Just hit the million mark net worth today

yogesh · Post by **yogesh** » Fri Oct 18, 2013 9:03 pm

Read Bogle saying "celebrate when you reach goal" ...
Thanks to America - the land of opportunity
Planning to:
- Take family out to Disneyland
- Gift to charity
- Sponsor Europe Trip for Parents

Hit the 1Mil NW mark with market going up post debt crisis as I am about 80% equity . I know it will go down with my celebrations but here is why wife is pushing the celebrations
- I grew up in very poor family ($500 per year in India)
- uneducated parents worked hard as farm laborers to make my life better
- we got electricity at home when I admitted to college
- hit hard by direct/indirect caste discrimination growing up
- time to pay off the dues, thank elders, celebrate and share the joy with giving ...
Now is time to celebrate with dignity and pride of hard earned success for the family!

Lot of requests for writing down my journey on paper. I need to sit down and put it on paper someday. People who have traveled hard path doesn't need convincing on how important it is to GIVE. We both have been doing 10% each to charity since our first job (~10 yrs); we are in mid thirties.

My personal goal for these occasional celebrations and sharing the joy by giving is to help benefit 100s from untouchable (Indian minority) community I come from. If I can't do that during my lifetime; I would grade myself FAIL. Part of the reason why I consider social responsibility above that of family is my personal experiences of double discrimination; first being poor and second being from untouchable caste. We don't choose where we are born, do we?But life has been unfair from day one with several direct and indirect discrimination experiences. I still remember the day when my upper caste teacher said "it's below my dignity to even touch you; let alone teach you". I could have given up on such an unfair life or chose to further strengthen my dreams; I choose the latter. Education was the only way to break shackles!

Enter America - an equal playing field with emphasis on diversity and inclusion!

Dadarkar · Post by **Dadarkar** » Fri Oct 18, 2013 9:07 pm

Congrats for reaching important milestone!

abuss368 · Post by **abuss368** » Fri Oct 18, 2013 9:08 pm

That is awesome. Congrats!

BolderBoy · Post by **BolderBoy** » Fri Oct 18, 2013 9:10 pm

yogesh wrote:Read Bogle saying "celebrate when you reach goal" ...
Thanks to America - the land of opportunity
Planning to:
- Take family out to Disneyland
- Gift to charity
- Sponsor Europe Trip for Parents

Congratulations and Well Done!!!

I'm working on my second mil - gave up trying to make the first (my father used to say that.)

Grt2bOutdoors · Post by **Grt2bOutdoors** » Fri Oct 18, 2013 9:11 pm

Congrats

- but once you've done all that, won't you dip below the 7 figure number again?

Jfet · Post by **Jfet** » Fri Oct 18, 2013 9:12 pm

You hit it going up right?

yogesh · Post by **yogesh** » Fri Oct 18, 2013 9:25 pm

Grt2bOutdoors wrote:Congrats - but once you've done all that, won't you dip below the 7 figure number again?

Hit that going up as I am about 80% equity

.
i know it will go down with my celebrations but here is why wife is pushing the celebrations
- I grew up in very poor family ($500 per year in India)
- uneducated parents worked hard as farm laborers to make my life better
- we got electricity at home when I admitted to college
- hit hard by direct/indirect caste discrimination growing up
- time to pay off the dues, thank elders and celebrate ...

Now is time to celebrate with dignity and pride of hard earned success for the family!

2b2 · Post by **2b2** » Fri Oct 18, 2013 9:36 pm

Very well done!
Congratulations on many, many levels.

-2b2

shainy · Post by **shainy** » Fri Oct 18, 2013 9:59 pm

Hearty Congratulations!

I wish i will write a post like you some time soon...but long way to go..

Cheers!
Shainy

tylerdurden · Post by **tylerdurden** » Fri Oct 18, 2013 10:10 pm

Congratulations!

mudfud · Post by **mudfud** » Fri Oct 18, 2013 10:10 pm

Congratulations Yogesh! Your hard work and sacrifices have paid off. I'm sure your parents are proud of your success!

Mud

countdown · Post by **countdown** » Fri Oct 18, 2013 10:26 pm

Yogesh:
Your post is the most wonderful post I have ever read on this site.
BTW, from your writing, it's apparent that you were a 'success' before you hit your million.
Your outstanding parents raised an outstanding son!
Congratulations to you and yours.

Mrxyz · Post by **Mrxyz** » Fri Oct 18, 2013 10:42 pm

Congratulations.

BTW, how does one calculate net worth on this forum? Does it include cars owned, house owned or just $??
Thanks

bottlecap · Post by **bottlecap** » Fri Oct 18, 2013 10:45 pm

Congratulations! That's a wonderful story.

JT

Schu · Post by **Schu** » Fri Oct 18, 2013 10:53 pm

Thanks Yogesh, for the reminder to stop, breathe deeply, look around, smile and celebrate every now and then.

And to not forget how or why.

And of course congrats on your milestone.

Ted

Raymond · Post by **Raymond** » Fri Oct 18, 2013 10:55 pm

Outstanding!

morbster · Post by **morbster** » Fri Oct 18, 2013 11:05 pm

Congratulations! You're an inspiration to all of us who are several digits from where you are.

Texas hold em71 · Post by **Texas hold em71** » Fri Oct 18, 2013 11:25 pm

yogesh wrote:
Grt2bOutdoors wrote:Congrats - but once you've done all that, won't you dip below the 7 figure number again?
Hit that going up as I am about 80% equity .
i know it will go down with my celebrations but here is why wife is pushing the celebrations
- I grew up in very poor family ($500 per year in India)
- uneducated parents worked hard as farm laborers to make my life better
- we got electricity at home when I admitted to college
- hit hard by direct/indirect caste discrimination growing up
- time to pay off the dues, thank elders and celebrate ...

Now is time to celebrate with dignity and pride of hard earned success for the family!

Great story! Your parents must be so proud.

Nathan Drake · Post by **Nathan Drake** » Fri Oct 18, 2013 11:30 pm

Congrats. Please share some details about how you achieved your goal.

john94549 · Post by **john94549** » Fri Oct 18, 2013 11:37 pm

Best wishes. It is an important milestone. Ironically, the first million is always the hardest.

shashiraj8 · Post by **shashiraj8** » Fri Oct 18, 2013 11:41 pm

Congratulations!!!

Whiggish Boffin · Post by **Whiggish Boffin** » Fri Oct 18, 2013 11:47 pm

Mazel tov!
(To use a traditional American phrase...)

White Coat Investor · Fri Oct 18, 2013 11:53 pm

Congratulations! If this market keeps up I hope to be there soon myself.

mbenz1997 · Post by **mbenz1997** » Sat Oct 19, 2013 12:05 am

Congratulations!!

TravelforFun · Post by **TravelforFun** » Sat Oct 19, 2013 12:05 am

Welcome to the two-comma club! I made it in 2010 and should double it in 2017.

mildred66 · Post by **mildred66** » Sat Oct 19, 2013 12:07 am

Congrats!

yogesh · Post by **yogesh** » Sat Oct 19, 2013 12:14 am

Thank you all ...
It's been fascinating journey with learnings coming from all sources including this forum.
Thing I like most here is selfless second opinion, emphasis on same principles, reminders and personal stories/circumstances, we all learn from mistakes

and above all feels like a family here too!

fauji · Post by **fauji** » Sat Oct 19, 2013 12:20 am

very cool ! congratulations

TravelforFun · Post by **TravelforFun** » Sat Oct 19, 2013 12:22 am

This is still the land of opportunity. I can still remember the day I came to this country, 40 years ago, with $150 in my pocket and spoke no English.

fauji · Post by **fauji** » Sat Oct 19, 2013 12:32 am

very true. I came to the US 15 yr ago with just $300 in my pocket with some computer programming skills

placeholder · Post by **placeholder** » Sat Oct 19, 2013 1:39 am

I came to this country with no money, no clothes, and couldn't speak the language.

stemikger · Post by **stemikger** » Sat Oct 19, 2013 3:14 am

yogesh wrote:Read Bogle saying "celebrate when you reach goal" ...
Thanks to America - the land of opportunity
Planning to:
- Take family out to Disneyland
- Gift to charity
- Sponsor Europe Trip for Parents

Awesome Man!! You did a great thing for your family!! Keep up the good work and Congratulations!!

Sunflower · Post by **Sunflower** » Sat Oct 19, 2013 3:26 am

placeholder wrote:I came to this country with no money, no clothes, and couldn't speak the language.

Like most of us, as newborns!

Congrats on your milestone(s), yogesh!

Robert T · Post by **Robert T** » Sat Oct 19, 2013 3:46 am

.
Fantastic! Life is a journey, and the journey is the destination.

ForeignInvestor · Post by **ForeignInvestor** » Sat Oct 19, 2013 4:00 am

Congratulations from the home country Yogesh!

Ignis · Post by **Ignis** » Sat Oct 19, 2013 4:30 am

Congratulations on the 2 comma club! I am almost in the 6 digit club (Cash/Investments only), and I think that feels pretty good.

Can't imagine how you must feel.

Kircheis · Post by **Kircheis** » Sat Oct 19, 2013 7:10 am

yogesh wrote:Read Bogle saying "celebrate when you reach goal" ...
Thanks to America - the land of opportunity
Planning to:
- Take family out to Disneyland
- Gift to charity
- Sponsor Europe Trip for Parents

Congratulations on your accomplishment!

Leesbro63 · Post by **Leesbro63** » Sat Oct 19, 2013 7:15 am

That's fabulous. I got an Eisenhower silver dollar when I hit $1M that I keep on my key chain.

TT · Post by TT » Sat Oct 19, 2013 7:17 am

Cool

Whatever it takes to reach your goals in life.

mall0c · Post by **mall0c** » Sat Oct 19, 2013 8:11 am

Mrxyz wrote:Congratulations.

BTW, how does one calculate net worth on this forum? Does it include cars owned, house owned or just $??
Thanks

Just like a business. Financial assets + capital assets - liabilities = net equity

For me:

Level I NW:
+cash
+portfolio
+book value of business
+home
+investment property
-all debt

Level II NW:
+level I
+personal property (cars, art, furniture, etc.)

Grt2bOutdoors · Post by **Grt2bOutdoors** » Sat Oct 19, 2013 8:15 am

mike_slc wrote:
Mrxyz wrote:Congratulations.

BTW, how does one calculate net worth on this forum? Does it include cars owned, house owned or just $??
Thanks
Just like a business. Financial assets + capital assets - liabilities = net equity

For me:

Level I NW:
+cash
+portfolio
+book value of business
+home
+investment property
-all debt

Level II NW:
+level I
+personal property (cars, art, furniture, etc.)

I would severely discount personal property values - I think back to a picture of a lady sitting on a rocking chair in her front yard crying while the local sheriff was conducting an auction of all her worldly possessions including her farm during the Great Depression. Things that you may have paid $100 for might only fetch $1 or $2 - can't see that doing much for one's net worth.

BL · Post by BL » Sat Oct 19, 2013 8:19 am

yogesh wrote:
Grt2bOutdoors wrote:Congrats - but once you've done all that, won't you dip below the 7 figure number again?
Hit that going up as I am about 80% equity .
i know it will go down with my celebrations but here is why wife is pushing the celebrations
- I grew up in very poor family ($500 per year in India)
- uneducated parents worked hard as farm laborers to make my life better
- we got electricity at home when I admitted to college
- hit hard by direct/indirect caste discrimination growing up
- time to pay off the dues, thank elders and celebrate ...

Now is time to celebrate with dignity and pride of hard earned success for the family!

Congratulations on your success and being generous to celebrate!

Just to let you know, rural people in my area didn't get electricity until 1949 (I was fortunate in that we had our own Delco Battery power plant), but most lived frugally and didn't consider themself poor, even without running water and indoor bathrooms. I realize that doesn't compare to the poverty in your country and elsewhere in America.

LH · Post by LH » Sat Oct 19, 2013 8:27 am

Mrxyz wrote:Congratulations.

BTW, how does one calculate net worth on this forum? Does it include cars owned, house owned or just $??
Thanks

Usually a millionaire is taken to be net worth of liquid assets, such as an asset allocation. Ie excluding home value, car.

Personally, I look at my net worth as asset allocation plus home worth minus debt.

Say one owns a 500k house with no mortgage, and has 600k AA. By not including home, that person is NOT a millionaire. He is a 600kaire.

Now say person takes out a mortgage, get 400k cash. Bingo, that same person is now a millionaire????

Well ok... I guess. I understand, broad swath, why they do it like that. But individually, it's not neccessary.

I look at net worth, if you are worth a million, you are a millionaire, with the caveat that in a to be a millionaire in 1988 terms of the word, you would need 2 million by the CPI u in 2013. So millionaire, is a steadily declining term. I tend to think in terms of a true millionaire by the 1988 definition, when I was graduating high school, thinking about millionaires.

I do not count cars, clothes, iPhone as net worth.

dickenjb · Post by **dickenjb** » Sat Oct 19, 2013 8:30 am

john94549 wrote:Best wishes. It is an important milestone. Ironically, the first million is always the hardest.

Irony has nothing to do with it. It is simple math. By the time you have your first million, your money alone is earning perhaps $80K a year, so the earnings on your portfolio start to become very material whereas the first million is mostly what you can save.

By the time you have your second million, your portfolio is earning almost as much annually as you are by working (or for some people, more). Then you start asking yourself why you are working.

The Wizard · Post by **The Wizard** » Sat Oct 19, 2013 8:32 am

The net worth computation can be done however you want, but I focus mainly on Level One, meaning just investment/financial assets.
Level Two, with value of house and motor vehicles included, is just fluff, since I don't plan to sell the Mustang in retirement to finance my next European trip...

dickenjb · Post by **dickenjb** » Sat Oct 19, 2013 8:41 am

LH wrote: Personally, I look at my net worth as asset allocation plus home worth minus debt.

Say one owns a 500k house with no mortgage, and has 600k AA. By not including home, that person is NOT a millionaire. He is a 600kaire.

Now say person takes out a mortgage, get 400k cash. Bingo, that same person is now a millionaire????

Well ok... I guess. I understand, broad swath, why they do it like that. But individually, it's not neccessary.

Of course you count equity in your home as part of your net worth. Your example illustrates why. Conversely, let's say one decides to sell $500K of bond fund and pay off the mortgage. Did your net worth just fall by half a million? Of course not.

Bogle_worshipper · Post by **Bogle_worshipper** » Sat Oct 19, 2013 8:51 am

Congrats on your milestone and a very inspirational story..

The Wizard · Post by **The Wizard** » Sat Oct 19, 2013 8:58 am

There are different nuances of net worth, including the value of your estate if you died tomorrow, in which case Life Insurance would be included.

Married couples probably should focus on joint/family net worth.

And I think the Improved Net Worth By Age poll in the other thread includes the Present Value of pensions, Social Security, and annuities in total Net Worth even though those cash flows tend to stop at death...

Harold · Post by **Harold** » Sat Oct 19, 2013 8:59 am

Grt2bOutdoors wrote:Congrats - but once you've done all that, won't you dip below the 7 figure number again?

If enough is spent on each celebration -- they get to celebrate the milestone over and over and over again!

matjen · Post by **matjen** » Sat Oct 19, 2013 9:35 am

Congratulations on passing this important milestone! Stories like this always make me happy. Rags to riches.