2nd million is easier!
2nd million is easier!
I realize this post might be perceived as a humblebrag so please accept my apologies in advance. Financial milestones are not something I can really celebrate/share with family or friends.
I am 51 years old and it took me until age 47 to accumulate over 1 million in my investment accounts. It only took an additional 46 months to top 2 million in my accounts which I did today. I have always heard the saying about how the 2nd million is a lot easier. I would have never guessed it would happen so quickly. Obviously the last four years have been great and things can change very quickly for the worse.
I wanted to share with the Boglehead Community, especially those a lot younger and just starting out, that once things get going, compounding really does work its magic!
I have a simple 3 fund portfolio (65/35 stocks/bonds)
Maybe 30-35% of the second million was contributions to my accounts.
I have learned a great deal from this community and really appreciate all of the advice I have been given in the past.
I am 51 years old and it took me until age 47 to accumulate over 1 million in my investment accounts. It only took an additional 46 months to top 2 million in my accounts which I did today. I have always heard the saying about how the 2nd million is a lot easier. I would have never guessed it would happen so quickly. Obviously the last four years have been great and things can change very quickly for the worse.
I wanted to share with the Boglehead Community, especially those a lot younger and just starting out, that once things get going, compounding really does work its magic!
I have a simple 3 fund portfolio (65/35 stocks/bonds)
Maybe 30-35% of the second million was contributions to my accounts.
I have learned a great deal from this community and really appreciate all of the advice I have been given in the past.
Re: 2nd million is easier!
Each additional million is easier yet adds less. Averaged of course.
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Re: 2nd million is easier!
May your third million be even easier!
Re: 2nd million is easier!
As a former colleague used to say:
"I'm working on my second million. The first million was too hard, so I gave up on it and went right to work on the second."
"I'm working on my second million. The first million was too hard, so I gave up on it and went right to work on the second."
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. |
(Avatar is the statue of Gen. Warren atop Little Round Top @ Gettysburg National Military Park.)
Re: 2nd million is easier!
Charlie Munger has said to focus on getting your first 100,000 grand and then everything else will come easier.
“Life is really simple, but we insist on making it complicated.” -- Confucius
- LittleGreenSoldiers
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Re: 2nd million is easier!
Congratulations Bubbadog!
Inspirational and a testament to the BH way.
Happy Friday.
Cheer!
Inspirational and a testament to the BH way.
Happy Friday.
Cheer!
Re: 2nd million is easier!
While greater amounts do generally compound faster, this was mostly something entirely unique to you and not applicable to anyone else. Young people looking at a decade of near-zero real investment returns and near-zero real wage growth aren't necessarily going to be able to duplicate your experience.bubbadog wrote: ↑Fri Dec 15, 2017 6:44 pm I realize this post might be perceived as a humblebrag so please accept my apologies in advance. Financial milestones are not something I can really celebrate/share with family or friends.
I am 51 years old and it took me until age 47 to accumulate over 1 million in my investment accounts. It only took an additional 46 months to top 2 million in my accounts which I did today. I have always heard the saying about how the 2nd million is a lot easier. I would have never guessed it would happen so quickly. Obviously the last four years have been great and things can change very quickly for the worse.
I wanted to share with the Boglehead Community, especially those a lot younger and just starting out, that once things get going, compounding really does work its magic!
I have a simple 3 fund portfolio (65/35 stocks/bonds)
Maybe 30-35% of the second million was contributions to my accounts.
I have learned a great deal from this community and really appreciate all of the advice I have been given in the past.
The good news is that looking back years from now, that may make your accomplishment seem even more impressive.
- LittleGreenSoldiers
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Re: 2nd million is easier!
I think there's a good lesson here for younger investors. Bubbadog mentioned that his contributions were ~30%-35% of this milestone. That's in excess of $75K a year. >$300,000K! (way to go bubbadog) Saving to invest is one of the biggest components to building over your working lifetime. While time is your friend when you are young most don't(or have the wisdom to realize) have the means to save more than they do. As we get older if we learn how to be frugal and save as our earnings increase we are able to invest more. For some this might also coincide with paying off a mortgage therefore being able to contribute even for towards our investments.tibbitts wrote: ↑Fri Dec 15, 2017 7:29 pmWhile greater amounts do generally compound faster, this was mostly something entirely unique to you and not applicable to anyone else. Young people looking at a decade of near-zero real investment returns and near-zero real wage growth aren't necessarily going to be able to duplicate your experience.bubbadog wrote: ↑Fri Dec 15, 2017 6:44 pm I realize this post might be perceived as a humblebrag so please accept my apologies in advance. Financial milestones are not something I can really celebrate/share with family or friends.
I am 51 years old and it took me until age 47 to accumulate over 1 million in my investment accounts. It only took an additional 46 months to top 2 million in my accounts which I did today. I have always heard the saying about how the 2nd million is a lot easier. I would have never guessed it would happen so quickly. Obviously the last four years have been great and things can change very quickly for the worse.
I wanted to share with the Boglehead Community, especially those a lot younger and just starting out, that once things get going, compounding really does work its magic!
I have a simple 3 fund portfolio (65/35 stocks/bonds)
Maybe 30-35% of the second million was contributions to my accounts.
I have learned a great deal from this community and really appreciate all of the advice I have been given in the past.
The good news is that looking back years from now, that may make your accomplishment seem even more impressive.
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Re: 2nd million is easier!
Don't minimize 2000-2010. While wages weren't retarded like they seem to be now stock returns were zip. I believe they were dubbing it the lost decade. I thought I was going to have to work forever. But the lesson is to keep investing. Control what you can.tibbitts wrote: ↑Fri Dec 15, 2017 7:29 pmWhile greater amounts do generally compound faster, this was mostly something entirely unique to you and not applicable to anyone else. Young people looking at a decade of near-zero real investment returns and near-zero real wage growth aren't necessarily going to be able to duplicate your experience.bubbadog wrote: ↑Fri Dec 15, 2017 6:44 pm I realize this post might be perceived as a humblebrag so please accept my apologies in advance. Financial milestones are not something I can really celebrate/share with family or friends.
I am 51 years old and it took me until age 47 to accumulate over 1 million in my investment accounts. It only took an additional 46 months to top 2 million in my accounts which I did today. I have always heard the saying about how the 2nd million is a lot easier. I would have never guessed it would happen so quickly. Obviously the last four years have been great and things can change very quickly for the worse.
I wanted to share with the Boglehead Community, especially those a lot younger and just starting out, that once things get going, compounding really does work its magic!
I have a simple 3 fund portfolio (65/35 stocks/bonds)
Maybe 30-35% of the second million was contributions to my accounts.
I have learned a great deal from this community and really appreciate all of the advice I have been given in the past.
The good news is that looking back years from now, that may make your accomplishment seem even more impressive.
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Re: 2nd million is easier!
Happy for you. So you contributed 300-350k of new funds in last 46 months? Can’t be retirement accounts. Your income must be super high $500k- 1M a year?
- randomizer
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Re: 2nd million is easier!
Congratulations!
The market giveth.
I hit 1 million at 41, 2 million at 50, 3 million at 52!
The market giveth.
I hit 1 million at 41, 2 million at 50, 3 million at 52!
Time is what we want most, but what we use worst. William Penn
Re: 2nd million is easier!
Let’s say 320k over 4 years or 90k/yr. that’s doable on 250k as a couple. Think about it: $30-60k tax deferred in 401k/Ira, maybe 50k tax, so that leaves $155k after tax - 45k additional savings means living an impoverished life on only $110k a year.moneywise3 wrote: ↑Fri Dec 15, 2017 8:33 pm Happy for you. So you contributed 300-350k of new funds in last 46 months? Can’t be retirement accounts. Your income must be super high $500k- 1M a year?
Re: 2nd million is easier!
My employment income is not that high. It has been around 250-260k over the last 4 years.moneywise3 wrote: ↑Fri Dec 15, 2017 8:33 pm Happy for you. So you contributed 300-350k of new funds in last 46 months? Can’t be retirement accounts. Your income must be super high $500k- 1M a year?
I contribute a little over 60K/year to tax deferred accounts including my employer's match. (24K-403B, 18K-457, 6.5 wife's Roth IRA, 15K employer match)
I probably add 25-35K/year to my taxable account sporadically when I have more than I need for the near term in my checking account.
I don't have a mortgage or car payments so basic living expenses are not that great.
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Re: 2nd million is easier!
Kudos on the milestone, very impressive!
Curious of what your gains within the market have been for 2017, 200 - 300k?
Curious of what your gains within the market have been for 2017, 200 - 300k?
Re: 2nd million is easier!
the first billion is the hardest
- LittleGreenSoldiers
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- White Coat Investor
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Re: 2nd million is easier!
I wrote a post about this once. I couldn't agree more. Several factors at work- first, your first million is helping. Second, you're likely making a lot more money than when you first started saving. Third, you're paying down debt rapidly. Fourth, we've been in a big bull market.bubbadog wrote: ↑Fri Dec 15, 2017 6:44 pm I realize this post might be perceived as a humblebrag so please accept my apologies in advance. Financial milestones are not something I can really celebrate/share with family or friends.
I am 51 years old and it took me until age 47 to accumulate over 1 million in my investment accounts. It only took an additional 46 months to top 2 million in my accounts which I did today. I have always heard the saying about how the 2nd million is a lot easier. I would have never guessed it would happen so quickly. Obviously the last four years have been great and things can change very quickly for the worse.
I wanted to share with the Boglehead Community, especially those a lot younger and just starting out, that once things get going, compounding really does work its magic!
I have a simple 3 fund portfolio (65/35 stocks/bonds)
Maybe 30-35% of the second million was contributions to my accounts.
I have learned a great deal from this community and really appreciate all of the advice I have been given in the past.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy |
4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
Re: 2nd million is easier!
WCI,
You are correct on three of the four. I make slightly more than I did when I finished residency 21-22 years ago. Several years ago, I switched from full time emergency medicine to occupational health 3 days a week. I follow your site and know you are an ED doc as well. Your site is great and you do a lot to help physicians. You should be very proud!
You are correct on three of the four. I make slightly more than I did when I finished residency 21-22 years ago. Several years ago, I switched from full time emergency medicine to occupational health 3 days a week. I follow your site and know you are an ED doc as well. Your site is great and you do a lot to help physicians. You should be very proud!
Re: 2nd million is easier!
I love this. I'm curious to see how long it will take us. The road from 500K to 1m was surprisingly short (about 6 yrs).
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Re: 2nd million is easier!
I second this!
- WoodSpinner
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Re: 2nd million is easier!
Congrats!bubbadog wrote: ↑Fri Dec 15, 2017 6:44 pm I realize this post might be perceived as a humblebrag so please accept my apologies in advance. Financial milestones are not something I can really celebrate/share with family or friends.
I am 51 years old and it took me until age 47 to accumulate over 1 million in my investment accounts. It only took an additional 46 months to top 2 million in my accounts which I did today. I have always heard the saying about how the 2nd million is a lot easier. I would have never guessed it would happen so quickly. Obviously the last four years have been great and things can change very quickly for the worse.
I wanted to share with the Boglehead Community, especially those a lot younger and just starting out, that once things get going, compounding really does work its magic!
I have a simple 3 fund portfolio (65/35 stocks/bonds)
Maybe 30-35% of the second million was contributions to my accounts.
I have learned a great deal from this community and really appreciate all of the advice I have been given in the past.
You deserve the beer and an opportunity to bask in the success of your financial plan. I definitely hear you about this being a good place to share and celebrate these kind of milestones. Not something for Facebook!
Looking back, what were some of the key things you did, or didn’t do?
WoodSpinner
WoodSpinner
Re: 2nd million is easier!
WoodSpinnerWoodSpinner wrote: ↑Sat Dec 16, 2017 7:27 amCongrats!bubbadog wrote: ↑Fri Dec 15, 2017 6:44 pm I realize this post might be perceived as a humblebrag so please accept my apologies in advance. Financial milestones are not something I can really celebrate/share with family or friends.
I am 51 years old and it took me until age 47 to accumulate over 1 million in my investment accounts. It only took an additional 46 months to top 2 million in my accounts which I did today. I have always heard the saying about how the 2nd million is a lot easier. I would have never guessed it would happen so quickly. Obviously the last four years have been great and things can change very quickly for the worse.
I wanted to share with the Boglehead Community, especially those a lot younger and just starting out, that once things get going, compounding really does work its magic!
I have a simple 3 fund portfolio (65/35 stocks/bonds)
Maybe 30-35% of the second million was contributions to my accounts.
I have learned a great deal from this community and really appreciate all of the advice I have been given in the past.
You deserve the beer and an opportunity to bask in the success of your financial plan. I definitely hear you about this being a good place to share and celebrate these kind of milestones. Not something for Facebook!
Looking back, what were some of the key things you did, or didn’t do?
WoodSpinner
Nothing special:
I finished residency in 1996 with about $60,000 in student loan debt. I paid that off as quickly as I could.
The first 12 years or so years of investing seemed like I was just treading water with a big drop at the end 2008-09 (ouch!) I was basically just maxing out retirement accounts and not a lot of taxable investing in the markets.
I paid off my home and also bought farm property along the way. (Country boy at ♡ and had to do it. It is nice to own something you can see and not just numbers on a website.)
All in all, pretty basic simple stuff.
I appreciate all of the kind remarks,
Bubbadog
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Re: 2nd million is easier!
Thanks for the shout out.
- bertilak
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Re: 2nd million is easier!
Even in a relatively calm market, the second million will be MUCH easier. Starting with Charlie Munger's example of $100K:
To get from $100K to $1M you need to grow your nest egg by a factor of 10. To get from $1M to $2M is only a factor of 2, much easier to do.
Come to think of it, yes, the power of compounding is a Wonder of the World, but what's nice is that as time goes by less of it still gets great results!
To get from $100K to $1M you need to grow your nest egg by a factor of 10. To get from $1M to $2M is only a factor of 2, much easier to do.
Come to think of it, yes, the power of compounding is a Wonder of the World, but what's nice is that as time goes by less of it still gets great results!
May neither drought nor rain nor blizzard disturb the joy juice in your gizzard. -- Squire Omar Barker (aka S.O.B.), the Cowboy Poet
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Re: 2nd million is easier!
"The 2nd million is easier!" I heard this a long time ago.
To make it actionable, I stopped working on my first million... and started on the second.
To make it actionable, I stopped working on my first million... and started on the second.
d.r.a., not dr.a. | I'm a novice investor; you are forewarned.
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Re: 2nd million is easier!
Brilliant! Has no one else thought of this?dratkinson wrote: ↑Sat Dec 16, 2017 11:08 am "The 2nd million is easier!" I heard this a long time ago.
To make it actionable, I stopped working on my first million... and started on the second.
May neither drought nor rain nor blizzard disturb the joy juice in your gizzard. -- Squire Omar Barker (aka S.O.B.), the Cowboy Poet
Re: 2nd million is easier!
Congrats to the OP!
We're still climbing toward the first million
2017 my wife and I earned less than $250K and saved $80K (contributions and match in various retirement and non retirement accounts)
It doesn't take a super high $500K+ income, but it does take an income in the top 10% IMO.
We're still climbing toward the first million
2016 my wife and I earned less than $200K and saved $65K (contributions and match in various retirement and non retirement accounts)moneywise3 wrote: ↑Fri Dec 15, 2017 8:33 pm Happy for you. So you contributed 300-350k of new funds in last 46 months? Can’t be retirement accounts. Your income must be super high $500k- 1M a year?
2017 my wife and I earned less than $250K and saved $80K (contributions and match in various retirement and non retirement accounts)
It doesn't take a super high $500K+ income, but it does take an income in the top 10% IMO.
Re: 2nd million is easier!
"Easy come, easy go"
It is not only a proverb, but also a definition of market volatility. If you made ~20%/year over the last 4 years it only means you run the risk of substantial losses.
It is not only a proverb, but also a definition of market volatility. If you made ~20%/year over the last 4 years it only means you run the risk of substantial losses.
- willthrill81
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Re: 2nd million is easier!
It's mathematically easier to earn the second million because far less compounding is needed.
If you start with $125k, you need it to double three times to reach $1M.
If you start with $1M, you only need it to double once to reach $2M.
If you start with $125k, you need it to double three times to reach $1M.
If you start with $1M, you only need it to double once to reach $2M.
The Sensible Steward
Re: 2nd million is easier!
Has anyone been tracking their net worth on a spreadsheet?
For some reason, my line is linear, even though it would seem it should be somewhat exponential (like a curve). What's your line like?
For some reason, my line is linear, even though it would seem it should be somewhat exponential (like a curve). What's your line like?
Re: 2nd million is easier!
"It's mathematically easier to earn the second million because far less compounding is needed."
Exactly like the SR 71 Blackbird: The faster it goes, the faster it goes faster!
Well done!!
Exactly like the SR 71 Blackbird: The faster it goes, the faster it goes faster!
Well done!!
Re: 2nd million is easier!
I was referring to someone who thought I must be making 500-1000K/year. My employment income is not "that" high.
Re: 2nd million is easier!
The latest $1.5 million was by far the easiest. We did nothing but survive our parents, who graciously gifted most of their estate to their children.
Of course, that money really would have been handy 20 years ago when we were supporting our children's college educations.
But we're grateful to have this money and haven't gone on a spendathon or anything. We learned from our parents to be careful as well as generous with our money.
Of course, that money really would have been handy 20 years ago when we were supporting our children's college educations.
But we're grateful to have this money and haven't gone on a spendathon or anything. We learned from our parents to be careful as well as generous with our money.
Re: 2nd million is easier!
That depends. If your main income driver is work, then it should grow about linearly. If it is investments, the the exponential law will show up.
All this assuming that your expenses don’t follow your net worth, in which case back to linear you go.
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Re: 2nd million is easier!
Great job and congrats. I enjoy reading these posts....for motivation and it’s nice to have somewhere to celebrate these milestones anonymously and without appearing arrogant.
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Re: 2nd million is easier!
Congratulations! That must feel tremendously satisfying. All your work...and now all your money working for you too!
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Re: 2nd million is easier!
I started doing this just before I hit $1M. I check my net worth on a monthly basis since 5/2015 and so far it's looking like a slight curve upwards. That being said, I have a very high savings rate.
Maybe with a smaller savings rate it would look like a straight line on anything except a log graph?
Re: 2nd million is easier!
For me it looks something like this:
Starting in 1993:
8 years $500k - 2001
10 years $1 million - 2004
12 years $2 million - 2006
17 years $5 million - 2010
21 years $10 million - 2014
24 years $15 million - 2017
In the past 12 months I added over $2.3 million to my net worth, approximately half of which was from investment earnings and the other half from retained income.
For a kid who learned the boglehead way in his late 20s, works hard, and was afraid of going broke, I am astonished by my progression, particularly in recent years. When I consider that in the past year I accumulated in each three month period what it took me to accumulate in my first eight years working really hard, making great money and investing boglehead style, I am astonished.
Starting in 1993:
8 years $500k - 2001
10 years $1 million - 2004
12 years $2 million - 2006
17 years $5 million - 2010
21 years $10 million - 2014
24 years $15 million - 2017
In the past 12 months I added over $2.3 million to my net worth, approximately half of which was from investment earnings and the other half from retained income.
For a kid who learned the boglehead way in his late 20s, works hard, and was afraid of going broke, I am astonished by my progression, particularly in recent years. When I consider that in the past year I accumulated in each three month period what it took me to accumulate in my first eight years working really hard, making great money and investing boglehead style, I am astonished.
If your out-go is greater than your income, your upkeep will be your DOWNFALL.
Re: 2nd million is easier!
Woops! I mean 100,000 lol
“Life is really simple, but we insist on making it complicated.” -- Confucius
Re: 2nd million is easier!
What's your salary during those different time periods?NYCguy wrote: ↑Sat Dec 16, 2017 9:07 pm For me it looks something like this:
Starting in 1993:
8 years $500k - 2001
10 years $1 million - 2004
12 years $2 million - 2006
17 years $5 million - 2010
21 years $10 million - 2014
24 years $15 million - 2017
In the past 12 months I added over $2.3 million to my net worth, approximately half of which was from investment earnings and the other half from retained income.
For a kid who learned the boglehead way in his late 20s, works hard, and was afraid of going broke, I am astonished by my progression, particularly in recent years. When I consider that in the past year I accumulated in each three month period what it took me to accumulate in my first eight years working really hard, making great money and investing boglehead style, I am astonished.
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Re: 2nd million is easier!
Very inspiringNYCguy wrote: ↑Sat Dec 16, 2017 9:07 pm For me it looks something like this:
Starting in 1993:
8 years $500k - 2001
10 years $1 million - 2004
12 years $2 million - 2006
17 years $5 million - 2010
21 years $10 million - 2014
24 years $15 million - 2017
In the past 12 months I added over $2.3 million to my net worth, approximately half of which was from investment earnings and the other half from retained income.
For a kid who learned the boglehead way in his late 20s, works hard, and was afraid of going broke, I am astonished by my progression, particularly in recent years. When I consider that in the past year I accumulated in each three month period what it took me to accumulate in my first eight years working really hard, making great money and investing boglehead style, I am astonished.
Re: 2nd million is easier!
I hope so...
Of course 1 million isn’t what it used to be.....
When I was younger I thought if a person had 1 million they were set for life.
Now I realize that not to be the case. Oh well, I will keep plugging away.
Of course 1 million isn’t what it used to be.....
When I was younger I thought if a person had 1 million they were set for life.
Now I realize that not to be the case. Oh well, I will keep plugging away.
Fools think their own way is right, but the wise listen to others.
Re: 2nd million is easier!
I have learned by watching others and myself it is never enough!
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Re: 2nd million is easier!
Bubbadog,
Congrat's...keep it going!
As one of the young guy's at Bogleheads I would say
I' am cruzing right along. I' am investing 60% of
my income each month.
I' am 23 years old, no debt, not married, pretty frugal.
(But I don't make near as much as you).
Currently at $300,000. It's all about the 8th wonder
of the world = compounding.
Congrat's...keep it going!
As one of the young guy's at Bogleheads I would say
I' am cruzing right along. I' am investing 60% of
my income each month.
I' am 23 years old, no debt, not married, pretty frugal.
(But I don't make near as much as you).
Currently at $300,000. It's all about the 8th wonder
of the world = compounding.
Re: 2nd million is easier!
1993 - $80kJustinR wrote: ↑Sat Dec 16, 2017 9:45 pmWhat's your salary during those different time periods?NYCguy wrote: ↑Sat Dec 16, 2017 9:07 pm For me it looks something like this:
Starting in 1993:
8 years $500k - 2001
10 years $1 million - 2004
12 years $2 million - 2006
17 years $5 million - 2010
21 years $10 million - 2014
24 years $15 million - 2017
In the past 12 months I added over $2.3 million to my net worth, approximately half of which was from investment earnings and the other half from retained income.
For a kid who learned the boglehead way in his late 20s, works hard, and was afraid of going broke, I am astonished by my progression, particularly in recent years. When I consider that in the past year I accumulated in each three month period what it took me to accumulate in my first eight years working really hard, making great money and investing boglehead style, I am astonished.
1997 - $135k
2001- 400k
2004 - 850k
2006 - $1.3
2010 - $1.8
2014 - $2.1
2017 - $2.9
If your out-go is greater than your income, your upkeep will be your DOWNFALL.
Re: 2nd million is easier!
Thank you snarlyjack. It sounds like you are on well on your way.snarlyjack wrote: ↑Sun Dec 17, 2017 4:35 am Bubbadog,
Congrat's...keep it going!
As one of the young guy's at Bogleheads I would say
I' am cruzing right along. I' am investing 60% of
my income each month.
I' am 23 years old, no debt, not married, pretty frugal.
(But I don't make near as much as you).
Currently at $300,000. It's all about the 8th wonder
of the world = compounding.
I love the Einstein quote about compounding interest being the 8th wonder of the world.
He who understands it...earns it. He who doesn't... pays it. (very true BTW)