Do you celebrate financial milestones?

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Curlyq
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Post by Curlyq » Mon Jan 04, 2010 6:44 pm

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haban01
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Post by haban01 » Mon Jan 04, 2010 11:11 pm

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.
I agree! It was that type of year in 2009!
Eric Haban | | "Stay the Course" | "Press on Regardless" | | Wisconsin Bogleheads Chapter Coordinator

adave
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Post by adave » Tue Jan 05, 2010 9:38 pm

i will take any excuse to have party! life is short and there are so many ups and downs in life.

it not really a celebration of the number, but just an excuse to enjoy life a little.

sliminfinite
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Post by sliminfinite » Tue Jan 05, 2010 11:41 pm

Is it possible we're all saying the same thing here?

I have friends and family whose life options are crippled by poor financial situations (e.g. too much debt and too little savings) that are caused primarily by bad financial habits (e.g. poor savings habits, lack of self control). For a person in the accumulation phase to celebrate early financial milestones (e.g. $25k, $50k, paying down debt) doesn't strike me as celebrating the money itself so much as giving positive reinforcement to the habits it took to get there. For me it was really hard when I was young to start saving, to pay down debt, to take the time to learn how to invest the savings properly and to have the discipline to do it consistently. It took self control and sacrifice and a lot of effort. So when I started seeing the first tangible results, I definitely felt good and celebrated - not the numbers, but the habits I had gained through so much work.

I think everyone agrees with celebrating the important events of life and with not valuing money for its own sake. But I also think most of us would agree that the (difficult) achievement of overcoming the significant mental obstacles to good savings and investment habits is also worthy of celebration and reinforcement as well. For me, that's what this message board is all about.

And my condolences to those of you that have experienced recent tragedy - I agree with you that money can never replace your loss.

chris

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woof755
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Post by woof755 » Thu Feb 04, 2010 8:54 pm

woof755 wrote: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!
A few weeks ago, my portfolio hit a sort of mini-milestone. I took a look, realized it, my eyebrows raised and I smiled for a second.

Today, I'm looking forward to the day that it's back to that level!!!!!!!!

:oops:
"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 diasurfer » Thu Feb 04, 2010 9:18 pm

When the market peaked on January 19, I hit two milestones at once. The first digit of my portfolio value turned, and the first digit on my lifetime contributions turned. On that day, my lifetime rate of return became slightly positive for the first time in a couple of years. (Don't rain on my parade and remind me I was still down 2% to inflation). Then the odometer turned back on the portfolio value, and my xirr went back to negative, where it has stayed.

I know it's just money. Lot's more important things in all our lives. Still ...

I'm going to open a bottle of champagne when my portfolio value exceeds the value of my contributions plus inflation. I'll have to fight the urge to throw it all into TIPS on that day.

conundrum
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Post by conundrum » Thu Feb 04, 2010 9:30 pm

I celebrate financial milestones like I celebrate as many events, happenings and any milestones (personal, family, professional, sports etc.) as I can. Life is short and while I agree wholeheartedly that money is not the most important thing, or even close, I choose to celebrate life as much as possible.

One can never drink too much champagne or good belgian ale.

Drum :lol:

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Post by denismurf » Fri Feb 05, 2010 12:42 am

When we paid off our mortgage a couple of weeks ago, it was only because we could not find anything better to invest in. Not much to celebrate there.

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NightOwl
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Re: Do you celebrate financial milestones?

Post by NightOwl » Fri Feb 05, 2010 12:52 am

bob90245 wrote: However, once your contributions are less than 10% of assets...
Wait, that's possible!? I hope I live long enough to see that day.

Yes, GP, I celebrate milestones (by smiling at my Yodlee screen) as a way of affirming the progress I've made. But I simultaneously recognize that it's silly to be attached to round numbers, and that it's likely that over the course of my investing career I will celebrate several milestones that I will have to pass again after the market tanks. But that's okay, because I'm a stay-the-course guy.

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Post by CAP » Fri Feb 05, 2010 10:57 am

No, I have never really celebrated reaching financial milestones. For me, time was always more important to celebrate than money, but I have always had enough money from wise choices & unexpected sources.. I do enjoy my freedom from the workforce & being able to live & spend the time as I choose. I do celebrate that every day.

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House Blend
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Re: Do you celebrate financial milestones?

Post by House Blend » Fri Feb 05, 2010 11:54 am

NightOwl wrote:
bob90245 wrote: However, once your contributions are less than 10% of assets...
Wait, that's possible!? I hope I live long enough to see that day.
Unemployment could make that happen in a jiffy.

Be careful what you wish for... :wink:

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Post by The Dude Abides » Fri Feb 05, 2010 9:03 pm

rrosenkoetter wrote:
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... :)
Funny how that works, huh? Better to tell us. We won't ask you for a loan!

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Post by Chicago Lion » Fri Feb 05, 2010 9:40 pm

I say celebrate. Saving, at least for me, is hard. You make tough choices and some day you will benefit from those. But you should be able to give yourself a little taste of what you are working for. Congratulations!

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Post by jon-nyc » Sat Feb 06, 2010 5:44 am

I went out to dinner when I crossed $1mm. My wife and I went to dinner when we paid off our mortgage. I haven't explicitly celebrated any other milestones.
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conundrum
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Post by conundrum » Sat Feb 06, 2010 9:17 am

Most of you have a much higher threshold for celebration then us. Shoot, we may go out and celebrate all the celebrations you guys are having :wink: For us celebrations do not have do be expensive or elaborate. We just enjoy and treasure the event large or small. Too much of life is spent getting somewhere and not enjoying the ride.

We enjoy, and celebrate the ride.

Drum

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schnoodlemom
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Post by schnoodlemom » Sat Feb 06, 2010 12:27 pm

We usually do dinner out or buy a small techno gadget, if we receive a windfall, like a bonus, raise or inheritance. Then we save the larger portion of it and/or apply it to some big item like payoff a car loan or a needed home improvement. We will definitely celebrate paying off our house (in 4 years), getting the kids through college (12 years?), having money saved to contribute for their weddings/first homes and reaching a sufficient retirement nest-egg(??). I think we celebrate both financial and "life" milestones simultaneously. I can't really delineate. Amanda

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bcboy57
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Post by bcboy57 » Sat Feb 06, 2010 1:39 pm

Silently , but with a little gleeful inner smugness...... :wink:

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Post by Gekko » Sat Feb 06, 2010 1:49 pm

not really - i try to enjoy the ride along the way. i'm selectively extravagant and prudently frugal.

IPer
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Re: Do you celebrate financial milestones?

Post by IPer » Mon Dec 01, 2014 12:04 am

Well I just reached another small milestone along the way. I was thinking of how I could celebrate it and with whom, since no one I know
understands anything I do with respect to finance, mostly because I quit talking about it to most many moons ago and to those I speak
with a bit here and there they cannot comprehend so most of that, in passing, discussion has been naturally curbed!

Also, I don't want to post exact figures online because I believe it will haunt me in one or more ways and I don't want to have to think
about that and look over my shoulder so to speak. So I did a search before I made a post with almost the exact same title as this thread
and here I am!

After reading a lot of the comments I don't think I need to really celebrate with anyone except perhaps give my girl a bit of mall money and
have a nice meal out, even if she really doesn't understand what is going on (and I doubt she ever will!).

As for the milestones themselves, yes, they are only means to an end but I read somewhere in a book (I don't remember where) that it
is important to celebrate milestones, I believe the book was referring to financial milestones. So as I track things I try to make note and
celebrate, at least quietly, the percentages that are up (1%, 2%, 5%, 10%, etc...) and the round figures (10K, 50K, 100K, 200K, etc...). I see
no reason why some would celebrate 7 figures but not celebrate 500K or 850K, I think to myself "what is wrong with them?"!

I just want to leave off saying I believe 750K has every right to be celebrated, don't diss it! :wink:
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obgyn65
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Re: Do you celebrate financial milestones?

Post by obgyn65 » Mon Dec 01, 2014 2:13 am

I don't celebrate financial milestones. I am not even aware when they happen.
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Re: Do you celebrate financial milestones?

Post by bogledogle » Mon Dec 01, 2014 4:39 am

Yes, celebrate your financial milestone whatever it happens to be - $10,000 or $100,000,000. Only you know how hard you worked for it, so reward yourself cautiously, don't splurge. Suze Orman says something like... "saving money is like going on a diet, if you overdo it to the point that you hate yourself, you will quit and overeat - or in this case, overspend".

It's very important that you feel good about yourself while you save for the future IMHO.

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Re: Do you celebrate financial milestones?

Post by IPer » Mon Dec 01, 2014 4:47 am

If I ever regret a cent I've saved I'll hire 12 Bogleheads to shoot me in unison.
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DFWinvestor
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Re: Do you celebrate financial milestones?

Post by DFWinvestor » Mon Dec 01, 2014 5:15 pm

I think I am a little too much of a Type A personality because milestones have generally not been very exciting. I just think, "well I worked hard for it, this was the expected outcome, time to move on to what's next". I probably should celebrate them a bit more. I am probably 2-3 years away from the "two comma" milestone. That one I think I will be genuinely excited about.

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HomerJ
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Re:

Post by HomerJ » Mon Dec 01, 2014 7:41 pm

HomerJ wrote:
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... :)
Heh... blast from the past... We did hit our first million, and we did pay off our house, and I did tell you guys (but no one in the "real" world).

We haven't hit our final "number" yet though... But I got 9.5 years before I plan to retire anyway so I got time...

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Re: Do you celebrate financial milestones?

Post by Twins Fan » Mon Dec 01, 2014 7:47 pm

I don't know... I would have to hit one first, then I'll let you know. :D

I'm still small time myself, so I don't know what I'll do... might do a little something like go out to eat. As I saw mentioned though, it could be fleeting, so... Say you hit $100k and go celebrate. Then the market dives the following year and you're back to $80k. Do you celebrate when you hit $100k again? :happy

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Post by Triple digit golfer » Mon Dec 01, 2014 7:52 pm

HomerJ wrote:
HomerJ wrote:
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... :)
Heh... blast from the past... We did hit our first million, and we did pay off our house, and I did tell you guys (but no one in the "real" world).

We haven't hit our final "number" yet though... But I got 9.5 years before I plan to retire anyway so I got time...
Congrats! I'm at about 200k now and I'm happier than I thought I'd be!

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Re: Do you celebrate financial milestones?

Post by WolfpackFan » Mon Dec 01, 2014 7:59 pm

Yes we absolutely celebrate financial milestones because we are fun people and we like to enjoy accomplishments. As a matter of fact we're celebrating wiring the final payment to our mortgage company this morning with a $5 dollar bottle of Rex Goliath. We're not picky.

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Re: Do you celebrate financial milestones?

Post by sambb » Mon Dec 01, 2014 8:03 pm

I don't celebrate them but wish i did

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Re: Do you celebrate financial milestones?

Post by Crimsontide » Mon Dec 01, 2014 8:12 pm

Heck yes we do, almost as much as we celebrate 'Bama national championships :happy I think we might have another one coming up very soon. But seriously, why would you not celebrate meeting and surpassing your finacial goals, kind of anticlimactic otherwise...

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Crimsontide
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Re: Do you celebrate financial milestones?

Post by Crimsontide » Mon Dec 01, 2014 8:15 pm

obgyn65 wrote:I don't celebrate financial milestones. I am not even aware when they happen.
Guess I'm your polar opposite. Not only am I aware of when they happen I usually predict (through careful planning) when they are going to occur :happy

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Toons
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Re: Do you celebrate financial milestones?

Post by Toons » Mon Dec 01, 2014 8:18 pm

No,,,never give it a thought. :happy
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snoop9928
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Re: Do you celebrate financial milestones?

Post by snoop9928 » Mon Dec 01, 2014 8:44 pm

I celebrated when I hit 200k. Got up to about 245k in July. I won't be celebrating 200k the second time thanks to Oil and Gas stocks.

WorkToLive
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Re: Do you celebrate financial milestones?

Post by WorkToLive » Mon Dec 01, 2014 8:59 pm

We celebrated the mortgage payoff with a steak dinner. Made at home. We included my parents since they were the only people in real life we told.

IPer
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Re: Do you celebrate financial milestones?

Post by IPer » Mon Dec 01, 2014 9:05 pm

snoop9928 wrote:I celebrated when I hit 200k. Got up to about 245k in July. I won't be celebrating 200k the second time thanks to Oil and Gas stocks.
snoop9928 would you like to emphasize this as a lesson that investors should always diversify, and to further the meaning, only have x percentage in a stock, sector,
fund, etc...? Or is this a quiet reinforcement of the Boglehead way of life, or have you not been scathed enough to admit it?!
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Twins Fan
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Re: Do you celebrate financial milestones?

Post by Twins Fan » Mon Dec 01, 2014 9:07 pm

WorkToLive wrote:We celebrated the mortgage payoff with a steak dinner. Made at home. We included my parents since they were the only people in real life we told.
Steak dinner made at home... I call that Friday! :D

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Re: Do you celebrate financial milestones?

Post by snoop9928 » Mon Dec 01, 2014 9:12 pm

IPer wrote:
snoop9928 wrote:I celebrated when I hit 200k. Got up to about 245k in July. I won't be celebrating 200k the second time thanks to Oil and Gas stocks.
snoop9928 would you like to emphasize this as a lesson that investors should always diversify, and to further the meaning, only have x percentage in a stock, sector,
fund, etc...? Or is this a quiet reinforcement of the Boglehead way of life, or have you not been scathed enough to admit it?!

Absolutely need to diversify. I've owned these stocks for a few years now and have been slowly adding more funds since coming here. Don't plan on selling companies like COP or XOM though since I got them years ago.

IPer
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Re: Do you celebrate financial milestones?

Post by IPer » Mon Dec 01, 2014 9:25 pm

snoop9928 wrote:
IPer wrote:
snoop9928 wrote:I celebrated when I hit 200k. Got up to about 245k in July. I won't be celebrating 200k the second time thanks to Oil and Gas stocks.
snoop9928 would you like to emphasize this as a lesson that investors should always diversify, and to further the meaning, only have x percentage in a stock, sector,
fund, etc...? Or is this a quiet reinforcement of the Boglehead way of life, or have you not been scathed enough to admit it?!

Absolutely need to diversify. I've owned these stocks for a few years now and have been slowly adding more funds since coming here. Don't plan on selling companies like COP or XOM though since I got them years ago.
I have oil stocks as well, am not selling anything, I have rarely sold anything, ever. I doubt any of them are in the red much, but that doesn't really matter as
I don't put more than 4-5% in any position or sector, plus I offset all that by a healthy portion of indexing.
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Re: Do you celebrate financial milestones?

Post by staythecourse » Mon Dec 01, 2014 9:40 pm

I thought I would celebrate financial milestones more, but haven't. I think it comes from not having anyone to share them with in the real world. I tell my wife, but she doesn't believe the numbers I tell her. I think she thinks I have lost my cognition at the tender age of 38. :D

No matter what I tell my wife she just wants to know if she has enough in the checking account to go shopping that day and that we will be fine when we retire whenever that will be. As long as she hears yes to the two questions she zones out when I start with the phrase, "On bogleheads..." :D

Good luck.
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Re: Do you celebrate financial milestones?

Post by jfn111 » Mon Dec 01, 2014 9:40 pm

We celebrated when we paid the house off. :)

IPer
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Re: Do you celebrate financial milestones?

Post by IPer » Mon Dec 01, 2014 10:24 pm

staythecourse wrote:I thought I would celebrate financial milestones more, but haven't. I think it comes from not having anyone to share them with in the real world. I tell my wife, but she doesn't believe the numbers I tell her. I think she thinks I have lost my cognition at the tender age of 38. :D

No matter what I tell my wife she just wants to know if she has enough in the checking account to go shopping that day and that we will be fine when we retire whenever that will be. As long as she hears yes to the two questions she zones out when I start with the phrase, "On bogleheads..." :D

Good luck.
consider yourself blessed, my wife never asked about retirement! She did, however, blank out everything I would tell her past the shopping. And then she
would come back and accuse me later of never telling or anything or being over controlling and opaque...personally I could not handle it though I know most do.
These days things are different for me!
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Re: Do you celebrate financial milestones?

Post by bubbadog » Mon Dec 01, 2014 10:34 pm

A while back when our Vanguard account crossed the $1 million threshold, I told my wife and the only response was "that's nice". I will admit that I was expecting a little bit more of a response. So to answer the OP's question, no celebration.

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Re: Do you celebrate financial milestones?

Post by Clumsum » Mon Dec 01, 2014 10:37 pm

Never have.

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Re:

Post by CoAndy » Mon Dec 01, 2014 10:53 pm

HomerJ wrote:
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... :)
I look forward to it. Love reading your posts. :sharebeer

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TheTimeLord
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Re: Do you celebrate financial milestones?

Post by TheTimeLord » Mon Dec 01, 2014 11:15 pm

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?
Celebration and recognition are key to motivation, especially on a long journey. When you hit a milestone, stop and reflex on both the effort it took and your good fortune. Also, there is nothing wrong with a nice dinner and when the numbers get big enough perhaps upgrading your hotel on your next vacation. Personally, I am on the verge of about 3 goals I set for myself this year, if I make I will figure out some pleasant way to mark the event.
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Re: Do you celebrate financial milestones?

Post by DonCamillo » Mon Dec 01, 2014 11:36 pm

About 20 or 30 years ago I spent about one dollar to buy a bank note from the German hyperinflation of 1923. One hundred million marks. I put it on the wall with a sign; "My first hundred million."

I was happy when I paid off my mortgage and was completely out of debt.

But the balance in my financial accounts does not seem real. In 1991, 1997, and 2011, my net worth went up over 50% in one year. In 2000 and 2008, it went down 25%. It can go up or down by a year's salary in a few days. I do feel some satisfaction when it passes a milestone at the end of a year by enough that it seems reasonable to assume that I will not fall below that number again. I track it at the end of each year, mostly to keep records for tax purposes.
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Re: Do you celebrate financial milestones?

Post by Tabaxus » Tue Dec 02, 2014 8:25 pm

My parents were rather poor, though I received life insurance proceeds of $100k when my mother passed when I was still in high school. That money, of course, was all spent by the time I finished undergrad--along with about $10k of loans, at a state school no less!--because I was a teenager who grew up poor and suddenly had $100k sitting in a bank account with no one to guide the spending. By the time I finished all of my post-undergrad schooling, I was sitting at $200k in debt.

I celebrated getting a job, which was no small break; I celebrated paying off my student loan debt within 3 years of finishing school; and I did quite a double-take when I realized that my cash + tax-adjusted retirement assets had finally pushed over the $100k mark that I had flirted with, and wasted, when I was in high school.

Next year we'll celebrate breaking $100k in cash and liquid assets (IBonds) that we don't really know what to do with. I, at least, will celebrate when we finally buy a house, because I've never lived in one. After that, I don't think we'll celebrate again until we hit 7 figures with a market crash multiplier tacked on to everything invested in the market.

Now if only I could lose the weight I've gained from making the money!

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Re:

Post by Louis Winthorpe III » Wed Dec 03, 2014 8:03 pm

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:
lol

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Re: Do you celebrate financial milestones?

Post by JonnyDVM » Wed Dec 03, 2014 11:02 pm

Crimsontide wrote:Heck yes we do, almost as much as we celebrate 'Bama national championships :happy I think we might have another one coming up very soon. But seriously, why would you not celebrate meeting and surpassing your finacial goals, kind of anticlimactic otherwise...
Agree except for the Bama part. It' s important to not only have goals, but to celebrate milestones along the way as a reward for achieving those goals. Without some positive reinforcement life is no fun. Nothing too fancy for portfolio milestones. We just acknowledge it, congratulate ourselves, and open a nice bottle of wine with dinner. When we pay off our student loans in ~12 months we are planning to take an amazing European vacation. Something to look forward too.
Sometimes the questions are complicated and the answers are simple. -Dr. Seuss

LongerPrimer
Posts: 903
Joined: Thu Jun 05, 2014 10:01 pm

Re: Do you celebrate financial milestones?

Post by LongerPrimer » Wed Dec 03, 2014 11:16 pm

I did for 2013 when I picked a real winner.Bought a 49cc scooter. :annoyed
I will for 2014, tba in 2015, when made my target. I am going to buy tba 49hp tractor. :annoyed

island
Posts: 1728
Joined: Tue Jul 23, 2013 1:45 pm

Re: Do you celebrate financial milestones?

Post by island » Wed Dec 03, 2014 11:21 pm

No.
We let out a little cheer when we paid off our mortgage several years early, but counting our :moneybag :moneybag , calculating net worth, trying to project when we'll get to x amount, etc? No.
I'm a strong believer in a watched pot never boils. :D

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