Self-made Millionaires: how did hitting 7 figures change you?

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panhead
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by panhead » Fri Aug 19, 2016 10:56 am

bigred77 wrote: I wasn't referring to a change in the recommended withdrawal rate.

What I see is many people think "I need $1.25M in order to retire because I have expenses of 4k/month".

Then they get close to that number and think "Well I actually need $1.5M plus my personal residence paid off because I want to spend 5k/month with no mortgage payment".

Then they get close to that number and think "Well I'm making more than I ever have in my career, I better stick it out for the extra 30 months to put myself over $2M so I can spend a little extra plus get the kids through grad school".
This is the trap I fall into but it is also due to lowering the withdrawal rate. My initial cut at an FI number was 20 years ago and it was $25k/year @ 5% draw so I needed $500k. I no longer consider that viable. Now I would like a minimum of $50k at 2.5% WR. Yeah, back to work I go. Sigh.....

Back to the OP: The above is why $1M is a great milestone, but most of us (here) will continue to work beyond this, especially if we are under 50 years old and have a great paying gig. If and when I walk away, I want to be very confident I will never have to do work for pay unless I chose to again. All kidding aside though, I *could* make $1M work at a 2.5 to 3% WR as I know plenty of people that live on that amount now.

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buccimane
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by buccimane » Fri Aug 19, 2016 11:55 am

azanon wrote:
buccimane wrote:
azanon wrote:Nah you didn't get forced into retirement, you just lost a job. Losing a job for me would be an inconvenience at best and the only reason I wouldn't get a new one, would be because I chose not to.
That's a lot of assumptions in two sentences. :?
How so? He lost his job, and I'd (and anyone deserving of a job) would have no problem getting a new one. Unemployment rate is rock bottom in the country, and there are far more hiring than those looking.

If I sound optimistic, completely lacking a defeatist attitude, and generally opposed to the victim mentality, you got me right.

Now don't get me wrong, if you don't think you can get another job, and you're convinced of it, then you're probably right. I regularly serve on interview panels, and I'm always trying to pick out those that think the world's against them, so I don't make the mistake of hiring them.
More towards the fact that many people are forced into retirement. While this may not be the case in your profession, I have known many people nearing retirement age that were laid off. What they encountered was most if not all organizations weren't intrigued in paying anything close to their last salary. Many organizations would rather contract this work than bring someone in full time. So rather than take a substantial pay cut or deal with searching for employment every 6 months, they retired. This is a common situation for people I know, while your experience may differ..

Working in HR I see how many applicants we receive per job posting. For upper management/senior positions it has never been less than 140 applicants.
A man convinced against his will is of the same opinion still

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Labrat
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Labrat » Fri Aug 19, 2016 12:15 pm

Nothing much changed, as it happened well before I noticed.
I guess at this point, my mindset has shifted a little from making it, to protecting it. Upping 'safer' investments, umbrella insurance, etc.
"Research is what I'm doing when I don't know what I'm doing." - Wernher von Braun

azanon
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by azanon » Fri Aug 19, 2016 12:16 pm

buccimane wrote:More towards the fact that many people are forced into retirement. While this may not be the case in your profession, I have known many people nearing retirement age that were laid off. What they encountered was most if not all organizations weren't intrigued in paying anything close to their last salary. Many organizations would rather contract this work than bring someone in full time. So rather than take a substantial pay cut or deal with searching for employment every 6 months, they retired. This is a common situation for people I know, while your experience may differ..

Working in HR I see how many applicants we receive per job posting. For upper management/senior positions it has never been less than 140 applicants.
I think you're not getting my point of view. I don't believe in the concept of getting forced into retirement, nor bottling any able-bodied individual into such a narrow category that I'd accept that they can't obtain gainful employment doing something else. And yes, the alternative job might mean a significant pay cut. Sometimes salaries do drop. Now if that's unacceptable, then one can choose to retire.

The point I tried to make is one of optimism, glass-half-full, always believing you're in control, and never believe that you're a victim of outside forces. My post was more about attitude and being positive, than it was about specifics. And once one goes down the path of blaming others for their own misfortune, then this is a path that can possibly not be recovered from.

I'm trying to be helpful. Agreeing that this person was forced into retirement, and doomed to never being employed would be anything but helpful.

It wasn't long ago I read an article that said we're more-or-less at full employment, nationally. It never goes to 0%.

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by RoadHouseFan » Fri Aug 19, 2016 12:24 pm

InvestorNewb wrote:
azanon wrote:How so? He lost his job, and I'd (and anyone deserving of a job) would have no problem getting a new one. Unemployment rate is rock bottom in the country, and there are far more hiring than those looking.

If I sound optimistic, completely lacking a defeatist attitude, and generally opposed to the victim mentality, you got me right.

Now don't get me wrong, if you don't think you can get another job, and you're convinced of it, then you're probably right. I regularly serve on interview panels, and I'm always trying to pick out those that think the world's against them, so I don't make the mistake of hiring them.
You sound like one of those people who thinks they are better than everyone else. Just because you are in an authority position at work doesn't mean you are.
Excellent! A legend in his own mind...

azanon
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by azanon » Fri Aug 19, 2016 12:27 pm

RoadHouseFan wrote:
InvestorNewb wrote:
azanon wrote:How so? He lost his job, and I'd (and anyone deserving of a job) would have no problem getting a new one. Unemployment rate is rock bottom in the country, and there are far more hiring than those looking.

If I sound optimistic, completely lacking a defeatist attitude, and generally opposed to the victim mentality, you got me right.

Now don't get me wrong, if you don't think you can get another job, and you're convinced of it, then you're probably right. I regularly serve on interview panels, and I'm always trying to pick out those that think the world's against them, so I don't make the mistake of hiring them.
You sound like one of those people who thinks they are better than everyone else. Just because you are in an authority position at work doesn't mean you are.
Excellent! A legend in his own mind...
Compared to the average boglehead, I assure you I'm a peon. I am employed though. :D

Welcome to the forum btw.
Last edited by azanon on Fri Aug 19, 2016 12:29 pm, edited 1 time in total.

RoadHouseFan
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by RoadHouseFan » Fri Aug 19, 2016 12:28 pm

We are hovering around the magic number and it is a big deal. Plus, we truly are the definition of self-made: no inheritance, one income (never made more than $85k), military service (mommy and daddy did not pay for college), no help on home purchase, etc.

azanon
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by azanon » Fri Aug 19, 2016 12:32 pm

RoadHouseFan wrote:We are hovering around the magic number and it is a big deal. Plus, we truly are the definition of self-made: no inheritance, one income (never made more than $85k), military service (mommy and daddy did not pay for college), no help on home purchase, etc.
I'll have to give my wife the bad news tonight that we're not self-made because we both work.

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by BogleBoogie » Fri Aug 19, 2016 12:36 pm

Depending on how you are invested, you may be a 600 thousand-aire tomorrow so I wouldn't give it much thought or weight.

As for the deeper thoughts into your life and giving it more meaning, I hope hitting this milestone will give you the peace of mind to be able to break the "golden handcuffs" of your current work to find something else you value more. Congrats!

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Geronkas » Fri Aug 19, 2016 1:20 pm

RoadHouseFan,

We are also a military family, with only one income for most my military career. We are not at the million dollar mark yet, but it is within sight. That gave me the confidence to submit my retirement request last month. Great job and more success to you.


Geronkas.

RoadHouseFan
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by RoadHouseFan » Fri Aug 19, 2016 1:24 pm

Geronkas wrote:RoadHouseFan,

We are also a military family, with only one income for most my military career. We are not at the million dollar mark yet, but it is within sight. That gave me the confidence to submit my retirement request last month. Great job and more success to you.


Geronkas.
Thank you! Thanks for your service and best wishes to you and your family!

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by sickman » Fri Aug 19, 2016 1:50 pm

My first post here so hope you guys don't mind a silly question. If you're married, does this mean you aren't a millionaire until net worth hits $2m since there's 2 people? Just asking because my wife & I are in between 1 and 2.

Rodc
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Rodc » Fri Aug 19, 2016 2:18 pm

azanon wrote:
RoadHouseFan wrote:We are hovering around the magic number and it is a big deal. Plus, we truly are the definition of self-made: no inheritance, one income (never made more than $85k), military service (mommy and daddy did not pay for college), no help on home purchase, etc.
I'll have to give my wife the bad news tonight that we're not self-made because we both work.
I'm not self made either because I make more than $85K and my wife makes some money too. :)

That aside, RoadHouseFan, welcome to the forum and all kidding aside you should be proud of your accomplishments.
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Rodc » Fri Aug 19, 2016 2:19 pm

BogleBoogie wrote:Depending on how you are invested, you may be a 600 thousand-aire tomorrow so I wouldn't give it much thought or weight.
That is one reason I did not get more excited. I may hit my first million more than once. :)
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Barefootgirl » Fri Aug 19, 2016 3:18 pm

Another point of view - i.e. - is the accumulation of resources the means to an end or the end?


https://vimeo.com/176370337?outro=1
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by JDCarpenter » Fri Aug 19, 2016 5:29 pm

sickman wrote:My first post here so hope you guys don't mind a silly question. If you're married, does this mean you aren't a millionaire until net worth hits $2m since there's 2 people? Just asking because my wife & I are in between 1 and 2.
This and similar topics pop up not infrequently (look at any "joint v. separate accounts" thread!). Answer, in my mind, is "it depends." :-)

DW and I started out together at 18/19 years old and married as grad students with negative net worth and high human capital. Now, we have (to us) high liquid net worth and are soon to pitch our remaining human capital out the window. To us, it has always been one pot. Of course, that may be one of the reasons why first hitting seven figures was not a big deal--we knew that we "needed" quite a bit more to do what we wanted to do....
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Rodc
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Rodc » Fri Aug 19, 2016 5:40 pm

JDCarpenter wrote:
sickman wrote:My first post here so hope you guys don't mind a silly question. If you're married, does this mean you aren't a millionaire until net worth hits $2m since there's 2 people? Just asking because my wife & I are in between 1 and 2.
This and similar topics pop up not infrequently (look at any "joint v. separate accounts" thread!). Answer, in my mind, is "it depends." :-)

DW and I started out together at 18/19 years old and married as grad students with negative net worth and high human capital. Now, we have (to us) high liquid net worth and are soon to pitch our remaining human capital out the window. To us, it has always been one pot. Of course, that may be one of the reasons why first hitting seven figures was not a big deal--we knew that we "needed" quite a bit more to do what we wanted to do....
Yes, always though of it as one pot here too.

Another wrinkle is pensions. I am not in the camp that pretends a future pension income stream is a lump sum of money (that presumably one then uses to estimate the potential income stream via something, perhaps the 4% rule), I count it as, get ready for it, an income stream.

But for those that do count such things as "cash equivalent" they may get a different answer to what it means to be a millionaire.
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by kelage » Fri Aug 19, 2016 6:22 pm

Barefootgirl wrote:Another point of view - i.e. - is the accumulation of resources the means to an end or the end?


https://vimeo.com/176370337?outro=1
Thank you for the reminder. :beer

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by goodenyou » Fri Aug 19, 2016 10:45 pm

sesq wrote:

He has always taken care of his family (mother, siblings, kids) so I could see a legacy being important to him although he does tell us he will spend it all.
I think parents tell their children that so that they won't have expectations. I recently read a quote by Milton Friedman to paraphrase, "although illogical in my opinion, we (parents) value our children's ability to consume much more than we value ours". It resonated with me.
"Ignorance more frequently begets confidence than does knowledge" | Do you know how to make a rain dance work? Dance until it rains.

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Runalong » Sat Aug 20, 2016 12:55 am

We hit the milestone last year, now at about 1.2 at age 62.

Two thoughts: We never had much money, stay at home mom, ZERO savings at age 40, less than $100K in IRA at 50, unplanned retirement (mine, my wife began working as a teacher after kids hit college age).

1) When you develop habits of being a spend thrift, you tend to keep those habits regardless. Had we been more spendy earlier in life, we might think we don't have enough money now. Instead it feels like we're ridiculously wealthy. Think hard about the spending and lifestyle habits you form in your 30s and 40s.

2) Everyone I know who's older than me, regardless of their financial situation, says, "If you have your health, that's all that really counts". We can do a lot more about our future health and fitness (though some matters are beyond our control) than we can about our future wealth yet people focus more on how much they'll have rather than on how long they'll stay fit and healthy and energetic. Backpacking is a zillion times cheaper than vacationing at resorts, etc, and (IMHO) far more satisfying (you should see the pictures from our recent trip to the Marble Mountain wilderness!). But we didn't see anyone else over 50 the whole week we were out there. People in their 60s and 70s spend LOTS of money paying for expensive machines to take them places they could walk to for free if they had cared as much about health as about wealth.

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by millewk » Sat Aug 20, 2016 8:49 am

This is an interesting thread which truthfully I never gave much thought to. 30 years ago one million dollars was a goal we set to ensure our financial future but, as others have said, 1 million isn't what it used to be. Initially we decided that the path to 7 figures was more easily obtained through rental real estate. It allowed us to fully fund our qualified accounts, boost our savings and take advantage of compounding. Now with those properties paid off and a net worth in the mid seven figures I don't believe much has changed. We did splurge and bought a condo on the gulf coast. After buying it I couldn't let it set idle when we weren't using it so I also rent it. I guess it's just in my DNA. We still drive older cars ....me a 2010 F150 with 150 K and a 2009 MKZ with 80K. I still maintain my rental properties when repairs are needed, chase past due rent, and My wife still clips coupons. I guess the biggest change is that I sleep well at night. We are providing for our grandchildren's college educations and make the annual minimum cash gifts to our kids.

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by SQRT » Sat Aug 20, 2016 9:13 am

Runalong wrote:
2) Everyone I know who's older than me, regardless of their financial situation, says, "If you have your health, that's all that really counts". We can do a lot more about our future health and fitness (though some matters are beyond our control) than we can about our future wealth yet people focus more on how much they'll have rather than on how long they'll stay fit and healthy and energetic.
Excellent point. I wonder what the correlation is between wealth and health? In my experience wealthier people tend to be more fit. At least once they retire. We have been retired for 10 years(I'm 66, spouse 59) and are in excellent shape. Most of our friends are the same. I certainly see plenty of the less fit around, but I suspect many wealthier people really appreciate their lives and want them to last as long as possible. I certainly do!!

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by hoops777 » Sat Aug 20, 2016 12:19 pm

I always see comments about having a million dollars is no big deal anymore.I understand how being a millionaire has changed quite a bit from 30 years ago.I also understand the very,very tiny pct of people in our country who have achieved that goal.
It is a big deal to me considering at age 42 I had a net worth of minus 20k when I started my business.Grew up in a family with very little.My parents both passed in their early 80's with no savings,and I mean 0.So to me it is a big deal and a feeling of contentment.Never thought I would have a secure retirement.It is a great feeling to be able to buy a present for your grandson and not feel stressed out because you cannot afford it,or actually be able to take a trip somewhere.So it changed me by reducing stress and worry as well as feeling some self esteem about an accomplishment that I never envisioned.
On the other side,I am overly conservative about keeping what I have,so have lost out on a lot of potential stock market gains,but I am at peace with that.We have enough and are content to just keep it that way.About 95 % CDs,ibonds,muni bonds and bond funds and completely debt free.
The one thing I rarely see mentioned is that being fortunate to have a higher income also provides a higher SS check which we will be seeing down the road a few years.
K.I.S.S........so easy to say so difficult to do.

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Runalong
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Runalong » Sat Aug 20, 2016 2:24 pm

I remember my mom used to watch this old show about a guy who would give someone $1million and see what happened.

https://www.youtube.com/watch?v=tL23mLBrOic

FreddieG
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by FreddieG » Sun Aug 21, 2016 8:22 am

I am 58 , retired, with about 2.1m. I also have a pension. I acquired my sum through personal savings and 401k over the years. I never panicked and changed my 401k in 32 years. It was a roller coaster, especially 2009.

I don't feel like a millionaire, nor do I act like one. It is probably enough to live on for 25 years, but it ain't a fortune.

I buy most clothes at the thrift store. Great deals there. I'll admit that I have loosened up a bit in spending. But I am still pathologically cheap.

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by mule » Sun Aug 21, 2016 8:37 am

Very interesting topic to say the least. I really never kept a record when I hit the number and really never sat down and figured my NW till someone mentioned this site to me. I also never really thought about retiring till I came to BH about 18 months ago. Since then I have retired and have learned a lot and have been given so much help and also confidence to retire.

I just worked and saved all I could and I'm a blue collar worker and very proud of it. I have a NW in the middle 7 figure and really never as a young person thought I would be a millionaire someday. For me I have not changed or has it made me live any different but I have retired from a 35 year job and work part time now and enjoy the very low stress days and I can do what I want to.

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Bacchus01 » Sun Aug 21, 2016 8:59 am

The first time it happened, we really didn't know it. Then the recession hit, and we had to get back to it.

When it hit again, I told my wife. She said something along the lines of "That's nice dear, what would you like to watch on Netflix tonight?" And that was the end.

Not long ago we hit multi- status. Again, her response was "that's interesting, should we buy a dog for the boys?"

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Nova1967 » Sun Aug 21, 2016 9:06 am

Bacchus01 wrote:The first time it happened, we really didn't know it. Then the recession hit, and we had to get back to it.

When it hit again, I told my wife. She said something along the lines of "That's nice dear, what would you like to watch on Netflix tonight?" And that was the end.

Not long ago we hit multi- status. Again, her response was "that's interesting, should we buy a dog for the boys?"
I'm sure she will make a note of it should your marriage end up in trouble lol

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by invst65 » Sun Aug 21, 2016 9:34 am

azanon wrote:
buccimane wrote:
azanon wrote:Nah you didn't get forced into retirement, you just lost a job. Losing a job for me would be an inconvenience at best and the only reason I wouldn't get a new one, would be because I chose not to.
That's a lot of assumptions in two sentences. :?
How so? He lost his job, and I'd (and anyone deserving of a job) would have no problem getting a new one. Unemployment rate is rock bottom in the country, and there are far more hiring than those looking.

If I sound optimistic, completely lacking a defeatist attitude, and generally opposed to the victim mentality, you got me right.

Now don't get me wrong, if you don't think you can get another job, and you're convinced of it, then you're probably right. I regularly serve on interview panels, and I'm always trying to pick out those that think the world's against them, so I don't make the mistake of hiring them.
To settle this argument I intended to retire on June 1 of next year when I will turn 68. I got severance pay through the end of the year so it was only 5 months early which isn't a big deal though the psychological shock of getting laid off was more than anticipated.

So it is both true that I could look for another job if I wanted to work but also that I got forced into early retirement.

Billionaire
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Billionaire » Sun Aug 21, 2016 11:17 am

Meanwhile, the cover story on this months issue of Money magazine is "How to Reach One Million Dollars".

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Plecoptera » Sun Aug 21, 2016 12:01 pm

I'm sort of past that in a major way, not in high $ sense, our personal stash is probably <$2m, but in overall living style. I am 63, married, two adult kids. I started with $5 my father gave me to call home to tell him I made it to Navy boot camp alive - 1971. Saved well and often, started IRAs as soon as legal, always maxed 401K, wife did the same, kids started IRAs with first jobs, etc. Vanguard says I started with them in 1994, I was with Janus before that. The actual 7 figure mark was first passed nearly two decades ago. With that also came days when the number dropped the odd +$50K, so it's not all bliss, even when the losses are relative to higher total. We experienced being are/aren't millionaires perhaps thousands of times. We have always stayed fully invested, and just ride it out. Some days tho, the numbers do suck.

The reality is at 4% safe withdrawal, it's not a huge income stream. We live in a modest home (1,300 sq ft) in a safe and interesting non-HOA neighborhood (meaning some of my neighbors are crazy, but mostly not violent), finally bought an actual new car (CRV) for the first time in 2013. One kid is a Resident in Emergency Medicine, one is a very successful government attorney. Both went to state U's and got tuition, books, fees, and a modest stipend, so had no student debt at graduation. Grad school, we paid half, tho that has been creeping up. We went in with the lawyer on her house, now own a nice furnished room in the basement in a major ski town (and even at $250k, a basement room w/shower was still a bargain). We will help the EM doc when he gets past the idea of paying for his med school on his own. We assist, but don't subsidize or interfere. I've learned I have fantastic kids, so even $xxxK grants don't worry me.

Being there financially meant me retiring at 56 from a civil service technology management job, the wife (Engineer) at 60. We both have okay-not huge defined benefit pensions, in addition to our Vanguard stash. We have a rough budget, but we have lived modestly for so long, I don't monitor it any more; we're still saving at a modest rate, but that increasingly gets eaten on food, wine, art, travel, Sage Fly rods, and a dark hole known as a sail boat. There are distant rumblings about a new couch, and refinishing the basement - for some people even a new car isn't enough.

Now, I find the major question is what to do with the roughly 20 good years I think I have left. I am addicted to Great Courses/Teaching Company classes, but managed to get the local library to buy them, so about once a week I hoof it to return and get a new one. Sometimes I borrow the neighbor's dog for the trip, and for free we both have a very pleasant time. I just returned from a week long road trip for a sailing class, but slept in the shell on my pickup going/coming/staying. Trip grand total was less than $300 including gas, so I guess I am simply tight-fisted by default. I took the boat out yesterday, the wind was steady, the temp was pleasant, magic happened. We did finally break down and buy an annual pass to the community recreation center (at my senior discount), and try to swim 30 minutes every other day - the recommended exercise for seniors thing. If you didn't already know, during the week your local community centers is packed with +60s. Some day someone will organize a global coordinated Tai Chi event, and >two BILLION people will participate. The 'seniors' designation thing is sort of disconcerting, but discounts help get over it.

Rest assured I am not experiencing remorse or confusion from not working. I hear people my age say they continue to work because they don't know what they would do otherwise. I don't have that problem, it's more a struggle with limiting my choices. I mean, what an incredible time in history to be alive. Being at least modestly financially independent - how did it change me? I'm FREE, and that is a very different way of life.

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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by hoops777 » Sun Aug 21, 2016 4:00 pm

The most important thing about having enough money is it gives you freedom.
K.I.S.S........so easy to say so difficult to do.

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

Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by student » Sun Aug 21, 2016 4:06 pm

Plecoptera wrote:I'm sort of past that in a major way, not in high $ sense, our personal stash is probably <$2m, but in overall living style. I am 63, married, two adult kids. I started with $5 my father gave me to call home to tell him I made it to Navy boot camp alive - 1971. Saved well and often, started IRAs as soon as legal, always maxed 401K, wife did the same, kids started IRAs with first jobs, etc. Vanguard says I started with them in 1994, I was with Janus before that. The actual 7 figure mark was first passed nearly two decades ago. With that also came days when the number dropped the odd +$50K, so it's not all bliss, even when the losses are relative to higher total. We experienced being are/aren't millionaires perhaps thousands of times. We have always stayed fully invested, and just ride it out. Some days tho, the numbers do suck.

The reality is at 4% safe withdrawal, it's not a huge income stream. We live in a modest home (1,300 sq ft) in a safe and interesting non-HOA neighborhood (meaning some of my neighbors are crazy, but mostly not violent), finally bought an actual new car (CRV) for the first time in 2013. One kid is a Resident in Emergency Medicine, one is a very successful government attorney. Both went to state U's and got tuition, books, fees, and a modest stipend, so had no student debt at graduation. Grad school, we paid half, tho that has been creeping up. We went in with the lawyer on her house, now own a nice furnished room in the basement in a major ski town (and even at $250k, a basement room w/shower was still a bargain). We will help the EM doc when he gets past the idea of paying for his med school on his own. We assist, but don't subsidize or interfere. I've learned I have fantastic kids, so even $xxxK grants don't worry me.

Being there financially meant me retiring at 56 from a civil service technology management job, the wife (Engineer) at 60. We both have okay-not huge defined benefit pensions, in addition to our Vanguard stash. We have a rough budget, but we have lived modestly for so long, I don't monitor it any more; we're still saving at a modest rate, but that increasingly gets eaten on food, wine, art, travel, Sage Fly rods, and a dark hole known as a sail boat. There are distant rumblings about a new couch, and refinishing the basement - for some people even a new car isn't enough.

Now, I find the major question is what to do with the roughly 20 good years I think I have left. I am addicted to Great Courses/Teaching Company classes, but managed to get the local library to buy them, so about once a week I hoof it to return and get a new one. Sometimes I borrow the neighbor's dog for the trip, and for free we both have a very pleasant time. I just returned from a week long road trip for a sailing class, but slept in the shell on my pickup going/coming/staying. Trip grand total was less than $300 including gas, so I guess I am simply tight-fisted by default. I took the boat out yesterday, the wind was steady, the temp was pleasant, magic happened. We did finally break down and buy an annual pass to the community recreation center (at my senior discount), and try to swim 30 minutes every other day - the recommended exercise for seniors thing. If you didn't already know, during the week your local community centers is packed with +60s. Some day someone will organize a global coordinated Tai Chi event, and >two BILLION people will participate. The 'seniors' designation thing is sort of disconcerting, but discounts help get over it.

Rest assured I am not experiencing remorse or confusion from not working. I hear people my age say they continue to work because they don't know what they would do otherwise. I don't have that problem, it's more a struggle with limiting my choices. I mean, what an incredible time in history to be alive. Being at least modestly financially independent - how did it change me? I'm FREE, and that is a very different way of life.
Great post.

msk
Posts: 1449
Joined: Mon Aug 15, 2016 10:40 am

Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by msk » Sun Aug 21, 2016 11:59 pm

I wanted to look at a MILLION $ from another perspective. Somehow most of us got imprinted with the word "millionaire" when we were kids, perhaps when we were at 10 years old? So, when you were 10 years old, what did a million $ represent in today's money. I just worked it out on one of those inflation calculators. So, if you were 10 in 1950, a million $ represented in 2015 money:

1950: $9.8 million
1960: $8 million
1970: $6.1 million
1980: $2.9 million
1990: $1.8 million
2000: $1.4 million

Obviously, the older you are, the more you get the feeling that a million $ today is no big deal :happy If you are 70+ years old, your lifelong concept of a "millionaire" probably demands an 8 figure net worth.

azanon
Posts: 2633
Joined: Mon Nov 07, 2011 10:34 am

Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by azanon » Mon Aug 22, 2016 8:19 am

invst65 wrote:
azanon wrote:
buccimane wrote:
azanon wrote:Nah you didn't get forced into retirement, you just lost a job. Losing a job for me would be an inconvenience at best and the only reason I wouldn't get a new one, would be because I chose not to.
That's a lot of assumptions in two sentences. :?
How so? He lost his job, and I'd (and anyone deserving of a job) would have no problem getting a new one. Unemployment rate is rock bottom in the country, and there are far more hiring than those looking.

If I sound optimistic, completely lacking a defeatist attitude, and generally opposed to the victim mentality, you got me right.

Now don't get me wrong, if you don't think you can get another job, and you're convinced of it, then you're probably right. I regularly serve on interview panels, and I'm always trying to pick out those that think the world's against them, so I don't make the mistake of hiring them.
To settle this argument I intended to retire on June 1 of next year when I will turn 68. I got severance pay through the end of the year so it was only 5 months early which isn't a big deal though the psychological shock of getting laid off was more than anticipated.

So it is both true that I could look for another job if I wanted to work but also that I got forced into early retirement.
It's not an argument at all, rather a matter of perspective. I will always prefer the more positive one that downplays this situation, and focuses more on the positives.

My view is that in today's society, it is commonplace to have many jobs throughout your career, and with how fast things change, it's completely normal to "lose" a job.

I should clarify too that I don't subscribe to ageism. The top two presidential candidates, for instance, are either your age or older, and they're running for arguably the most important job on the planet. Plenty of people work another 15-20 years past your age.

Perhaps I should tell a story to settle the argument. My father-in-law was "forced into retirement" (his words) a few years back (due to a merger), had 25+ years, and was well into his 60s. He'd call my wife and get her depressed and make her feel bad, which I never thought was a fatherly thing to do. About a half a year passed, and he ended up getting a new job (with another company) that was essentially the same type of job that he got "forced into retirement" out of. So all of that negative language was never really necessary, and certainly depressing my wife and making her feel bad wasn't necessary either, in my opinion.

And btw, congratulations on your retirement. :beer

SQRT
Posts: 1243
Joined: Sat Feb 05, 2011 9:44 am

Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by SQRT » Mon Aug 22, 2016 8:49 am

hoops777 wrote:The most important thing about having enough money is it gives you freedom.
Couldn't agree more. Freedom=choices=empowerment=self actualization=happiness. Or at least it should.

SQRT
Posts: 1243
Joined: Sat Feb 05, 2011 9:44 am

Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by SQRT » Mon Aug 22, 2016 8:49 am

student wrote:
Plecoptera wrote:I'm sort of past that in a major way, not in high $ sense, our personal stash is probably <$2m, but in overall living style. I am 63, married, two adult kids. I started with $5 my father gave me to call home to tell him I made it to Navy boot camp alive - 1971. Saved well and often, started IRAs as soon as legal, always maxed 401K, wife did the same, kids started IRAs with first jobs, etc. Vanguard says I started with them in 1994, I was with Janus before that. The actual 7 figure mark was first passed nearly two decades ago. With that also came days when the number dropped the odd +$50K, so it's not all bliss, even when the losses are relative to higher total. We experienced being are/aren't millionaires perhaps thousands of times. We have always stayed fully invested, and just ride it out. Some days tho, the numbers do suck.

The reality is at 4% safe withdrawal, it's not a huge income stream. We live in a modest home (1,300 sq ft) in a safe and interesting non-HOA neighborhood (meaning some of my neighbors are crazy, but mostly not violent), finally bought an actual new car (CRV) for the first time in 2013. One kid is a Resident in Emergency Medicine, one is a very successful government attorney. Both went to state U's and got tuition, books, fees, and a modest stipend, so had no student debt at graduation. Grad school, we paid half, tho that has been creeping up. We went in with the lawyer on her house, now own a nice furnished room in the basement in a major ski town (and even at $250k, a basement room w/shower was still a bargain). We will help the EM doc when he gets past the idea of paying for his med school on his own. We assist, but don't subsidize or interfere. I've learned I have fantastic kids, so even $xxxK grants don't worry me.

Being there financially meant me retiring at 56 from a civil service technology management job, the wife (Engineer) at 60. We both have okay-not huge defined benefit pensions, in addition to our Vanguard stash. We have a rough budget, but we have lived modestly for so long, I don't monitor it any more; we're still saving at a modest rate, but that increasingly gets eaten on food, wine, art, travel, Sage Fly rods, and a dark hole known as a sail boat. There are distant rumblings about a new couch, and refinishing the basement - for some people even a new car isn't enough.

Now, I find the major question is what to do with the roughly 20 good years I think I have left. I am addicted to Great Courses/Teaching Company classes, but managed to get the local library to buy them, so about once a week I hoof it to return and get a new one. Sometimes I borrow the neighbor's dog for the trip, and for free we both have a very pleasant time. I just returned from a week long road trip for a sailing class, but slept in the shell on my pickup going/coming/staying. Trip grand total was less than $300 including gas, so I guess I am simply tight-fisted by default. I took the boat out yesterday, the wind was steady, the temp was pleasant, magic happened. We did finally break down and buy an annual pass to the community recreation center (at my senior discount), and try to swim 30 minutes every other day - the recommended exercise for seniors thing. If you didn't already know, during the week your local community centers is packed with +60s. Some day someone will organize a global coordinated Tai Chi event, and >two BILLION people will participate. The 'seniors' designation thing is sort of disconcerting, but discounts help get over it.

Rest assured I am not experiencing remorse or confusion from not working. I hear people my age say they continue to work because they don't know what they would do otherwise. I don't have that problem, it's more a struggle with limiting my choices. I mean, what an incredible time in history to be alive. Being at least modestly financially independent - how did it change me? I'm FREE, and that is a very different way of life.
Great post.
+1

Rodc
Posts: 13601
Joined: Tue Jun 26, 2007 9:46 am

Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Rodc » Mon Aug 22, 2016 8:55 am

I should clarify too that I don't subscribe to ageism.
That is all well and good. Kind of like saying "I don't subscribe" to racism or the fact that is is harder for kids with uneducated poor parents to get through college. On the one hand that is a good "I can get this done" attitude that helps to actually get the job done. It does no good to dwell on the negatives.

But it also is a rose colored glasses view of the world that does not reflect reality. In reality, while some disadvantaged folks get over the hurdles, so yes it is possible sometimes, the hurdles are nonetheless real.

Ageism is a real thing whether one wants to personally subscribe to it or not.
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.

UADM
Posts: 224
Joined: Fri Apr 04, 2014 4:54 pm

Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by UADM » Mon Aug 22, 2016 7:04 pm

SQRT wrote:
Runalong wrote:
2) Everyone I know who's older than me, regardless of their financial situation, says, "If you have your health, that's all that really counts". We can do a lot more about our future health and fitness (though some matters are beyond our control) than we can about our future wealth yet people focus more on how much they'll have rather than on how long they'll stay fit and healthy and energetic.
Excellent point. I wonder what the correlation is between wealth and health? In my experience wealthier people tend to be more fit. At least once they retire. We have been retired for 10 years(I'm 66, spouse 59) and are in excellent shape. Most of our friends are the same. I certainly see plenty of the less fit around, but I suspect many wealthier people really appreciate their lives and want them to last as long as possible. I certainly do!!
You seem to link staying in shape with health. Staying in shape will do nothing to help with many, many health problems. Be thankful for your health. Not all of us are so lucky, regardless of how healthy we eat or how healthy our weight is.

Rodc
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by Rodc » Mon Aug 22, 2016 8:10 pm

UADM wrote:
SQRT wrote:
Runalong wrote:
2) Everyone I know who's older than me, regardless of their financial situation, says, "If you have your health, that's all that really counts". We can do a lot more about our future health and fitness (though some matters are beyond our control) than we can about our future wealth yet people focus more on how much they'll have rather than on how long they'll stay fit and healthy and energetic.
Excellent point. I wonder what the correlation is between wealth and health? In my experience wealthier people tend to be more fit. At least once they retire. We have been retired for 10 years(I'm 66, spouse 59) and are in excellent shape. Most of our friends are the same. I certainly see plenty of the less fit around, but I suspect many wealthier people really appreciate their lives and want them to last as long as possible. I certainly do!!
You seem to link staying in shape with health. Staying in shape will do nothing to help with many, many health problems. Be thankful for your health. Not all of us are so lucky, regardless of how healthy we eat or how healthy our weight is.
But being fit and of moderate weight will help with some important health issues. It is not a 100% solution but is still helpful enough that it beats being unfit. At least tilt the odds as best you can.

And while it may not prolong life being fit will generally allow you keep doing more things more easily and thus more enjoyably.

FWIW: to the question: every study I have seen has shown a correlation between wealth and health. Not too surprising.
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.

SQRT
Posts: 1243
Joined: Sat Feb 05, 2011 9:44 am

Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by SQRT » Tue Aug 23, 2016 8:11 am

I certainly understand that good health cannot be guaranteed by good fitness, and am very thankful for my excellent health. But as Rodc stated why not be fit? It certainly improves your chances of a longer active life. Every study I have seen draws a very direct causal relationship between fitness and health. My point is in my personal experience, wealthier people seem to take care of themselves better than those not so wealthy. Anecdotal for sure.

GoldenFinch
Posts: 2007
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by GoldenFinch » Tue Aug 23, 2016 8:40 am

kelage wrote:
Barefootgirl wrote:Another point of view - i.e. - is the accumulation of resources the means to an end or the end?


https://vimeo.com/176370337?outro=1
Thank you for the reminder. :beer
Yes, thank you Barefootgirl. I sent this link to my college kid. :happy

furnace
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by furnace » Tue Aug 23, 2016 8:48 am

Rodc wrote:
azanon wrote:
RoadHouseFan wrote:We are hovering around the magic number and it is a big deal. Plus, we truly are the definition of self-made: no inheritance, one income (never made more than $85k), military service (mommy and daddy did not pay for college), no help on home purchase, etc.
I'll have to give my wife the bad news tonight that we're not self-made because we both work.
I'm not self made either because I make more than $85K and my wife makes some money too. :)

That aside, RoadHouseFan, welcome to the forum and all kidding aside you should be proud of your accomplishments.

How can someone be considered self made if they had to work with both their hands? You're self made if you work with 1 hand. One person only works with 1 finger. Now that's self made!

stoptothink
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by stoptothink » Tue Aug 23, 2016 10:42 am

SQRT wrote:I certainly understand that good health cannot be guaranteed by good fitness, and am very thankful for my excellent health. But as Rodc stated why not be fit? It certainly improves your chances of a longer active life. Every study I have seen draws a very direct causal relationship between fitness and health. My point is in my personal experience, wealthier people seem to take care of themselves better than those not so wealthy. Anecdotal for sure.
Not anecdotal at all. While the individual reasons may vary, there are mountains of data showing that the higher up the socioeconomic ladder you go, the more likely one is to have a healthy diet, exercise regularly, and address medical conditions. Obviously, health is not guaranteed, but the huge majority of chronic disease have direct ties to lifestyle behaviors. Can't believe the importance of healthy lifestyle behaviors is even being debated.

ponyboy
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by ponyboy » Tue Aug 23, 2016 10:49 am

SQRT wrote:I certainly understand that good health cannot be guaranteed by good fitness, and am very thankful for my excellent health. But as Rodc stated why not be fit? It certainly improves your chances of a longer active life. Every study I have seen draws a very direct causal relationship between fitness and health. My point is in my personal experience, wealthier people seem to take care of themselves better than those not so wealthy. Anecdotal for sure.
Because those who tell you not to be fit are the ones who ARENT fit. They will give you a thousand reasons why its beneficial not to be in shape...ive heard it all. "well what if you get sick...its good to have all that fat on your body, you'll have joint pain, lifting weights when you're young will only hurt your body when you get older," blah blah blah. These things will never change.

The fact of the matter is if you're doing well in life, if you look well, if you feel well and have a positive attitude...there is always going to be those who try to bring you down a notch. Almost always in these situations the person bringing you down doesnt have what you have, doesnt feel the same way you do or doesnt look the same way you do. They're simply unhappy with themselves. Its pathetic.

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6miths
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by 6miths » Tue Aug 23, 2016 11:12 am

GoldenFinch wrote:
kelage wrote:
Barefootgirl wrote:Another point of view - i.e. - is the accumulation of resources the means to an end or the end?


https://vimeo.com/176370337?outro=1
Thank you for the reminder. :beer
Yes, thank you Barefootgirl. I sent this link to my college kid. :happy
Yes thank you very much. I shared it as well.
'It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so!' Mark Twain

ScroogeMcDuck
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by ScroogeMcDuck » Tue Aug 23, 2016 6:09 pm

OP, I think my husband and I are in a position similar to you - we are 31 and have a net worth around $1.4 million ($1 million portfolio, $400k home equity). We hit the $1 million portfolio mark earlier this year and at the time I had some angst over whether I should leave my career which I have been unhappy in. I decided to stay for UP TO (no longer than) one more year to pay off our mortgage. That would make our portfolio about 25x expenses, which to me is a more meaningful milestone than X dollar amount. I feel more relaxed at work now that I have mentally given myself permission to quit whenever I want. If someone asks me to do something I'm uncomfortable with, I tell them so. When I'm done with my work, I leave - I don't give a second thought to face time. It's wonderful to be young and have options.

That said, I do have anxiety over what comes next. I'm a natural worrier!
topofthebellcurve wrote:First, a quick thank you to the BH community. It is hard to find a place to talk honestly about money (and goals, and life, and all the deep issues to which money is inextricably bound). You've built a welcoming, knowledgable nook in the vast internet, and I'm delighted to be here. So, thank you.

Here's my question: for those of you (most of you, I'm guessing) who have hit $1M (or your number of choice), how did that impact you, if at all? Did arriving at that number change you in any meaningful way, or change your perspective?

I expect many of us have a number in our heads, and, to go along with that, a sense of how arriving at that destination will make us feel. Since I've started working, I had the goal of hitting $1M by 30. Why? I'm not entirely sure, aside from that it felt like a good "stretch" goal, and, were I to achieve it, I would know that I've somehow "made it". Despite inflation and $1M barely buying you a starter home in San Francisco, the idea and "millionaire" designation still carries cultural weight.

I was a year and a half late, but I got there....and it's been an unsettling few weeks since.

While there's the obvious comfort of knowing my wife and eventual children won't starve (absent my being wildly irresponsible, or WWIII), it's also provoked the sort of existential soul-searching that I think comes with arriving at any important destination. It's now crystal clear to me that I'm unsatisfied in my line of work (commercial real estate). Being on the verge of "real" adulthood (kids, homeownership, etc.), I felt a responsibility to provide, and to make whatever sacrifices necessary to ensure a healthy future for my family. Now, that line of thinking is no longer the motivator that it once was. Of course, $5M is better than $1M, and $1M more today is worth $X M by retirement...but it rings hollow. I'm thinking about my next 30+ years of life, and am feeling a need to be a more positive contributor to the world around me. In a global perspective, I've won the life lottery, and I feel like that comes with responsibility.

I'm not asking for advice so much as wanting to hear from others who have been through similar experiences. Did you just move on with your life as if nothing happened? Was it a cause of reflection or change?

Topic Author
topofthebellcurve
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by topofthebellcurve » Tue Aug 23, 2016 8:28 pm

ScroogeMcDuck wrote:OP, I think my husband and I are in a position similar to you - we are 31 and have a net worth around $1.4 million ($1 million portfolio, $400k home equity). We hit the $1 million portfolio mark earlier this year and at the time I had some angst over whether I should leave my career which I have been unhappy in. I decided to stay for UP TO (no longer than) one more year to pay off our mortgage. That would make our portfolio about 25x expenses, which to me is a more meaningful milestone than X dollar amount. I feel more relaxed at work now that I have mentally given myself permission to quit whenever I want. If someone asks me to do something I'm uncomfortable with, I tell them so. When I'm done with my work, I leave - I don't give a second thought to face time. It's wonderful to be young and have options.

That said, I do have anxiety over what comes next. I'm a natural worrier!
Nice! You two are killing it!

What's your line of work, if you don't mind me asking?

I'm also planning to stay a bit longer in my job, at least until the end of the year, and likely until the end of the next. I'm moving back to the U.S. (Boston) at the end of this year, and so I'd prefer to minimize the facets of my life which are changing at the same time. Once I'm settled, I'll have a better sense of (1) whether my job is any better in the new location and (2) what opportunities are around.

Is the anxiety you're feeling more of the materials variety (paying for kids) or existential (now what)?

ScroogeMcDuck
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by ScroogeMcDuck » Tue Aug 23, 2016 11:37 pm

topofthebellcurve wrote:Nice! You two are killing it!

What's your line of work, if you don't mind me asking?

I'm also planning to stay a bit longer in my job, at least until the end of the year, and likely until the end of the next. I'm moving back to the U.S. (Boston) at the end of this year, and so I'd prefer to minimize the facets of my life which are changing at the same time. Once I'm settled, I'll have a better sense of (1) whether my job is any better in the new location and (2) what opportunities are around.

Is the anxiety you're feeling more of the materials variety (paying for kids) or existential (now what)?
I'm a lawyer. The anxiety is mostly existential - if I could find a part time job I love that pays a quarter of what I make now, our material needs would be met. The problem is that I'm not sure what I want to do. I'm very goal oriented, which worked out fine with measurable goals like GPA and savings rates. It's a strange transition to having goals solely related to building a happy and meaningful life. We're fortunate to be in this position.

Do you have an idea of what you want to do next?

absolutFinance
Posts: 165
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Re: Self-made Millionaires: how did hitting 7 figures change you?

Post by absolutFinance » Tue Aug 23, 2016 11:40 pm

Here's my question: for those of you (most of you, I'm guessing) who have hit $1M (or your number of choice), how did that impact you, if at all? Did arriving at that number change you in any meaningful way, or change your perspective?

Did you just move on with your life as if nothing happened? Was it a cause of reflection or change?
it's had an impact for sure. i think for those of us that had a windfall, it's a bit different than for those who have had a slow build. i sold a biz ~4 yrs ago and netted ~3M+ and total NW is 4M+ now. i'm not sure i ever really had a number - i used to save as much as i could earlier and didn't think too much about how much i needed (this was in my 20s). now, i think about a subsequent milestone vaguely - i'd like to get to 8-9 figures with the next biz.

here are some meaningful changes:
- taking my health more seriously: i started looking into ways to bring down stress and anxiety levels. i learned that i didn't have much personal discipline when it came to balancing work, health and relationships. with serious financial concerns put to bed, it opened my eyes to the importance of living long enough to enjoy what i've worked for and will continue to work for. it's still certainly a work in progress - but i usually get to the gym a few times a week, think more about eating better, took mindfulness classes that i periodically put into practice, get massages, etc.

- more concrete future plans: we bought our "forever" house last summer. we live in a HCOL area so it was not cheap and a substantial percentage of our NW (un-boglehead like) BUT i'm in my mid-30s with lots of earning potential ahead of me. the forever house, with its remodel plans will be substantial but this is a house that i see myself living in until my last days. similarly, we've earmarked funds for our kids education and our retirement. the balance is emergency funds and investing into the new business. previously, i don't think i would have thought about allocations/finances in a similar way because it seemed more theoretical.

- lost my purchasing drive: i was never really that materialistic or into stuff but i did like some nice things. i celebrated selling my biz by purchasing a nice watch. i got a nice grill and blender when i started taking my diet more seriously. but in general, my drive for stuff has dropped considerably. i think about buying things for life (or long periods of time) for things that i have to have, but otherwise i tend to think about the clutter/maintenance/disposal consequences of getting stuff. it could be that having kids and the constant cycling of stuff around them has taken over but even with them i still try to push for borrowing/sharing/buying used when possible. i guess the thrill for me used to be in the anticipation of getting something - saving for it, shopping incessantly for the best buy/product. but now that i feel most things are accessible (and being busy with kids and a new biz), the thrill is gone. i've put off buying a dream car for 3+ years now and am sticking with my 11 year old car - though i do fantasize about the supercars occasionally :twisted:

- thinking about money: strangely, i might think about money more now than i did earlier. possibly because i'm in limbo now, investing in building a new biz without income with big pending expenses like a remodel. but thinking more about money brought me to this site and keeps me coming back daily. the thoughts are definitely different, but money is just oddly on my mind more.

i think failing to reflect after hitting major financial milestones is a missed opportunity. it's great to work when you enjoy working but ultimately most people make tradeoffs on what they do to achieve financial goals. it's worth revisiting what those tradeoffs are and looking within to see if there are more satisfying pursuits, work or otherwise, once those goals have been met.

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