Millionaire Next Door (Thank you Bogleheads)

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
123
Posts: 2584
Joined: Fri Oct 12, 2012 3:55 pm

Re: Millionaire Next Door (Thank you Bogleheads)

Post by 123 » Thu Oct 05, 2017 11:28 pm

B. Wellington wrote:
Thu Oct 05, 2017 11:42 am
...
We are very private people and to share this with others in the family or friends would be asking for trouble. The looks (we don't "fit" the millionaire myth.) Also the jealously, guilt trips etc. is not worth the pain it may cause.
...
+1 This is the best way to handle your situation. When we remodeled the interior of our home we intentionally did nothing on the exterior beyond painting, we left the landscaping as it was and we left the driveway with it's cracks. From the outside we fit perfectly in our neighborhood. Our Honda is probably the oldest car in the neighborhood but it looks okay (even with a few scratches) and runs fine.
The closest helping hand is at the end of your own arm.

Tjiftjaf
Posts: 7
Joined: Wed Oct 04, 2017 5:59 am

Re: Millionaire Next Door (Thank you Bogleheads)

Post by Tjiftjaf » Fri Oct 06, 2017 1:05 am

Congratulations :sharebeer

Now that you have the financial comfort, don't forget to live! Time and freedom are the most valuable resources one can have. Enjoy!

B. Wellington
Posts: 65
Joined: Fri Mar 30, 2012 10:10 am

Re: Millionaire Next Door (Thank you Bogleheads)

Post by B. Wellington » Fri Oct 06, 2017 4:58 am

czeckers wrote:
Thu Oct 05, 2017 3:22 pm
Congratulations!

Out of curiosity, do you own shares of the VG Wellington fund?
Thank you all! It is really nice to be able to share this with everyone here. My hope is that my story can encourage others that it CAN be done. Even on a modest salary. It takes time, but it can be done.

czeckers, Wellington (and Wellesley) are two of the funds that we first bought many years ago. (Most in tax deferred retirement accounts now.) The only time that I sold (taxable) was a small amount for the down payment for the house.

We lived below our means, bought used cars and trucks over the years, didn't buy a big house that we could not afford, were able to stay out of debt. Really basic (Millionaire Next Door) kind of stuff. No windfalls, company stock options, or lottery winnings. Just basic saving and investing. :sharebeer

snarlyjack
Posts: 496
Joined: Fri Aug 28, 2015 12:44 pm
Location: Montana

Re: Millionaire Next Door (Thank you Bogleheads)

Post by snarlyjack » Fri Oct 06, 2017 8:58 am

B. Wellington,

Congratulations!

I' am so happy for you & your children's future.
"It can be done, even on a modest salary, it takes time, but it can be done".

I think that is just great. Thanks for sharing... :sharebeer

soccerrules
Posts: 180
Joined: Mon Nov 14, 2016 4:01 pm

Re: Millionaire Next Door (Thank you Bogleheads)

Post by soccerrules » Fri Oct 06, 2017 10:00 am

Congrat's.

I had an interesting thought about "The Millionaire Next Door". My dad gave me this book 15-20 years ago and I read it. We were already saving and doing much of the right stuff. Now that my parents are in their late 70's and looking at their finances. It is hard for me not to realize that my dad wanted me to have a better outcome than they did. Your post brought me that realization. Thank you.

Cheers and solid returns to hit $2M.
Don't let your outflow exceed your income or your upkeep will be your downfall.

User avatar
Soul.in.Progress
Posts: 62
Joined: Sun Jan 08, 2017 10:24 am

Re: Millionaire Next Door (Thank you Bogleheads)

Post by Soul.in.Progress » Fri Oct 06, 2017 10:53 am

Yay for your hard work and steady efforts to get you to this milestone!

Keep on keepin’ on!

Make sure you also do the protective measures that are often discussed on this board.
Start by doing what is necessary; | then do what is possible; | and suddenly you are doing the impossible. | -- Francis of Assisi

BogleBoogie
Posts: 491
Joined: Tue May 13, 2014 11:15 am
Location: AK

Re: Millionaire Next Door (Thank you Bogleheads)

Post by BogleBoogie » Fri Oct 06, 2017 10:57 am

gowest wrote:
Thu Oct 05, 2017 11:57 am
I love this sort of story. I read that book many years ago (Millionaire Next Door), and it's always great to hear about someone who has successfully accomplished what the book describes (since, as you know from the book, you wouldn't otherwise be able to tell just by judging how someone looks or what car they drive, etc.). A very sincere congrats to you and the Mrs. Now keep at it.
:sharebeer
+1!

User avatar
czeckers
Posts: 933
Joined: Thu May 17, 2007 3:49 pm
Location: Upstate NY

Re: Millionaire Next Door (Thank you Bogleheads)

Post by czeckers » Fri Oct 06, 2017 2:27 pm

Well, Mr. and Mrs. Wellington, the Vanguard Wellington fund helped get you to your goal. That's fantastic!

:sharebeer
The Espresso portfolio: | | 16% LCV, 16% SCV, 16% EM, 8% Int'l Value, 8% Int'l Sm, 8% US REIT, 8% Int'l REIT, 20% Inter-term US Treas | | "A journey of a thousand miles begins with a single step."

Nearly A Moose
Posts: 559
Joined: Fri Apr 22, 2016 5:28 pm

Re: Millionaire Next Door (Thank you Bogleheads)

Post by Nearly A Moose » Fri Oct 06, 2017 2:41 pm

Cheers! :sharebeer
Pardon typos, I'm probably using my fat thumbs on a tiny phone.

User avatar
mlebuf
Posts: 1788
Joined: Tue Feb 20, 2007 8:27 pm
Location: Paradise Valley, Arizona

Re: Millionaire Next Door (Thank you Bogleheads)

Post by mlebuf » Fri Oct 06, 2017 3:09 pm

Hi B. Wellington,

Congratulations on achieving your first million! :sharebeer At 56 you are young enough to get to $2 million and beyond. Just keep doing what you are doing, enjoy some of it and let the power of compounding work its magic.
Best wishes, | Michael | | Invest your time actively and your money passively.

BuffRex
Posts: 3
Joined: Tue Oct 03, 2017 3:34 pm

Re: Millionaire Next Door (Thank you Bogleheads)

Post by BuffRex » Fri Oct 06, 2017 3:17 pm

Congratulations. Your mom must be proud of you. This is a bigger achievement of one's life: making your mom proud.

User avatar
Meg77
Posts: 2123
Joined: Fri May 22, 2009 1:09 pm
Location: Dallas, TX
Contact:

Re: Millionaire Next Door (Thank you Bogleheads)

Post by Meg77 » Fri Oct 06, 2017 3:33 pm

Congratulations to you both. What a meaningful milestone for you. Thanks for sharing your story. :beer
"An investment in knowledge pays the best interest." - Benjamin Franklin

Mr.BB
Posts: 336
Joined: Sun May 08, 2016 10:10 am

Re: Millionaire Next Door (Thank you Bogleheads)

Post by Mr.BB » Fri Oct 06, 2017 3:45 pm

Congratulations!
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

CarlZ993
Posts: 198
Joined: Tue Feb 20, 2007 3:00 pm
Location: Austin, Texas

Re: Millionaire Next Door (Thank you Bogleheads)

Post by CarlZ993 » Fri Oct 06, 2017 3:51 pm

Congrats! I'm a member of the Two comma club, Class of 2013. Welcome to the club! :)

Sorry your Mom wasn't around to see it.
Carl Z

User avatar
rcjchicity
Posts: 109
Joined: Fri Nov 29, 2013 5:07 pm

Re: Millionaire Next Door (Thank you Bogleheads)

Post by rcjchicity » Fri Oct 06, 2017 10:18 pm

This is a great post.

Yay for getting rich slowly!

User avatar
Driver
Posts: 197
Joined: Wed May 27, 2009 3:18 pm

Re: Millionaire Next Door (Thank you Bogleheads)

Post by Driver » Sat Oct 07, 2017 1:51 am

Congratulations Millionaire :sharebeer

FoolStreet
Posts: 427
Joined: Fri Sep 07, 2012 12:18 am

Re: Millionaire Next Door (Thank you Bogleheads)

Post by FoolStreet » Sat Oct 07, 2017 11:04 am

retire57 wrote:
Thu Oct 05, 2017 3:45 pm
Yay!!! :beer

BTW, folks always refer to "The Millionaire Next Door", but rarely to Dr. Stanley's other researched-based work "Stop Acting Rich". The latter is an even more informative read, IMO.
Agree, 1,000%

dharrythomas
Posts: 791
Joined: Tue Jun 19, 2007 4:46 pm

Re: Millionaire Next Door (Thank you Bogleheads)

Post by dharrythomas » Sat Oct 07, 2017 8:27 pm

The Millionaire Mind is also a good book.

Interestingly, Dr Stanley didn't follow his own advice. He died when he wrecked his new sports car.

User avatar
Raymond
Posts: 1190
Joined: Mon Apr 16, 2012 6:04 am
Location: Texas

Re: Millionaire Next Door (Thank you Bogleheads)

Post by Raymond » Sat Oct 07, 2017 11:34 pm

dharrythomas wrote:
Sat Oct 07, 2017 8:27 pm
The Millionaire Mind is also a good book.

Interestingly, Dr Stanley didn't follow his own advice. He died when he wrecked his new sports car.
How did he not follow his own advice?

I don't know what his net worth was when he died, but I'm sure he could have easily afforded a 2012 Corvette, which is what he was driving when he was killed in February 2015 - I guess a three-year old car is still "new"?

And he didn't "wreck" his car, he was T-boned while making a legal left turn by a drunken driver behind him who was overtaking traffic on the wrong side of the road - "Guilty plea in DUI crash that killed ‘Millionaire Next Door’ author" - ajc.com

As Ron Lieber wrote in his tribute in the NYT:

So does that make him a hypocrite? Or just a human being? All the best research tells us that we get much more joy out of doing things than having things, and a weekend drive in a car that goes really fast probably falls into both categories. But he earned that drive — and that car — by putting untold numbers of readers in a position where they’d be lucky enough to have that same choice themselves.
"Ritter, Tod und Teufel"

Bud
Posts: 120
Joined: Sun Jul 22, 2007 6:59 am

Re: Millionaire Next Door (Thank you Bogleheads)

Post by Bud » Sun Oct 08, 2017 5:01 am

Congratulations from a fellow blue collar, two comma club couple :).

BTW, one of Stanley's other books, The Millionaire Mind, is $0.99 on kindle thru Amazon.

All best going forward!

User avatar
midareff
Posts: 5090
Joined: Mon Nov 29, 2010 10:43 am
Location: Biscayne Bay, South Florida

Re: Millionaire Next Door (Thank you Bogleheads)

Post by midareff » Sun Oct 08, 2017 6:43 am

Welcome to the club from another Joe and Jane. Well done......

theplayer11
Posts: 231
Joined: Tue Jul 22, 2014 8:55 pm

Re: Millionaire Next Door (Thank you Bogleheads)

Post by theplayer11 » Sun Oct 08, 2017 11:44 am

congrats..but the problem I have with posts like these if what happens when the market corrects 30%?
Maybe I'm superstitious...but not sure I would announce this right at $1m..lol

finite_difference
Posts: 725
Joined: Thu Jul 09, 2015 7:00 pm

Re: Millionaire Next Door (Thank you Bogleheads)

Post by finite_difference » Sun Oct 08, 2017 11:59 am

Congrats! Great story.

But don’t forget to account for inflation. After 2% inflation for 48 years, you need $2.58 million to equal the $1 million you were thinking about as a 9 year old!! :mrgreen: :beer
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

User avatar
jazman12
Posts: 147
Joined: Tue Jan 26, 2016 4:38 pm

Re: Millionaire Next Door (Thank you Bogleheads)

Post by jazman12 » Sun Oct 08, 2017 12:08 pm

:sharebeer :sharebeer

student
Posts: 1380
Joined: Fri Apr 03, 2015 6:58 am

Re: Millionaire Next Door (Thank you Bogleheads)

Post by student » Sun Oct 08, 2017 12:47 pm

Congratulations on your achievement and thanks for sharing your story.

basspond
Posts: 913
Joined: Wed Nov 27, 2013 4:01 am

Re: Millionaire Next Door (Thank you Bogleheads)

Post by basspond » Sun Oct 08, 2017 2:31 pm

Congratulations and also sorry for your loss. One of my mentors died recently and it gave me peace and hope that there are a lot of normal people out there who help others without much fanfare. My dad always told me he was working on his 2nd million because he gave up on the first. Little did he realize (he was loosing his mind the last 5 years) that he not only made the 1st but also the 2nd. These people leave a lasting legacy and let us never forget them, their hard work, determination, and compassion.

User avatar
mickeyd
Posts: 4453
Joined: Fri Feb 23, 2007 3:19 pm
Location: Deep in the Heart of South Texas

Re: Millionaire Next Door (Thank you Bogleheads)

Post by mickeyd » Sun Oct 08, 2017 4:30 pm

Congrats! The second million is much easier. No?
Part-Owner of Texas | | “The CMH-the Cost Matters Hypothesis -is all that is needed to explain why indexing must and will work… Yes, it is that simple.” John C. Bogle

investing1012
Posts: 150
Joined: Sun Aug 07, 2016 5:19 pm

Re: Millionaire Next Door (Thank you Bogleheads)

Post by investing1012 » Sun Oct 08, 2017 4:32 pm

CONGRATULATIONS !!!! :sharebeer

User avatar
midvilterry
Posts: 3
Joined: Thu Feb 04, 2016 11:03 am
Location: NYC outer borough

Re: Millionaire Next Door (Thank you Bogleheads)

Post by midvilterry » Sun Oct 08, 2017 5:15 pm

Congratulations!!!!!!!!!!!Your mom is bragging to whomever will listen in heaven :)
We are also Mr & Mr Lunchbox blue collar workers but in a HCOL area and are
nearing the 2 comma club. You are an inspiration; thanks for sharing.
“The most beautiful things in the world cannot be seen or touched, they are felt with the heart.” | ― Antoine de Saint-Exupéry, The Little Prince

RadAudit
Posts: 2673
Joined: Mon May 26, 2008 10:20 am
Location: Second star on the right and straight on 'til morning

Re: Millionaire Next Door (Thank you Bogleheads)

Post by RadAudit » Sun Oct 08, 2017 5:21 pm

ruralavalon wrote:
Thu Oct 05, 2017 4:18 pm
retire57 wrote:
Thu Oct 05, 2017 3:45 pm
Yay!!! :beer

BTW, folks always refer to "The Millionaire Next Door", but rarely to Dr. Stanley's other researched-based work "Stop Acting Rich". The latter is an even more informative read, IMO.
Thanks for the book recommendation, I just bought Stop Acting Rich.
+1
FI is the best revenge. LBYM. Invest the rest. Stay the course.

Grt2bOutdoors
Posts: 17236
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: Millionaire Next Door (Thank you Bogleheads)

Post by Grt2bOutdoors » Sun Oct 08, 2017 9:13 pm

dharrythomas wrote:
Sat Oct 07, 2017 8:27 pm
The Millionaire Mind is also a good book.
Picked that book up at a book sale for a very Boglehead price - $1, several years ago and the book was in almost new condition. Still have it on my bookshelf.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

FRANK2009
Posts: 317
Joined: Thu Dec 13, 2007 6:16 pm

Re: Millionaire Next Door (Thank you Bogleheads)

Post by FRANK2009 » Mon Oct 09, 2017 11:29 am

Congratulations! Hope to join the club soon...

Post Reply