Do you celebrate financial milestones?

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GammaPoint
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Do you celebrate financial milestones?

Post by GammaPoint »

[restarted old thread, check posting dates before responding - admin alex]

This year I should go over $50k in invested assets (not including emergency funds). However, I'm already looking forward to the $100k mark which seems like a cause for celebration (woohoo, Voyager status!).

So it got me thinking, do you celebrate financial milestones? Did you do something special when you hit $100k, $500k, $1 million, etc?
Gigi
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Post by Gigi »

Celebrate what the money provides. Not the money itself.
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GammaPoint
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Post by GammaPoint »

Gigi wrote:Celebrate what the money provides. Not the money itself.
Semantics. Did you celebrate what $100k provides or what $1 million provides?
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Post by Gigi »

I don't celebrate "money." I celebrate life.

When you lose someone close; you see that "things" mean nothing. I would give all our money to have him back.
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Post by letsgobobby »

yes we "do" but in fact this is the first major milestone we have felt it worth celebrating. It occurred just in December and we are going out to lunch today to celebrate.

The money represents a step on the way toward true financial independence.
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Post by chaz »

Money is only a means to an end. It has no intrinsic value to me, but maybe it does to a miser.
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Post by letsgobobby »

hello
Last edited by letsgobobby on Mon Dec 01, 2014 12:28 am, edited 1 time in total.
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GammaPoint
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Post by GammaPoint »

chaz wrote:Money is only a means to an end. It has no intrinsic value to me, but maybe it does to a miser.
Come on. "Money isn't worth a celebration as small as eating out but I have over 5000 posts on a finance website" :roll:
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celia
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Re: Do you celebrate financial milestones?

Post by celia »

GammaPoint wrote:So it got me thinking, do you celebrate financial milestones? Did you do something special when you hit $100k, $500k, $1 million, etc?
No, but we track year-to-year progress (or not) so that we know if we're getting closer to our goals.
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bob90245
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Re: Do you celebrate financial milestones?

Post by bob90245 »

GammaPoint wrote:This year I should go over $50k in invested assets (not including emergency funds). However, I'm already looking forward to the $100k mark which seems like a cause for celebration (woohoo, Voyager status!).

So it got me thinking, do you celebrate financial milestones? Did you do something special when you hit $100k, $500k, $1 million, etc?
I can understand the rationale behind celebrating when reaching a financial milestone is primarily due to one's own effort. Which would be the case at assets under, say, $200K. However, once you go beyond that and your contributions are less than 10% of assets, then it is hard to justify celebrating. From that point forward, almost all the heavy lifting is at the mercy of the investment gods.
Last edited by bob90245 on Sun Jan 03, 2010 1:25 pm, edited 2 times in total.
Ignore the market noise. Keep to your rebalancing schedule whether that is semi-annual, annual or trigger bands.
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Post by SpringMan »

No, financial milestones can be short lived. Look at the Dow 10,000 milestone, for example. It would be like counting your poker chips while still at the table, you never know whether you will lose on the next hand. Even cashing out loses to inflation and possible lost opportunity.
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Re: Do you celebrate financial milestones?

Post by Harold »

GammaPoint wrote:Did you do something special when you hit $100k, $500k, $1 million, etc?
I patted myself on the back for keeping my discipline and reaching goals that I set. Then I moved on to the next goal.
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Post by bluto »

We celebrate our savings achievement with a nicer bottle of wine, or a nice dinner. I anticipate something a little more lavish when there are seven numbers. Of course I have years to change my mind (I hope).
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Post by livesoft »

We have not celebrated, but we have cut ourselves some slack.
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Post by Triple digit golfer »

I don't celebrate financial milestones. My retirement portfolio hitting a value of $X doesn't really mean anything unless I cash it out.

I could MAYBE see celebrating a first-time home purchase or paying off a car or mortgage loan.
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Post by woof755 »

Sure. Absolutely!

I'm not going to go buy a $50 bottle of champagne just b/c my entire portfolio hits a certain roundish number, but, yeah--$100k is a nicer number to look at than $50k, and so on.

Look, when you're 30, doing things the right way so you won't have to tap into this retirement money for emergency purposes, and you won't be able to "celebrate what it brings" for another 30 years, you do kind of have to enjoy the process.

If I don't gamble with individual stocks or active funds, and keep my portfolio "boring" at least let me have a moment when my contributions and earnings go up by a chunk!
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Post by norookie »

GammaPoint wrote:
chaz wrote:Money is only a means to an end. It has no intrinsic value to me, but maybe it does to a miser.
Come on. "Money isn't worth a celebration as small as eating out but I have over 5000 posts on a finance website" :roll:
A old quote comes to mind, "Money is better a servant,.. than a master" Money certainly has intrinsic value imo. It provides... or it does not. Despite it having been created to pay taxes. At least thats what i learned it was created for many moons ago. Maybe im wrong :shock:
" Wealth usually leads to excess " Cicero 55 b.c
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Post by woof755 »

Heh. Especially if I know I'm going to suffer the downturns!
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Post by White Coat Investor »

Celebrate it, of course. Why not? I enjoyed getting the Voyager letter in the mail. We went out to eat when I got a job offer.

Who needs much of an excuse for a celebration?
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Post by livesoft »

Did you go out to eat the second time you reached Voyager? The 3rd time? :)
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Post by GammaPoint »

livesoft wrote:Did you go out to eat the second time you reached Voyager? The 3rd time? :)
Let's toast to volatility! :lol:
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Post by retcaveman »

While we enjoy watching our net worth grow, we don't celebrate financial milestones. For us, money is freedom from the necessity to work and security from want.
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Post by White Coat Investor »

livesoft wrote:Did you go out to eat the second time you reached Voyager? The 3rd time? :)
Ha ha. I didn't actually go out the first time, since the only reason I hit it was I'd put some cash into Prime for a year due to a 0% credit card offer. I'm not sure I've hit it the second time yet!

But I do recall seeing my portfolio hit 5 figures and 6 figures with satisfaction. I don't know that I celebrated per se, but I certainly will 7 figures!
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Post by Lincoln »

I'm the "family CFO" and hitting one of these milestones is something of a big deal to me. I spend a lot of time working to improve our financial position and when I hit a goal it is worth celebrating. Expecting a big response, I tell my wife and she shrugs and says "that's all we have?" Feeling defeated, I suggest we go to the local pub for dinner and a beer. Secretly I feel good about her lack of enthusiasm, otherwise we'd be going out for a much nicer dinner $$$ :wink:

I've worked hard at a lot of other things and celebrated when I hit significant goals.
- Lose a certain amount of weight? Celebrate.
- Run a marathon? Celebrate.
- Get a promotion? Celebrate.
- Etc...
Why should this be any different? You certainly shouldn't let anybody here make you feel silly for wanting to celebrate...
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Post by market timer »

My last remaining credit card balance will be paid in July, and that will be cause for celebration.
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Post by letsgobobby »

When we hit critical mass (amount needed to generate our desired annual income vis a vis SWR, and 2 college tuitions are fully funded, and our home is completely paid off), there WILL be a serious party. Because that will mean we never HAVE to work again - true freedom.

I have a ways to go, but milestones along the way are certainly celebrated.
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Post by woof755 »

EmergDoc wrote:
livesoft wrote:Did you go out to eat the second time you reached Voyager? The 3rd time? :)
Ha ha. I didn't actually go out the first time, since the only reason I hit it was I'd put some cash into Prime for a year due to a 0% credit card offer. I'm not sure I've hit it the second time yet!

But I do recall seeing my portfolio hit 5 figures and 6 figures with satisfaction. I don't know that I celebrated per se, but I certainly will 7 figures!
Oh, yeah. 7 figures will be celebrated...unless my wife makes it without me, with a push from my life insurance policy. :?
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Post by Petrocelli »

When I get a large chunk of money, I celebrate by doing something nice with my family.

The only milestone for me that is left is paying off my mortgage. We will certainly have a party when that occurs.
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Post by bryanv »

I did a double take when my net worth crossed $100k. I'm too cheap to throw a party :P
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Post by VictoriaF »

I get a warm feeling when the first digit of my total assets increases. And not so warm when it decreases. 2009 had the right digits.

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Post by pjstack »

I'll be happy to celebrate when the mortgage finally gets paid off!
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Post by johnjtaylorus »

Yep, celebrated upon entering two-comma land.
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Post by MWCA »

Make note of it. But don't do anything special.
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Post by HomerJ »

Triple digit golfer wrote:I could MAYBE see celebrating a first-time home purchase or paying off a car or mortgage loan.
I celebrated paying off my first car... I celebrated paying off my student loans...

I'm sure we'll celebrate the day we pay off our house, the day we get our first million, and the day we hit our final "number"

Celebrate meaning me and my wife going out to dinner...

It's sad that we can't share financial joy with others... The day we make our first million, I doubt I'll call all my family or friends and tell them the good news...

I might tell you all though, a bunch of internet strangers... :)
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Post by Snowjob »

market timer wrote:My last remaining credit card balance will be paid in July, and that will be cause for celebration.
Congrats man! I'll drink to that one -- glad to hear your back on the horse.


I thought 25k was big, but didnt notice. Same thing happend with 50 and 75 and so on. I suppose the 7th digit seems like huge milestone, but I bet that one will be crossed without much excitement as well. Afterall its just a small incremental gain that generally puts you across a milestone. I'll let you know in 25 years when I get there =P
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Post by sharimac »

Well, I guess you could call it celebrating when I passed the one million mark in September 2007. I was giddy and jumping up and down on the couch while I waved that quarterly statement in my hand. It took me 20 years. Uh-oh. The jokes on me now. Hmmm, will I be jumping on the couch when it returns?
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Post by Oddibe McDowell »

Petrocelli wrote:When I get a large chunk of money, I celebrate by doing something nice with my family.

The only milestone for me that is left is paying off my mortgage. We will certainly have a party when that occurs.

Petro -

Just curious - are you trying to pay your mortgage off early? I've enjoyed your posts over the years so I'd like to hear your thoughts on that. I'm in the first year of a 30 year loan, so I'm not close to starting that process (or at least the end is nowhere in sight).

On another note, I played one year of fantasy hoops but was relying on Zaza Pachulia down the stretch ... not good. I may need advice on that as well.
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Post by scrabbler1 »

MWCA wrote:Make note of it. But don't do anything special.
Same here. I made a run at 1 Mil in 2008 but it dropped a lot. Then I retired in November 2008 so the taxes on the cashed-out company stock set me back a bit. I am making another run at 1 Mil so if I pass it I will celebrate it with a thread on here. :)
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Post by bac573 »

I celebrated the first time our retirement account crossed 100K a couple years ago. The second time we crossed it a few months ago was no big deal. Now I look at it like when your car crosses 100k miles. I don't pull over to celebrate, just keep driving and stay the course.

We have about 76k left in mortgage and student loans. When they are paid off, we will certainly celebrate being debt free!
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Post by woof755 »

I'm just chuckling at you about the paper statement...

:lol:


p.s. Two commas is definitely reason to celebrate (as long as you don't sit at 975,000 for like 15 months b/c of the market!)
"By singing in harmony from the same page of the same investing hymnal, the Diehards drown out market noise." | | --Jason Zweig, quoted in The Bogleheads' Guide to Investing
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Post by MWCA »

I just don't let things in my life control me and dictate my emotions :) Money is tool.

Though i suppose when DW retires this year and we are having a drink on the beach. I might smile a little bit. ;) Maybe..
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Post by Monk »

Celebrate? Perhaps just a smidge. What's wrong with a little positive reinforcement? Why not note the passing of a milestone on the way to financial independence with a private toast during a nice dinner at home?

Though we don't spend money to celebrate having more money. Goldman Sachs we are not.
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Re: Do you celebrate financial milestones?

Post by fsrph »

GammaPoint wrote:This year I should go over $50k in invested assets (not including emergency funds). However, I'm already looking forward to the $100k mark which seems like a cause for celebration (woohoo, Voyager status!).

So it got me thinking, do you celebrate financial milestones? Did you do something special when you hit $100k, $500k, $1 million, etc?
No, don't really celebrate financial goals. But there are many other causes for celebration throughout the year. The financial matters, they look nice to hit a new level but not if you achieved that level by denying yourself reasonable things. Celebrate living. With a proper plan the financial goals have a good chance of taking care of themselves.

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Post by traineeinvestor »

I celebrated hitting one financial milestone by buying a rental property.

When my income reached a certain threshold, I added a line to my annual budget for discretionary spending on luxuries.

There will be a celebration when I hit my retirement number - hopefully in about two years time.
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Post by tomd37 »

Gigi wrote:I don't celebrate "money." I celebrate life.

When you lose someone close; you see that "things" mean nothing. I would give all our money to have him back.
We could not agree with you more Gigi. It is a year ago this past week that we lost our 39 year-old son to a heart attack. Our family, and all his friends, continue to celebrate his life rather than mourn his passing.
Tom D.
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Post by leod »

when i reach a milestone, i celebrate by spending some of it :)
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Post by Petrocelli »

Oddibe McDowell wrote:
Petro -

Just curious - are you trying to pay your mortgage off early? I've enjoyed your posts over the years so I'd like to hear your thoughts on that. I'm in the first year of a 30 year loan, so I'm not close to starting that process (or at least the end is nowhere in sight).

On another note, I played one year of fantasy hoops but was relying on Zaza Pachulia down the stretch ... not good. I may need advice on that as well.
My wife inherited money and real property. We are liquidating the real property. We are accumulating the proceeds in muni. bond funds. When we have all the property sold, we are going to consider paying off the mortgage. However, we may simply keep the bond funds and use the income to pay the mortgage, depending on what our accountant advises us to do.

As for Zaza, you are screwed...
Petrocelli (not the real Rico, but just a fan)
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Post by mikep »

Don't celebrate invested assets milestones, since we'd all be better off removing all emotions from investing decisions. I think it might even cause you to chase performance "this fund was so good this year, I better hold on to it next year!"

If I didn't change course over the year and stuck to my IPS, that might be something to celebrate, independent of the account balance. "I made it through the worst bear market in decades and didn't sell low!" or similar.

If I didn't look at the account all year, that might be something to celebrate too :)
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Post by graveday »

Don't celebrate financial milestones so much as deplore financial millstones.

Twice in one decade I have seen my worth not just evaporate, but sublimate, so celebrating a precarious position seems futile, as noted above.
But I will celebrate when I pay off the mortgage millstone. Other milestones are celebrated; birthdays, graduations, births, ends of lives, retirements, etc.
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Post by Gigi »

tomd37 wrote:
We could not agree with you more Gigi. It is a year ago this past week that we lost our 39 year-old son to a heart attack. Our family, and all his friends, continue to celebrate his life rather than mourn his passing.

I'm so sorry to hear.. Two years ago I lost my husband. Been a tough time since then for me and the kids.
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