If you hit $3M by your 40s, what did you do after that

saagar_is_cool · Post by **saagar_is_cool** » Mon Sep 16, 2024 9:20 pm

I have seen in some threads that $3M is the new new $1 million these days with inflation etc.

If you hit $3M (not net worth but portfolio / income producing assets and excludes equity in home where you live) by your 40s, what did you do after achieving the milestone

1. Did you simplify your life by paying others to do more things that you didn’t want to do like cleaning crew, yard work, snow removal etc.
2. What did you do to your finances - diid you hire a financial planner etc.
3. Did you get any premium benefits at your bank / brokerage - any premium credit cards or private client experiences ? card with lounge access at airports atc. ?
4. Did you splurge on travel, air tickets like business class and better hotel rooms etc.
5. Anything else that you wouldn’t do but started doing because you are a millionaire (3 millionaire these days)
6. Any other experiences if you didn’t retire and continued to work

My target retirement number was $3M with a paid off house for a long time, but I realized that I don’t want to retire early, so I am not saving too aggressively any more.

I am trying to find motivation and also look at what I should do differently once we get there (to $3M) based on the experiences here.

I don’t have the problem of “can’t spend after being in saver mode”, but want to optimize as much as possible.

avalpert1 · Post by **avalpert1** » Mon Sep 16, 2024 9:29 pm

I did nothing (it was in my 30s but still). It doesn't make sense for an arbitrary line to change your behavior anyway, the marginal difference between your financial well being at 2.9m and 3m is, well marginal. If you didn't think it was worth hiring someone for snow removal before, rationally it wouldn't make sense for it to now.

I hate to be the one to break it to you, but life doesn't magically change when you hit a number - look for motivation somewhere else if you don't want to set yourself up for disappointment.

adave · Post by **adave** » Mon Sep 16, 2024 9:30 pm

Kept grinding. In fact, I’m still grinding even at a significantly higher number.

lazynovice · Post by **lazynovice** » Mon Sep 16, 2024 9:33 pm

You considered $3M your number but that doesn't mean everyone else does. So a better title might be "If you hit your number in your 40s, what did you do."

We realized early on that our number to retire at 45 would have been much different than 60. So the number was sort of a sliding scale based on age.

To answer your question more generally, we spent more on certain things we thought were worth the extra money. We didn't get a financial planner. We didn't really take advantage of very many premium benefits because most require some type of commitment we were not willing to make. We had been farming out a lot of housework type stuff based more on our income than wealth. If we could work and further out careers with that time, then we farmed it out. If we couldn't, we did it ourselves. We splurged on some vacations while our kids were still at home. We actually travel far less in retirement than when we were trying to give our family experiences.

We did eventually move our retirements up by several years and in my husband's case by a full decade. (I was the primary breadwinner). We were able to help our children out a lot more than we had originally planned (weddings, grad school, down payments, etc.)

Normchad · Post by **Normchad** » Mon Sep 16, 2024 9:46 pm

I still cut my own grass and change my own oil. Don’t let money change who you are….

If you look externally for motivation, you won’t find it. Once you’re comfortable, it has to come from within.

scorcher31 · Post by **scorcher31** » Mon Sep 16, 2024 10:29 pm

So we hit ~3M at 40 although that is not our retirement number. Our number is 10M at 55. I will tell you long ago I stopped cutting my own grass as it only costs me $30/week to have someone else do it which is a lot less than my hourly salary. Not completely related but we had a big raise this year and have decided we save more than enough yearly. I'm putting all the extra money into the house now, which I only did when something like the AC or roof had problems in the past 10 years. I have a deck, 2.5 bathrooms, a kitchen, windows/doors, and 2 new cars left on the list so that should take me awhile.

Sandtrap · Post by **Sandtrap** » Mon Sep 16, 2024 10:36 pm

saagar_is_cool wrote: ↑Mon Sep 16, 2024 9:20 pm I have seen in some threads that $3M is the new new $1 million these days with inflation etc.

If you hit $3M by your 40s, what did you do after achieving the milestone

1. Did you simplify your life by paying others to do more things that you didn’t want to do like cleaning crew, yard work, snow removal etc.
2. What did you do to your finances - diid you hire a financial planner etc.
3. Did you get any premium benefits at your bank / brokerage - any premium credit cards or private client experiences ? card with lounge access at airports atc. ?
4. Did you splurge on travel, air tickets like business class and better hotel rooms etc.
5. Anything else that you wouldn’t do but started doing because you are a millionaire (3 millionaire these days)
6. Any other experiences if you didn’t retire and continued to work

My target retirement number was $3M with a paid off house for a long time, but I realized that I don’t want to retire early.

I am trying to find motivation and also look at what I should do differently once we get there based on the experiences here.

I don’t have the problem of “can’t spend after being in saver mode”, but want to optimize as much as possible.

to op:
There's a difference:

Questions for you?
1
3 million counting your home equity value and other property values?
Or,
Just your retirement portfolio (income producing assets?
2
How do you measure your life's milestones?
Money?
Net Worth?
What?

What did I do?
I bought an apartment building (self owned, self managed, self repaired and maintained) and worked 3x as long and hard as I was before.
Why?
I knew that whatever million or dollars at any age can be reduced to zero when you least expect it. I didn't need that reality check.
Besides...I was having fun.
j

privateer79 · Post by **privateer79** » Mon Sep 16, 2024 10:56 pm

basically just kept going... at 6M$ at 45 right now.

still mow the lawn... never changed my own oil (it wouldn't have been cost effective after I stripped a few threads

)... still grocery shop and use the coupons that come in the mail. don't worry so much about budgeting for travel when we want to go someplace, and will book the holiday inn rather than crashing on the cousin's pull out couch. I never stress out about money, but that's because I'm still relatively frugal... thats the biggest luxury of all.

we have kids in elementary & Middle school, and so that means we're here in this lifestyle for ~7 more years... when youngest is off to college we'll probably buy a second house in a different climate and up our travel plans quite a bit.

MoreTaxes · Post by **MoreTaxes** » Mon Sep 16, 2024 11:09 pm

saagar_is_cool wrote: ↑Mon Sep 16, 2024 9:20 pm I have seen in some threads that $3M is the new new $1 million these days with inflation etc.

If you hit $3M by your 40s, what did you do after achieving the milestone

We never had a particular number in mind as being an important one, so we didn't do anything specific when we hit $3M in our 40s. Each person has their own interests and will have their own approach to things. Here's what we did.

Over the years, we've gradually paid others for things. Landscaping, house cleaning, yes. We get whatever groceries we want, e.g., organic, without worrying. We eat overpriced food at concerts, theme parks, and airports instead of being careful to eat before or after or bringing food with us. We don't necessarily rent the absolutely cheapest car when traveling. We dumped $150K on a renovation because we felt like it. We gave the kids carte blanche on where they wanted to go to college, and one chose a $333K school.

Other things didn't change. We still buy sensible cars and drive them 10 years. We look up the appropriate postage to put on mail and put that amount on it. We cook for ourselves and don't eat out much. We drink filtered tap water for 1c/gallon. I pick up a 1c coin off of the ground. I do my own finances. No airport lounges or business class fares. Not because we couldn't afford it. It is not worth it to us.

Nathan Drake · Post by **Nathan Drake** » Mon Sep 16, 2024 11:57 pm

Do what you want.

If your expenses are 3% or less of your portfolio, you can retire.

If you want to continue working, you can decrease your savings rate and start spending more of your income.

It's that simple - do what you want. However, "grinding" for an ever increasing number for no reason is absolutely silly - and it was a little peculiar reading someone in the high NW thread say they didn't know what they were continuing to work for after accumulating 10X+ more than most will ever accumulate. I suppose that's FINE, some people are wired to work and don't know what they'd do with themselves otherwise, but I don't think that's exactly optimal. Life is more than grinding it out in some drab office setting for an arbitrary number. This isn't a videogame where the higher score is better.

anoop · Post by **anoop** » Tue Sep 17, 2024 1:05 am

Once you hit your number, your biggest luxury is less stress at work. You can say no to things you don't like.

I would be careful about lifestyle creep unless your pile is 50-100x your annual expenses (and remember to include cost of health care and taxes when calculating that).

ccf · Post by **ccf** » Tue Sep 17, 2024 4:34 am

We go on a vacation every year now.

CaptainT · Post by **CaptainT** » Tue Sep 17, 2024 4:58 am

This is why personal finance is personal.
What do you spend? What do you want to spend? What do you do with your time? What do you want to do with your time? Who is dependent on you?

3m means you can do almost anything but not everything. So what are your priorities?

DarkHelmetII · Post by **DarkHelmetII** » Tue Sep 17, 2024 5:22 am

keep working. but when somebody asks you to work that weekend, or answer an email at 10 PM say "no". Details / what is feasible in every situation is different but I think you get the idea. Dial it a back a little, or maybe a lot.

MangoManiac · Post by **MangoManiac** » Tue Sep 17, 2024 5:45 am

Caved to the kids' begging and agreed to get a puppy.

Tundrama · Post by **Tundrama** » Tue Sep 17, 2024 5:56 am

saagar_is_cool wrote: ↑Mon Sep 16, 2024 9:20 pm I have seen in some threads that $3M is the new new $1 million these days with inflation etc.

If you hit $3M by your 40s, what did you do after achieving the milestone

1. Did you simplify your life by paying others to do more things that you didn’t want to do like cleaning crew, yard work, snow removal etc.
2. What did you do to your finances - diid you hire a financial planner etc.
3. Did you get any premium benefits at your bank / brokerage - any premium credit cards or private client experiences ? card with lounge access at airports atc. ?
4. Did you splurge on travel, air tickets like business class and better hotel rooms etc.
5. Anything else that you wouldn’t do but started doing because you are a millionaire (3 millionaire these days)
6. Any other experiences if you didn’t retire and continued to work

My target retirement number was $3M with a paid off house for a long time, but I realized that I don’t want to retire early.

I am trying to find motivation and also look at what I should do differently once we get there based on the experiences here.

I don’t have the problem of “can’t spend after being in saver mode”, but want to optimize as much as possible.

Move the goal posts…it’s human nature.

sc9182 · Post by **sc9182** » Tue Sep 17, 2024 5:58 am

MangoManiac wrote: ↑Tue Sep 17, 2024 5:45 am Caved to the kids' begging and agreed to get a puppy.

That must be one expensive puppy

As for OP - you likely have a 40-50 years of joint life-expectancy for a healthy couple. You worked for what, 20-25 years tops? Generally don't expect a 20-25 years of good earning, savings and growth to "safely" sail 40-50 years of life-ahead/retirement at about current lifestyle (and/or handle unexpected big-ticket items). Get past additional recession/depression(or two) under your watch - and go thru commotions of life and "portfolio gyrations" that come with such trying times -- before you figure what "big thing" you want to do. Keep chugging.

Besides - if you believe the saying': "new $3 millions is the old $1 million" -- you ain't got lot of BH monies then

Life, Marriage, or Portfolio could be one black-swan moment away from simply cut in half. At such crucial moments - if there are any additional "even small'ish" negative events occur -- those could devastate stability.

OP - Kudos on your decent success, keep chugging (but if you chose to - may be one of you could slow down a bit - if you desire)

saagar_is_cool · Post by **saagar_is_cool** » Tue Sep 17, 2024 6:04 am

Sandtrap wrote: ↑Mon Sep 16, 2024 10:36 pm
saagar_is_cool wrote: ↑Mon Sep 16, 2024 9:20 pm I have seen in some threads that $3M is the new new $1 million these days with inflation etc.

If you hit $3M by your 40s, what did you do after achieving the milestone

1. Did you simplify your life by paying others to do more things that you didn’t want to do like cleaning crew, yard work, snow removal etc.
2. What did you do to your finances - diid you hire a financial planner etc.
3. Did you get any premium benefits at your bank / brokerage - any premium credit cards or private client experiences ? card with lounge access at airports atc. ?
4. Did you splurge on travel, air tickets like business class and better hotel rooms etc.
5. Anything else that you wouldn’t do but started doing because you are a millionaire (3 millionaire these days)
6. Any other experiences if you didn’t retire and continued to work

My target retirement number was $3M with a paid off house for a long time, but I realized that I don’t want to retire early.

I am trying to find motivation and also look at what I should do differently once we get there based on the experiences here.

I don’t have the problem of “can’t spend after being in saver mode”, but want to optimize as much as possible.
to op:
There's a difference:

Questions for you?
1
3 million counting your home equity value and other property values?
Or,
Just your retirement portfolio (income producing assets?
2
How do you measure your life's milestones?
Money?
Net Worth?
What?

What did I do?
I bought an apartment building (self owned, self managed, self repaired and maintained) and worked 3x as long and hard as I was before.
Why?
I knew that whatever million or dollars at any age can be reduced to zero when you least expect it. I didn't need that reality check.
Besides...I was having fun.
j

1. I updated the original post to clarify. I meant portfolio / income producing assets excluding equity in primary residence
2. I don’t really “measure” any life’s milestones. I just keep going, I always saved right from college days because it came naturally to me to spend some and save some from Day 1 of earning. I am reaching a point where I want to define what I really want - it is not money or net worth as I look at them as means to an end. Trying to figure out what that goal is and how all these savings help towards it. So I am looking for different perspectives from the elite BH group

Sandtrap · Post by **Sandtrap** » Tue Sep 17, 2024 6:11 am

sc9182 wrote: ↑Tue Sep 17, 2024 5:58 am
MangoManiac wrote: ↑Tue Sep 17, 2024 5:45 am Caved to the kids' begging and agreed to get a puppy.
That must be one expensive puppy

As for OP - you likely have a 40-50 years of joint life-expectancy for a healthy couple. You worked for what, 20-25 years tops? Generally don't expect a 20-25 years of good earning, savings and growth to "safely" sail 40-50 years of life-ahead/retirement at about current lifestyle (and/or handle unexpected big-ticket items). Get past additional recession/depression(or two) under your watch - and go thru commotions of life and "portfolio gyrations" that come with such trying times -- before you figure what "big thing" you want to do. Keep chugging.

Besides - if you believe the saying': "new $3 millions is the old $1 million" -- you ain't got lot of BH monies then
Life, Marriage, or Portfolio could be one black-swan moment away from simply cut in half. At such crucial moments - if there are any additional "even small'ish" negative events occur -- those could devastate stability.

OP - Kudos on your decent success, keep chugging (but if you chose to - may be one of you could slow down a bit - if you desire)

Excellent points.
Well said.

thanks
j

saagar_is_cool · Post by **saagar_is_cool** » Tue Sep 17, 2024 6:18 am

sc9182 wrote: ↑Tue Sep 17, 2024 5:58 am
Besides - if you believe the saying': "new $3 millions is the old $1 million" -- you ain't got lot of BH monies then

Can you elaborate on this. Are you saying Bogleheads don’t consider $3M as the new $1M. I am missing the inside joke here

Claudia Whitten · Post by **Claudia Whitten** » Tue Sep 17, 2024 6:19 am

Do what inspires you, at any age and any number, and focus on good relationships, for they are what keep us happier and healthier. Numbers have very little to do with happiness.

https://youtu.be/8KkKuTCFvzI?si=cksa5St3hSFQxKWN

jebmke · Post by **jebmke** » Tue Sep 17, 2024 6:21 am

I think we did,; I don’t know though, we weren’t really keeping track. Did nothing.

Sandtrap · Post by **Sandtrap** » Tue Sep 17, 2024 6:21 am

saagar_is_cool wrote: ↑Tue Sep 17, 2024 6:04 am
Sandtrap wrote: ↑Mon Sep 16, 2024 10:36 pm
saagar_is_cool wrote: ↑Mon Sep 16, 2024 9:20 pm I have seen in some threads that $3M is the new new $1 million these days with inflation etc.

If you hit $3M by your 40s, what did you do after achieving the milestone

1. Did you simplify your life by paying others to do more things that you didn’t want to do like cleaning crew, yard work, snow removal etc.
2. What did you do to your finances - diid you hire a financial planner etc.
3. Did you get any premium benefits at your bank / brokerage - any premium credit cards or private client experiences ? card with lounge access at airports atc. ?
4. Did you splurge on travel, air tickets like business class and better hotel rooms etc.
5. Anything else that you wouldn’t do but started doing because you are a millionaire (3 millionaire these days)
6. Any other experiences if you didn’t retire and continued to work

My target retirement number was $3M with a paid off house for a long time, but I realized that I don’t want to retire early.

I am trying to find motivation and also look at what I should do differently once we get there based on the experiences here.

I don’t have the problem of “can’t spend after being in saver mode”, but want to optimize as much as possible.
to op:
There's a difference:

Questions for you?
1
3 million counting your home equity value and other property values?
Or,
Just your retirement portfolio (income producing assets?
2
How do you measure your life's milestones?
Money?
Net Worth?
What?

What did I do?
I bought an apartment building (self owned, self managed, self repaired and maintained) and worked 3x as long and hard as I was before.
Why?
I knew that whatever million or dollars at any age can be reduced to zero when you least expect it. I didn't need that reality check.
Besides...I was having fun.
j
1. I updated the original post to clarify. I meant portfolio / income producing assets excluding equity in primary residence
2. I don’t really “measure” any life’s milestones. I just keep going, I always saved right from college days because it came naturally to me to spend some and save some from Day 1 of earning. I am reaching a point where I want to define what I really want - it is not money or net worth as I look at them as means to an end. Trying to figure out what that goal is and how all these savings help towards it. So I am looking for different perspectives from the elite BH group

to op:
Thanks for the clarification and edit.
Congratulations on your successes and determined path.

Sounds like a great time for a "re-evaluation" >> "reset" >> "top off the gas tank" >> "check the road map" >> "enter destination GPS" >> and "go go go".
With your savings, you have a lot of options (while being wary of complacency or underestimating) going forward without jeopardizing you and your family's financial security.

Welcome to the long big "middle stage" (including accumulation phase) of things.
Financially, where contributions, as you've done, can have the greatest long term impact on retirement wealth.

Suggest read:
"The Black Swans" by Nassim Taleb
Amazon. Hardcover.
https://www.amazon.com/Black-Swan-Impro ... 163&sr=8-1

j

MangoManiac · Post by **MangoManiac** » Tue Sep 17, 2024 6:37 am

sc9182 wrote: ↑Tue Sep 17, 2024 5:58 am
MangoManiac wrote: ↑Tue Sep 17, 2024 5:45 am Caved to the kids' begging and agreed to get a puppy.
That must be one expensive puppy

Bingo

But to its credit, it is very cute.

sc9182 · Post by **sc9182** » Tue Sep 17, 2024 6:43 am

saagar_is_cool wrote: ↑Tue Sep 17, 2024 6:18 am
sc9182 wrote: ↑Tue Sep 17, 2024 5:58 am
Besides - if you believe the saying': "new $3 millions is the old $1 million" -- you ain't got lot of BH monies then
Can you elaborate on this. Are you saying Bogleheads don’t consider $3M as the new $1M. I am missing the inside joke here

Read this posting (I think the diagram is from 2022; prolly increase the networth/portfolio-sizes by 20-30% upwards due to current market growth)
viewtopic.php?p=7985192#p7985192

If you read thru the stories (if in time crunch, go thru last 1-2 years shared experiences), one could likely feel humbled, and also inspired at the same time (esp if we look at outsized outliers)

BTW - Kudos on your continued success - keep chugging still

mikejuss · Post by **mikejuss** » Tue Sep 17, 2024 6:51 am

We're just now closing in on the two-comma club. It would be terrific to reach $3 million over the next decade. We'll see how things go.

livesoft · Post by **livesoft** » Tue Sep 17, 2024 6:59 am

saagar_is_cool wrote: ↑Mon Sep 16, 2024 9:20 pmIf you hit $3M (not net worth but portfolio / income producing assets and excludes equity in home where you live) by your 40s, what did you do after achieving the milestone

Easy: The portfolio hit 2007-2009.

Tamalak · Post by **Tamalak** » Tue Sep 17, 2024 7:08 am

If I had even $2M total net worth I would retire, in fact that is my plan (at 1.4m now at 41)

I wouldn't do anything else on the OP's list, though. I am not going to be a rich person, just a free person.

invest4 · Post by **invest4** » Tue Sep 17, 2024 7:14 am

As others have mentioned, it is indeed personal.

* We like food and already spend plenty for the privilege

* We buy used cars…I don’t see that ever changing

* We have plenty of house and would only go smaller

It is important to me that our family enjoys life along the way and such a milestone is nice, but otherwise does not change anything for us…we already strike the balance that suits us and our finances with the usual tradeoffs such as working longer.

YMMV.

Ace300 · Post by **Ace300** » Tue Sep 17, 2024 7:34 am

anoop wrote: ↑Tue Sep 17, 2024 1:05 am Once you hit your number, your biggest luxury is less stress at work. You can say no to things you don't like.

100% this... Also, in my 20's and 30's, I was fearful everytime my Megacorp announced a 'restructuring' and went through its ubiquitous rounds of layoffs...like a clock, every 4 years or so. Now in my mid-40's...I have very much a Laissez-faire attitude, to the point where if I'm caught up in the next round, I'll glady take my severance package and go walking out the door whistling

What's funny is that in my late 20's when I first start putting numbers together on a spreadsheet related to retirement planning, I came a number conclusion that if I had $2.5M by age 55, I'd be able to retire early. Well, I hit that number this past year at 44 and I've now "moved the goalposts" to $4M by age 50, which is when I plan to retire. Time will tell if I move them again in 5 years, but just having the flexibility and option to do that as I like is the biggest thing to me.

vrr106 · Post by **vrr106** » Tue Sep 17, 2024 7:35 am

saagar_is_cool wrote: ↑Mon Sep 16, 2024 9:20 pm I have seen in some threads that $3M is the new new $1 million these days with inflation etc.

If you hit $3M (not net worth but portfolio / income producing assets and excludes equity in home where you live) by your 40s, what did you do after achieving the milestone

1. Did you simplify your life by paying others to do more things that you didn’t want to do like cleaning crew, yard work, snow removal etc.
2. What did you do to your finances - did you hire a financial planner etc.
3. Did you get any premium benefits at your bank / brokerage - any premium credit cards or private client experiences ? card with lounge access at airports atc. ?
4. Did you splurge on travel, air tickets like business class and better hotel rooms etc.
5. Anything else that you wouldn’t do but started doing because you are a millionaire (3 millionaire these days)
6. Any other experiences if you didn’t retire and continued to work

My target retirement number was $3M with a paid off house for a long time, but I realized that I don’t want to retire early.

I am trying to find motivation and also look at what I should do differently once we get there based on the experiences here.

I don’t have the problem of “can’t spend after being in saver mode”, but want to optimize as much as possible.

It wasn't a lightswitch for us but a more gradual change in certain things:
1. Flying business on long haul, makes a big difference to our energy levels and jetlag
2. No longer look at the prices on things in a restaurant menu
3. Hired weekly house cleaner (was every other week), have pretty much always had people do lawn
4. Bought new car (but kids will still "inherit" the old cars)
5. Buy the latest iPhone instead of 1-2 gens old
6. Buy clothes we like as opposed to what's on sale

all these add up, but as long as we are under 3.5% spending I am ok. To sum it, we have pretty much stopped looking at how much things cost as it pertains to regular shopping/eating/home services etc.
Still not ready to splurge really big on home renovations, not ready to buy a second home or super fancy cars.

Tamalak · Post by **Tamalak** » Tue Sep 17, 2024 7:42 am

anoop wrote: ↑Tue Sep 17, 2024 1:05 am Once you hit your number, your biggest luxury is less stress at work. You can say no to things you don't like.

This! Once I hit my "I will be fine no matter what" number (about 1mil), my perspective on work magically changed for the better. No fear and no need to make painful compromises. It's part of the reason I've moved the goalposts a bit since I no longer hate it (I just hate getting up early..)

kchico · Post by **kchico** » Tue Sep 17, 2024 7:44 am

I hit $3.4M in when I was 37 but I was invested in a single stock and didn't sell and now I am at $2.1M and I am 39. What I noticed is that my life was the same before I hit $3.4M, the same when I hit $3.4M and it is the same now. Enjoy your life now, time is way more valuable than money and stop listening to the people that live in fear with all the "black swan" events BS.

mikejuss · Post by **mikejuss** » Tue Sep 17, 2024 7:48 am

kchico wrote: ↑Tue Sep 17, 2024 7:44 am I hit $3.4M in when I was 37 but I was invested in a single stock and didn't sell and now I am at $2.1M and I am 39.

Wow--so that single stock went down by quite a lot. Are you considering selling some of your holdings?

gatorking · Post by **gatorking** » Tue Sep 17, 2024 7:50 am

The original post in this (now locked) conversation might resonate with you:
viewtopic.php?t=439128

deltaneutral83 · Post by **deltaneutral83** » Tue Sep 17, 2024 8:00 am

I'm not sure these questions can ever be answered without knowing: city of residence/city of residence in retirement among several other key variables. Right of the bat, VHCOL is probably 2.5x-3x more expensive than most places LCOL or MCOL. $3M in SF/LA/NYC areas is very different than $3M in a suburb of Atlanta/Charlotte/Orlando types.

Tamalak · Post by **Tamalak** » Tue Sep 17, 2024 8:10 am

gatorking wrote: ↑Tue Sep 17, 2024 7:50 am The original post in this (now locked) conversation might resonate with you:
viewtopic.php?t=439128

Oh, what a shame that was locked. The OP was VERY thought provoking.

chicagoan23 · Post by **chicagoan23** » Tue Sep 17, 2024 8:38 am

saagar_is_cool wrote: ↑Tue Sep 17, 2024 6:04 am My target retirement number was $3M with a paid off house for a long time, but I realized that I don’t want to retire early.

I don’t really “measure” any life’s milestones. I just keep going, I always saved right from college days because it came naturally to me to spend some and save some from Day 1 of earning. I am reaching a point where I want to define what I really want - it is not money or net worth as I look at them as means to an end. Trying to figure out what that goal is and how all these savings help towards it. So I am looking for different perspectives from the elite BH group

Just keep doing this.

What did you do to your finances - diid you hire a financial planner etc.
Did you get any premium benefits at your bank / brokerage - any premium credit cards or private client experiences ?

Don't do this. If you didn't need a financial advisor with $300,000, you don't need one with $3,000,000, or $30,000,000. You don't need "premium" or "private client" benefits either. Usually those are just targeted marketing to people with money to pay more in fees.

CyclingDuo · Post by **CyclingDuo** » Tue Sep 17, 2024 8:39 am

livesoft wrote: ↑Tue Sep 17, 2024 6:59 am
saagar_is_cool wrote: ↑Mon Sep 16, 2024 9:20 pmIf you hit $3M (not net worth but portfolio / income producing assets and excludes equity in home where you live) by your 40s, what did you do after achieving the milestone
Easy: The portfolio hit 2007-2009.

^^This.

A lot of people who fit the OP's question simply watched it evaporate in the GFC. Not to mention the evaporation during the dot-com/9-11 bust. Nothing like million dollar+ roller coaster rides to help you figure out what to do after achieving perceived milestones along the way.

sailaway · Post by **sailaway** » Tue Sep 17, 2024 8:57 am

Once we considered ourselves FI, we started giving even more to charity. Well, not necessarily charity: since we lost our charity matching grant from employer about the same time and we don't itemize, we were more free with giving to events and individuals. We still support many of the same charities, but I give regularly to a couple of friends and relatives who are struggling for various reasons and my partner has done a lot to make sure a friend of theirs avoids homelessness and given him space to get back on his feet.

We also agreed to travel more, but had our first big trip planned for May 2020... We did travel more for awhile once we were vaccinated.

A couple of years after that, my partner was able to go part time at Megacorp. After a couple of years of that, they decided they were ready to fully retire after all.

As for the portfolio dropping, between that and expectations of lay offs, we just sat on it for so long our WR is lower than we consider SWR, even with the additional charity and travel.

AlwaysLearningMore · Post by **AlwaysLearningMore** » Tue Sep 17, 2024 9:07 am

saagar_is_cool wrote: ↑Mon Sep 16, 2024 9:20 pm I have seen in some threads that $3M is the new new $1 million these days with inflation etc.

If you hit $3M (not net worth but portfolio / income producing assets and excludes equity in home where you live) by your 40s, what did you do after achieving the milestone

1. Did you simplify your life by paying others to do more things that you didn’t want to do like cleaning crew, yard work, snow removal etc.
2. What did you do to your finances - diid you hire a financial planner etc.
3. Did you get any premium benefits at your bank / brokerage - any premium credit cards or private client experiences ? card with lounge access at airports atc. ?
4. Did you splurge on travel, air tickets like business class and better hotel rooms etc.
5. Anything else that you wouldn’t do but started doing because you are a millionaire (3 millionaire these days)
6. Any other experiences if you didn’t retire and continued to work

My target retirement number was $3M with a paid off house for a long time, but I realized that I don’t want to retire early.

I am trying to find motivation and also look at what I should do differently once we get there based on the experiences here.

I don’t have the problem of “can’t spend after being in saver mode”, but want to optimize as much as possible.

Have you considered initiating or increasing Charitable giving?

sambb · Post by **sambb** » Tue Sep 17, 2024 9:18 am

kept grinding, and so glad i did - didnt look back, but looked to gain more. but also glad i traveled alot while i was in 30s/40s - still young enough to enjoy late nights and wonderful adventures, and travel inconveniences. Easy to be at a high net worth now due to market returns - a bear market will change your perspective sometimes

cableguy · Post by **cableguy** » Tue Sep 17, 2024 9:24 am

A senior police or fire retiree can make $150k+ a year pension with medical and dental. That retiree is not living extravagant by any means. That's like having $3.75M + in the bank earning 4%. If you are in your 40's and you have $3M.....keep working, keep saving....you will need all of it when you retire.

topofthebellcurve · Post by **topofthebellcurve** » Tue Sep 17, 2024 9:32 am

Interesting question, and it's coincidentally where I am right now (39, closer to $4MM without house but same basic idea applies).

I'm taking a much more critical look at my work. At the moment, I'm working on an interesting, very large project, and I have plenty of time to pursue hobbies and spend with my 3 young kids.

So, I'll keep working and saving, but if things change and the quality of my work degrades, I'll be more open to leaving or restructuring. Also, my wife's job is likely disappearing, and I'd probably be more stressed about that if it wasn't for our large financial cushion.

So, to answer your question: chilling out a bit, and prioritizing my wellness and sanity. Oh and getting really fancy mountain bikes and coffee gear.

cbs2002 · Post by **cbs2002** » Tue Sep 17, 2024 9:44 am

Travel more.

Eat and drink what we want to.

Don't give much thought to purchases under, say, $1000, which are not frequent anyway.

Enjoy knowing I could lose my job tomorrow and be fine.

carminered2019 · Post by **carminered2019** » Tue Sep 17, 2024 10:38 am

I turned my 3.2M in my late 40s to 6.4M five years later without new contributions and the goal is to eventually hit 20M. I now go on more expensive vacations, give more to charities and spend more time with family.

22twain · Post by **22twain** » Tue Sep 17, 2024 10:43 am

carminered2019 wrote: ↑Tue Sep 17, 2024 10:38 am the goal is to eventually hit 20M.

For what?

(No value judgment implied here, just curious.)

lthenderson · Post by **lthenderson** » Tue Sep 17, 2024 10:58 am

saagar_is_cool wrote: ↑Mon Sep 16, 2024 9:20 pm 1. Did you simplify your life by paying others to do more things that you didn’t want to do like cleaning crew, yard work, snow removal etc.
2. What did you do to your finances - diid you hire a financial planner etc.
3. Did you get any premium benefits at your bank / brokerage - any premium credit cards or private client experiences ? card with lounge access at airports atc. ?
4. Did you splurge on travel, air tickets like business class and better hotel rooms etc.
5. Anything else that you wouldn’t do but started doing because you are a millionaire (3 millionaire these days)
6. Any other experiences if you didn’t retire and continued to work

1. No.
2. Continue to invest myself as always though upped my percentage of bonds vs. stocks.
3. I think I get free checks and reimbursed ATM fees from my bank.
4. No. Airline seats don't bring much joy to my life nor fancy hotel rooms where I only sleep. I do spend more on experiences such as getting the tasting menu at very nice farm to table type restaurants.
5. We have upped our charitable giving by a lot which brings me a lot of joy.
6. I stopped working 25 years before the normal retirement age of my peers. I highly recommend that.

canadianbacon · Post by **canadianbacon** » Tue Sep 17, 2024 11:00 am

saagar_is_cool wrote: ↑Mon Sep 16, 2024 9:20 pm I have seen in some threads that $3M is the new new $1 million these days with inflation etc.

To put a little meat on that, it seems that $1M in 1984 dollars is $3M today.

But whatever amount you have, whether it's $1M or $3M or $10M, is only in a meaningful context when looked at relative to your lifestyle.

I suppose some people with $3M saved more because they were living too high to make it work with only $3M. I stopped long before $3M because I didn't need anything near that amount of money.

mikejuss · Post by **mikejuss** » Tue Sep 17, 2024 11:01 am

carminered2019 wrote: ↑Tue Sep 17, 2024 10:38 am I turned my 3.2M in my late 40s to 6.4M five years later without new contributions

Um, how?