
- Posts: 3579
- Joined: Fri Jul 19, 2013 2:45 pm
Re: How did you get from $1M to $10M
How much does Brian Tracey charge for his advice? Maybe it's really a plan to get Brian Tracey to 10M.
Re: How did you get from $1M to $10M
How?
I didn't.
It wouldn't make a bit of difference in my life.
Lev
I didn't.
It wouldn't make a bit of difference in my life.
Lev
Re: How did you get from $1M to $10M
There is a limit to how much you can amass just by saving and investing. You say you have 1 million already. If you invest that plus a little over 25k per year at 7% for 30 years, you should have $10 million (before tax) and assuming you have a little luck along the way. As for the 100 million, that's a different story.
Slow and steady wins the race.
Re: How did you get from $1M to $10M
+1Andyrunner wrote:When I hit $1 mil I will probably cut back on the job and enjoy time with my kid. I have no desire for $10mil.
I assume most people agree to this.
Not sure it can be done just by index investing. At one million or a little more, I'll have something most people with that kind of money will never have. Enough!
One friend of mine comes to mind. He is well on his way to that number and for all I know he might already be there. However, the guy is miserable, his wife is miserable and I'm not sure what his end game is at this point. I'm not really sure what he is trying to prove, but looking at it from my end, it doesn't seem a whole lot of fun.
Having said that, I'm not saying all people are like this, but to come from nothing and acquire that kind of money takes a lot of hard work (i.e. building a business, being a successful professional, taking risks and I'm sure a whole lot of stress). I'll be happy when I reach my million and can count on a decent retirement. My wife and I are low maintenance people.
Choose Simplicity ~ Stay the Course!! ~ Press on Regardless!!!
Re: How did you get from $1M to $10M
Happiness is not having what you want, but wanting what you have.
Slow and steady wins the race.
-
- Posts: 6993
- Joined: Mon Jan 03, 2011 8:40 am
Re: How did you get from $1M to $10M
The only reasonable way to do this would be to save A LOT more then you are. Saving 5 digits a year is not going to cut it. That will get you that number in 30 years when that 10 million is no longer worth 10 million. I would aim to save 200k+ at least per year for the next 10-20 years. You will likely have to start a business to do that from an engineers salary. Of course, that would be mean saving very little the first several years just to get the company going with very little chance of great success (just like any business). Maybe leverage? Buy a whole bunch of real estate and rent them out for passive income?
I noticed you have 2 kids so it is unlikely this will happen as you would not only have to save that much, but even more to compensate the costs of colleges in the next 20-30 years.
Good luck.
I noticed you have 2 kids so it is unlikely this will happen as you would not only have to save that much, but even more to compensate the costs of colleges in the next 20-30 years.
Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” |
-Jack Bogle
Re: How did you get from $1M to $10M
I have no specific advice other than I agree Brian Tracy is fabulous -- very concise and logical. I've been listening to him since the mid-1980s and he has helped me immensely. But I'm not at $10M yet!
Billy
Billy
- Dale_G
- Posts: 3466
- Joined: Tue Feb 20, 2007 4:43 pm
- Location: Central Florida - on the grown up side of 85
Re: How did you get from $1M to $10M
Splurging is fine, but you may find the second million is harder than the first, particularly if you are increasing spending.moneywise3 wrote: In last 4 years, I have relatively splurged on cars and a nice home. Been happy with my choices. Am grateful for what life has given me and continues to give. Now I want to hear others' views. TIA.
There isn't anything wrong with spending most of your wage income at this point, but absent saving a bunch (or rampant inflation) - and a very long time horizon, 10 million will be a stretch.
15 years as an Engineer puts you in the later 30's. 5 +/- million in today's may be quite reasonable.
Let me know how it turns out.
Dale
Volatility is my friend
Re: How did you get from $1M to $10M
You will probably need to own your own business which of course is even riskier than our much beloved stock market.You say you want to help people so I would focus on that and at least you will feel like 10 million bucks
K.I.S.S........so easy to say so difficult to do.
Re: How did you get from $1M to $10M
Having no personal experience with accumulating $10MM, I think you'll find some unexpected obstacles may emerge that could derail you from that goal. What you really should have for a goal isn't $10MM, but to have sufficient resources to sustain the lifestyle you want should you choose - or be forced - to stop working at some point. For example, if we get a contracting economy for 30 years, and you experience no growth in investments or salary over that time, $10MM won't be happening for you, but under those circumstances, you might be able to sustain a favorable lifestyle for a lot less than that $10MM. On the other hand, if we get a decade of 15% inflation and 15% CD rates, $10MM may be doable, but won't help you that much, either. If you mean $10MM in 2014 dollars... good luck with that.moneywise3 wrote:I am at $1M net worth. I have no plans of stopping here and next goal is $10M. I want to hear from people how they reached that level. I trust Brian Tracy "Your first million is the hardest, next 99 is inevitable". Did you just use the same investing strategy post $1M mark? Did you seek a substantially higher paying job/career?
Little background about me: Single income household with 2 kids, engineer's salary for about 15 years, hardly any supplemental income. I saved well all along and invested like a boglehead in last 10 years. In last 4 years, I have relatively splurged on cars and a nice home. Been happy with my choices. Am grateful for what life has given me and continues to give. Now I want to hear others' views. TIA.
- PoeticalDeportment
- Posts: 124
- Joined: Mon Jan 21, 2013 2:44 am
- Location: Amundsen's Tent
Re: How did you get from $1M to $10M
Ok, I'll attempt a serious answer (to a not-very-serious question):
Mathemtically (using the future value function in excel or google docs spreadsheet or whatever you prefer):
If you are starting with all $1M invested and earning 5.5% annually, you would need to save $200,000 annually for the next twenty years. That should do it.
=FV(5.5%,20,-200000,-1000000,1) -> $10,274,973
or
30 years of saving $85k/year with annual returns of 5% would also work
=FV(5%,30,-85000,-1000000,1) -> $10,251,610
As an engineer, you might enjoy playing with the variables (even those of us who aren't engineers find it interesting).
Behaviorally:
As Dale_G has suggested, you should ask your former, more frugal self - you know, the guy who successfully saved $1M.
Your current self will not be as successful if you insist on the nice house and cars.
Mathemtically (using the future value function in excel or google docs spreadsheet or whatever you prefer):
If you are starting with all $1M invested and earning 5.5% annually, you would need to save $200,000 annually for the next twenty years. That should do it.
=FV(5.5%,20,-200000,-1000000,1) -> $10,274,973
or
30 years of saving $85k/year with annual returns of 5% would also work
=FV(5%,30,-85000,-1000000,1) -> $10,251,610
As an engineer, you might enjoy playing with the variables (even those of us who aren't engineers find it interesting).
Behaviorally:
As Dale_G has suggested, you should ask your former, more frugal self - you know, the guy who successfully saved $1M.
Your current self will not be as successful if you insist on the nice house and cars.
Re: How did you get from $1M to $10M
I am in a similar situation as you. For the first time, I added up all my assets this year. I was surprised to find out that I am worth about $1.5m. I am a conservative spender. My end goal is more modest, $4m. But I think I am older than you (I am 50). We are also a single income family with four children.moneywise3 wrote:I am at $1M net worth. I have no plans of stopping here and next goal is $10M. I want to hear from people how they reached that level. I trust Brian Tracy "Your first million is the hardest, next 99 is inevitable". Did you just use the same investing strategy post $1M mark? Did you seek a substantially higher paying job/career?
Little background about me: Single income household with 2 kids, engineer's salary for about 15 years, hardly any supplemental income. I saved well all along and invested like a boglehead in last 10 years. In last 4 years, I have relatively splurged on cars and a nice home. Been happy with my choices. Am grateful for what life has given me and continues to give. Now I want to hear others' views. TIA.
My personal path is focused on replacing my earned income with other income streams. I think diversity beyond mutual funds and stocks is important. I am moving a portion of my assets to rental properties. This has been greatly discussed here, but my path is that I have a friend who is mentoring me is this step. He has an income stream from residential and commercial properties of more than $1m annually. But if you can't find someone to guide you in some new path, stick to what you know. You know this, but don't got to seminars or listen to someone who is selling something. With a strong mentor, you can move into another area that interests you, like investing in start ups, rental properties, starting your own business, or other areas that are often avoided by those on this board. And of course, there are no guarantees. And yes, that $1m number gives you a freedom that others don't have. If I want to buy a rental property for $250,000 in cash, I can. Or I can leverage it. Or I can pass on it. There are small businesses that need start up loans, the risk is higher, but the returns are also higher than your MM account. Again, don't go it along.
You earned a million with hard work, don't lose half of that learning a lesson on your own that you could have learned by paying for a meal and sharing a conversation with someone that already learned that same lesson. It is amazing how many people are willing to share their "secrets" and that is often because somewhere back in their past, someone shared an important lesson with them that was helpful. People want relationship, not someone who is wants to pump them for information just to raise their net worth.
One other word of caution about asset allocation: As our net worth goes up, most people either want to take more risk or less risk, increase spending or make some major move. Just stay the course, patience and perseverance pay dividends . My asset allocation would be considered crazy by most here but it is based on owning indexes with lower correlations rather than trying to match the overall market. But staying the course with it has served me well.
All the best - from the little you posted, it sounds like you have your head and heart in the right place.
-
- Posts: 1177
- Joined: Wed May 09, 2012 10:21 pm
Re: How did you get from $1M to $10M
moneywise, your data says
Posts: 129
Joined: Mon Nov 22, 2010 6:54 pm
For someone who has been around quite a bit, this is a very strange question.
Posts: 129
Joined: Mon Nov 22, 2010 6:54 pm
For someone who has been around quite a bit, this is a very strange question.
Re: How did you get from $1M to $10M
This thread has run its course and is locked (question has been answered, no added value to continue). See: Forum Policy
Locked Topics
Moderators or site admins may lock a topic (set it so no more replies may be added) when a violation of posting policy has occurred. Occasionally, even if there are no overt violations of posting policy, a topic (or thread) will reach a point where the information content of the discussion has been essentially exhausted and further replies are much more likely to cause distress to the community than add anything of value.