Reaching $1M in Total Assets

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newbie
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Reaching $1M in Total Assets

Post by newbie » Thu Apr 03, 2014 8:08 pm

Adding the missing/requested info.

Emergency Funds: Good for 4 months
Debt: Car loan only. I don't use credit cards.
Tax Filing: Single
Tax Rate: 18% Federal, 0% State
Age: 32
Income: $100k/yr

Current Assets
Real Estate: 150K (I own all of it. No debt.)
401K: 30K (all in company stock fund)
Stocks: 30K (all domestic large caps)
Vanguard Index Fund: 10K
No IRAs.

Contributions
13% towards 401K (employer + employee)
15% towards ESPP

My question is pretty simple. What would it take from me to get to $1M in total assets and how long would it take? If any of you have already reached the $1M mark, I would love to hear your story and how you did it.
Last edited by newbie on Thu Apr 03, 2014 9:55 pm, edited 2 times in total.

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hoppy08520
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Re: Reaching $1M in Total Assets

Post by hoppy08520 » Thu Apr 03, 2014 8:33 pm

Hello newbie (surprised no one else claimed that name yet) and welcome to Bogleheads.

To figure out how fast you can get to $1M, plot it out in a spreadsheet. Have one row per year. A reasonable go-forward estimate on stock market returns is around 5% or so. Add in new contributions. At the end of each year, take 5% of your balance and those are your earnings. In the next row, your starting balance is your ending balance from the previous year. Etc. etc.

Saving$
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Re: Reaching $1M in Total Assets

Post by Saving$ » Thu Apr 03, 2014 8:41 pm

Um, you have not provided anywhere near enough info to answer that question.

You put 13% of income to your 401k. 13% of $50k? ($6500); 13% of $100k ($13k); 13% of $???

If you are trying to get there with only 401k contributions, it will be a long haul.

Spend less than you earn, and save. If you earn $500k a year and can save $200k/year, you will get there quickly. This is just math.

wilked
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Re: Reaching $1M in Total Assets

Post by wilked » Thu Apr 03, 2014 8:45 pm

newbie wrote:Current Assets
Real Estate: 150K (I own all of it. No debt.)
401K: 30K
Stocks: 30K
Vanguard Index Fund: 10K
No IRAs.

My question is pretty simple. What would it take from me to get to $1M in total assets and how long would it take?

To your first question, about $780K

To your second, no idea, you haven't given nearly enough information to answer. My gut tells me 20 years.

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Aptenodytes
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Re: Reaching $1M in Total Assets

Post by Aptenodytes » Thu Apr 03, 2014 8:46 pm

The answer will be driven by your salary. If I were you I would set aside the question you have posed and bear down on your career.

Johm221122
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Re: Reaching $1M in Total Assets

Post by Johm221122 » Thu Apr 03, 2014 8:46 pm

How to save a million calculator
http://www.bankrate.com/calculators/sav ... lator.aspx

But more seriously
Save as much as you can
Get a job you like and pays well
Find good spouse
Rember inflation


John

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SunsetKid
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Re: Reaching $1M in Total Assets

Post by SunsetKid » Thu Apr 03, 2014 8:50 pm

You are doing well so far, with the paid off house.

You need to increase your savings, if your 18% is your combined fed tax rate, then up your 401K contributions to save taxes now, if you meant 15%, then now need to save on tax now, so put it into a roth as it seems you can have both 401K and roth at your income levels.

Make this the last car you buy on loan, unless the loan is 0%->1% , and even then usually it means you give up a lower price, so just pay cash for your cars.

Do that for 20 more yrs and you may get there.

kenner
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Re: Reaching $1M in Total Assets

Post by kenner » Thu Apr 03, 2014 9:03 pm

hoppy08520 wrote:Hello newbie (surprised no one else claimed that name yet) and welcome to Bogleheads.

To figure out how fast you can get to $1M, plot it out in a spreadsheet. Have one row per year. A reasonable go-forward estimate on stock market returns is around 5% or so. Add in new contributions. At the end of each year, take 5% of your balance and those are your earnings. In the next row, your starting balance is your ending balance from the previous year. Etc. etc.


I have a slight quibble with the above statement. It has been reported that, historically, the US stock market has returned, on average, 11% per year. But there have also been years where the US stock market fell 50% (and at one time 90%). Not sure how you "spreadsheet" this.

Going forward, some investment luminaries (Dr. William Bernstein comes to mind) predict that stock market returns will be less than in the past.

I do believe that 5%, on average, is a more than reasonable expectation of returns from the US stock market. I do not believe such returns will appear each and every year.

newbie
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Re: Reaching $1M in Total Assets

Post by newbie » Thu Apr 03, 2014 9:14 pm

Thanks hoppy08520. I will try it out.

Thanks Johm221122. The calculator says 13 yrs for me. :)

Currently, after contributing 28% of my salary towards savings/investments and after living expenses and car loan, I still have 15% left every month that I may be able to invest. Is Roth IRA a good option? Is DRIP investing better? Do I buy more vanguard funds with it?

Johm221122
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Re: Reaching $1M in Total Assets

Post by Johm221122 » Thu Apr 03, 2014 9:38 pm

newbie wrote:Thanks hoppy08520. I will try it out.

Thanks Johm221122. The calculator says 13 yrs for me. :)

Currently, after contributing 28% of my salary towards savings/investments and after living expenses and car loan, I still have 15% left every month that I may be able to invest. Is Roth IRA a good option? Is DRIP investing better? Do I buy more vanguard funds with it?

Asking portfolio question

viewtopic.php?t=6212
What funds in 401?

John

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hoppy08520
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Re: Reaching $1M in Total Assets

Post by hoppy08520 » Thu Apr 03, 2014 9:40 pm

kenner wrote:
hoppy08520 wrote:Hello newbie (surprised no one else claimed that name yet) and welcome to Bogleheads.

To figure out how fast you can get to $1M, plot it out in a spreadsheet. Have one row per year. A reasonable go-forward estimate on stock market returns is around 5% or so. Add in new contributions. At the end of each year, take 5% of your balance and those are your earnings. In the next row, your starting balance is your ending balance from the previous year. Etc. etc.


I have a slight quibble with the above statement. It has been reported that, historically, the US stock market has returned, on average, 11% per year. But there have also been years where the US stock market fell 50% (and at one time 90%). Not sure how you "spreadsheet" this.

Going forward, some investment luminaries (Dr. William Bernstein comes to mind) predict that stock market returns will be less than in the past.

I do believe that 5%, on average, is a more than reasonable expectation of returns from the US stock market. I do not believe such returns will appear each and every year.

I got the 5% real return number from this page and related threads.

http://www.bogleheads.org/wiki/Historic ... ed_Returns

Agree NOT to expect that every year but it's not a bad assumption to make over 10+ years as an average return estimate. The OP can plug in other numbers as well.

2retire
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Re: Reaching $1M in Total Assets

Post by 2retire » Thu Apr 03, 2014 9:51 pm

Johm221122 wrote:How to save a million calculator
http://www.bankrate.com/calculators/sav ... lator.aspx

Wow, that is the first time I have seen one of their licensed calculators in use. They always said people could license them, but I've never run across one hosted on a third party site before. That one is called the "Cool Million" calculator.

The people that designed that calculator have a whole slew of other calculators that they license out for use on third party sites. I've been using their calculators for years now (even before I found this site). Check out all their other calculators at:

http://dinkytown.net

Lots of fun ones to play with.

DSInvestor
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Re: Reaching $1M in Total Assets

Post by DSInvestor » Thu Apr 03, 2014 9:56 pm

Why no IRAs? If your MAGI is under 112K for 2013, you're eligible for direct Roth IRA contribution for 2013 $5,500. You receive no tax deduction for Roth IRA contributions but once the money is inside a Roth IRA, it grows tax free and can be withdrawn tax free. If your MAGI is too high to allow direct Roth IRA contributions, you can work around the income limits by making contributions to Traditional IRA and then converting to Roth IRA. This trick is called the Backdoor into Roth IRA.

The deadline for 2013 IRA contributions is April 15, 2014. If you do not contribute for 2013 by April 15, you will lose that contribution space forever.

You'd get to your 1M goal faster if you can minimize the amount of taxes that you pay. The more of your investment portfolio that you can shove into tax advantaged accounts like 401k and IRA, the less taxes you'll have to pay.

Max out your Traditional 401k for 17.5K every year.
Max out Roth IRA every year (via the backdoor if necessary).
Max out HSA every year if you have an HSA eligible High Deductible Health Plan (HDHP). HSA contributions are tax deductible.

newbie
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Re: Reaching $1M in Total Assets

Post by newbie » Thu Apr 03, 2014 10:02 pm

DSInvestor wrote:Why no IRAs? If your MAGI is under 112K for 2013, you're eligible for direct Roth IRA contribution for 2013 $5,500. You receive no tax deduction for Roth IRA contributions but once the money is inside a Roth IRA, it grows tax free and can be withdrawn tax free.

The deadline for 2013 IRA contributions is April 15, 2014.

You'd get to your 1M goal faster if you can minimize the amount of taxes that you pay. The more of your investment portfolio that you can shove into tax advantaged accounts like 401k and IRA, the less taxes you'll have to pay.

Max out your Traditional 401k for 17.5K every year.
Max out Roth IRA every year (via the backdoor if necessary).


All my savings so far went into clearing the debt on real estate. Now that I have that cleared, I am looking towards additional investment options. But I am a newbie at financial planning. I will definitely consider IRA. Thank you.

etowers
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Re: Reaching $1M in Total Assets

Post by etowers » Thu Apr 03, 2014 10:45 pm

My profile is remarkably simar to you in terms of age, income and net worth. I too am targeting to hit $1m net worth, and it looks like I'd hit that in around 13 years too. I would have to up my savings/investing contributions to 36% though, currently I'm doing about 12%... That would be pretty painful. Hoping I can stick through with it.

newbie
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Re: Reaching $1M in Total Assets

Post by newbie » Thu Apr 03, 2014 11:22 pm

etowers wrote:My profile is remarkably simar to you in terms of age, income and net worth. I too am targeting to hit $1m net worth, and it looks like I'd hit that in around 13 years too. I would have to up my savings/investing contributions to 36% though, currently I'm doing about 12%... That would be pretty painful. Hoping I can stick through with it.


I am assuming that the 12% is 401K only? What saving/investment options are you considering for the 24%?

DSInvestor
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Re: Reaching $1M in Total Assets

Post by DSInvestor » Thu Apr 03, 2014 11:32 pm

newbie wrote:I am assuming that the 12% is 401K only? What saving/investment options are you considering for the 24%?
newbie,

Let's say you wanted to save 30% of your gross salary. That's 30K on 100K income.

17.5K 401(k)
5.5K Roth IRA (via backdoor if necessary)
7K to taxable account
Total contribution 30K where 23K is tax advantaged.
Add another 3,250 if you have HSA eligible High Deductible Health Plan (HDHP)

If you get married, your spouse can contribute to employer plan and IRA. If not employed, he/she can can make spousal IRA based on your taxable compensation if you file joint tax return. That gives you at least another 5.5K/yr of contribution space.

heyyou
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Re: Reaching $1M in Total Assets

Post by heyyou » Thu Apr 03, 2014 11:47 pm

Getting to seven figures of financial assets is a very good goal, but the retirement income from that million is $40K annually or less. Don't quit your job on the day that you get your first million.

WhyNotUs
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Re: Reaching $1M in Total Assets

Post by WhyNotUs » Fri Apr 04, 2014 9:20 am

newbie wrote:Tax Filing: Single
Tax Rate: 18% Federal, 0% State
Income: $100k/yr


Write a book on how to earn $100k per year, file single, and pay 18% in federal tax and you will hit $1M in no time.

On a more serious note, congrats it sounds like you will be there soon enough. At your age, a big allocation of equities could help.
I own the next hot stock- VTSAX

nepats
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Re: Reaching $1M in Total Assets

Post by nepats » Fri Apr 04, 2014 9:32 am

I always found the Dinkytown calculators easy to use and useful.

https://www.dinkytown.net/

You are doing well, so savings as much as you can early will pay the dividends later on in life. Good luck!

The Wizard
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Re: Reaching $1M in Total Assets

Post by The Wizard » Fri Apr 04, 2014 9:33 am

You'll hit $1M before too long; just when isn't that important.
What's more important is to maintain and slightly increase your long-term savings rate most years, while still spending some money on vacations and a normal life.
Once you get to age 50 or so, you can start deciding what it'll take to retire properly...
Attempted new signature...

whomever
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Re: Reaching $1M in Total Assets

Post by whomever » Fri Apr 04, 2014 10:23 am

When you're age 45:

$ ./z.py
32 260400.0
33 302820.0
34 347361.0
35 394129.05
36 443235.5025
37 494797.277625
38 548937.141506
39 605783.998582
40 665473.198511
41 728146.858436
42 793954.201358
43 863051.911426
44 935604.506997
45 1011784.73235
46 1091773.96896

That's assuming your investments return 5% real - perhaps optimistic with the house being a large part of the initial portfolio, that your salary/spending/taxes are constant in real terms, and a lot of other things. As others have said, life is what happens while you were making other plans. Save as much as you reasonably can, and at worst you get to retire earlier.

(I remember entering the workforce around 1980, and calculating that I would be set when I had $100K saved - about $284K in today's dollars. That turned out to be a slight underestimate :-))

Oh - the program:

Code: Select all

#!/usr/bin/python
networth = 150000+30000+30000+10000

for age in range(32,100):
  networth = networth + 28000  # contributions
  networth = networth * 1.05   # 5% rate of return
  print age, networth

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Aptenodytes
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Re: Reaching $1M in Total Assets

Post by Aptenodytes » Fri Apr 04, 2014 11:31 am

whomever wrote:When you're age 45:

$ ./z.py
32 260400.0
33 302820.0
...
45 1011784.73235
46 1091773.96896

That's assuming your investments return 5% real - perhaps optimistic with the house being a large part of the initial portfolio, that your salary/spending/taxes are constant in real terms, and a lot of other things.

Shiller says the long-term return on real estate in the U.S. is 0% and that there is no theoretical or empirical basis for thinking it will be different moving forward. His argument makes sense to me.

In any event, best practices say not to include personal real estate in your retirement portfolio.

That said, it doesn't take long for the real estate fraction of the net worth to get pretty low, so even if you assign 0 to the assumed return on real estate, but leave the other assumptions unchanged, you get to $1M just 2-3 years later.

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Re: Reaching $1M in Total Assets

Post by Grt2bOutdoors » Fri Apr 04, 2014 12:36 pm

heyyou wrote:Getting to seven figures of financial assets is a very good goal, but the retirement income from that million is $40K annually or less. Don't quit your job on the day that you get your first million.


Not so, buying an SPIA at age 70 or older will guarantee you a lifetime income with returns exceeding 7% today. Given that the OP is only 32, the advice to continue working is sound, a million today will likely not have today's purchasing value 38 years from now.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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Re: Reaching $1M in Total Assets

Post by abuss368 » Fri Apr 04, 2014 1:17 pm

You will need more than a 401(k) and / or IRA. Count on a taxable account too.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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kwan2
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Re: Reaching $1M in Total Assets

Post by kwan2 » Sat Apr 05, 2014 1:26 am

“The history of Paris teaches us that beauty is a by-product of danger, that liberty is at best a consequence of neglect, that wisdom is entwined with decay."

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Robert C F
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Re: Reaching $1M in Total Assets

Post by Robert C F » Sat Apr 05, 2014 1:43 am

The large percentage of your assets in your company's stock is risky. If your company goes South, not only is your job at risk but a substantial share of your savings. If you can suggest you sell this and buy a Total US stock index.

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damjam
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Re: Reaching $1M in Total Assets

Post by damjam » Sat Apr 05, 2014 1:53 am

Robert C F wrote:The large percentage of your assets in your company's stock is risky. If your company goes South, not only is your job at risk but a substantial share of your savings. If you can suggest you sell this and buy a Total US stock index.

Finally.
I can't believe this wasn't brought up sooner.
Hasn't the OP ever heard of Enron?

newbie
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Re: Reaching $1M in Total Assets

Post by newbie » Sat Apr 05, 2014 2:23 am

Robert C F wrote:The large percentage of your assets in your company's stock is risky. If your company goes South, not only is your job at risk but a substantial share of your savings. If you can suggest you sell this and buy a Total US stock index.


Thanks Robert. I have been thinking of selling the company stock and moving the funds to vanguard (VFIAX) but both company stock and company stock fund returns were close to 35% in 2013 alone which is the only reason I have not re-balanced them yet.

etowers
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Re: Reaching $1M in Total Assets

Post by etowers » Sat Apr 05, 2014 5:59 am

newbie wrote:
etowers wrote:My profile is remarkably simar to you in terms of age, income and net worth. I too am targeting to hit $1m net worth, and it looks like I'd hit that in around 13 years too. I would have to up my savings/investing contributions to 36% though, currently I'm doing about 12%... That would be pretty painful. Hoping I can stick through with it.


I am assuming that the 12% is 401K only? What saving/investment options are you considering for the 24%?


Yep the 12% currently is into retirement accounts. I can bump it up to about 20% to max out the tax-advantaged space. The remainder 10% I would put into taxable equities or real estate.

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Re: Reaching $1M in Total Assets

Post by SpaceCommander » Sat Apr 05, 2014 7:27 am

I think the "Total Assets" figure is overrated. it's not hard to accumulate 1M if you're willing to go deep into debt. Think real estate leveraged at 90+% Often the equity counted there is what I refer to as "shadow equity" (very dubious to say the least). I prefer to focus on net worth minus highly leveraged real estate equity. I think that gives a clearer picture of your actual financial state.
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Re: Reaching $1M in Total Assets

Post by abuss368 » Sat Apr 05, 2014 8:36 am

newbie wrote:
Robert C F wrote:The large percentage of your assets in your company's stock is risky. If your company goes South, not only is your job at risk but a substantial share of your savings. If you can suggest you sell this and buy a Total US stock index.


Thanks Robert. I have been thinking of selling the company stock and moving the funds to vanguard (VFIAX) but both company stock and company stock fund returns were close to 35% in 2013 alone which is the only reason I have not re-balanced them yet.


35%? That is great. Now if they drop 35%, make sure you have the same discipline and strategy to stick with it.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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Re: Reaching $1M in Total Assets

Post by Zabar » Sat Apr 05, 2014 10:15 am

newbie wrote:My question is pretty simple. What would it take from me to get to $1M in total assets and how long would it take?

You're missing an important distinction. You could get to $1M in total assets tomorrow if you bought an expensive, highly leveraged house. You shouldn't be as concerned about total assets as you are about net worth. Unfortunately, too many people confuse the two.

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Re: Reaching $1M in Total Assets

Post by abuss368 » Sat Apr 05, 2014 10:18 am

Zabar wrote:
newbie wrote:My question is pretty simple. What would it take from me to get to $1M in total assets and how long would it take?

You're missing an important distinction. You could get to $1M in total assets tomorrow if you bought an expensive, highly leveraged house. You shouldn't be as concerned about total assets as you are about net worth. Unfortunately, too many people confuse the two.


This is an excellent point. $1 million in assets loaded with debt compared to $1 million debt free. Big difference.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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damjam
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Re: Reaching $1M in Total Assets

Post by damjam » Sat Apr 05, 2014 11:36 am

abuss368 wrote:
newbie wrote:
Robert C F wrote:The large percentage of your assets in your company's stock is risky. If your company goes South, not only is your job at risk but a substantial share of your savings. If you can suggest you sell this and buy a Total US stock index.


Thanks Robert. I have been thinking of selling the company stock and moving the funds to vanguard (VFIAX) but both company stock and company stock fund returns were close to 35% in 2013 alone which is the only reason I have not re-balanced them yet.


35%? That is great. Now if they drop 35%, make sure you have the same discipline and strategy to stick with it.


What if it drops by 100%?
Portfolios constructed of a single stock can in fact fall by 100%.

I think a review of the Boglehead Investment Philosophy is in order.

A portfolio constructed as the OP has is in direct conflict with at least two Boglehead Pricipals:
A) Never bear too much or too little risk
B) Diversify

I think, as a group, we would all be remiss if we simply answered the OP's original question without at least a few of us pointing this out.

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Re: Reaching $1M in Total Assets

Post by basspond » Sun Apr 06, 2014 3:10 pm

newbie wrote:
Robert C F wrote:The large percentage of your assets in your company's stock is risky. If your company goes South, not only is your job at risk but a substantial share of your savings. If you can suggest you sell this and buy a Total US stock index.


Thanks Robert. I have been thinking of selling the company stock and moving the funds to vanguard (VFIAX) but both company stock and company stock fund returns were close to 35% in 2013 alone which is the only reason I have not re-balanced them yet.


I would not dump your stock, just don't buy anymore or don't start thinking about it until it is less then 10% of you total assets. The reason is NUA (Net Unrealized Appreciation). What this is that you can move low cost dollar company stock to a special account (after your retire) and pay ordinary income tax on the cost basis. Then once you take distributions from the NUA account you are only taxed at capital gains rate. It is going to save me over $100k in taxes.

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